The right mindset needed for all traders - page 10.

Lorokan

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Quote from: saint_casanova on June 10, 2020, 07:12:01 AM

I have to disagree with the first mindset of Discipline: Coming into trading with a mindset not to gamble.
To be honest, cryptocurrencies are pretty much gamble and no way you can change it with """ analysis""", chart, graph and other to justify your choice or investment.

You seem to have mixed it up, being disciplined in trading is prominent and you need to understand that trading is not gambling.

Discipline can be a way you guard yourself to maintain a consistent rewarding trade pattern that brings profit.

E.g if you decide to always take 2-5% daily, then you need discipline not to force ur trade over 5%.

In short, ability to stay true to your own ideology and principles is discipline

TopT3ns

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Quote from: gwaposakon on June 10, 2020, 08:47:29 AM

Nice observation about how traders behave. You hit the right understanding on how traders act when trading. In the current situation and unpredictability nature of the crypto market, indeed discipline and patience are ingredients to make one a suv=ccessful trader. I would add that experience would eventually make you before confident when trading.

well it is true that with very high confidence can provide peace for trading and of course confidence is still not enough, of course you must be able to control the patience that might have an effect to sell at low prices and you should be able to avoid it.

forexandcryptoauditor

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Among all your points mentioned, self-discipline is very much needed for any trader. This decides how strong your will is to win or lose a trade. Keeping stop profit levels is as important as keeping stop loss levels in any kind of trading.

gwaposakon

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Nice observation about how traders behave. You hit the right understanding on how traders act when trading. In the current situation and unpredictability nature of the crypto market, indeed discipline and patience are ingredients to make one a suv=ccessful trader. I would add that experience would eventually make you before confident when trading.

saint_casanova

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I have to disagree with the first mindset of Discipline: Coming into trading with a mindset not to gamble.
To be honest, cryptocurrencies are pretty much gamble and no way you can change it with """ analysis""", chart, graph and other to justify your choice or investment.

Bezobraznike

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Quote from: kceekcee on June 10, 2020, 06:20:54 AM

Quote from: republicrypto on May 31, 2020, 12:28:48 AM

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

I WIll like to explantiate and broaden your claims.

Psychology deals with the traders mindset and overview of the market space, while knowledge is what we have learnt as a trader, put to practice, and dedicated time to relearn it.

The perfection of the learning process leads a trader to having a trade principle

All that comes with practice, experience is what you build from early days and on all mistakes you
make in your path. Knowledge comes from reading and researching, experience comes from trying to
put theory in reality, with all good and bad sides.
Mindset is something you work on, something you can shape, if you are focused and dedicated it
will be simple for you to develop yourself in trading.

kceekcee

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Quote from: republicrypto on May 31, 2020, 12:28:48 AM

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

I WIll like to explantiate and broaden your claims.

Psychology deals with the traders mindset and overview of the market space, while knowledge is what we have learnt as a trader, put to practice, and dedicated time to relearn it.

The perfection of the learning process leads a trader to having a trade principle

pankaj1234

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Big question trader has to set his mind to take profit from trades. In today's world everbody want real quick money that is reason for loosing their money. Traders mindset to just relax and hold some times after you invested money in any type of market. Patient is the best freing for everyone in this world. The person who has the patient will always going to success in life.

gabbie2010

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Quote from: pikkie on June 09, 2020, 06:43:21 PM

Quote from: lobo13hf on May 27, 2020, 11:36:06 PM

Quote from: Mighty_crypt on May 27, 2020, 02:24:19 AM

It's easier said than done, every pro traders have their bad days you know, OP makes it sound like doing all his point will make you are winner well in trading there will always be winning days and losing days, the greatest enemy of trading is our emotional part

It's not only pro traders but everyone have their bad days but when they can handle their bad experience and try to be a better for the future and they will get a lot of experience.That's why we must able to control our emotional and never try to follow it. It will always bring us to the loss.

controlling emotions is the main key to be able to get success in the world of trading, when you are easily influenced and selling your assets at cheap prices it will only make you lose, so be careful when trading cryptocurrency do not let you take the wrong step.

Individual trader has to control their emotion the way I will deal with my emotion will be quite different with the way another trader will deal with it, this is obviously bow down to the fact that a trader has to be emotionally balanced before embarking on any trading journey coupled with the mindset highlighted by the OP a trader without those qualities such a trader might ended up losing and rekting of funds.

retnoanjani

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Quote from: anhhung409 on June 01, 2020, 12:54:37 PM

Trading is a prediction game, predicting the price volatility of cryptocurrencies is quite difficult compared to stocks because no matter how good the fundamentals of the project are, prices will always follow the evolution of prices. Bitcoin, this should be ready by the traders, it will be of great help to them especially if they really want to succeed in trading.

No matter how good we do the analysis of various aspects, including fundamentally and technically, it could be missed from the movement that occurred. That is a risk factor. Cryptocurrency is filled with surprises and unpredictability. Technical matters like this must be balanced with psychological and mental health. When psychological factors have been influenced by the opinions of others, for example, FOMO, hype, etc. will certainly affect the analysis. Confidence in trading is also very important. Mental readiness to deal with losses must also be prepared.

pikkie

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Quote from: lobo13hf on May 27, 2020, 11:36:06 PM

Quote from: Mighty_crypt on May 27, 2020, 02:24:19 AM

It's easier said than done, every pro traders have their bad days you know, OP makes it sound like doing all his point will make you are winner well in trading there will always be winning days and losing days, the greatest enemy of trading is our emotional part

It's not only pro traders but everyone have their bad days but when they can handle their bad experience and try to be a better for the future and they will get a lot of experience.That's why we must able to control our emotional and never try to follow it. It will always bring us to the loss.

controlling emotions is the main key to be able to get success in the world of trading, when you are easily influenced and selling your assets at cheap prices it will only make you lose, so be careful when trading cryptocurrency do not let you take the wrong step.

makishart

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Quote from: ElmedoRator on June 01, 2020, 09:36:57 AM

Quote from: 3meek on June 01, 2020, 09:28:08 AM

Quote from: republicrypto on May 31, 2020, 12:28:48 AM

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

Also many traders have lost their money because of other people's advice! That's why you don't need to listen to anyone to restrain your emotions! Wink

Otherwise someone else's opinion can change your perception and you will make a mistake despite your personal strategy...

Never invest if you don't know how to do your research. And investing on the advice of others is an act of suicide, surely his money will quickly disappear

I guess when the suggestion could be suggested you to invest in the promising coin and i thought that that will not make you loss your money or make it disappears.
What we need to dig it even deeper to know whether that's a good suggestion or not.

anhhung409

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Trading is a prediction game, predicting the price volatility of cryptocurrencies is quite difficult compared to stocks because no matter how good the fundamentals of the project are, prices will always follow the evolution of prices. Bitcoin, this should be ready by the traders, it will be of great help to them especially if they really want to succeed in trading. Trading is not a simple thing unlike investing, so you really need to read and learn some skills and techniques you can use to become a better trader.

ElmedoRator

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Quote from: 3meek on June 01, 2020, 09:28:08 AM

Quote from: republicrypto on May 31, 2020, 12:28:48 AM

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

Also many traders have lost their money because of other people's advice! That's why you don't need to listen to anyone to restrain your emotions! Wink

Otherwise someone else's opinion can change your perception and you will make a mistake despite your personal strategy...

Never invest if you don't know how to do your research. And investing on the advice of others is an act of suicide, surely his money will quickly disappear

3meek

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God, save BTC!

Quote from: republicrypto on May 31, 2020, 12:28:48 AM

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

Also many traders have lost their money because of other people's advice! That's why you don't need to listen to anyone to restrain your emotions! Wink

Otherwise someone else's opinion can change your perception and you will make a mistake despite your personal strategy...

republicrypto

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Keep it Simple guys :)

i think psychology and knowledge about risk managemnt is the most important thing for traders
a lot of traders lost their money because they don't know how to manage the risk in their trading activity
regards

Indymoney

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Quote from: Blue_oxen on May 28, 2020, 12:56:21 AM

Quote from: lobo13hf on May 27, 2020, 11:36:06 PM

Quote from: Mighty_crypt on May 27, 2020, 02:24:19 AM

It's easier said than done, every pro traders have their bad days you know, OP makes it sound like doing all his point will make you are winner well in trading there will always be winning days and losing days, the greatest enemy of trading is our emotional part

It's not only pro traders but everyone have their bad days but when they can handle their bad experience and try to be a better for the future and they will get a lot of experience.That's why we must able to control our emotional and never try to follow it. It will always bring us to the loss.

Yub! Emotions in this market such as angry, sad, happy, etc are very important. When you're sad, you can think about giving up this market. When you're angry, you may do some stupid thing that blow all of your money. Happy seemed like a good emotion but no, when you're happy you may act without thinking wisely. Emotion-control is just as important as risk management. Keep your head cold when you do anything in this cryptocurrency market!

Emotions are part of life as we can do many things with these and its really good way to have some good and positive atitude for good future if we are sad then we will able to think and if we are happy then surely we are going to earn more but still we need to go with control and patience as its very important for good future and expereince in trading and life.

Lorokan

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Merit: 47

Quote from: Reatim on May 27, 2020, 04:12:19 AM

Quote from: andycarrol on May 24, 2020, 06:06:48 PM

"When the market will be in Bullrun again"?

This is a question that most professionals TA and FA chart analyst never finds an answer too. Which is why you must constantly dyor and be sure.
No matter how good your chart analysis and trades can be, the market can go against the charts and be otherwise, so you need to always be on top of your analaysis to avoid massive losses in times like that.

Instead of panicking wondering what or when the bull run could be, focus on today and take profits as you wait on future market movements.

Blue_oxen

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Quote from: lobo13hf on May 27, 2020, 11:36:06 PM

Quote from: Mighty_crypt on May 27, 2020, 02:24:19 AM

It's easier said than done, every pro traders have their bad days you know, OP makes it sound like doing all his point will make you are winner well in trading there will always be winning days and losing days, the greatest enemy of trading is our emotional part

It's not only pro traders but everyone have their bad days but when they can handle their bad experience and try to be a better for the future and they will get a lot of experience.That's why we must able to control our emotional and never try to follow it. It will always bring us to the loss.

Yub! Emotions in this market such as angry, sad, happy, etc are very important. When you're sad, you can think about giving up this market. When you're angry, you may do some stupid thing that blow all of your money. Happy seemed like a good emotion but no, when you're happy you may act without thinking wisely. Emotion-control is just as important as risk management. Keep your head cold when you do anything in this cryptocurrency market!

lobo13hf

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Quote from: Mighty_crypt on May 27, 2020, 02:24:19 AM

It's easier said than done, every pro traders have their bad days you know, OP makes it sound like doing all his point will make you are winner well in trading there will always be winning days and losing days, the greatest enemy of trading is our emotional part

It's not only pro traders but everyone have their bad days but when they can handle their bad experience and try to be a better for the future and they will get a lot of experience.That's why we must able to control our emotional and never try to follow it. It will always bring us to the loss.

Topic: The right mindset needed for all traders - page 10. (Read 3201 times)