We have all of our problems the first time we trade and @OP shows the fact to us.
Many of us had the same experiences as @OP and we felt difficult to solve it but if we keep trying to find out how to solve it, it is really worth doing because that can make us better in the future when we trade in any condition.
Controlling emotions will be the most important in trading as we will see many things happen during our trade and if we can control emotions, we can see what we need to do related to the current situation.
Learning by doing and practice will make us familiar with the market movement and that can make us see the time to enter and quit trading.
Topic: Things I wish I knew before starting my day trading journey (Read 158 times)
I am feeling a bit fine after reading all about your problems. I mean surely, I did have my own problems as well but I never felt the half of the things you felt and that is a good thing for me, I am quite happy that I didn't go through emotions like that. I feel like it is a fun entertainment for me, I mean sure its money and I would love to not lose it, but at the same time I know that I will make it back when crypto goes up and I do not feel too badly about it.
I wasn't like this on very first day of course, I had very angry periods as well, but that was like maybe a month at tops, then I was fine, and the initial shock was because I didn't quite understand what was going on, after reading for just a few weeks, I realized what was what and I didn't really have any trouble with anything at all which caused me to have as much fun as I want to for the past 7+ years.
I wasn't like this on very first day of course, I had very angry periods as well, but that was like maybe a month at tops, then I was fine, and the initial shock was because I didn't quite understand what was going on, after reading for just a few weeks, I realized what was what and I didn't really have any trouble with anything at all which caused me to have as much fun as I want to for the past 7+ years.
Those are good points actually and they also motivating me to start day trade. I am actually little worried about day trading because of the same problems that you have mentioned up here. I am not even sure if I could control them but looks like this will take a year or so like you to overcome these factors. But I will surely try out day trade since I am on the verge of exploring more income sources. I have done some research on staking too which looks far safer than any other trading method. I could just add this one in my portfolio and start learning for better chances. Thanks for sharing your experience mate.
Never been a day-trader myself (more on a swing trader) but I guess there should be some pressure on it especially if you're onto crypto which volatility never comes off easily. From what I learn on my trading journey I think the most beneficial one was making the plan and as you said by respecting the stop-loss because most of the time if you have these two others comes into place, just my two cents. This is indeed difficult, so you have to practice it often to get used to it.
You got your point before doing trading. I agree with all you said because trading is not easy as it said. It needs more effort to learn and practice and you did great things.
One suggestion for you:
That should be the number one of your solution so you know what you will do.
One suggestion for you:
Quote
Before doing anything make a plan of everything and do it according to your plan.
That should be the number one of your solution so you know what you will do.
If you are a crypto newbie and are thinking what is better between trading and investing, what to start with?
I can say, investing is better. You can pick top cryptocurrency, buy them, and hold. Investment works only for good and top cryptocurrencies.
When you have x2 of your capital, you can spilt it: 50% for investment, 50% for trading. You must keep your capital separately for two parts and don't use them overlap each other.
After 6 months, you can see what is better, from your practice, not from what I said.
I can say, investing is better. You can pick top cryptocurrency, buy them, and hold. Investment works only for good and top cryptocurrencies.
When you have x2 of your capital, you can spilt it: 50% for investment, 50% for trading. You must keep your capital separately for two parts and don't use them overlap each other.
After 6 months, you can see what is better, from your practice, not from what I said.
Day trading is very good but it needs constant time and the way we every trader is performing is quite different from each other, as you had said one thing really well that day trading needs a specific time in which only you can trade and can earn a lot of money. I also following these steps and still in profit from the previous one year.
Controlling Emotions ( Skip to think about useless thing which divert your mind).
Not easy but yeah one must have control over emotions because every trade must have some logic and not emotions behind it.Stop Overtrading ( Don't trade whole day pick a best time and trade only that time).
One of the most underrated yet important things in trading. Only trade when you feel there's an opportunity, trading without a reason is simply gambling.Respect Stop loss (Don't made this mistake always use stop loss. Don't fall in market to not use stop loss to get more profit. Stop loss is must needed.
Haha, I believe like me, a lot of people must have learned this lesson from the recent market crash (a few months ago). Just living with bitcoin markets for years definitely will help anyone to get familiar with all the required things of becoming a good trader. Living with markets means watching and speculating market directions will help anyone in many ways.
You did a good post on your experience and some of your points and solutions you make are good for others to follow but my advise to you is still on your emotions. Don't lose grabs of your emotions when you think you have started making consistent profit. If you lose grabs, you can go back to the beginning because the market isn't friendly. Again too that you are still young in trading. If you have less than two years experience, you still need more experience to be better and stay with your plans if it is working. Good luck for you as you trade.
Nice to see and so detailed mentioning things that can be learned in the end. Now you have at least learned things that you can't find anywhere else, but the lessons that you found yourself, seek of your own accord, manage what you really need, completely cover all the gaps, mistakes, perseverance that accumulated in every aspect of time after you have had a trading journey for so long.
You share it here and it becomes an illustration for beginners to become traders who continue to pursue what they want to earn. It gets to the point where you find a solution in your own way and method.
Keep on sharpening the skills born from experience, that's the most important point that you can't forget. In the future you will laugh at everything you went through when you first started trading.
You, me and the people who went through it all, must be proud of what we have achieved so far.
You share it here and it becomes an illustration for beginners to become traders who continue to pursue what they want to earn. It gets to the point where you find a solution in your own way and method.
Keep on sharpening the skills born from experience, that's the most important point that you can't forget. In the future you will laugh at everything you went through when you first started trading.
You, me and the people who went through it all, must be proud of what we have achieved so far.
It ends to show how disciplined you are. In trading, those factors that you've mentioned are really important. Although, for us, it is easy to read and say that it will be helpful for most day traders but it really depends on the trader if he can manage to follow all of us or most of those if not all.
Thank you for sharing OP with such experiences personally, it improves us from what we do like trading.
Thank you for sharing OP with such experiences personally, it improves us from what we do like trading.
All those you've mentioned here really made me frustrated on those day I failed many times, but I never gave up.
There's always a solutions in every failure, we only need to accept all bad sides in order to move on and start another journey.
Every struggles in trading involved a lot of challenges, so in order to achieve success don't limit yourselves on things that you're capable with. Day trading is risky, and I don't recommend this as your daily trading practice.
I think day trading is somewhat misunderstood. I rather prefer to call it price trading than day trading because when you heard the word day trading, you feel that the trader must open and close the trades within the same day. This can be risky because not everyday the price will move in the desired direction and sometimes you will need weeks to recover.There's always a solutions in every failure, we only need to accept all bad sides in order to move on and start another journey.
Every struggles in trading involved a lot of challenges, so in order to achieve success don't limit yourselves on things that you're capable with. Day trading is risky, and I don't recommend this as your daily trading practice.
Price trading sounds like the better word because it doesn't bound you to buy & sell within the same day or a particular period of time. Just buy when you think the price is lower than it should be and sell when it's higher than expected.
A great topic you are discussing, I'm also a day trader and earn a lot from day trading, But the main thing is that we should keep patience, and you know really well in day trading keep patience is very difficult as well. So, getting profit from the coins which you had already analyzed give you more benefit.
Glad that OP managed to stay in trading. I myself quit after around 6 months of trying to learn and study. It was just too much pressure? And I was never one to make calm decisions in the face of a situation where high stakes are being bet. Heck, even long-term trading has had me panicked most of the time initially, even with the market only changing by single-digit percentage. Granted I was a beginner to investing back then, and have changed right now since I do long term investments but don't even give a damn peek at the market anymore since I'll just panic.
All those you've mentioned here really made me frustrated on those day I failed many times, but I never gave up.
There's always a solutions in every failure, we only need to accept all bad sides in order to move on and start another journey.
Every struggles in trading involved a lot of challenges, so in order to achieve success don't limit yourselves on things that you're capable with. Day trading is risky, and I don't recommend this as your daily trading practice.
There's always a solutions in every failure, we only need to accept all bad sides in order to move on and start another journey.
Every struggles in trading involved a lot of challenges, so in order to achieve success don't limit yourselves on things that you're capable with. Day trading is risky, and I don't recommend this as your daily trading practice.
^ OP shows and has proof that in every problem there is always a solution.
In the end, it always says experience makes you a better day trader which means the experience is a great teacher in trading that you will probably have the potential upon gaining profit in the market. There is always have an advantage for those who have already gained knowledge in trading compared to the new one. In day trading, you can choose a low time frame to gain more experience which makes you a better trader.
Nevertheless, we must thank the OP for enlightening us about the idea he/she said.
In the end, it always says experience makes you a better day trader which means the experience is a great teacher in trading that you will probably have the potential upon gaining profit in the market. There is always have an advantage for those who have already gained knowledge in trading compared to the new one. In day trading, you can choose a low time frame to gain more experience which makes you a better trader.
Nevertheless, we must thank the OP for enlightening us about the idea he/she said.
Accepting loss. Not thinking about it like admitting of being wrong ... because any analysis gives you only a statistical advantage, not a 100% certainty. You may did everything 100% correct and end up loosing money. I started to think about lost trades like part of my job. Like driving to office. You have to do this to work, it cost fuel and time ... but you have to "invest it" to be able to work. Just like with trading. You need to "invest" into loosing trades to harvest on winning trades.
This helps with going too emotional and canceling stop-loss.
Not listening to the lie repeated by crypto influencers "you don't loss until you sell' or "you don't loss until you sell". Thats the worse tip you can get. You should think like "my money are 100% lost in a moment I open trade. I can get back some of it when I sell"
This helps with going too emotional and canceling stop-loss.
Not listening to the lie repeated by crypto influencers "you don't loss until you sell' or "you don't loss until you sell". Thats the worse tip you can get. You should think like "my money are 100% lost in a moment I open trade. I can get back some of it when I sell"
Never been a day-trader myself (more on a swing trader) but I guess there should be some pressure on it especially if you're onto crypto which volatility never comes off easily. From what I learn on my trading journey I think the most beneficial one was making the plan and as you said by respecting the stop-loss because most of the time if you have these two others comes into place, just my two cents.
There is a way I found to never stress myself again:
1.- Trading in a medium and long-term mode.
2.-Use an Exchange to do this in the same operation:
a.-Stop Loss
b.-Take Profit
When leaving the trading positions already created it is easy, there is no need to get in and be glued to the market all day, but to wait, if you lose, then you assume the loss, if you win then celebrate.
I always use my stop loss much less than 10% of the balance.
1.- Trading in a medium and long-term mode.
2.-Use an Exchange to do this in the same operation:
a.-Stop Loss
b.-Take Profit
When leaving the trading positions already created it is easy, there is no need to get in and be glued to the market all day, but to wait, if you lose, then you assume the loss, if you win then celebrate.
I always use my stop loss much less than 10% of the balance.
Day trading is quite helpful for me. I am still a day trader. Its almost 1.5 years of my day trading. I learn lots of things now I can say I am a decent trader right now. But my journey was not easy. Now i will tell you my problem and what solution i found that helps me to be a decent day trader.
Problems:
After my 1 years of saddest journey in trading last 4-5 months i saw my result on trading. Now i daily trade no matter what result i got daily but after week i am in profit. Now i will share what solution i found to make my saddest trading to successful day trading.
Solution:
This is my lesson what i got from trading and the thing is i took those lesions. If i didn't took any lesions i won't be a trader i always won't be a self dependent. I depend on others and blame also others. Remember i still learning and i will learn everyday of my trading journey. I am not an expert traders i don't know how guys you will take this suggestion but its a small journey of mine.
Thank you for reading this. If a single person will be get a signle percent of inspiration i will be glad.
Problems:
- I was frustrate, confused, hyper type boy. What is a bad affect for trading.
- I was traded hour after hour again and again. Which affect my mind badly. I can't sleep overnight. I was always thought about my trading Success. I need success thats why i wasn't concentrate on trading very much.
- I wasn't good at management what is a biggest fall for me. I couldn't manage my emotion, trade, profit, loss or take out profit anything.
- I wasn't a self confident and i didn't get much confidence on my analysis. I always did analysis but then i search again youtube Google or copy trading site. Which is worst for a trader. Because self confident is must needed.
- I can't handle my loss. I was more frustrated if i loss. Then again trade with frustrated mind without any plan or analysis and loss again.
After my 1 years of saddest journey in trading last 4-5 months i saw my result on trading. Now i daily trade no matter what result i got daily but after week i am in profit. Now i will share what solution i found to make my saddest trading to successful day trading.
Solution:
- Controlling Emotions ( Skip to think about useless thing which divert your mind).
- Stop Overtrading ( Don't trade whole day pick a best time and trade only that time).
- Always take my gains (Don't fall in trap just happt with your target amount).
- Manage Trade risk (Understand the market risk then start trade).
- Confident on my analysis (Be self confident make own mistake research your self find problem make solution be your own hero by self confident with your decision).
- Always tracking my all trade activity.
- Respect Stop loss (Don't made this mistake always use stop loss. Don't fall in market to not use stop loss to get more profit. Stop loss is must needed.
- Before doing anything make a plan of everything and do it according to your plan.
This is my lesson what i got from trading and the thing is i took those lesions. If i didn't took any lesions i won't be a trader i always won't be a self dependent. I depend on others and blame also others. Remember i still learning and i will learn everyday of my trading journey. I am not an expert traders i don't know how guys you will take this suggestion but its a small journey of mine.
Thank you for reading this. If a single person will be get a signle percent of inspiration i will be glad.
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