Nice to make tips so the newbies on trading can easily be guided and I'm a trader too but not too much popular and skilled trader, unlike the other players. In trading, we must need to be conditioned on our self, not just the mind only if you just use your mind only you are just thinking about the earning of profit and just buying a lot of coins when the market drop and this is not only limited by they because there is a chance you make a mistake instead of down trend it is going to uptrend it is just a particular mistake in trading. Also, you need to emotionally snd mentally stable on your self some of the traders are getting into a FOMO and some of the traders getting greed and wait for a long time again to get more money and income. I suggest that once you already have profit and you think it is already enough to take out your position because you already gained profit there is a chance that you will lose your profit.
Therefore, in trading there are many things that must be learned and mastered, of course self-control is important, regardless of the trading strategy that will be used, I think controlling yourself to stay in a good mentality and clear thinking without being affected by things that will be very detrimental important, even out of several indicators that must be learned in trading, self-control is the most difficult thing to do because many people want more than what they get until greed appears in trading, that greed will destroy everything. 
Topic: Tips for good trading - page 10. (Read 3239 times)
This is one of the worst kind of emotion that I have seen for some traders. They still keep on spending their money eventhough they already have made big losses.Hoping that they can make a good amount and get their money back.
A professional trader never act like this because they know how to control their emotions.They know how to cut their losses when having a bad trade.
It makes more sense for traders to practice an accumulation strategy when a price correction occurs. I can safely say that it is safe to collect bitcoins during a correction because from experience it will be very profitable as the recovery progresses.A professional trader never act like this because they know how to control their emotions.They know how to cut their losses when having a bad trade.
Accumulation can also be done on some potential altcoins but somehow I think the recovery will take longer compared to bitcoin. The accumulation strategy is not a form of greed in my opinion because it is a good strategy to accumulate more bitcoins/other assets during a correction to profit in the long term.
Do not be greedy - There are many people who suffered from being greedy, they tend to spend all their money because of thinking that they could still make more money but instead of earning they have lost their money. ALWAYS KNOW WHEN TO STOP AND CONTINUE TO TRADE.
A professional trader never act like this because they know how to control their emotions.They know how to cut their losses when having a bad trade.
I do not sell when price drops if it is a potential coin.
That's what really it should be. You don't sell when you're at a loss especially if you have done the research for that coin and you know the true potential of it.Many investors tend to sell because they are in panic attacks but that's no good in trading or even in investing. They should have a plan on how long they want to hold it for their own good.
Having this attitude is teaching us to be patient which can be applied not only in trading but also improves us in real life.
They should have target both with positive and negative outcome, without proper research panic is really inevitable inside this market,
lots of time you will suffer from losing your investment if you will follow the downtrend. When fear conquers you, it means that the next thing
will happen is to let go even you are on a losing side. Best to set your plans ahead of time and be ready to adjust if it's needed.
Bitcoin plummeted to $40k and many would be in panic again. The fear is real when the price of bitcoin goes down as it is covering the whole market for its share.
While the others have nothing to do whenever this happens and remains calm as they hold. The other traders are now picking up those cheap coins that they've waited to drop.
4. Learn from your own mistake - Instead of being sad because of losing try to think on some other thing why you get lost and think some good strategies to overcome those mistakes.
Each of us can made a mistake but we should learn from it . Mistakes can teach us to be better in the future
So what? You have to pay to learn something, am I wrong? You pay for school, you pay to get a drivers license, you pay for your mistakes.
The only way to really learn trading is to pay just a little. Take 1% of your mnoney and start trading withot leverage and you'll learn much more than you would by reading comments and forum posts.
Nobody is saying you have to make emotional decisions or go all in.
Actually agree with this statement.The only way to really learn trading is to pay just a little. Take 1% of your mnoney and start trading withot leverage and you'll learn much more than you would by reading comments and forum posts.
Nobody is saying you have to make emotional decisions or go all in.
People said that you shouldn't jump into trading if you have zero knowledge and experience, but how do you get that if you guys keep resisting to jump into trading for just little amount of money? That's really dumb actually. Looking at only post forums are really useless if you don't use that in your cases.
For me as a day trader i can really say that trading is not an easy way to make money especially when it comes crypto because of beings so volatile of the market .
so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
These are all the right practices that I enjoyed while learning trading for the very first time. The problem what most of the newbie face is that they become very confident after just a few paper trades that went well and according to their plan and they start to trade with real money right off. But the thing is that they tend to loose a lot of money after this process.so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
They should atleast make 100's of paper trades and mark the entry price and target price right off the bat and if they loose then should understand what went wrong in the trade and try to rectify that loose end in next trades and then only start with a demo account with fake money in it, if successful then only enter in real trades.
Trial and error in your first 100 trades, if you focus with that you'll be able to materialize good trading practices that will let you have good winning chances, never to quickly judge according to how you think the market will proceed, there are many sideways this volatile nature of this industry will keep you lose your money if you just quickly judge your entry and exit position.
Make a good use of all those information that you'll be able to gather online, practice and never stop trying to enhance
your strategy, it will help to increase your confidence.
I do not sell when price drops if it is a potential coin.
That's what really it should be. You don't sell when you're at a loss especially if you have done the research for that coin and you know the true potential of it.Many investors tend to sell because they are in panic attacks but that's no good in trading or even in investing. They should have a plan on how long they want to hold it for their own good.
Having this attitude is teaching us to be patient which can be applied not only in trading but also improves us in real life.
They should have target both with positive and negative outcome, without proper research panic is really inevitable inside this market,
lots of time you will suffer from losing your investment if you will follow the downtrend. When fear conquers you, it means that the next thing
will happen is to let go even you are on a losing side. Best to set your plans ahead of time and be ready to adjust if it's needed.
lots of trial and error before you could able to have a good grasp on this market.
You are the ones who do able to witness and learn for yourself on how this market works and how you do able to handle it when you decided to make out some trades.
It wont be easy and you couldnt able to acquire these skills for a very short time.
I have seen many questions about how they are going to be a professional trader, so I just wanna share my experience, I am not a professional trader but I just wanna share some of my experiences and way of thinking in trading.
1. Trade at your own risk - You should know that investing, gambling and trading is somehow the same because you are not sure that you could win the prize, so expect that you could win and you could lose your money
2. Limit your budget - always limit your budget for trading, you should use only those extra money you have, instead of spending it on some other things, you may use it for trading, at least you made something to make it profitable.
These two are one the basic strategies that we need to follow.We all know that every business (trading and investing) has its own risk.Sometimes we win,sometimes we lose. But if we know how to control our money,we can also minimize our risk of making huge losses.1. Trade at your own risk - You should know that investing, gambling and trading is somehow the same because you are not sure that you could win the prize, so expect that you could win and you could lose your money
2. Limit your budget - always limit your budget for trading, you should use only those extra money you have, instead of spending it on some other things, you may use it for trading, at least you made something to make it profitable.
4. Learn from your own mistake - Instead of being sad because of losing try to think on some other thing why you get lost and think some good strategies to overcome those mistakes.
Each of us can made a mistake but we should learn from it . Mistakes can teach us to be better in the future
2. Limit your budget
This will relate to the amount that we can afford to lose because many people are ready to earn the money from the profits but they are not ready to lose their money. That is why we must be always realized that trading is risky and we may lose our money. So, limit your budget only to the amount that we can afford to lose. Other tips are very clear enough and at least those are very important to do by beginners especially. If they are old traders, they may have their own ways on trading.
Besides checking the ticker, you also need to check its smart contract. In some cases, there are some coins that have the same tickers but they have different smart contracts. But these cases mostly happen in new crypto coins.
True, there are some fake smart contracts and tokens that are tradable in some exchanges, moreover the CEX.ANd when they are going to move the tokens to other exchanges, it has different mart contracts and they got the fake one. This should be more careful again to see and anlyze the right token I do not sell when price drops if it is a potential coin.
That's what really it should be. You don't sell when you're at a loss especially if you have done the research for that coin and you know the true potential of it.Many investors tend to sell because they are in panic attacks but that's no good in trading or even in investing. They should have a plan on how long they want to hold it for their own good.
Having this attitude is teaching us to be patient which can be applied not only in trading but also improves us in real life.
They should have target both with positive and negative outcome, without proper research panic is really inevitable inside this market,
lots of time you will suffer from losing your investment if you will follow the downtrend. When fear conquers you, it means that the next thing
will happen is to let go even you are on a losing side. Best to set your plans ahead of time and be ready to adjust if it's needed.
5. Check the ticker symbol - Ticker symbols are not universal and may vary from exchange to exchange in rare cases. Those cases, though, can come back to bite you.
Besides checking the ticker, you also need to check its smart contract. In some cases, there are some coins that have the same tickers but they have different smart contracts. But these cases mostly happen in new crypto coins. Ex: when you check Coinmarketcap or CoinGecko, you see a crypto coin is increasing its price significantly. Then, you plan to buy that coin for trading on an exchange or arbitrage. Don't forget to check its smart contract. Make sure you don't choose the wrong coin. Sure, it is a very basic way for professional traders, but unprofessional traders may do this mistake because of not being careful. I do not sell when price drops if it is a potential coin.
That's what really it should be. You don't sell when you're at a loss especially if you have done the research for that coin and you know the true potential of it.Many investors tend to sell because they are in panic attacks but that's no good in trading or even in investing. They should have a plan on how long they want to hold it for their own good.
Having this attitude is teaching us to be patient which can be applied not only in trading but also improves us in real life.
For me as a day trader i can really say that trading is not an easy way to make money especially when it comes crypto because of beings so volatile of the market .
Your one of the few that I know to have considered trading to be very easy. I suppose you must have have very successful at it and your day trading strategy suits you just fine! Well, that's you but if you ask me, I won't agree that much. Trading is one of the most difficult field on the cryptosphere and its actually one of the most profitable. The market is so tricky that, there are a lot of constraints to make you want to look the other way, even with an analysis that tends to agree or comes with the bases for a decision.so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and
I'll like go know what you mean by paper trading. I've got my own interpretation in my head but, it would be nice to know if they agree. 
For me as a day trader i can really say that trading is not an easy way to make money especially when it comes crypto because of beings so volatile of the market .
so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
These are all the right practices that I enjoyed while learning trading for the very first time. The problem what most of the newbie face is that they become very confident after just a few paper trades that went well and according to their plan and they start to trade with real money right off. But the thing is that they tend to loose a lot of money after this process.so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
They should atleast make 100's of paper trades and mark the entry price and target price right off the bat and if they loose then should understand what went wrong in the trade and try to rectify that loose end in next trades and then only start with a demo account with fake money in it, if successful then only enter in real trades.
You have pointed out some important factors that I always try to maintain. Personally, I do not expect much profit in a short time or in a single trade. If I do mistake, I learn a lot from this mistake. I do not sell when price drops if it is a potential coin. Price of other coin depend on bitcoin and I always try to follow and analyze the price of bitcoin.
For me as a day trader i can really say that trading is not an easy way to make money especially when it comes crypto because of beings so volatile of the market .
so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
Realization on the actual situation or things he had been dealing with would really be the key plus having that non greedy acts will surely be the ones who would really help you out on sustaining this market.so for those who wants to become trader but can't afford to lose money i highly recommend to use paper trading first and practice your skills, learn how to have risk management and also build your trading plan before jumping into live trading. just don't rush your situation and must have discipline if you really want to have a good journey in trading..
Whenever you do able to control up these factors then you wouldnt be finding on hardship on controling something specially on trading.Good trades arent something that easy to attain.
Enough experience and skills would be the key and the rest would be on your emotion and independent decision making.
So what? You have to pay to learn something, am I wrong? You pay for school, you pay to get a drivers license, you pay for your mistakes.
The only way to really learn trading is to pay just a little. Take 1% of your mnoney and start trading withot leverage and you'll learn much more than you would by reading comments and forum posts.
Nobody is saying you have to make emotional decisions or go all in.
Actually agree with this statement.The only way to really learn trading is to pay just a little. Take 1% of your mnoney and start trading withot leverage and you'll learn much more than you would by reading comments and forum posts.
Nobody is saying you have to make emotional decisions or go all in.
People said that you shouldn't jump into trading if you have zero knowledge and experience, but how do you get that if you guys keep resisting to jump into trading for just little amount of money? That's really dumb actually. Looking at only post forums are really useless if you don't use that in your cases.
Everything you mentioned is correct, the one you said who caught my attention was to limit your budget. Allocate amount of your money to invest in trading for you to avoid bankruptcy.Expand your knowledge about trading, do your research on how to grow.Don't expect big profits right away, it takes time and be patient.
Investment always takes time to wait and certainly should have a reasonable investment strategy to minimize the risk when investing. Personally, I always have more than two plans before trading any coin because if the market is not favorable then I will have a way to ensure my profit. However, this market is unpredictable, and you should be more careful when deciding.
6. Pay attention to the bitcoin - Most altcoins (every cryptocurrency except Bitcoin) are pegged more closely to Bitcoin than Asian currencies were to the USD during the Asian Financial Crisis. If Bitcoin price pump drastically, altcoins price can go down as people try to exit altcoins to ride the BTC profits; inversely, if Bitcoin prices dump drastically, altcoin prices can go down, too, as people exit altcoins to exchange back into fiat. The best times for altcoin growth appear when Bitcoin shows organic growth or decline or remains stagnant in price.
All altcoins are pegged with Bitcoin, but it’s not all of them that correlates with bitcoin markets. There are some altcoins that moves a completely different direction from Bitcoin. One example is this coin that is called the Compound Coin, it has 0% price correlation with Bitcoin, unlike Dogecoin, XRP, BSV and the rest of them are following Bitcoin tightly on every move. So, anyone that’s trading should have that in mind and try to understand the coins they are trading better.Secondly, greed is something that should be avoided from every trader's book. It’s very important, because when you don’t, you’re probably going to be mislead yourself into making the wrong move due to your want for more.
Trading is really profitable ways of earning money and having skills and knowledge about it would be a great advantage for you.
Without skills and knowledge you cannot earn anything from trading and even you manage to make some profits, skills and knowledge are always the most important factors for consistent profit making from trading. Thanks a lots of this topic and I am sure you might have helped many people here on realizing what is missing in their trading. Jump to: