Topic: Tips for good trading - page 9. (Read 3480 times)

Whenever am teaching anybody how to trade the first thing I always tell them is they can lose all there money and they should make sure they invest any amount they can afford to lose, cryptocurrency trading also include patience, whenever you are trading always be prepared to hold a coin for a long time.

Very helpful tips. Every new user should read and follow. Generally new user losing money because they don't know where to start and don't know buy,sell target.
 New user should Start with low amount like 50$ and then follow the Forum tips,news and Youtuber strategy. I think this will be helpful but remember try to follow two or three time to get better result and you will learn best trading strategy

Most of the newbies which are just starting how to trade don't know their are lot's of risk which is associated with trading, most of them don't know they can lose money in trading until they start trading, after starting that is when the will realize and understand what cryptocurrency trading is all about, most people always endup giving up after losing money.
Whenever am teaching anybody how to trade the first thing I always tell them is they can lose all there money and they should make sure they invest any amount they can afford to lose, cryptocurrency trading also include patience, whenever you are trading always be prepared to hold a coin for a long time.

Good sharing makes us as traders aware that trading cannot be done arbitrarily. You need careful thinking and strategy so you don't make a wrong move. a trader must have the courage to accept the risks and dare to take firm decisions were to determine when to sell or buy crypto. it's not an easy thing because we need to understand the crypto market well. that is why in trading we must be equipped with sufficient knowledge and experience so that we can adapt to the crypto market and deal with it well.

a very useful thread for beginners and experienced traders alike
I think trading cryptocurrencies is quite difficult, because the volatility often takes me out of the stop, and the price goes further on my idea

There are several important things to keep in mind when trading. When it comes to trading you are bound to lose out on profits.  Moreover, in case of trading, you should not go beyond your budget to trade. You will trade from your knowledge. Don't trade on someone else's advice.

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.
3. 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.
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.

Some good tips from google:
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. For example, Bitcoin Cash trades on some exchanges as BCH, while it trades on others as BCC. BCC is also the ticker symbol for BitConnect, which was recently outed as a Ponzi Scheme. If you bought BCC under the impression was Bitcoin Cash, you would’ve lost a lot of money.
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.

Trading is really profitable ways of earning money and having skills and knowledge about it would be a great advantage for you.

Trading doesn’t require being in a hurry, it is something that you have to take your time to do. You have to master the strategies that are involved, and as time goes on you also try to switch up the strategies that you use and see which one would better work for you. Being cool headed anytime you want to trade is really important, so that you’ll be able to be very calculative of whatever action you are trying to take.

Some people end up losing their money trading in the market, because they don’t understand that trading is a process, and it is not something that you try to hurry up about and it’s not a way for making quick money like some people would think. There are risks involved and if you try to rush everything you might end up losing your money. And it’s good to also try to avoid greed, because that’s what would make you to make decisions that will ruin your trade.

The challenge some traders are facing is to control not to be greedy and some don't even know if they are greedy.  After trading and their was lose in the trade, some trader would want to recover the money that was lost by all means, doing this sometimes may not be with a clear mind, but a mind that is very emotional.  Being too greedy can make a trader loss a reasonable amount of money.

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.

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.