Tips for Trading - page 2. | Bitcointalksearch.org

Majharul Saiif

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

This experience will make you pro one day. You have to research more and gather some knowledge about technical analysis which may help you to enrich your trading knowledge. You can follow others signal and research those by your own way to find out the excat reason for buying or selling in that moment. That answer will make you better than you before. Keep trying, you will get succeeded soon.

beerlover

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A perfect tip I can give anyone is, to be always on alert when you are trading. I know that this sounds like a common sense thing but most people are trading without a care, they trade while doing other things, they trade with info they got from other sources that are not credible, there are many things that could mean a lot of bad things for you.

Real trading happens when you check charts constantly from one screen and you check the exchange on the other screen, if you have one screen just divide it into two with left side on chart and right side on exchange, you have to do this seriously for whatever hour you want and that's it. If you just "yeah I trade here and there time to time" you are not going to achieve anything, even if you manage to profit "time to time" in the end you are going to lose all your money. Trading is a serious business and everyone should take it seriously if they want to do it.

thecryptogandalf

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Do a lot of backtesting (testing your strategy based on historical data) and papertrading (testing your strategy based on live data with no real money involved) before jumping on real trade. You can improve your trading skills and trading strategy without losing any money. You will learn your weak points and also it will help you understanding the market behaviour. There are couple of good platforms who offers that.
Definetely research for how to make a proper money and risk management. Within the lights of you have learned, decide how much you are willing to risk per trade.
Do your own research and analysis. I wouldnt suggest you to ask for advices other people. Everybody's goals, expectation and mentality differs. On the other hand, You can use different perspectives for sure.
You can get some online courses. It is important to understand kinds of trading. How do things step by step. Understanding the crypto market and its concept definetely matters.
Learn to stick to your trading plans always which requires for you to learn trading discipline and it is really important. Most of the people lose because they dont have the trading discipline, no research and no enter and exit plan, no well planned risk and money management.
Learn how about how to mitigate psychological risk which is super significant. Understanding psychological concept is extremely important. That is one of the big reason why people lose a lot. If I explain the concept in short, when we enter the trade things can be fine at the beginning but during the trade we tend to act with greediness, panic when market goes against us, ego, mental accounnting, etc and this ends up with losses. It is good to understand those risks and try to avoid. This concept also affects our trading discipline very badly. There are some ways to avoid this such as automated trading which lets you eliminate the pyschological disadvantange. But before getting into automated trading it is better research about it well and which platforms to use.
Think of your losses as a valuble lessons that you paid. Try to figure out why you ended up loss and keep a track of those losses. You can write what you have learned from your every losses.
I highly suggest you to write down your notes and trading plans and goals on a paper. Which makes it more real rather than keeping them on a digital space.
Things can still end up the way you dont want but dont forget There is always tomorrow.

ice098

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Quote from: kolbalish on February 09, 2021, 06:07:24 AM

There is nothing exceptional without you all write there. All tips are available there. We all know everything about safety but everybody doesn't follow this strictly and seriously. If we try to maintain some caution to trade maybe then risk can be minimized. I think all tips will work when we aware of it.

A trader can make his own decision whether he will follow these things or he will make his own way, everyone made a mistake the first time they enter trading and this market, everyone thinks they can be rich in just a few days or weeks, they didn't know that sometimes they can lose more so not until a trader learn this lesson he could not call himself a trader, experience teach us all.

kolbalish

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There is nothing exceptional without you all write there. All tips are available there. We all know everything about safety but everybody doesn't follow this strictly and seriously. If we try to maintain some caution to trade maybe then risk can be minimized. I think all tips will work when we aware of it.

Silberman

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Quote from: MCobian on February 03, 2021, 06:34:58 AM

The most difficult thing for me from the tips mentioned in the opening post is "Take Profits Out Often, Don't be Greedy". Because I'm always greedy
for big profits, even though it's better to make small profits often. Because if you accumulate it, it will be big in the end. I hope I can fix my weakness
in trading.

The tip is good but it does not apply to all the strategies that you can implement in the market, to me that is a strategy that can only be adopted by day traders and it is not something that positional traders can do as they have to let their winners run and see how far they can go as that is the only way to offset the losses they have gotten during the previous trades in which they lost money, so do not be mad if you cannot apply that tip, as long as you can implement most of them you will be fine.

SirLancelot

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

You have listed out some good tips that will be helpful for traders, although they have mentioned quite a lot of times, but I wouldn’t say that it is wrong to bring them up as long as it’s something that is being brought up to refresh the mind of other crypto trading enthusiasts, so that they will always have it in mind, because there are people who will usually go the wrong way after sometime of not being reminded of the right time.

So, the good to be talking about it all the time. I would say one thing that I don’t do is taking out profits regularly until I think that it has reached the highest point in its price for that year.

pragna

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

I this will be very effective suggestion for new and old traders. Actually mental focus is very important at the time of trading that sometimes makes us greedy and sometimes not. I personally lost many usdt as i fail to control my mind that sometimes i know that here is my profit limit but when i stay more than that i lost my money. So overall i think if anybody follow your suggestion strickly, he will be gainer.

Viscore

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Live with peace and enjoy life!

Quote from: saffira on January 30, 2021, 08:21:56 AM

Someone like me needs such a good advise. It is important to set the limit while trading. We should be decided in every move so we do not have regret in the end. Thank you sir for your advice.

Trading is not an easy task to make a deal with. You can't make yourself guaranteed that you won't make mistakes, that sometimes be possible especially when you are not really confident of what you are doing, and your decisions as well.

It is normal that sometimes we've been affected by the news but it is for us to give a response to them and think what we gonna do. Yep, I got fooled in the past but I now learn from it. It is very important to give some importance to the mistakes that we have in the past as this is a stepping stone for us to grow.

New.in.trading

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

You missed one very important point. It's number 3 in my book.

-Have a strategy you backtested on your own, so you know for yourself it works. Have fixed rules for that strategy. Develop a trading plan (if->then) from this data, so you never fly blind.

Its really the most important after "risk only what you can afford to lose" and "Protect your own, hard-earned money"

Especially in Crypto, this is very important. With the quick rallies in BTCUSD, you can be broke in a matter of minutes if you don't watch out carefully!

MCobian

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In fact it's not easy to run all the tips in the opening post, because when trading sometimes we don't use our minds to make decisions. But most
people when trading follow emotions, therefore there are more failed traders than successful traders. So we must doing a lot of practice to improve
our trading skills and also be able to control our emotions.

The most difficult thing for me from the tips mentioned in the opening post is "Take Profits Out Often, Don't be Greedy". Because I'm always greedy
for big profits, even though it's better to make small profits often. Because if you accumulate it, it will be big in the end. I hope I can fix my weakness
in trading.

AakZaki

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One shoot one profit. Right now that is my strategy. I choose to do scalping with profits as often as possible in order to minimize the risk that will occur. but it also depends on psychological readiness too, if you are too greedy then it will not be good for your trading. There are many trading tips that can be learned, but they will all work when you are disciplined and do not violate the trading strategy that has been made.

iv4n

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Quote from: Question123 on January 31, 2021, 11:29:42 AM

Sadly to say that some of the traders are not applying the tips and advice that we given to them so they lose more money in trading. So for the newbies who are reading for the every trade and any tips and advice that you see if you think it is right better to apply it in trading so the chance for you to earn money will increase also but not all the tips is suitable to you because every person have different personalities.

We can say that same tips work for gambling, we just need to replace trading word with gambling and there it is! Basic tips, that works every time... but who didn't try daily trading doesn't know how hard is to apply this basics!
As you said each of us is a different personality! While some can keep it calm, some of us get excited from time to time, when we get into the fire, sort of speaking, and it's hard to follow basics... many times aggressive approach, the most risky ones gave me back everything and plus profit, but that doesn't work every time!
What I wish we are all people, and we make mistakes, and we get excited, but never forget to never risk more than you can afford to lose...that means move some money on the side whenever you can, and trade with what you can afford to lose!

Silberman

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Quote from: error08 on January 27, 2021, 02:36:14 PM

Quote from: Silberman on January 27, 2021, 01:29:16 PM

Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

Not Loosing Money is more Important than Making Profits.

This is by far the important rule, people when they think of trading think of all the money they are going to make not understanding that if they actually try to make as much money with their small capital they will soon lose it all, the most important thing to learn is to trade defensively and not lose money, it is obvious this way of trading will not produce the huge profits everyone wants but over the years and the decades it is the only way of trading that will make you wealthy.

The main target of trading is to make profits, not the other way around, so stop loss is a common feature for traders but not for long-term holders, they prefer to buy the dip rather than sell at a loss because we know bitcoin value will increase eventually. The idea of trading is like gambling where people who don't know to predict the market will lose but the people who lose money are those who cannot be patient waiting for the price of bitcoin to recover, yes it may take weeks, months, or years but it will someday.
A different situation for trading altcoins, better sell it before its value diminishes for good, hence do not trade shitcoins, stick to some major coins in the market such as eth and ltc.

I think we will have to agree to disagree, the most important thing is to not lose money, it has been known for a long time that the more money you lose the more money you have to make just to breakeven, to give you an example if you lose 10% of your capital you need to make a gain of roughly 12% just to breakeven but if you lose 90% of your capital you need to make 1000% in profits, when it comes to trading your capital is everything, without it you cannot do anything which is why before you even think of earning money you need to find ways to protect it.

Question123

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Sadly to say that some of the traders are not applying the tips and advice that we given to them so they lose more money in trading. So for the newbies who are reading for the every trade and any tips and advice that you see if you think it is right better to apply it in trading so the chance for you to earn money will increase also but not all the tips is suitable to you because every person have different personalities.

redsun114

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Quote from: samcrypto on January 26, 2021, 06:59:13 PM

Day trading is a big challenge for a newbie, it will be hard if you don’t have knowledge yet.

Yeah, day trading will be stressful for you to be doing that, but you should always study the chart and know the support and resistance before you start buying, I think that will help you to at least know what to be expecting . And you should try to be doing a little investment, and also be trading; you can just keep a small amount in Bitcoin and leave it in your wallet for when the price will boom, but if you’re going to do that you should make sure that you’re buying at a time when the price is at its lowest, to avoid some difficulties in selling in future.

My simple tips regarding trading to all level of trader is, do not trade but hold. Yes, we do not need any altcoin for any reason and we just need only bitcoin and that too only for holding purposes and not for trading purposes.

Swopon

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The smaller the phrase trading, the higher its significance and stance. So you have to understand a lot about trading. Understand the market situation and think about trading. If you have a loss, you should be eligible to get up after shattering it. You have to invest in trading if you have got enough knowledge. If you are trading in that sector, you have to go to a sector where there is no loss. In the initial stage, you have to follow these steps.

Natsuu

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

Accepting stop loss is the one I had problem for a long time before, as I see the trend comes back up after I hit mine. It is pretty condescending but It is a matter of mindset that save me from being lost after this happens. I just think of the other negative possibility which is a higher loss and few months of self-therapy with myself.

ipanks

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Quote from: Hobo66 on January 26, 2021, 12:02:00 PM

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

Take Profits Out Often, Don't Be Greedy will be important because many of us become greedy when the price still increases, so we delay closing the trade and wait for more. It will be no problem if you can sell at the price you want because at least, you already make a profit, and if you want, you can buy back again at a low price and sell it again at a high price. You do not need to wait until the price reaches another high price because that will not always happen in the market.

Cling18

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One of the toxic trait that I had when I was beginning trading was being greedy. I used to set a target goal but once I reached it and gain a good profit, I still aim for more which cost me a lot of losses. I have learned from it and realized that a profit is still a profit. Our greediness could result in bigger losses so we better be contented most of the time.

Topic: Tips for Trading - page 2. (Read 777 times)