Tips for Trading - page 4. | Bitcointalksearch.org

laredo7mm

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

- 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%)

I never use stop loss and I think there is a better option to deal with a negative trade. A good trader always keeps some funds in reserve and use it if one of his trade goes against him. If the market falls below my entry points then I can lower my average buy by buying the dip again. I think this strategy is better than using stop lose.

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

Not Loosing Money is more Important than Making Profits.

This is one key strategy that could increase a trader's winning rate. A trader can make money not only by winning but also eliminate all of those losing trade.

blckhawk

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

...

I felt I read a lot of threads regarding this but I appreciate it. Of course, it is better to keep reminding it so that newbies make less a mistake as much as possible. To be honest, these tips are easier to be said but when you are in the actual situation I bet you might not able to follow them. Like when making an exit, most folks are getting greedy when they getting so much profit and so does if they chasing their losses. You know what maybe if you can able to control your emotions you could pull it through.

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Quote from: youdacapt on January 27, 2021, 07:35:53 AM

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.

Not Loosing Money is more Important than Making Profits.

A regards this, i think as a trader you should not be scared of loosing money; because how can you trade every day without a record of loss? Instead a trader should realize that making more profits than losses is vital; and this is were emotional balance and stop loss comes into play, Always do your researches too; and take a loss in trading as a lesson instead of a loss.

I think what @Hobo66 say do make sense, better to get a 0 than a -1. Understandable that at first you will be losing money but when you have been trading for years now, I think that having a loss should be a problem for you because it indicates that you did not improve overtime. I do agree with your other advice, they are just some of things that I follow. I would love to add that you also should create a safety net for a possible loss especially if you are just a beginner trader, an emergency fund will take you a long way to shoulder some day to day expenses, most recommend a 6 month period of funds but I would like to advice to stretch it to a 1 year.

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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.

Not Loosing Money is more Important than Making Profits.

A regards this, i think as a trader you should not be scared of loosing money; because how can you trade every day without a record of loss? Instead a trader should realize that making more profits than losses is vital; and this is were emotional balance and stop loss comes into play, Always do your researches too; and take a loss in trading as a lesson instead of a loss.

Oasisman

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I've heard and read a lot like a million times of this common tips to avoid lossing a lot of money while trading. That's actually easier said than done.
Well, I guess it's still an essential part for the traders even If they're lossing money while on the process of mastering the art of crypto trading, experience is the greatest teacher they say, which also does make sense.
What's really effective to avoid lossing excessive amount of money while trading is learn how to use a stop loss function, and of course trade what you can afford to lose.

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

- Do not FUD Sell. (Fear Uncertainty Doubt)

Most difficult adversary for most traders and holders. When I was new, I used to sell out of FUD. The news comes to bring FUD, I'd sell because it brings out my emotion to be fearing that it'll go to zero soon. But it tends to be a false feeling and just being hype because of those articles. It really moves us and it's hard to remove it from the beginning until you get to experience many of it and overcoming it through remaining strong to the market and avoiding selling, this is the same as panic selling.

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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.

but most of them as day traders, of course, will not be separated from their greed disease which of course in the end they certainly get a loss, someone is not satisfied of course when they get a profit of 2/3% of their trade, but on the contrary suppose there will be a decline and they - 7/15% of the trades they do they don't want to stop / selling and allow a little loss, because they certainly hope that there will be even higher gains soon, but their speculations and predictions are just the opposite, suddenly experiencing a very rapid decline and resulting they panic and just sell even though they will suffer a lot of losses.

ice18

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"- Never Trade against the Trend" This is the most difficult part to analyze in the world of trading especially if you enter any trades without enough knowledge the most common mistakes of new traders thats why a basic understanding for TA/FA is really needed before entering trades this may saves a lot of money to new traders who wants to earn thousands in just a day of trading activity.

Wind_FURY

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OP, my golden rule, when confused, and in doubt, zoom out. See that Bitcoin has always been on a path of price discovery higher. How high? I have always said a 6-digit valuation per coin.

maydna

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That tips will be for all traders and not for new traders because if they don't follow those tips, I think they can't make a profit and hard to trade. You need always to manage your emotion in trading because that can trigger you to get greedy to chase profit. If you still try to chase profit, you better analyze deeper to find if there is a chance for you to trade more or stop for a while because that will depend on the market movements. That tip is the basic tip for all traders, but unfortunately, we always forgot about that because we want to make a bigger profit.

tranthidung

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Don't make loans for trades if you are not professional as the pressure of loan interests and expiration might cause wrong and terrible decisions.
Use Stop limit orders to trigger your stop loss orders
Use Positive Stop Loss orders to prevent any Profit Steals. If the market crashes, you will manage to earn profits. 5% or 2% is still profit, not loss.
Some good topics

Reid

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It's the basics but should not be forgotten even by veterans.
There are times we tend to forget to use the same basics over and over again because we want more. (Greed)
It happens mostly to those who think they knew a lot already.
I admit I am also guilty of that.
Thanks to this forum though it reminds me to go back to basics. Be a newbie again. Protect your capital.

maxreish

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Having a goal profit is most likely be effective. Of course, greedy attacks and we can't deny the fact that we wanted more profits but if we stick on the set % profit then we can atleast be safe on unexpected losses.

Stop loss is also important, though I sometimes forget to set up stop loss but this is a big help to minimize the whole liquidation. Let me also add that "[bChasing losses isn't good][/b]". You can recover losses not by chasing it right away but by acquiring profits slowly.

crwth

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One in particular that I have something against the "trading against the trend" is how you will determine the trend. Most of the time, people are not aware or knowledgeable towards determining what market we are in now and what steps there are for trends. And then some people don't understand the necessity of it too.

A better approach to trading is to make sure you aren't going to be washed up by the waves and stay as long as you can towards the finish line (if you ever set it). Stay consistent and be emotionless.

GreatArkansas

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

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

Why you mentioned Bitmex? You can lose money in any exchange even in spot trading or futures trading, risks are don't depend on an exchange.

Additional for the best tip is having a risk management, controlling position size, based on the risk and reward. You can't be a billionaire in just one night, it takes time!

I am super agree on the second to the last tip by OP, it is reality and the best thing to do when you are trading..

samcrypto

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These are the common tips about trading that we keep on sharing because we know how important it is, and we know trading is not an easy task to make money.

If you’re planning to become a part time trader, just make sure that you have time to monitor the market because if you don’t have, then better not to trade at all. Day trading is a big challenge for a newbie, it will be hard if you don’t have knowledge yet.

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Quote from: sheenshane on January 26, 2021, 05:59:13 PM

Quote from: carlfebz2 on January 26, 2021, 04:59:30 PM

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

I tend to agree and if everyone doing this, I don't think who will be the loser after all. If this is will easy to apply, well I don't think the same easy to get profit. In the world of trading, there will be always a loser, as they say, when there is prey there should be a predator and it seems bad with this cycle if our path in trading will turn out as a predator and it is also impossible if everyone will become prey.

In addition to your suggestion tips, OP here is mine.
- Stick to the plan and use trading chart and patterns-

All of these are pretty common to hear on this forum, I always repeatedly seen tips like these but it really hard to acquire even on your own.

Common tips but when you are facing the actual situation, you tend to have a different decision. As it depends on your feelings at the moment. You can't really follow those tips when you are already in the situation. Ask those tipsters, and guess, they are also making the same mistakes over and over again. As a trader, I guess we need to experience those mistakes before we can make up our minds to do what is necessary.

sheenshane

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Quote from: carlfebz2 on January 26, 2021, 04:59:30 PM

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

I tend to agree and if everyone doing this, I don't think who will be the loser after all. If this is will easy to apply, well I don't think the same easy to get profit. In the world of trading, there will be always a loser, as they say, when there is prey there should be a predator and it seems bad with this cycle if our path in trading will turn out as a predator and it is also impossible if everyone will become prey.

In addition to your suggestion tips, OP here is mine.
- Stick to the plan and use trading chart and patterns-

All of these are pretty common to hear on this forum, I always repeatedly seen tips like these but it really hard to acquire even on your own.

nelson4lov

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

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These are really good thing that applies to traders at any levels and not just to newbies. The only difference is veteran traders know this already and applies them to their trading plans and setup. Learning how to properly manage one's trade when faced with an uneasy situation. For instance, after all the TA and price prediction, your trade starts going in the opposite direction and you panicked, closing the trade abruptly. Afterwards, the price moved up in the direction you originally instead for it to happen. Now, you lost money and what's worse is that you were right.

Trading is an easy profession. I see a lot of newbie users skipping lessons and go ahead to take up high risk trades. Trading doesn't have to be a gamble. You just have to understand how the market works, enough to make money from it.

Btw, @OP great tips you got there. Kudos for sharing.

carlfebz2

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Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

This isnt something that you can do it directly with just your first try out in dealing with the market.Your experience will be the once will be teaching you out and realize off
things along the way.

and this common line you bolded. Not Loosing Money is more Important than Making Profits.
When you are dealing with this market then its just normal you do make your best on not to lose money but some are way too perfectionist.

Topic: Tips for Trading - page 4. (Read 776 times)