TOP 6 RULES IN CRYPTO TRADING | Bitcointalksearch.org

mdzahed134

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Quote from: WhaleTank on March 11, 2020, 07:01:42 AM

Rule #4: DON’T PANIC!

If you follow great leaders and investors in particular, you will notice that they never panic! They keep their cool, no matter what! They’ve been there, they’ve done that! They know that cold analysis and pure logic beats emotions every day of the week! So whenever you think you face a dire situation know this, there is always a good solution to every problem!

Rule #5: TAKE YOUR PROFITS, CUT YOUR LOSSES

Fear is bad but Greed is even worse. Towards the end of 2017, lots of investors became greedy and felt they were rich because they caught a bull run which they thought would last forever. Unfortunately, they overheld their positions straight into the “land of bear markets” and now waiting for arrival of their express train to take them back to the “jolly bull era”.

Personally i following a youtube channel(Oracle 100x Leverage Trading) this guy always teaching very special thing and i surprised to see those tutorials though he isn’t big crypto enthusiast. Last year i trying to trade after a while i am gradually lose control for too much panicked. I learned to this point, i agreed when i will make profit then will should cut my previous losses. Anyway i appreciate your advise.

wozzek23

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Quote from: travwill on April 11, 2020, 05:23:51 PM

Quote from: akuser on April 07, 2020, 09:35:07 AM

i think manage your emotions needed there... if you fell bad dont make decicions or play crypto trading because its can broke your emotions then can make lost your money.. exsperience very helping there...

It is difficult to remain indifferent when it comes to money. During emotional outbursts, people act impulsively, on reflexes,
based on the neural connections that they have developed over their lives, in other words, on automatisms.
Awareness comes only later, when a person comes to his senses after a certain time.

Still it must be a mandatory requirement of profitable trading. You must need to remain indifferent while trading compared to your real life. Moreover, controlling our emotions is highly recommended even in real life as per doctors by this, I like to indicate like if you are able to control your emotions then you may able to control even in trading. It means that you do not need to be different person just for the reason of trading.

I just doubt that any rule can help a trader to be profitable unlike otherwise they do them by heart. I mean all those rules should become as part of habit then it will be possible traders to be profitable which must be possible only through experiences.

dunfida

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Quote from: travwill on April 11, 2020, 05:23:51 PM

Quote from: akuser on April 07, 2020, 09:35:07 AM

i think manage your emotions needed there... if you fell bad dont make decicions or play crypto trading because its can broke your emotions then can make lost your money.. exsperience very helping there...

It is difficult to remain indifferent when it comes to money. During emotional outbursts, people act impulsively, on reflexes,
based on the neural connections that they have developed over their lives, in other words, on automatisms.
Awareness comes only later, when a person comes to his senses after a certain time.

Real talk and this is an inevitable thing for all people to experienced on when they are on the situation where emotions are involved.Yes, you can read up all the things when it comes to
analysis and other peoples experiences and apply it to yourself.Lets put that you are aware but you cant avoid to commit mistake when emotion will boggle out everything.
All the things you have in mind will surely changed up and this is where self-discipline and experience would matter.

Basel636ghazal

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Add to the list
always use stop loss
do not trade with a leverage of more than 10 x even if you are a professional

travwill

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Quote from: akuser on April 07, 2020, 09:35:07 AM

i think manage your emotions needed there... if you fell bad dont make decicions or play crypto trading because its can broke your emotions then can make lost your money.. exsperience very helping there...

It is difficult to remain indifferent when it comes to money. During emotional outbursts, people act impulsively, on reflexes,
based on the neural connections that they have developed over their lives, in other words, on automatisms.
Awareness comes only later, when a person comes to his senses after a certain time.

RealMalatesta

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Before you join the game you have to learn about the game and know how it works, when you don’t know how it works, you joining the game is of no need, you have to be quite sure of what you’re getting into and also check stories of those that have been into and get some clues, so that you will be very sure of what you’re getting into.

Your second point is 100% right. I’m even surprise that I still see a few stories of people who say they bet their whole money on it Lips sealed

it makes wonder if these people really know what they are doing. How do you bet everything on something that you’re not very sure of. Anyone that tries that and lose their money will end up regretting. It’s always best to start small and grow.

Oceat

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I've seen a lot of rules or guide on this forum a hundred times before and they were almost just the same. Well, you could just find them here if you have a spare time to search it that would be great. It's a good guide for any amateurs who try to do trading with a little bit of knowledge but for those newbies there are tons of guide too here and I think if someone could make a list of these threads that might be useful.

Utoy101

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This is one of the most educative post I've seen on this forum in recent time. Your write up is insightful and i must say it consists all the rules needed to get someone safe while trading cryptocurrency. Your rule number one nailed it all as I've came across people who aren't into cryptocurrency trading yet daydreaming of how it will be possible for them to make load of fortune when they invest in bitcoin and when most of them does, cryptocurrency dip do catch up with them and they end up leaving this space sad. Understanding the rules you listed are the orientation needed to help someone have a prosperous trading experience

carlisle1

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You have forgot to mention about Being Greedy?because this is what most reason why traders become a failure because of greed in their heart and mind.

Never Become a Greedy Person

If you want to be a successful trader then try to accept smaller profit each trade and hunt another one again to buy,just be contented in at least 3-7% profit and don't just look in Pumping because there can be a faster Dump happen at the same time.

TitanGEL

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Quote from: Fundamentals Of on April 07, 2020, 06:23:31 PM

Quote from: Yamifoud on April 07, 2020, 06:12:26 PM

Quote from: miningguru on March 31, 2020, 01:57:55 AM

Before entering into trading, everybody will set up some rules and regulation of their money. Once the market situation changes, it is impossible for us to follow the rules and regulation, I tried myself to control my emotions, but once the prices start decreasing, it is impossible for me to follow my beginning rules and regulations.

Everyone does as I believe but it is more different when you in an actual scenario. We might say that is easy to control our emotion and we have already a plan but something it is really hard to be consistent with it especially when we are in the hard times. The only thing that could help us to be with and stick on the plan is to keep calm so we can make the right decision. This is a common failure that most traders struggle with.

I guess even successful traders experienced it. Emotions are very very hard to control most especially when what's at stake is a little higher that you don't want to lose it. The amount of money matters most when it comes to affecting someone's emotions. An known emotional person that wants to try trading better risk a small amount of money.

Controlling our emotions are important especially if we want to become an advanced trader. People think that controlling emotions are easy but the thing is, it is really hard and many people fail to do it. We should always evaluate ourselves before, during and after the trade in order for us understand more ourselves and to know the feelings and emotions that we have when we do trading. The risks can be lessen if we know how to improve our trading psychology.

Fundamentals Of

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Quote from: Yamifoud on April 07, 2020, 06:12:26 PM

Quote from: miningguru on March 31, 2020, 01:57:55 AM

Before entering into trading, everybody will set up some rules and regulation of their money. Once the market situation changes, it is impossible for us to follow the rules and regulation, I tried myself to control my emotions, but once the prices start decreasing, it is impossible for me to follow my beginning rules and regulations.

Everyone does as I believe but it is more different when you in an actual scenario. We might say that is easy to control our emotion and we have already a plan but something it is really hard to be consistent with it especially when we are in the hard times. The only thing that could help us to be with and stick on the plan is to keep calm so we can make the right decision. This is a common failure that most traders struggle with.

I guess even successful traders experienced it. Emotions are very very hard to control most especially when what's at stake is a little higher that you don't want to lose it. The amount of money matters most when it comes to affecting someone's emotions. An known emotional person that wants to try trading better risk a small amount of money.

Yamifoud

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Quote from: miningguru on March 31, 2020, 01:57:55 AM

Before entering into trading, everybody will set up some rules and regulation of their money. Once the market situation changes, it is impossible for us to follow the rules and regulation, I tried myself to control my emotions, but once the prices start decreasing, it is impossible for me to follow my beginning rules and regulations.

Everyone does as I believe but it is more different when you in an actual scenario. We might say that is easy to control our emotion and we have already a plan but something it is really hard to be consistent with it especially when we are in the hard times. The only thing that could help us to be with and stick on the plan is to keep calm so we can make the right decision. This is a common failure that most traders struggle with.

Slow death

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Quote from: IconFirm on March 14, 2020, 05:12:15 AM

There is only one rule:

Ignore anyone who blabs on about how to trade.

you said something that everyone should hear and follow

OP, if you read my post I would like you to answer the following questions:

how long have you been doing trade?

what was your profit since you started trading?

what is the strategy you use in the practice that brought you results?

akuser

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Quote

Rule #4: DON’T PANIC!

If you follow great leaders and investors in particular, you will notice that they never panic! They keep their cool, no matter what! They’ve been there, they’ve done that! They know that cold analysis and pure logic beats emotions every day of the week! So whenever you think you face a dire situation know this, there is always a good solution to every problem!

i think manage your emotions needed there... if you fell bad dont make decicions or play crypto trading because its can broke your emotions then can make lost your money.. exsperience very helping there...

xZork

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Quote from: Kelvinid on March 30, 2020, 06:25:29 PM

Quote from: acdc on March 29, 2020, 02:01:54 PM

I think the most important rule in crypto trading is to control our emotions. Most of us can't control our emotions and often encounter fomo, which makes us lose money.
So if you want to invest in the cryptocurrency market the first thing you need to win is your emotions.

#Diversification is another way to be in trading.

Diversification is a very good tactic in cryptocurrency trading, but if we invest in too many cryptocurrencies at the same time surely we will be distracted and difficult to control the portfolio of yourself.
I think it's best not to invest beyond 10 cryptocurrencies at the same time.

miningguru

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Before entering into trading, everybody will set up some rules and regulation of their money. Once the market situation changes, it is impossible for us to follow the rules and regulation, I tried myself to control my emotions, but once the prices start decreasing, it is impossible for me to follow my beginning rules and regulations.

celot

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Always allow with rule when trade bitcoin and altcoin but suddenly you miss out your opportunity during bitcoin have lower price, some time you can hold bitcoin but you need waiting when bitcoin really back track to higher price with good moment and best way for investing.

Oasisman

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Quote from: mico.serge on March 15, 2020, 10:40:57 PM

I should tell my friends to read this one coz they are pretty bad at crypto trading.

Tell your friends to watch actual video tutorial on how to trade in crypto space, since reading won't be enough because it would always be better to visualize every actions a pro trader make.
Also, trading requires experience, a lot of experience. You won't expect to earn handsome profit at least during the first year of your trading career. If you do, then consider yourself a talented and skillful trader.
Nevertheless, everything in the OP is an essential step to lessen the risk of lossing money.

Kelvinid

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Quote from: acdc on March 29, 2020, 02:01:54 PM

I think the most important rule in crypto trading is to control our emotions. Most of us can't control our emotions and often encounter fomo, which makes us lose money.
So if you want to invest in the cryptocurrency market the first thing you need to win is your emotions.

this is a common failure for most of us.
Well, I can't deny that it sometimes happens to me and even you. No matter how strong you are, how optimistic you are, losing such controls is often to happens since we are just a human and such a feeling that we can't rid from us.

#Diversification is another way to be in trading. Not usually I'd use it but this is only applicable when you have noticed that you're not gaining anymore to that certain coin or its market flows never work great. Of course, why sticking to that and we know that we can't expect this coin to have returned. Better to give up and sell it then invest to another one which we believe that could give us ROI.

nelson4lov

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Quote from: TrevorS on March 30, 2020, 03:30:52 PM

How do you know well-known traders panic or not?
Are you close to them at the moment when they make difficult decisions or at the moments when their market forecasts turn out to be erroneous and everything goes wrong?
I don’t think so. You just make an assumption that can easily be erroneous, and boldly give out typical advice. It's easy to say “don't panic,” it's hard to explain how to do it.

In my opinion, Its safe to say that well known traders don't panic compared to beginning - intermediate traders. Why do I say so? Like OP said, They've seen different market cycles, they have also seen the market evolve multiple times. There's nothing new to them anymore – no surprises too. I mean, These are traders that have mastered how to keep their emotions in check during green and red days.

That is one property lacking in new traders. When faced with a similar situation, they either panic or freak out. One thing is clear at the end of the day – trading goes beyond just reading charts and following news updates. It's deeper than that.

Even on a green day, New traders can panic and get overwhelmed by the profits and then end up losing it all because they couldn't control their emotions.

Topic: TOP 6 RULES IN CRYPTO TRADING (Read 689 times)