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.
Topic: TOP 6 RULES IN CRYPTO TRADING - page 2. (Read 712 times)
These are 2 things i do see which is more important among on to those things mentioned above.
Learn everything you can and gain experience as you trade because the longer you do engage yourself to this market
the more knowledge you will get and continue to explore everything.
decisions when your emotions are trying to control your mind.
Rule #3: STUDY, STUDY AND STUDY SOME MORE
You shouldnt stop learning and this is a must thing if you do like to sustain to this very unpredictable market.Learn everything you can and gain experience as you trade because the longer you do engage yourself to this market
the more knowledge you will get and continue to explore everything.
Rule #4: DON’T PANIC!
This cant be avoided but somewhat can be controlled and thats why experience would be the thing which would stopdecisions when your emotions are trying to control your mind.
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.
So if you want to invest in the cryptocurrency market the first thing you need to win is your emotions.
I can add a rule that is never invested beyond what you are willing to lose. Everything can happen in the cryptocurrency market, you can make a big profit or you can lose everything, so invest with caution.
It is best to invest only part of your assets in the market and it should not exceed 50%.
It is best to invest only part of your assets in the market and it should not exceed 50%.
A trading is a good way to earn money and one of the favorite choice of the crypto user until now because many of them are earning by doing it. Startegies is one of the technique that a trader can possible can use to not losing their money.
Actually there is no rules in the crypto trading it depends on the trader what they follow or what they think is the best of them but it's still good because you are sharing your knowledge about trading so the beginner trader will prevent losing money.
It's instinct and self understanding where every traders believes in, if you are willing to take chances then you can proceed and take your position.Actually there is no rules in the crypto trading it depends on the trader what they follow or what they think is the best of them but it's still good because you are sharing your knowledge about trading so the beginner trader will prevent losing money.
If you are not that familiar you need to work with every information that you'll be able to get from every available sources.
Create your own rules and follow things according to your on assessments.
So you want to make some money through CRYPTO TRADING?
Good, it’s about time…let me introduce you to a few simple rules to follow:
Rule #1: BE IN THE GAME
surviving in trading is must is what makes trader to be successful , while surviving in trading gaining experience and not repeating the mistakes and managing money is a trader learns all this then he will be in trading making money in future Good, it’s about time…let me introduce you to a few simple rules to follow:
Rule #1: BE IN THE GAME
A trading is a good way to earn money and one of the favorite choice of the crypto user until now because many of them are earning by doing it. Startegies is one of the technique that a trader can possible can use to not losing their money.
Actually there is no rules in the crypto trading it depends on the trader what they follow or what they think is the best of them but it's still good because you are sharing your knowledge about trading so the beginner trader will prevent losing money.
Actually there is no rules in the crypto trading it depends on the trader what they follow or what they think is the best of them but it's still good because you are sharing your knowledge about trading so the beginner trader will prevent losing money.
Rule #6: DIVERSIFY
And I don’t mean your CRYPTOCURRENCIES PORTFOLIO but your whole INVESTMENT PORTFOLIO. Putting all your hard earned cash in a volatile market as CRYPTOCURRENCIES is a huge mistake! Investing up to 10%-15% of your portfolio in CRYPTO considered safe! The other 85%-90% consider to invest in more tangible assets like GOLD, REAL-ESTATE and the STOCK/BOND MARKET.
This Rule #6: DIVERSIFY of yours is kinda biased since you are in cryptocurrency forum, some the people here might disagree on this and probably say, diversify it on also some cryptocurrency just like altcoins, not totally in Bitcoin. But still, you have your point, whole INVESTMENT PORTFOLIO.And I don’t mean your CRYPTOCURRENCIES PORTFOLIO but your whole INVESTMENT PORTFOLIO. Putting all your hard earned cash in a volatile market as CRYPTOCURRENCIES is a huge mistake! Investing up to 10%-15% of your portfolio in CRYPTO considered safe! The other 85%-90% consider to invest in more tangible assets like GOLD, REAL-ESTATE and the STOCK/BOND MARKET.
Even me, I don't have anything knowledge on some stock/bond market; so it's kinda difficult for me to start diversifying it but thanks for your advice since I also heard this before on some people.
Trading is one thing where you would not realize how much money you are putting into and how much has evaporated just because you keep putting more money from other sources and do not realize that you are giving more losses than profits in extended run.
You know, the 1st point you mentioned is so funny but extremely important because I see how so many people discuss about trading and how to be successful but they are still not trading and hesitant because they feel like they are not knowledgeable enough while the truth it, you won't be perfect from day one so just start and improve than than trying to be perfect first then start.
All the points made are excellent but I would love to add a point which I myself prefer while trading:
Cover your loss but be greedy too: What this means is suppose you had a loss in previous trade then yes try to cover the profit by selling other coins/assets at probably lower price than expected but when you see potential price increase just be greedy and hold a bit longer too at times.
All the points made are excellent but I would love to add a point which I myself prefer while trading:
Cover your loss but be greedy too: What this means is suppose you had a loss in previous trade then yes try to cover the profit by selling other coins/assets at probably lower price than expected but when you see potential price increase just be greedy and hold a bit longer too at times.
Take your profit and cut lost I think is best way when trading with bitcoin or altcoin, some time many investor or trader worry have to cut lost or not when getting their coin assets down drastically, but is most effective way how to recovery their lost from one coin and get bigger chance with another coin to get much profit.
Rule #1 isn't a rule anymore, it's required for you to do so. Also, I guess calling it crypto trading is way too farfetched cause of rule #6. You could call it trading at this point in time since the other rules can strictly be applied to trading in general as well. You should probably add the mindset in trading as a rule. Don't cross out the possibility of losing money, in fact, expect it. There was never a trader who never lost any money after all. Even the best traders have, one way or another, lost a trade. Plus, fear is a factor that can be very hard to assume, so just do what you want tbh. Stop looking for guides on what to do, and trade when you want to, exit when you want to.
Rule 5 is more important for a trader to be honest because we can't make more profits if we fail to cut down the losses on this part most of the traders were lacking so even if they are doing profitable trades at the end of the day they are not in overall profits due to the trading fee and lost trades.
This topic is quite similar to the first topic I saw when I logged in. I do like what you said about studying and studying. It’s very important that anyone who wants to be a trader be studying.
There are people who don’t take their time to study about trading and they just get on it and at the end they are disappointed as they are unable to trade and profit from it. Some of them will even say that cryptocurrency is a scam, while the truth is that they never knew what they were doing. They expect from profit even though they don’t have much knowledge on it, they whine like they were not told that this carries risk.
There are people who don’t take their time to study about trading and they just get on it and at the end they are disappointed as they are unable to trade and profit from it. Some of them will even say that cryptocurrency is a scam, while the truth is that they never knew what they were doing. They expect from profit even though they don’t have much knowledge on it, they whine like they were not told that this carries risk.
There is only one rule:
Ignore anyone who blabs on about how to trade.
This one is the most important rule so far. Most of the newbies make mistake by following various persons like OP who would suggest how to trade and this would usually make them face loss. You have to follow yourself in order to make profits from trading. You should never follow anyone else as they have their own strategy and also a backup plan if ever their strategy doesn't work but you might not be aware about their exit plan and hence you might even be trapped in the markets.Ignore anyone who blabs on about how to trade.
I didn't even bother to go through the 6 rules listed by OP as they are the common ones. Each and every one of us is aware about those rules but what we need is our own individual strategy which would derive the exact entry as well as exit points.
These have been stuff we have talked about previously before and many times as well, not like it is something rare. I mean each of this probably has a topic of its own with at least 10 pages that we have discussed. Do you know what the problem is?
Sometimes these are not enough and you still lose money, of course just following these wouldn't be that much of a help, if it was that easy we all would have been rich, so there are times when even these are not enough, which means these are the basic rules but not the guarantee that you will make money from this. On top of that even though this was talked about millions of times, there are also people who have failed to listen to it, they read it, they know it, they are aware of it, yet they still fail to follow it.
Sometimes these are not enough and you still lose money, of course just following these wouldn't be that much of a help, if it was that easy we all would have been rich, so there are times when even these are not enough, which means these are the basic rules but not the guarantee that you will make money from this. On top of that even though this was talked about millions of times, there are also people who have failed to listen to it, they read it, they know it, they are aware of it, yet they still fail to follow it.
So you want to make some money through CRYPTO TRADING?
Good, it’s about time…let me introduce you to a few simple rules to follow:
Rule #1: BE IN THE GAME
If you want to earn money in CRYPTO TRADING you have to be in the GAME! It means set up an account and start trading! I hear so many people wishing or day-dreaming on how one day they will invest in BITCOIN and make loads of money or just enough to quit their annoying job but never do anything about it. Stop being on the side lines and get into the wonderful world of crypto trading.
Rule #2: DON’T BET THE FARM ON IT
Or “ Don’t bite off more than you can chew” or whatever phrase you want to use. What I’m trying to say is don’t invest more money than you can afford to lose! I hear so many horror stories about people taking huge loans that they clearly can’t afford and putting it all on some anonymous alt-coin. Eventually, they pray that it’s not a scheme and hope it will rise in price all while looking how it plunges and never comes back. Be SMART! Start small and build your understanding of cryptocurrencies until you feel confident enough to invest some more! But never the amount that you can’t afford to lose, which means that even if it’s all gone you still can get a good night sleep with your beloved teddy bear.
Rule #3: STUDY, STUDY AND STUDY SOME MORE
Probably the most important rule, you have to be a student of the game. What I mean by that is that you have to find a couple of reliable good sources (*ahem* WHALETANK *ahem*) and educate yourself about CRYPTOCURRENCIES, CRYPTO WALLETS, BITCOIN, ALT-COINS etc. It’s a MUST! Without it, you are like a fish trying to climb a tree…not the best analogy but whatever, you know what I mean!
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”.
Conclusion? You profit only when you realize your gains by selling at the right time.
Vise Versa, if you no longer believe in your investment or swore to cut losses at 20% then do it! Believe in yourself and your system, you’ll earn more money some other time on another coin!
Rule #6: DIVERSIFY
And I don’t mean your CRYPTOCURRENCIES PORTFOLIO but your whole INVESTMENT PORTFOLIO. Putting all your hard earned cash in a volatile market as CRYPTOCURRENCIES is a huge mistake! Investing up to 10%-15% of your portfolio in CRYPTO considered safe! The other 85%-90% consider to invest in more tangible assets like GOLD, REAL-ESTATE and the STOCK/BOND MARKET.
If you feel confused and don’t know how to invest in the exciting market of cryptocurrencies, just subscribe to our FREE WHALETANK CHANNEL and give it a try, I’m sure you won’t be disappointed.
Good, it’s about time…let me introduce you to a few simple rules to follow:
Rule #1: BE IN THE GAME
If you want to earn money in CRYPTO TRADING you have to be in the GAME! It means set up an account and start trading! I hear so many people wishing or day-dreaming on how one day they will invest in BITCOIN and make loads of money or just enough to quit their annoying job but never do anything about it. Stop being on the side lines and get into the wonderful world of crypto trading.
Rule #2: DON’T BET THE FARM ON IT
Or “ Don’t bite off more than you can chew” or whatever phrase you want to use. What I’m trying to say is don’t invest more money than you can afford to lose! I hear so many horror stories about people taking huge loans that they clearly can’t afford and putting it all on some anonymous alt-coin. Eventually, they pray that it’s not a scheme and hope it will rise in price all while looking how it plunges and never comes back. Be SMART! Start small and build your understanding of cryptocurrencies until you feel confident enough to invest some more! But never the amount that you can’t afford to lose, which means that even if it’s all gone you still can get a good night sleep with your beloved teddy bear.
Rule #3: STUDY, STUDY AND STUDY SOME MORE
Probably the most important rule, you have to be a student of the game. What I mean by that is that you have to find a couple of reliable good sources (*ahem* WHALETANK *ahem*) and educate yourself about CRYPTOCURRENCIES, CRYPTO WALLETS, BITCOIN, ALT-COINS etc. It’s a MUST! Without it, you are like a fish trying to climb a tree…not the best analogy but whatever, you know what I mean!
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”.
Conclusion? You profit only when you realize your gains by selling at the right time.
Vise Versa, if you no longer believe in your investment or swore to cut losses at 20% then do it! Believe in yourself and your system, you’ll earn more money some other time on another coin!
Rule #6: DIVERSIFY
And I don’t mean your CRYPTOCURRENCIES PORTFOLIO but your whole INVESTMENT PORTFOLIO. Putting all your hard earned cash in a volatile market as CRYPTOCURRENCIES is a huge mistake! Investing up to 10%-15% of your portfolio in CRYPTO considered safe! The other 85%-90% consider to invest in more tangible assets like GOLD, REAL-ESTATE and the STOCK/BOND MARKET.
If you feel confused and don’t know how to invest in the exciting market of cryptocurrencies, just subscribe to our FREE WHALETANK CHANNEL and give it a try, I’m sure you won’t be disappointed.
Can You Tell me about Trading. How to identify that price will go up or Low. I saw some traders. They give correct signals About trafing. How it is possible??
I should tell my friends to read this one coz they are pretty bad at crypto trading.
A lot of rules to be consider and yet many traders are failing on this one. Trading is not easy and for me its more on a mental battle because you should be more focus than to panic. We are experiencing a very volatile market right now, these rules can help us to stay focus and stay safe during this trends, its better to follow than to regrets on your trading.
The rules in principle are simple, but in real time and situations they are rarely executed and this can be done either knowingly or unknowingly. Unknowingly, for example, when the market moves quicker than you expect and the delay in your move has cost you money!
Also the rule about cutting losses early is especially hard to implement given human greediness.
A lot of rules to be consider and yet many traders are failing on this one. Trading is not easy and for me its more on a mental battle because you should be more focus than to panic. We are experiencing a very volatile market right now, these rules can help us to stay focus and stay safe during this trends, its better to follow than to regrets on your trading.
totally agree
what to add for me risk management along with money management play a crucial role in trading
it's much easier to gain than to save or multiply
so I calculate all risks and also use special software to control risks (like Bitinsure.com)
what to add for me risk management along with money management play a crucial role in trading
it's much easier to gain than to save or multiply
so I calculate all risks and also use special software to control risks (like Bitinsure.com)
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