Topic: Trade with caution - page 2. (Read 670 times)

But we must also know that trading couldn't be learned instantly. Asking for a mentor is a good option if we wanted to learn faster but yeah, we also have to pay for the services offered and they are quite expensive which is why many traders are preferred to take the self-study option although it takes a longer time. However, learning to trade is perhaps continuous because everyday trade that we experience could also contribute to learning as well. We become experts in this field not because of what we get from self-study or mentors but because we gain success due to our long trade experience.

You cannot get a mentor unless you can pay them for the time they spent upon teaching you or either there are one of your close relatives that willing to help you learn on how to trade correctly. If you don't have any opportunity to learn from them much better to self study about trading since experience is powerful tool for us to became a high caliber trader. So if we are in learning stage much better if just enjoy the trade flow and for sure in future our efforts will be paid off once we learn the technicalities of trading in crypto market.

Having a mentor is without a doubt one of the best ways to avoid making mistakes you can find, however there are very few traders out there which enjoy the fortune of having a mentor, and there are many reasons for this, very few traders are profitable on the markets and even fewer can tell you why they are profitable at all, and if that was not enough there are many traders out there which do not want to teach their techniques as it took them years to refine them, so your average trader has no choice but to try to learn how to trade on their own.

Do not forget that you are trading to experience profiting. So you should learn when to sell at its best profits. And not when you see there are profits waving for you, you just ignore it because you want bigger profits instead. That is very wrong when trading. Greed has no place in trading, at least you should know it from the beginning. Otherwise, if you can never be satisfied with small but consistent profits, then you should never be trading in the first place because it will not satisfy your hunger for profits.

I guess having a good and correct intuition is a must. Knowledge and experience are powerful, but I also believe if you come up with the right intuition most often, then there will be more chances for your trades to be highly successful. Also, being patient and persistent on your goal are crucial too. You can’t be trading successfully if you don’t have the motivation to target your goal in the first place.

As a newbie the first concern should be how to acquire more knowledge about the crypto space. More the knowledge you have, more is the chance that you make good profits. If you have enough knowledge about the coins and about the market then definitely you can make less losses. As a newbie I would also suggest you to observe the market at first for couple of trades. See what affects the price and when the price is falling down. After a good observation when you feel confident then only trade. Also trade the amount that is not required urgently to be spent. As there is huge chance that the amount invested may result in loss.

That's the thing with having a mentor, you would be guided as you are going through with trading. Novice traders definitely need those and having been able to be guided is important. But it is more important to know that you need to do something about it and continue to be consistent in what you are doing.

Therefore the role of a mentor or teacher is very important here, they will act as someone who will direct and educate every step that will be taken by traders, especially novice traders. I strongly feel the position that any trader who chooses to go it alone with limited knowledge is very prone to making some mistakes. They know they have suffered a loss but most of them do not realize what wrong they have done. They think it's normal and indeed all traders will experience it, but isn't it better if we do research on the various losses that we experience, the goal is clear so that we can better understand the various risks involved. trading and accompanied by a mentor at least we will know things that we should not do. Actually it is very difficult to go through this process if we are not accompanied by a professional because it is very possible for various mistakes to occur when we do it ourselves with limited knowledge.

Investment and trading are two different entities you had module up the two aspect of cryptocurrency, Firstly investment in Bitcoin requires appreciate time and period to invest in it possible during bearish run that is when it price dropped to the lowest low and based on history price pattern repeat itself thus there is the tendency that a period will come when the price will turn bullish thus appropriate period for the investor to take take profit.

Of course this is related to trading it had been mentioned times without number to newbies that trading is very risky, there are some basic fundamental knowledge and skills required to become a successful trader if a newbie lack those knowledge such a beginner is bound to fail in trading this is based on personal experience.


This relates to investment in Bitcoin, I mentioned earlier in my post that it is always advisable to invest during the bearish sentiment of the market where opportunity of buying low is guaranteed.
Yes both investors and traders should set a target for profit taken else they might ended up break-even or losses  because of high volatility of the price of Bitcoin and other cryptos once target is hit take profit and quit while waiting for another opportunity.
Once you set target and profit taken that will absolutely take care of being greedy or better still you can trail the market with  stop loss.

As newbie I'm of a suggestion that it's good to advocate time to learn bitcoin and its chart of market before investing in any part of cryptocurrency investment and bitcoin, as a new investors that want to make profit and don't want to experience losses in investment, we should know the values of coins either altcoins and otherwise before investment
As a newbie investor in Bitcoin it's not compulsory to study chart in other to invest a basic knowledge of the market is enough while it is a must for a newbie trader to study chart.

Many traders do not even realize they made a mistake and the few that do refuse to acknowledge them, and with that kind of mentality then it is obvious they will not learn from their mistakes and they will keep repeating them, which is a shame as even if it is preferable to never make a mistake while we trade, this is not a realistic option, so the best we can do is to learn from our mistakes and avoid them in the future, but unfortunately something as simple as this is beyond the capabilities of many traders.

Repeating the same mistakes is not very good, it is a sign that the lesson is learned poorly. The value of mistakes is to understand the reason why it happened and not repeat them again. If this cannot be ruled out, then it may be worth considering whether it is appropriate to engage in high-risk activities. And with other people's mistakes, everything is even more complicated, and besides, not all traders share their mistakes, so it is unlikely that you will be able to take into account all the nuances without your own experience.

Another thing that came to my mind was the fact that I am going to probably sound like a newbie but this is for newbies; you need to make sure that you do not trade a coin whose creator you do not know. Not personally or anything, not like you need to know what is their favorite food, that's not what I mean. Even if we are talking about just the name, google that name, make sure that you know if there is any bad articles about him or her. This alone gets rid of SOOOO many projects. Doesn't mean that we know who satoshi nakomoto is, doesn't mean we have seen any good or bad from Vitalik, its just about the fact that some of them already have bad names, and that alone is such a huge deal.

Trues, based on my experienced with how many mistake I made and always did the same mistake when trading with other coins, actually experienced is the best teacher but can't apply in cryptocurrency trading. Many time loss moment when trading exactly when is right time to buy or sell. I don't think with some trader how expert they are because mistake will be inevitable on every time, but right now I learned more from my mistake and trade in several kinds of my fund.
I don't all in my fund in single trading and spent half capital for trade on another time or recovery fund when bitcoin or altcoin going drop to lower price.

It is very difficult to apply the experience of another trader on yourself, I mean that it is difficult to learn from the mistakes of others, everyone thinks that they could make a better decision in the same situation. Therefore, we get experience, only when we ourselves make mistakes and lose money, this will be the best lesson to learn. No matter how carefully you try to trade, but mistakes will be inevitable, I do not know a single trader who would become successful and at the same time never lose money.

Every trader has a different behavior, it's basically up to them. I don't blame greed if traders really believe in the profit potential they will make, but they should exit if market conditions are not as realistic as the potential they expect. There are many examples of greed, but it definitely varies from trader to trader.

They should not gamble on price volatility, but would rather stop trading and exit when their main target has been met. Consistency in strategy is a trait of professional traders, while others will not be like them.

The points you made are all correct but there are things you need to understand about traders especially the greedy ones. Most traders who encounter losses all the time are not calculative, they jump in and out of the market without considering the situation of the market at the moment before they trade. Most losses in trading do not occur as a result of greed but it does due to lack of calculation of trading timing, your inability to understand timing can lead you to zero profit because ready charts alone and knowing how to trade can't guarantee you good profit.

For traders who lose money due to greediness, most of the wants to accumulate much profit before pulling out in a trade so regardless of the profit they make they can't stop trading until everything turns to Zeo, we can't change them rather the losses and brokeness they become will change them in a harder way.

Considering the price went from 15k to 30k+, we could consider that greed could be a good think. If you bought at 15k and sold at 20k not to be greedy, you would have lost a 50% increase, if you sold at 25k, still same, hell even if you sold at 30k, there was another thousand dollars increase that you missed and maybe it will keep on growing more in the future? I believe that we shouldn't really consider this as a big deal, it is not really as big of a deal as you think it is.

I believe that we are at a stage where greed is good because the price might go a lot higher. There are a lot of people who end up with a return that will take some time and with halving around the corner we could go into big bull run, so keeping your coins and not selling them is still a smart choice.

The meaning of greed varies from merchant to merchant. I agree with your opinion that when the target has been reached, traders should immediately take profit rather than expecting a bigger profit. It was greed, of course because they had set a target. So obviously they have to be very consistent with their strategy and have to exit when the targets are met.

But when it comes to holders then I don't think they deserve to be called greedy especially long term holders. They need not give up on the plan if they still see a greater potential for more returns in the long term.

That's a good advice for newbies because many of them forgets that they need to know what they're up to and what they're investing.

They need to know and at least have the idea on what type of market is this. It can be as lovely as it seems like what we're seeing but it can also be as bloody as it can get.

So, it's not always what they see from the people that are bragging their profits for being in here.

Experience will come with time, before trading, you must be equipped with some knowledge about trading, continue to deepen this knowledge when you are already in trading, and some events that will occur out of control are commonplace because the crypto market movements are very fast and significant. so that there will be a lot of experience that will be obtained and very valuable to be used as a lesson in the future.
Whatever is done, important knowledge and also the courage to do something, we will not be able to get valuable lessons (experience) if we don't do it.