Traders always learn to leave when the ovation is loudest

LUCKMCFLY

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Quote from: justdimin on November 19, 2021, 04:59:00 PM

Quote from: lixer on November 19, 2021, 11:19:30 AM

A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.

Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.

I would say that day traders and long term traders are exactly the opposite and character analysis of both of them are opposites as well. If you are a good day trader and hold something because you want to profit and can't give up then you are making a mistake, if you are long term and it drops and you are worried so you want to sell then you are a bad holder.

There is a good case that we should not be doing something only based on how we are, if you are a day trader and bought some coins and they all went low, then you could literally turn to a long term investor and hold things and suddenly you are not making a mistake. On the other side of the isle you could be a long term investor and you could have some bad investments and they could drop and you could buy/sell multiple times and make a profit there as well. So all in all what you do is not the problem, how you approach things make it a problem.

You are absolutely right, in my case I consider myself to be a medium and long-term trader, the reason is simple, because I am not in the market all day, I just place my positions and do my normal, ordinary life, just I check the movements at night, and if the market goes against me I have time to react and remove orders, or maybe the stop loss will be activated, which is not bad, otherwise what I do is take profits or move the stop loss to guarantee my profit, in this case I always extend the stop loss when I am in profit, when I am in a loss I usually close the trade quickly, I am in favor that losses should be closed quickly and not extended.

palle11

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Quote from: TheUltraElite on November 23, 2021, 11:59:48 PM

These problems are basics of trading, you dump when the market rise and you buy when the market dumps. That is if you have belief in your asset and that is very easy for bitcoin compared to any altcoin or any fiat stock for instance - Bitcoin is not going bankrupt anytime.

But choosing when you exit is an important step too. You should reduce how much you are going FOMO, not buy when others are buying and exit at the top or near-top.

This is not difficult, you need some practice to keep emotions under control and in a few months you get the hang of it - if you dont, then trading is probably not for you. Not everybody has the mindset for trading and you should not blame yourself for it.

This is exactly the point about the analysis of the thread topic, leaving when the ovation is loudest and it takes practice to understand that there is ovation and that it is loudest. If you have a trading pattern that helps or shows you tops and lows then you have a good trading pattern because exiting time and entering times are important. If a trader don't understand those, the traders profit will keep getting eaten up.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Anguwa on November 17, 2021, 09:12:03 AM

This is indeed the joy in trading if one can leave with profit as soon as the profit comes so as not to wait for price dump. But sometimes we traders are always greed, and that greediness make us always loose the little profit we have, so we have to learn how to love happily.

If there was no greed, there would be no speculative market, like I said in my previous post.

These problems are basics of trading, you dump when the market rise and you buy when the market dumps. That is if you have belief in your asset and that is very easy for bitcoin compared to any altcoin or any fiat stock for instance - Bitcoin is not going bankrupt anytime.

But choosing when you exit is an important step too. You should reduce how much you are going FOMO, not buy when others are buying and exit at the top or near-top.

This is not difficult, you need some practice to keep emotions under control and in a few months you get the hang of it - if you dont, then trading is probably not for you. Not everybody has the mindset for trading and you should not blame yourself for it.

justdimin

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Quote from: lixer on November 19, 2021, 11:19:30 AM

A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.

Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.

I would say that day traders and long term traders are exactly the opposite and character analysis of both of them are opposites as well. If you are a good day trader and hold something because you want to profit and can't give up then you are making a mistake, if you are long term and it drops and you are worried so you want to sell then you are a bad holder.

There is a good case that we should not be doing something only based on how we are, if you are a day trader and bought some coins and they all went low, then you could literally turn to a long term investor and hold things and suddenly you are not making a mistake. On the other side of the isle you could be a long term investor and you could have some bad investments and they could drop and you could buy/sell multiple times and make a profit there as well. So all in all what you do is not the problem, how you approach things make it a problem.

lixer

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Quote from: palle11 on October 27, 2021, 11:24:41 AM

This is important to a day trader. I like to relate this to comedians. In comedy , I see that the comedians usually leave the stage when they have made a hit joke that cracked audience up real good and they just tell you there time is up and at this time the applause is higher the more. This leaves the comedian happy in his closest while the audience too enjoy the feel of their money.

In relation ton trading too , when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe" Grin

A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.

Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.

carrigan

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Good parable. Maybe it's more towards "don't be a greedy trader" this is more appropriate. Sometimes when they have bought a coin and show that the market is going up they don't sell the coin right away, they just wait for it to pump and pump. And unexpectedly the market just dumped and they were too late to sell coins. In the end, they had to wait for the pump market and made the same mistake several times due to their greed. This needs to be underlined in order to get full attention.

Oilacris

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Quote from: Dewi Aries on November 17, 2021, 09:41:50 AM

If Op talk about don't be greed after we got big profit in day trading (correct me if i am wrong), it is really important to do. Happened in real life to 1 of my friend in future trading. After got $12000 profit in 1 day of daily trading, he keep use the money to trade and don't stop, ending with lose all. Greed or any other reason which made us to keep trade after get profit, almost same with emotion which made us to gain our profit back after huge losses. We should know how to avoid both of it.

Having no plans into those profits you had made and keep minding off that you should trade more because you had make it big then this is something a kind of mindset which should really be avoided.

Im not saying that you shouldnt trade but you should be mindful on doing some sort of things which isnt limited to this specially if you had
made out some big profits then its not bad to consider out other options.

Futures trading? This is something similar to gambling.

jostorres

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Quote from: palle11 on October 27, 2021, 11:24:41 AM

when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe"

What we need to realize is that there is a good amount of situation in crypto where people do not realize how much of a deep problem they are in financially outside of crypto, and they still find something to complain about crypto. I get that not everything could be 100% perfect here and I get that you may make some bad decisions and bad trades, that is all understandable to get upset, however what you do not understand is that crypto is not doing this to you, fiat is doing it.

When you are in fiat it is ALWAYS going down in value, your 100 bucks today is not 100 bucks 10 years ago, in 50 years 100 dollar worth dropped to 8.9 dollars, so you lost 90% profit in dollars in 50 years. Crypto may drop time to time but people do not realize that it also goes up, and goes up a lot, and all these "I sold at the wrong time" complaints makes no sense to me.

Dewi Aries

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If Op talk about don't be greed after we got big profit in day trading (correct me if i am wrong), it is really important to do. Happened in real life to 1 of my friend in future trading. After got $12000 profit in 1 day of daily trading, he keep use the money to trade and don't stop, ending with lose all. Greed or any other reason which made us to keep trade after get profit, almost same with emotion which made us to gain our profit back after huge losses. We should know how to avoid both of it.

Anguwa

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This is indeed the joy in trading if one can leave with profit as soon as the profit comes so as not to wait for price dump. But sometimes we traders are always greed, and that greediness make us always loose the little profit we have, so we have to learn how to love happily.

otundebis

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Trading is an alone job, you are not going to have spectators to cheer you on. In other words, you are your own cheerleader, and you are absolutely responsible for your gain and your losses! I think an experienced trader should known when to take unrealised profits and cut the losses as well. In real trading scenario however, things are not always straight!

sana54210

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Quote from: Rengga Jati on November 10, 2021, 06:51:09 PM

If the price still keeps increasing, let it be, we can still have chances to get anither profits again from other trading sets

Yeah, what OP is mentioning is all about short term or day trading and when you are into long term trading then you never need to mind about your profit level hence you may keep on continuing what you are doing regardless of market directions. But the question here for many people is, when to book profits and exit for their long term holding.

In my opinion you never need to go for booking profiles for all your holding but you may go for partial profit booking which is up to the level of your needs. Book some profit and let all other remaining positions to grow along with market and then whenever you need then come again and book partially. This way you will be sailing along with market and this must be a good idea at least for bitcoin investments.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: checkmatesir on November 09, 2021, 12:52:48 PM

Mostly traders lose their money just because of their own mistakes, the mistake is that they always want to get more and more profit and so much of the greed leads them to loss, greed always leads to a loss which is always bad for a trader, so my opinion is always should be taken profit no matter how the profit is.

Greed runs this market Sir! Grin

Exit is what is being talked about here. Ovation being talked about here needs to be timed properly, otherwise you will lose the time to exit. Although this is just one part of the strategy and people have different strategies on how they exit or how they use the movements of the market to their own advantage, but this point can be kept in mind.

Newly interested traders often make the wrong exit or the wrong entry, most of the time the entry is the wrong point because of FOMO. Veteran stock market traders know this already and they would less likely be making this mistake here.

Rengga Jati

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It may relate to personal target of taking peofits and no greediness. Sometimes, people need to take profits if they feel that the target is enough than being too greedy but finally miss the chance. I am one of them that will trade based on targeted price and will start another trading again with the capital.
If the price still keeps increasing, let it be, we can still have chances to get anither profits again from other trading sets

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Quote from: AakZaki on November 10, 2021, 02:31:14 PM

Quote from: checkmatesir on November 09, 2021, 12:52:48 PM

Mostly traders lose their money just because of their own mistakes, the mistake is that they always want to get more and more profit and so much of the greed leads them to loss, greed always leads to a loss which is always bad for a trader, so my opinion is always should be taken profit no matter how the profit is.

Greed is indeed a trait that should really be avoided when trading. this is human nature. But when trading psychology is well trained and already has a lot of experience, the initial strategy remains the main goal to take profits.
Whatever benefits you get if you do it consistently, over time it will be more and more.
traders always learn how to enter and exit the market properly without losing.

Its really a common trait of a human being and its part of our nature on being greedy because we do really have those passion in mind on getting more money or profits that's why it do results on committing those mistakes.

When you do gain up sufficient experience and skills then you would really able to get rid of this kind of behavior which would really make you
a more better trader/investor.

Making profits is our main priority or target but it wont really be simple as it sounds yet it would really be needing lots of factors.

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Quote from: checkmatesir on November 09, 2021, 12:52:48 PM

Mostly traders lose their money just because of their own mistakes, the mistake is that they always want to get more and more profit and so much of the greed leads them to loss, greed always leads to a loss which is always bad for a trader, so my opinion is always should be taken profit no matter how the profit is.

Greed is indeed a trait that should really be avoided when trading. this is human nature. But when trading psychology is well trained and already has a lot of experience, the initial strategy remains the main goal to take profits.
Whatever benefits you get if you do it consistently, over time it will be more and more.
traders always learn how to enter and exit the market properly without losing.

Zilon

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Most times the spike comes in unexpectedly even when the trade isn't meant to reverse a major news could just cause a big spike in the market and cause the trade to move in opposite direction. Taking the profit that has been made in the course of day trading is just the best as @Op said because it will save one from losing an account

sherenikaw

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celebrating something, especially trading is a matter of pride where we can achieve the goals we want in trading. for beginner traders like me it is difficult to determine when the market will crash or rise, so it is necessary to understand the crypto market first to be able to determine when it is right to buy and sell. It's okay, everything needs process and experience, the more experience you receive the more lessons that can be learned. it all just takes time.

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Quote from: checkmatesir on November 09, 2021, 12:52:48 PM

Mostly traders lose their money just because of their own mistakes, the mistake is that they always want to get more and more profit and so much of the greed leads them to loss, greed always leads to a loss which is always bad for a trader, so my opinion is always should be taken profit no matter how the profit is.

Profit is profit and this is should traders or investors do have in mind because if you dont really secure out profits in short term then you would most likely

ending up on being greedy and waiting up for long term or simply the price had go to opposite side which would really be leaving you in regret.

It is really a common behavior into those people who cant really just control their emotion and soon theyll realize.

checkmatesir

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Mostly traders lose their money just because of their own mistakes, the mistake is that they always want to get more and more profit and so much of the greed leads them to loss, greed always leads to a loss which is always bad for a trader, so my opinion is always should be taken profit no matter how the profit is.

Topic: Traders always learn to leave when the ovation is loudest (Read 432 times)