Traders always learn to leave when the ovation is loudest - page 3.

Kasabus

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Quote from: Ararbermas on October 29, 2021, 04:34:23 AM

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

yup its always good to make exit than expecting too much because market is so volatile wherein without knowing there's a chance of losing instead of obtaining profits, actually it always happened to me when i was new in day trading.. And it really pissing me off every time the growth rate change because i always end up waiting for the recovery in order to recover my losses as well. That's my common mistake, so better to leave happy and take the profits instead of expecting too much when it comes day trade.

If you are in day trading, the risk is definitely higher than long term trading so you need to monitor the market 24/7 so you'll not end up losing.

Well, it's a good thing really that at least you know when to make an exit from a day trading after you have made profits than keep on chasing for more profits because you think the market will be more positive, and yet the price suddenly drops, that means you end up losing instead. Set your own happiness and when you think you're already there, claim it. Otherwise, you'll end up frustrated while leaving the market.

jaberwock

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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

I guess most traders are not into such a practice due to various reasons still being greedy must be one of them. Taking profits or specifically accepting small profits must be an heartfelt art but unfortunately it cannot come into practice from the beginning; probably only after lots of bitter experiences of losing up to the level of entire capital in single trade.

I compare profit booking to art as it needs lots of discipline and scientific approach. If you are too good in skills then you may simply go as per your TA to book profits and also you exit at SL but when you rely on moderate TA and emotions also comes into play time to time then you need to make yourself ready to accept small profits and this way I feel accepting small profits must be an art.

Botnake

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Quote from: so98nn on October 29, 2021, 07:58:07 AM

Oh my God, this is just best explanation for my current situation too. I was so confused until today that whether bitcoin is going to burst the next upward signal or not and made me think whether to sell and book the profits or wait for even more. Considering this is my greed it can end up pretty badly and I think it's really time I should be on the way to sell my coins.

Your expression of comedian with the trader is pretty similar and understandable to me. Makes my mind more clearer tbh. I think its better to understand the proper exit strategy in this market.

On top of this, one should always think of, how much applause we want? Or whether we are capable enough to face the criticism of down turn!

Probably, i would love to suggest to hold your bitcoin even more because it will still end up into another peak. But i guess you're right, if you think you are already in profits already, then start selling your coins. Maybe, just leave a portion of your bitcoin into your wallet and continue holding it because it has still bigger chances that it will be more valuable in the future. Greed can sometimes help you to be more profitable, but sometimes it could also be misleading.

so98nn

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Oh my God, this is just best explanation for my current situation too. I was so confused until today that whether bitcoin is going to burst the next upward signal or not and made me think whether to sell and book the profits or wait for even more. Considering this is my greed it can end up pretty badly and I think it's really time I should be on the way to sell my coins.

Your expression of comedian with the trader is pretty similar and understandable to me. Makes my mind more clearer tbh. I think its better to understand the proper exit strategy in this market.

On top of this, one should always think of, how much applause we want? Or whether we are capable enough to face the criticism of down turn!

Ararbermas

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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

yup its always good to make exit than expecting too much because market is so volatile wherein without knowing there's a chance of losing instead of obtaining profits, actually it always happened to me when i was new in day trading.. And it really pissing me off every time the growth rate change because i always end up waiting for the recovery in order to recover my losses as well. That's my common mistake, so better to leave happy and take the profits instead of expecting too much when it comes day trade.

Kelvinid

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

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

If you were are a smart trader, you will probably be making some breaks. Trading is not all about risk-taking, we should also have to think that there is a time the market will dump and before it happens, we have to anticipate it. We should have to control our greediness because it was usual behavior that most people are getting not contented and not know the word enough. This is the reason why many traders just fail because of aiming too high and then, they blame the market for their fault.

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That is a great anecdote about the comedians, I am sure they can't just get a great applause in five minutes and leave, they are there for at least an hour most of the time so it must be a big one right around the end there, they also usually have a set so they probably do their whole set before they leave, but probably end up with the best joke by the end. In any case, the resemblance is definitely there, I do feel like there is a good chance traders end up getting at a high, and getting back in at low, at least the good ones.

People should realize that it is not something that people could avoid making a loss, it is definitely something people should be careful about, but that doesn't mean that they can't make more profit than loss either.

stomachgrowls

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Quote from: Johnyz on October 28, 2021, 04:49:57 PM

I’m not chasing the market that much and every time the price hits my target profit, I sell because I already know how this market moves and there’s a higher chance for the price to correct so if you have the chance to get that profit, don’t hesitate to do it and enjoy that money. This market will always go up and down, aim to be more profitable always.

Secure profits when you do see greens and this is my primary rule on this investment market on which i do secure anytime i do see some gains because
just like you mentioned that it is way too volatile on which you could miss out those profits when the market tends to make some u-turn.

This is why you should be fast on dealing with things and decide whether you do hold or would secure it out and count as a profit or had been materialized.

We do know the difference of materialized profits and those are still imaginary or still pending for you to do so.
When it comes to behavior then its just very common for most people.

Johnyz

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I’m not chasing the market that much and every time the price hits my target profit, I sell because I already know how this market moves and there’s a higher chance for the price to correct so if you have the chance to get that profit, don’t hesitate to do it and enjoy that money. This market will always go up and down, aim to be more profitable always.

palle11

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Quote from: Mpamaegbu on October 28, 2021, 01:40:09 PM

it's bad strategy not to have an exit point. Every trader should have a TP set and must not move the TP further without adjust their SL position.

Very good advise but to keep to it is the battle between us and our emotion plus greed to go for more profit. Having exit plan and keep to it is sure way to trading success. Although experience can teach us the hard way.

Quote from: yhiaali3 on October 28, 2021, 01:49:49 PM

This is what happened to me several times in the past, I was very happy and I was looking at my profits constantly rising and instead of starting to take profits, the price of the coin began to decline and the profits began to disappear and here the feeling completely changed from the top of happiness to sadness, so it is better for every trader to He sets a goal and is satisfied with the profits he has obtained, and does not become greedy because this is one of the biggest mistakes that traders make in trading, so I agree with you that taking profits before it is too late is better than greed and bearing the loss later.

I can understand such feeling and at a point you wiah that it goes back to the earlier profit for your exit but they may not happen because the opportunity has been lost. This is the reason setting a profit level is better so that at the point your profit is logged out for you automatically.

Kimonoe

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Just like comedians also leave the stage at the peak of their comedy, I agree that traders should also be able to set the rhythm when the peak will occur, and we must exit the market at that time. but here we do not know whether the market will rise again or the prediction is a true peak. but the equation, we exit the market with profit in hand, and that is our fortune without having to regret it when the market rises again

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Quote from: Findingnemo on October 28, 2021, 01:39:31 PM

On a simple note " Don't be too greedy". Cheesy

Beginners do such kind of mistakes more often especially when they are in the bull run for a while, but experienced once will take their profits out once their goal reached and shuffle the coins if its short term based on the current trend instead of sticking with the same forever.

You should always trade according to your trading plan because if you become more greedy, you might lose the chance on making profit. Traders must always have strategy on buying and an exit plan so they wont get liquidated by the market situation. Take profit if its already your target price no matter what, having this good discipline can be your greatest weapon every time you trade, so better to stay focus than to be greedy.

yhiaali3

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This is what happened to me several times in the past, I was very happy and I was looking at my profits constantly rising and instead of starting to take profits, the price of the coin began to decline and the profits began to disappear and here the feeling completely changed from the top of happiness to sadness, so it is better for every trader to He sets a goal and is satisfied with the profits he has obtained, and does not become greedy because this is one of the biggest mistakes that traders make in trading, so I agree with you that taking profits before it is too late is better than greed and bearing the loss later.

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

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

This is the hardest part for most traders. No trader wants to exit the market (that's the point of the loudest ovation you literally referred to) only to see the same market go further in profit and that's why most will foot drag on taking profit. While it's not a bad thing to want more profit on a traded pair, it's bad strategy not to have an exit point. Every trader should have a TP set and must not move the TP further without adjust their SL position.

Findingnemo

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On a simple note " Don't be too greedy". Cheesy

Beginners do such kind of mistakes more often especially when they are in the bull run for a while, but experienced once will take their profits out once their goal reached and shuffle the coins if its short term based on the current trend instead of sticking with the same forever.

Oceat

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This does makes sense comparing the traders as a comedians, the stage is the market, the audience is the profit margin, the joke is your movement(trading) through the market. The best jokes you deliver the greater your chances of getting an standing ovation which is profitable in certain way if you put it like trading in a market.

But the point here is, what would you do if you're getting profits but you don't know when to exit the market. The best next move is to exit the market since you've been gaining profit already.

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Quote from: Jaycee99 on October 28, 2021, 12:09:28 PM

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Anyone could say if I did the right decision? All I can shortly say is I earned enough but have regrets about pulling it out of the market.

At least you have an advantage, I think this is very important. Not everyone has the right decision. But making the right decisions on trading is difficult, but doable. Of course, for Fibonacci experts, they often use these tools to determine resistance and support. So they can install in areas that they consider fall within their Fibonacci line. Maybe with that line you will have a maximum profit and maybe you will be happier. Although I know if you regret it is the nature of all humans to want more than what he has got.

Jaycee99

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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

I actually learn from cutting losses when it comes to trading in when I will tell a story of me waiting and looking if the market will go up and my instincts told me if might drop later on. Sadly in terms of events.

I did not make the right decision when I know I earned enough and made a goal on a certain amount of money. It tunes out a few days later it up to 10% which taking the happiness of my profit and exiting the market thinking that tomorrow the market to the value will go down and crash.

Learning from cutting the losses making a goal I dont know if I learned enough. Speaking about Bitcoin which I remembered the value was like 51k USD and days later it went to 60k USD.

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Anyone could say if I did the right decision? All I can shortly say is I earned enough but have regrets about pulling it out of the market.

GreatArkansas

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Make sense, it's just like the fruit of your work, celebrating something, especially in trading.
But traders should be serious since money is involved here, money and time learning how to trade. That's why if "taking profits" in your trading is always good, it's like harvesting what you planted.
Another thing that traders relate to comedians is when taking profits, you cannot celebrate until you don't secure your profits.

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It's hard to know when the crash will come and that's why you have to set yourself a plan when you'll be taking profits. There's the feeling of someone who wants to sell about regret that it might go further and pump some more and you'll miss it if you start selling and taking your profits.
That's why if you're taking profits, you don't think about what will happen next and just like the comedian, you go out of the stage and take your time to your comfort zone and enjoy the profit you've taken.

Topic: Traders always learn to leave when the ovation is loudest - page 3. (Read 432 times)