Traders always learn to leave when the ovation is loudest

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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!

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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.

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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.

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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.

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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

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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.

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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.

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Quote from: Hamphser on November 08, 2021, 06:15:04 PM

Quote from: cheezcarls on November 08, 2021, 07:00:10 AM

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

Not all would really be having the same mindset thats why we do really end up on having different decisions on different conditions because not all will really be aiming on getting bulk profits and much prefer on doing short term.

We do have different targets thats why we do have different plans of actions and just let those people do their job and work because we do have also
on our own,

Market is unpredictable and there's no way you could really able to predict on what would be happening next.

believe in yourself and have your own strategy that if you are comfortable with us is the best choice. That way you can measure yourself and know mistakes and can analyze the future more carefully. that way, there will be a calm increase in the trading world, and of course you can feel disappointment and pleasure

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Quote from: cheezcarls on November 08, 2021, 07:00:10 AM

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

If you've won your trade with a x2 gain, that's already a sign that you're a good trader.

Not all traders have been making x2 gains and the others that get that amount of gain, still waits for more and until the market crashes, they lose that 2x gain.

And sometimes it leads to negative, paper loss.

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Quote from: cheezcarls on November 08, 2021, 07:00:10 AM

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

Not all would really be having the same mindset thats why we do really end up on having different decisions on different conditions because not all will really be aiming on getting bulk profits and much prefer on doing short term.

We do have different targets thats why we do have different plans of actions and just let those people do their job and work because we do have also
on our own,

Market is unpredictable and there's no way you could really able to predict on what would be happening next.

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I would say that the analogy really works but the fact that people can't leave if they want the ovation to continue. So, let's assume price was 30k right? We had that only a few months ago, and then recently it peaked at 67k right? Well, what happens if people start to leave at 40k? What happens if they leave at 50k? Or even 60k? We do not get a new ATH if that happens.

I get that we still dropped after ATH but we reached a new one and that is what matters. This is why I believe that we should not be leaving when it is the loudest, we should be leaving when we see others leaving. Like right now, if people leave, I understand that because we are not going up anymore, but do not leave when it is still going up.

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Try to use OCO(One-Cancels-the-Other Order) order type to mitigate risk and enter the market in case you are confused on the direction of the market. OCO let you create 2 opposite order which in your case a break out order and a stop loss so that you can be safe and ride the hype at the same time whatever comes first. Many newbie traders didn't know this that's why they always early sell during the break out because they are afraid of a sudden dump.

OCO is perfect order types for newbie traders that can't decide on his next move whenever the price is sideways. You can learn more about OCO order type on the link provided below.

https://bit.ly/3mWjgAm _{(Note: I just shorten the link, it's not a referral link. )}

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Traders can go into the shadows, but if they are worthy of applause, they are unlikely to leave the market.

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Quote from: SirLancelot on November 07, 2021, 02:24:34 PM

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

This is right , but some traders will never leave because of their greed and they want to make even more money. They always feel like if they should leave the market that the market might continue to increase and then they will miss out on more profit that they would have made if they continue to hold.

Although some of them might end up lucky and the market will go further and they also make extra profit, but for others it doesn’t really end well ‘cause they usually lose money because they’re waiting for the market to go further but instead the market plummets. I usually do this, whenever I have made enough profit that I’m OK with and I’m sure that I have gotten to my target, I just leave the market immediately.

Not taking profit and leave the market at the appropriate time has once hunted my trading, that was my first experience in trading, I had learnt in a hard way then, however I had learnt my lesson now, I ensured that I take my profit once the price moved at a certain percentage in my favor a leave bearing in mind that another opportunity will be unveil, I ensured that I avoided greediness in my trading no matter how small the profit is, if the price has reach a certain level like support and resistance or overbought and oversold using a RSI indicator I quickly take profit.

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Quote from: cheezcarls on November 08, 2021, 07:00:10 AM

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

Excessive greed is a very scary thing, especially when it comes to trading. I have seen many traders prefer emotion over market strategy when it comes to choosing coins, so they have to pay a lot for their mistakes. There is a big difference between long-term holding and day trading. In the case of day trading, it is better not to expect a huge profit, if there is limited profit then you should leave the market before crushing down.

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I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

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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

This is right , but some traders will never leave because of their greed and they want to make even more money. They always feel like if they should leave the market that the market might continue to increase and then they will miss out on more profit that they would have made if they continue to hold.

Although some of them might end up lucky and the market will go further and they also make extra profit, but for others it doesn’t really end well ‘cause they usually lose money because they’re waiting for the market to go further but instead the market plummets. I usually do this, whenever I have made enough profit that I’m OK with and I’m sure that I have gotten to my target, I just leave the market immediately.

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Quote from: TheUltraElite on October 30, 2021, 02:40:16 AM

I agree that it is probably the best to exit at such a time but this would not be similar to the comedian's exit because the comedian would probably have ended their show there but the trader is just waiting for the next cycle.

For that particular trade it can be similar and just the same to the comedic scene because at that point of the trade, it is considered as one chance shot to the market just like the comedian too. If after exiting the particular trade that is a singular action as that of the comedian. Another entering to the market is considered separate from the first just like the comedian having and performing another show somewhere or same day. Yes this is how to judge our trade for good performance and profit, every trade enter should be independent and judged independently. We need an exit strategy when the ovation is still high.

TheUltraElite

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So anyway, I applied as a merit source :)

Exiting the market at the high is possible though whether they hit the exact tip just a bit offset from the tip is more theoritical.

I agree that it is probably the best to exit at such a time but this would not be similar to the comedian's exit because the comedian would probably have ended their show there but the trader is just waiting for the next cycle.

Again some traders do not sell all at the top. It is a common tactic to "milk" the tip ( Grin

) - meaning you sell fractions as the tip approaches and then as it recedes. It is always good to keep reserve cash vs crypto for the opposite side.

However I do appreciate the simile though, because it is not everyday you get to hear a good real-life one.

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To be a good trader, you need to know when to get out from the market before the situation change drastically as we do not know when the market moves. We do not have to follow the market if that will make us feel difficult and give a loss to us when we can become wise in trading and not just chase the profit in the unpredictable situation.

But it is hard to become a good trader as the temptation from many coins will be there and always tempt us to buy and sell in the market. It is wiser if we can control ourselves in trading and only trade when we feel the situation is good for entering the market.

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Wow! What a good comparison. Are you a comic? I mean, it's difficult to put it that way if you are not on the circle of those guys or a fan of live comics.
Yes, that's true but when will you know the loudest cheer of all in trading? There is none.
That's why if you see profit then take it. Pausing at a time might change the flow of the market and you will regret it. One thing I am sure about, trading is not really for fragile hearts. It could break you with a single error and rekt your remaining wallet funds.

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If there is a risk in the right trade it is better to keep it closed for now but this does not mean that everyone can earn especially consistently profitability depends on the willingness to take risks the ability to manage capital experience and the quality of the system. Sergei believes that 1-3% profit per month is a good indicator for transactions with moderate risk and maximum 5% reduction the higher the potential profit the greater the risk of leaving without it follow the rules of risk and money management. Then even a lost system will not be able to quickly dispose of your deposit.

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I don’t think in trading it’s good to follow this rule. If you do you will be missing out on many great trades especially if you are trading crypto.

There are times like right now when it’s very easy to trade. Many coins are only going up, many meme coins are providing great gains. If you have 1 good trade and quit then you will miss out on many other opportunities.

It’s best to quit trading for a day or week if you are having a horrible week and get tons of losses in a row. Then you should step away before you go full tilt and lose all your trading capital.

Ziskinberg

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Quote from: Stedsm on October 29, 2021, 04:47:05 PM

@OP, I see the opposite of it, not for a day trader but for a long time hodler. It's like we see waves working in trading and crypto also experiences the same in terms of price spikes. When a 200% is seen, a day trader would normally be much happier and quickly square up his position and take out his profits as well as capital, but a wise trader would either let the whole position run or just remove 50% of the total (which means 100% capital after reaching 200%) and make the profits become the capital, let the position run till the reach of the vision of that wise trader goes.

That is the thing we should have to do or else, we miss it.
Traders who had come so aggressive and always think more and more and become more greedy surely ended up selling their coins at a lower price.

Learning how to make a good exit and stop being emotional gives us the chance to get what we wanted. Like to have a profit of 100%, for me, I couldn't hold more but to sell them right away. Honestly, it was a giveaway for us and we have to that this is enough. We should have to think wisely and never underestimate the volatility of the market that anytime dumps come to happen.

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@OP, I see the opposite of it, not for a day trader but for a long time hodler. It's like we see waves working in trading and crypto also experiences the same in terms of price spikes. When a 200% is seen, a day trader would normally be much happier and quickly square up his position and take out his profits as well as capital, but a wise trader would either let the whole position run or just remove 50% of the total (which means 100% capital after reaching 200%) and make the profits become the capital, let the position run till the reach of the vision of that wise trader goes.

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Quote from: Kelvinid on October 28, 2021, 05:08:15 PM

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.

As long as you are human, greed will always there and its up to us how we will control it so that it won't cause a huge loss on our part. But how can we really control our greed if the market always shows that the value of such coins will always lead into a more valuable one? I guess its easy to answer this question but definitely, hard to perform.

For me, as long as we know the meaning of enough, and we learn to be contented in small profits, then we will leave trading with happy faces and positive feedbacks.

SquallLeonhart

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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!

You are not alone, there are way too many people who are doing the same thing, literally exactly the same thing. It is clear to me that there is really nothing that people do right when it comes to using their emotions, and trading while everyone is hyped is something that not many people can stop, there are way too many people already, that is why it is called "hyped" and/or "ovation is the loudest", the default version of it already includes a lot of people to make it exist, without people then how could the ovation be loudest? So feel good about yourself, you are not alone and we are all there with you which is why making these kind of trades are very normal right now.

I personally believe that we are in a situation where everything will be alright in the long game, as long as you do not sell when the ovation is the most silent then you are going to be fine.

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.

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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.

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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.

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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.

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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.

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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.

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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

--------------------

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.

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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.

--------------------

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.

palle11

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Quote from: pawanjain on October 27, 2021, 11:51:51 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

That's a really good example of taking your profits while you can than to wait for more profits but eventually drain all of it in a crash.
This happens with many of us when our greed kicks in and although we are in good profits already we tend to wait more thinking we can get more profits.
But since the market goes up it has come down as well and we lose our profits in the correction.

It because a tale of regrets to us when it happens. A wiser person is the one who learn from others mistakes or reads it like we are trying to pass the information here from our experience. Most times we suppose to have plenty profit when we cash out early but we never do so quick enough to escape correction. I believe a day trader should always also take quick profit out daily and not to wait too long to accumulate more profit because you can take the profit on another trade and gradually you grow steady profit taking strategy.

Sterbens

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The day trader tries to exit to say "I have made a 100x profit" but he hasn't sold it yet, only displays a display showing the difference in value when he buys and when the price is rising. Shows an estimate but he doesn't take it at all. This is a faux pas that we often encounter. Because after the price of the coin fell, the person just said "I sold too late".

This does sound funny and a bit too hasty when day trading risks have no defined profit limit.

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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

That's a really good example of taking your profits while you can than to wait for more profits but eventually drain all of it in a crash.
This happens with many of us when our greed kicks in and although we are in good profits already we tend to wait more thinking we can get more profits.
But since the market goes up it has come down as well and we lose our profits in the correction. So it's better to take out the profits while we still can and stay happy.

palle11

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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

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