Topic: Trading not for everyone! - page 18. (Read 3296 times)

If you do find yourself wasnt really be able to make out some savings just because your earnings arent really that sufficient then it would really be just that common sense on what are the things that we do next to do
for us to be able to save up which is on having that more income source and this is via whether having an another job or side investment or whatever business that you would really be able to make on because having that multiple income source would really be giving out the opportunity for you to save up or having the money specially on emergency purposes. On the time that you do consider out on touching up trading then
you should really be that wise on having that spending or allocating a budget on something which you arent that familiar. This is why its recommended that it would be always better on making use of the amount
which you can afford to lose.

It is likely that traders like this are resigned to the situation or even too hopeful that the market will soon rise again quickly.
If they hold Bitcoin there may be plenty of opportunities, but if they hold altcoins that don't have any development, it will be a different story.

Leaving it floating for weeks and continuing to hope that there would be a reversal not trading, he turned into a Holder who continued to hope that the market would soon rise and then sell at the initial purchase price.
Such people have problems with their psychology, so they do not stick to their original strategy.

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But it is impossible to trade without emotions, everyone has emotions in any case, the difference is how big their emotions are and how much they can control them.
Because if the emotions are unstable, it will destroy the trading he does.

In the end, it will be easy to get caught up in FOMO and trade carelessly without any strategy.

Always remember these words " Not Your Key Not Your Coin"

Everything is so expensive that spare money does not remains with everyone so it will be better to save some amount for the purpose of investment. The people in previous age was able to save some amount for purpose of emergency because at that time there was not such inflation but these days the expenses of daily uses was hardly accomplished so one cannot save much amount to keep as a spare amount.

Bitcoin can multiply your money but for it a person should be able to continue his efforts and patience until the exact time comes from which a profit can be achieved and other coins are worthy too but not all of them can proves to be good during bear market so step towards success requires knowledge and learning during such situations.

Trading is fine for those who can risk money, who have enough money to trade, who have enough knowledge about the market, and those who lose money will not have any negative impact on their lives. Trading is not suitable for those people who are interested in trading by borrowing money. One thing we always hear when it comes to trading is to have enough patience as well as a tendency to lean. Good and bad times are very normal in the market so if we can't be patient in bad times then how can we wait for good things. Just as the market goes through bad times and the market goes from bad times to good times, only those who can persevere can ultimately profit. So I can never think like this that I have to do trading just by seeing other people trading and if there are sufficient qualities and financial support for trading then trading should be done.

In my opinion, what is almost more important is the ability to trade completely emotionless, i.e. not to be carried away by either winning streaks or losing streaks to make reckless bets.
This is also the reason why many newbies fail in trading: At some point, FOMO or loss fears take over and one makes serious and bad decisions such as "this trade just has to work out now" or "if this trade works out now I am no longer in the red". We all know the result ...

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I personally enjoy reading definitions and articles on Investopia. There you can also find, for example, the following 10 rules for successful trading:


Source

Rule 6 "Risk Only What You Can Afford to Lose" matches the statement from @taufik123 very well. This applies not only to classical trading but also, for example, to staking via exchanges. There, too, you should only leave as many coins as you are willing to lose.

I like your submission on that. That's the whole essence of SL by my rule. It's akin to he who fights and runs away lives to fight another day. What gets most traders into trouble is staying in bad trades and hoping the trades reverse in their direction. It's a bad strategy. In fact, it's not a strategy. Trades can float for months in loss without wiping one's capital off but won't give one the opportunity of taking another trade for the fear that one will be over trading. This is the same trade one can end in loss, take a breather and then trigger another trade and recover the loss in a day or within few days instead of allowing it float for weeks in hope it reverses. That's not trading at all. I learnt this the hard way.

Indeed, it is very important to use Stop loss, it will protect capital from uncontrollable losses because the crypto market is very volatile and the predictions used will not be 100% correct. Therefore the use of SL is highly recommended.

By using stop loss, you can control how much risk is taken in each trade and can also adjust the level of stop loss based on your trading strategy and risk tolerance.

Stop loss also helps traders avoid large losses by automatically selling an asset when the price reaches a predetermined level.
This will help keep the capital intact and give the opportunity to look for other trading opportunities.

As a trader, you really need to have a lot of preparation and a well-thought-out strategy to avoid big losses, and trade management is also very important.

This is because there's no perfect strategy for all three market types – uptrend, downtrend, and ranging. There are strategies that work well only during uptrend and downtrend but are woeful during ranging situation. If the market goes according to a trader's forecast, they aren't to fear it hitting their SL. You and I know there's no perfect market condition. We can predict A but the market says it's B. Again, it's very important to use SL because it gives traders that assurance they will still have a part of their capital intact, no matter what whenever the market goes against their prediction. Yes, we know there are big players and whales manipulations of the market and hunt for retail SLs, it's still better to have the stops than not have them.

Yeah you are right there are some post I have came across here they said "all funds are important to them" meaning this sets of people can't spare any amount for investment and trading because to whatever that comes as results may quickly make them to start panicking so, true trading is not meant for everyone and they should know the area suitable for them to venture into.
Maybe physical business could help go along way whereby they don't lose their money at a go, due to the volatility level of cryptocurrency we should mind the kind and sets of people we should always try talking with because some of them may not bear the lost.

If you are in need of money, and you have no job and no source of income, then it is foolish to expect that trading will allow you to earn. You need to be prepared that trading will not generate income as soon as you start trading, and besides this, it takes some time to understand whether you can earn money in trading, or this activity is not for you.

Successful traders talk about how they enjoy trading, which means that you should only do what you like. If you don't like trading, or if you only want to do it for the sake of money, then you also need to understand that it may cause additional difficulties in achieving success in trading.

Most time it is not even about the losses or profits that is associated with trading. Some people will be losing and their mental health will be affected seriously because of the emotions of trading. It is not an easy thing to see your money going down and you are not sure if you will make it again. It is a sort of finding money in such a way that your mind will not be at rest and you will not be mentally balanced. It is fine to buy and hold the coin for some time and you will make a good profit from it. Obviously trading is not for everyone and that is the reason I abandoned the idea of trading. I am now a hodler.

Trading is more stressful than we think and you will pass the test of time before you succeed, from my observation and experience, most people who continue trading after their first 3, 6 months to 1 year in their trading journey are traders that do have that passion for trading, I saw hell trading as a beginner, blew several of my accounts back to back, even went broke at some point. However, I never give up because of the passion and the freedom that I saw in trading, but I thank God today that all those experiences have got me improved. The bottom line here is if you identify that trading isn't for you… Quite

First, I don't agree with the title of this topic because trading is for everyone, but not everyone is interested in trading, and if anyone is interested, it doesn't last long in the beginning. Others have an interest that comes with dedication, determination, and passion, so they make a profit from it and don't get rid of it because they know what they are passionate about.

So if you're going to enter the trading business industry, you should know what you're getting into. You're not going to do it because you just heard that there are people who are making money here or because you're just hyped because someone told you it's good; you should instead believe them right away. You yourself have the will to learn it, and the interest to learn it must come from you.

The rule of thumb is always to invest what you can afford to lose because you are right, what if you lose it? Or mostly, the volatility of crypto is so high that you can really lose your money in just a matter of days, so always be defensive, like if ever you lose this money, what will happen to you and your life? If it is okay, then that is good. The problem right now is that when we see an opportunity, we tend to go all in because we are thinking that if this investing is a win, then for sure we will get a massive profit, which is again a bad move because we aren't defensive about what will happen if not, and we are not ready for it.

it is indeed the key that must be held, using spare cash which does not interfere with our needs for life will make us more relaxed in holding it. and before that we must also be aware of the risks, so there is no need to really hope that our money will multiply quickly, because thoughts like that sometimes often damage our common sense. if you are only ready to receive profits I don't think that should be done in the cryptocurrency world, because many people are disappointed in the end

Another thing to learn is that they should always used their spare money or money not in haste to make use of since most person's always expect huge profits from holding. From my understanding, whenever you are holding it should be for bitcoin only any other currency is at a very high risk because they posses the tendency of losing 99 percent and this alone had sent back people to their past. So why engaging yourselves with trading and hold you should also try as much as possible to only used their spare fund or an amount they spare to lose.

There's always that significant difference in between to those who do have actual experience and awareness comparing into those people who had just recently be able to see and watched about this market. Trading isnt for everyone but doesnt mean that we should really be stopping ourselves on doing or learning it just because you have seen that you are really that not making or doing something well. WE know that there are people who do struggle at first and on the time that they do able to have that experience then they do gradually be able to adjust out and make themselves sustainable. Everyone would really be starting as a noob on which it is really just
that normal that you would really be able to experience those common newbie mistakes and impression on the start or on the time that you have decided to deal off with it. It is really just that a matter of interest and
passion if ever you are really that willing to learn about trading and time comes that you would really be able to have a good grasps on it. Come to think that those professionals and veterans are once newbies too and
with the test of time and having that tons of trial and error then they do able to make themselves more better.It is really just that a matter of time and on how you do learn up things along the way. This wont really be an easy and short path on which basing up with our initial impressions when we are still newbies.

I know trading isn't easy but those who have been in the market for so long would fine it easier to trade and make profit then those that just joined the market recently. This is because those that have been in the market for so long would had gained experience and they'll use that experience when they're about opening a new trade. Experience makes a trader become a professional, we have different types of experience that you can use like personal experience and others experience.

There are so many individuals who are traders and they're making profits therefore if you want to learn how to trade and make profits like them you can do that by learning how to trade properly first. Trading is not for everyone but you can be among those that'll benefit from it.

But you can't get the answer only after a few trades when you start.
Trading for me is like a skill that you can learn and practice and become good at it.

Like you can't be good at something in just a short period of time. So for me, you need to first identify your goal why you want to trade and make sure you become consistent once you want to become a trader or once you decided to become.

If you try to learn different marketing strategies then you will also get idea about entry and exit points from the market but yes there are good and bad trades from which you learn from your experience and get knowledge about it.But if we say about the main part then everyone isn't perfect in everything and it's also need some special skills like quick decision making your research and other things which will help you decide whether you can do it or not.