trading is 90% about having a good understanding of the market and having a good analysis and most importantly a good plan and 10% about unexpected things that happen in the market.
in my experience when someone keeps checking prices multiple times a day it is a sign of not having a good plan and in most cases those people are gambling not trading which is why they keep checking to see what the result of their "bets" are. i have been like this which is why i say this.
a good plan is when you buy at a price and have an exit strategy and some automation for the "stop loss" which eliminates needing to check the price constantly. for example you buy some shitcoin while it is starting to pump and then set a sell order (or a couple) at a price you want to exit like 30% higher than current price and be done with it (30% being the result of the analysis of the market at that point).
Topic: Trading Practices and habit - page 2. (Read 478 times)
I have a dual monitor so a simple practice would be to kept the chart on the other monitor and a movie on the other monitor, this way you get to see the changes in charts live while also watching a movie. Sometimes I just watch youtube videos in autoplay while the chart still on the other monitor. Its convenient that I can write in the forum as well. I learned this from a trader friend who is from forex so I applied to to my setup in my root and since then its not a habit.
This might even be adapted into the cryptocurrency trading as this would allow us to work on multiple graphs at the same time.
This might not be available for most of us as it might even cost some extra electricity bills, etc which is been calculated by each of the professional traders. The most beneficial habit for us to be a professional trader would be to keep an watch on income as well as expenditure which would include the trading fees, brokerage fees if applicable, and each and every minute changes.
Trading these markets for a while, one is bound to pick up a habit or two.
1. Checking the markets regularly: This is one of the fundamental habits I've picked up since I started trading. This would help to stay abreast of current and fresh updates in the market. Funny enough, this is recommended if you want to find the best assets to trade and you get real time prices that help you determine whether you should be with the bulls or bear.
2. Portfolio tracking/documentation: Trades don't often go my way. So I use my past trading records to documentation to know where I went wrong with each trade and what I got right. This has helped me improve.
3. Finally, I'm always checking for news update. Regardless of technical analysis, one needs to add FA to increase the chances of winning trades. Y'all see how corona virus fear messed up our market? That's right.
1. Checking the markets regularly: This is one of the fundamental habits I've picked up since I started trading. This would help to stay abreast of current and fresh updates in the market. Funny enough, this is recommended if you want to find the best assets to trade and you get real time prices that help you determine whether you should be with the bulls or bear.
2. Portfolio tracking/documentation: Trades don't often go my way. So I use my past trading records to documentation to know where I went wrong with each trade and what I got right. This has helped me improve.
3. Finally, I'm always checking for news update. Regardless of technical analysis, one needs to add FA to increase the chances of winning trades. Y'all see how corona virus fear messed up our market? That's right.
I have a dual monitor so a simple practice would be to kept the chart on the other monitor and a movie on the other monitor, this way you get to see the changes in charts live while also watching a movie. Sometimes I just watch youtube videos in autoplay while the chart still on the other monitor. Its convenient that I can write in the forum as well. I learned this from a trader friend who is from forex so I applied to to my setup in my root and since then its not a habit.
Has anyone used indicator script from tradest.io? 🤔🤔🤔
I'm looking someone that can tell is it really that accurate.
I'm looking someone that can tell is it really that accurate.
One of the simplest practices is to: buy low, sell high.
If you don't have alot of time to analyze charts, simply stick to the simplest strategies, like the buy lows sell highs or buy dips, sell highs. You need to have reasonable amount of fund in your stablecoin balance and use that for buying the important lows to sell at high prices. This strategy is fairly easy and usually earn consistent profits with few losses (if you know what you are doing).
Always remember to trade with amount you can afford to lose
If you don't have alot of time to analyze charts, simply stick to the simplest strategies, like the buy lows sell highs or buy dips, sell highs. You need to have reasonable amount of fund in your stablecoin balance and use that for buying the important lows to sell at high prices. This strategy is fairly easy and usually earn consistent profits with few losses (if you know what you are doing).
Always remember to trade with amount you can afford to lose
I am a smoker, I smoke cigarettes everyday and I smoke about one pack a day, I do joints (not weed, I do tobacco) so I can't say if it is exactly one pack or not but I do smoke regularly. Now why does that matter about this topic? Because normally smoking is something you do when you are in excitement or in fear or basically when you have ton of feelings that are too much.
Now on the other hand if you trade, that is something very hyped up and exciting as well. So, what do I do? When I want to do day trading, I buy something and go out to smoke right away, I calm myself down and make myself level headed, I come back and check the prices, if anything out of ordinary I go out to smoke to feel better yet again, if however everything is normal then I just continue.
Now on the other hand if you trade, that is something very hyped up and exciting as well. So, what do I do? When I want to do day trading, I buy something and go out to smoke right away, I calm myself down and make myself level headed, I come back and check the prices, if anything out of ordinary I go out to smoke to feel better yet again, if however everything is normal then I just continue.
I've been trading for a long time and I've been wondering about other trading practices and habits. It's been years since I started to trade cryptocurrencies and I built some and practices like when I wake up every morning the thing I will do first in the morning is to get my phone and check the market price of the coins/tokens I have, I built a practice on checking the price each time I got extra time or when I think too, I don't have a single day without doing this practice unless it has a certain circumstance like having no power in my device.
What are the trading practices that you have built over the countless trades you have?
habits are much needed to become professional trading , habits keep us updated and eventually what habits we have been practising compound over time and bring huge good results , i have some habits instead of checking Instagram and facebook i check charts and news instead , What are the trading practices that you have built over the countless trades you have?
When I was still actively trading, I used to check daily price movement, I have an app installed in my phone to track my portfolio but when the market is quite bullish and my altcoins are dumping like shit, I quit looking as it would only disappoint me, most of my altcoins holding are not worthless so looking all the time on portfolio makes no sense, it would only hurt me more.
In my trading, I always check and monitor the market price because I have doubted all of my investment if the market is going to pump or dump because some of the people today telling that the market goes up and down and I do not have known enough with the use of cryptocurrency and there is a friend that help me about the things I need like how to read a market graph and now I can manage all of my tradings without hesitating and also I'm going to ignore other people saying they can give me some tips because the really thing is there is no one can identify the movement of the coins but still it depends on your gut feeling about your investment and earnings to win your profit.
Subscribe to the big trading platforms to receive updates and news from them and make it a habit to check the notification, these notification carries clues of where the trend could go in the next few hours within the day. If binance says they are having a maintenance in few hours and suspends withdrawals, price drop is possible.
I make a plan and follow it. Every time I do not follow my plan, it turns out to be a very bad choice to abandon it. E.g: I have some alts that I've been hodling for many, many years. Out of the entire list, I've sold a few of them entirely although I meant to hodl them for much longer. Days after, they got pumped and the price went stable not after a 50% pump, not after a 125% pump but after a God damn 300% one.
That's how I learned that my plans should be followed to the end. Other things I've learned:
That's how I learned that my plans should be followed to the end. Other things I've learned:
- Don't buy when prices go higher and don't sell when the market dumps. I've never had a successful trade when I've done this. It's very, very easy to be influenced by the market trend. Try not to be and buy or sell according to what you expect will happen to the coin, but based on legit information.
- All my alt trades have been successful in the beginning, but then I found out I would've had more success if I held everything in BTC from the beginning. However, if I had sold alts during the 2018 market craze, I would have had a LOT of money right now.
More like habit. Yeah, I think so.
When I wake up and open my computer first thing I am going to look up is the exchange where my coins and tokens are listed. (bounty payments mostly)
All of them are already in my bookmark so it won't take long.
Next are the coins that I am trading. Will go to my favorite exchange and look up the buy and sell amount and then the orders done.
Every day will be like that even in weekends.
When I wake up and open my computer first thing I am going to look up is the exchange where my coins and tokens are listed. (bounty payments mostly)
All of them are already in my bookmark so it won't take long.
Next are the coins that I am trading. Will go to my favorite exchange and look up the buy and sell amount and then the orders done.
Every day will be like that even in weekends.
When I was still actively trading, I used to check daily price movement, I have an app installed in my phone to track my portfolio but when the market is quite bullish and my altcoins are dumping like shit, I quit looking as it would only disappoint me, most of my altcoins holding are not worthless so looking all the time on portfolio makes no sense, it would only hurt me more.
I've been trading for a long time and I've been wondering about other trading practices and habits. It's been years since I started to trade cryptocurrencies and I built some and practices like when I wake up every morning the thing I will do first in the morning is to get my phone and check the market price of the coins/tokens I have, I built a practice on checking the price each time I got extra time or when I think too, I don't have a single day without doing this practice unless it has a certain circumstance like having no power in my device.
What are the trading practices that you have built over the countless trades you have?
Actually I haven't tried trading yet, I am afraid of losing my money on that one. I am more comfortable on investing than trading because as far as I know investing is much better than trading because in investing, you can still hold your money if the market is low, then withdraw it if the market goes high, so there is no room for you to lose your money in investing as long as you have patience on holding your money.What are the trading practices that you have built over the countless trades you have?
The practices that you may have to be a good trader and not to lose your money if you do trading is to do research about it, learn how could you earn from that, learning is an essential thing for everything because we can still use our knowledge in the future to become a successful person. All things can be mastered through proper learning.
Almost everyone does that. I do that as well, even if I don’t do it when I wake up, when I’m less busy I would pull out my phone and check the price of Bitcoin and other cryptocurrencies that I have invested my money, so it’s normal and I don’t think that anyone would invest their money somewhere without checking daily on where things are heading, especially when what we are talking about is a market as volatile as crypto. So, it’s a normal thing for everyone to do.
Talk about trade habits, as someone who is a trader the first thing you should do is to stop fear and greed from controlling the decisions you make while trading. Another thing you should learn is patience , it pays sometimes.
Talk about trade habits, as someone who is a trader the first thing you should do is to stop fear and greed from controlling the decisions you make while trading. Another thing you should learn is patience , it pays sometimes.
Since a year ago, I don't check the market every day because I don't see that the market can move well every day, so I decide not to check the market too often. Perhaps, I check once a day or once in two days, and usually, I only check if I don't busy with my real life. But if I check the market and I find that the market can move up or down again, sometimes, I set the alarm so I can know where the price position and I can decide to buy or sell some amount.
Perhaps, the practice that we should do is always learning more about trading, read some news that might have related to the market, or analyze the market so we can know what the time to enter the market and leave the market is.
Perhaps, the practice that we should do is always learning more about trading, read some news that might have related to the market, or analyze the market so we can know what the time to enter the market and leave the market is.
Ive been trading since last year and there are so much habits that I have learned;
- Do not forget to set stop loss-jus like what happen today, this unexpected massive drop will make my entry become liquidated if not with my stop loss. Great thing i have set stop loss and it was triggered. My loss were not that big because of this.
- Fundamental analysis- this is also useful. You can also predict which way bitcoin will go if there is a positive or negative news.
- Stick to your own TA.
- There is a proper entry and exit point. I have proven many times that following hype and volume will not bring any good to our trades.
(....)
What are the trading practices that you have built over the countless trades you have?
A lot, but I'll say what my most learned and built over my entire trading life.What are the trading practices that you have built over the countless trades you have?
First, I practiced not to trade all the time, you need a perfect time to trade, not all the time there are good entries, waiting for the right time and opportunity is good.
Second is also connected with the first, which is always not chasing your losses if you already got stopped-out or already closed your trade with profits. Take time to savor your profits and wait again for another entry, there is still a lot of better trade opportunity to come. For me, these are the most important.
In talks of habit then i do have the same when it comes to constant or frequent checking it out.Yet i would like to know on whats the current condition of the market.I dont only check my portfolio but
in the entire market prices and try to check out some opportunities too.Even im on work or in transit as long i do have data connection then i do check out prices actively but doesnt come to the point
that i do impulsively making trading actions.
Been doing this for years and my body get used to it.It isnt a habit but rather already an activity thats been part of your life.
(....)
What are the trading practices that you have built over the countless trades you have?
A lot, but I'll say what my most learned and built over my entire trading life.What are the trading practices that you have built over the countless trades you have?
First, I practiced not to trade all the time, you need a perfect time to trade, not all the time there are good entries, waiting for the right time and opportunity is good.
Second is also connected with the first, which is always not chasing your losses if you already got stopped-out or already closed your trade with profits. Take time to savor your profits and wait again for another entry, there is still a lot of better trade opportunity to come. For me, these are the most important.
I built some and practices like when I wake up every morning the thing I will do first in the morning is to get my phone and check the market price of the coins/tokens I have, I built a practice on checking the price each time I got extra time or when I think too, I don't have a single day without doing this practice unless it has a certain circumstance like having no power in my device.
It's not a practice trade.That's just the daily activity of your life, everyone can also do that.
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What are the trading practices that you have built over the countless trades you have?
Shitcoin trading with fundamental analysis, using a few speculations from my research & experiment:
- Decide an order with using volatility percentage of the coin daily/week movement price.
- Making a support & resistance zone by using an order book.
- Take advantage of long spread gap order some coins/token to buy coins/tokens to get a maximum selling/buying
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