Topic: what do i need to be a successful trader ? - page 4. (Read 1723 times)

To become a successful trader, you must have to develop certain trading strategies. It is important for a successful trader to set a stop loss. Investors have to improve their skills. To be a successful trader, you must have a plan of managing your trading. It is most important to have tolerance in trading.

Really appreciate the time you spend in gaining knowledge on trading. I am sure by now you might have learnt what is really required besides all the graphical lessons. Patience is the key to succeed in trading. Before investing, kindly analyze and coins and invest on the best you can. The market is volatile and yes you need to wait even for more than the period you thought of. Invest on multiple coins and swift among them. But do not close your trade at loss. Be patient enough.

Trading Cryptocurrency  successfully is not just what you know,  the application of what you know is what make a difference! It is good you have knowledge of various trading chart and tools,  but applying them in the right market condition and using them successfully is what matter at the end!  I will encourage everyone to learn and develop a unique strategy  with these tools,  then you can profit repeatedly!

Honestly trading is not simple neither but it just becomes so much harder when you trade with emotions and feelings that, comparatively speaking it feels a lot easier when we are not trading with emotions. When you learn the math behind trading and you learn TA and what indicators mean and you start trading that way, it doesn't guarantee you any profit, you could still end up losing a lot of money as well, but at least you will be making a bit of a profit that you would otherwise not be able to make.

And that is the biggest part of the crypto world, being able to come to acceptance with the fact that you could do everything right and still lose money, or don't do anything at all, be asleep and still make a lot of money. When you accept that, your hard work starts to look more sensible because your hard work may not result with a profit right now, but it may profit you a lot more later on.

This knowledge, which you wrote about, is of course wonderful, but how did you put it into practice, for example, I also know some trading strategies and also know a set of chart analyzes, but all these strategies are applied according to the situation and not by a template method. I think the best thing for a trader is practice, knowledge is not a panacea for a successful trade. I often used various strategies that I wrote about, but without a sufficient number of repetitions of these strategies, the skill will not be developed and these strategies will not be locked in the head of the trade.

I agree on that trading is simple but proper handling of the emotion and risk management is hard. So we need to fucos on how to control emotions specially when the market is on bearish market. Sometimes newbies  didn't invest when the market is on dip because they are afraid that the price will continue to fall, but some of the experienced people or crypto whales always buy the dip and they always earn when the price of the coin that they invested rise up high on the near future.

People should realize this but they do really think off that selling in bulks would be more effecient and more productive or simply gives more without realizing that gradual sell on particular higher level is much more worth.

Well, this is really something bit technical for most people  but doesnt really mean that it would really be impossible not for you to do so.To be successful then you would need
lots of things to be aware of.

Emotion handling and proper risk management is the key and also a little bit mix of luck since this market is always been unpredictable.

Buy more the more it dips, sell more the higher it goes.  Just figure out when to start selling like btc=100k sell 10%.  Btc=120k sell 20%.  That way on average you’ll hit a higher percentile than if you were to just guess and sell all at once.

Nowadays a large number of people are engaged in the bitcoin trading.But among them, few are to get success just because these people have knowledge about bitcoin as well as experienced and they use of effective trading tips ,planning or strategies. If you also want to become successful trader then the important thing is to learn the basic enough knowledge. There are some tips that helps you make a good trader:-
Start with small amount
Socially active currency news
Don't listen to others
Strategy
Patience 🙏🙏🙏

Many had already given you the tips to succeed but it doesn't mean that you need to acquire them. Because the success will depend on your decision, not us, not these all advice and suggestions you have read, it was just you to decide if you want to succeed or not.

Trading is worth trying, a lot of people have tried but only a few had won the challenge. And I tell you that, don't compromise yourself if you feel doubtful and afraid, honestly, you can't be in trading if you have that kind of feeling.

Here are things you should also learn (outside of trading) that will make you a much better trader.

Stress management
Independent thinking
Time management
Learning to switch off and relax

quote author=irsykes link=topic=5316575.msg57232704#msg57232704 date=1623692316]
Technical analysis, maybe people can learn it. But control emotion, not all people can easily do it. Maybe after all analysis, we should know what we must do when market is not like what we're expected. So, from me is control emotion and minimize risk strategy is need to added.
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These fundamentals are very important to keep in mind, it is also necessary to emphasize that it is always good to ask why such a movement occurred? Not all the answers are in the technical analysis, not in the news, sometimes thinking like a whale works much better.

The other way that never fails is by becoming an expert knowing how to read the volume very well, but since the volume of BTC and cryptocurrencies are not consolidated, it is recommended to review the volumes of Binance for being one of the largest, of Bitfinex for being a protagonist in the bullish trend of BTC in 2018, they are really representative exchanges in the Bitcoin market.

And above all studying every day, I always recommend reading the books by Wyckoff, Livermore, but any book works, such as those by Warren Buffet, Maikel Burton, among others, most are focused on the Stock Market, but they are totally applicable to the crypto market.

- The traders are very lacking in the bravery in the matter you say, most of us somehow feel and analyze that the opportunities with bitcoin and ethereum are high but this market has too much short-term risk, some long-term goals are often affected, success may need to contain a quality of patience as you say. There is no denying that adequate knowledge and analysis are also advantageous but working hard every day will help us absorb these elements well, a mentality that does not change in the midst of a stormy market is not easily learned, only successful traders have that nature

analysis alone is not enough. I think we've all predicted that the price of bitcoin and ethereum will be very high in the past, and now it's actually proven. it's just that, the thing that needs to be considered is whether we will patiently wait for it or not. However, many people have the right predictions, they just don't have the patience for it and sell early. I also do that very often.

Trading is one of the ways to benefit the most from crypto. Though, it requires a lot of you to be a successful trader. From experience to the ways you manage your analytical tools and also watch out for changing circumstances.
Your emotions is another thing that can betray you when it comes to trading. The emotion of fear and of greed.
Fear tells you not to enter and that is too late on a trade while greed tells you not to get out, its way too early and your yet to make the most profit from a trade. A mastery of the both of them would be an advantage for you on how to take a position and set your take profit or stop lose in a trade.

To be a successful trader, its going to take or requite a lot of you.

Technical analysis, maybe people can learn it. But control emotion, not all people can easily do it. Maybe after all analysis, we should know what we must do when market is not like what we're expected. So, from me is control emotion and minimize risk strategy is need to added.

You have added all most popular indicator to do your trade .I think its not only possible to become successful by doing this .You have to learn the fundamental things and also being updated with the latest news .One more thing you need to be patience always to hold your nerve and don't fall into the panicked .

Technical analysis is less work on crypto market, to gain profit from high fluctuation this market, can be better to learn about trend cycle of market and fundamental of crypto. I think for TA is work better for forex trading. Many investor gained multiple profit in crypto like 10-20x less than a year just by holding good fundamental coin, and they know when good times to buy it. For TA that good to use in crypto and forex trading is combination of EMA 200 and RSI, this indicator for swing trading.

Learning is one of the most important things for trading, but it alone not sufficient to be honest.
In order to trade and avoid loss, you need to predict and choose the coin correctly.
Moreover there is also luck factor that affects your profit or loss.
Though i am impressed that you have learned so many terms instead of being a newbie in trading, but still be cautious while trading.
I can advise you to start with small amount at first in your first few trades.
Understand the market and feel the market’s ups and downs.
Hope you make huge profit in trading OP.

Being a successful trader lies in these

1. Patience
2. Consistency
3. Learning management Risks effectively
4. Grabbing every good opportunity