Topic: what do i need to be a successful trader ? - page 7. (Read 1723 times)

You need to learn how to handle your emotions too because no matter how good are you at technical analysis if you couldn't deal with the market's volatility, you'll still end up with wrong decisions. Have the courage to learn more about trading because, to be honest, it's a long process of learning and it isn't all about studying the indications because things will go the different way when you're doing actual trading.

Know technicals;
1. S&R
2. Trend lines
3. Macd
4. Rsi

Know fundamentals;

1. New and events
2. Tweets and Personal sentiments

Know to handle and control;

1. Emotion
2. Money management
3. Self control and discipline
4. Decision making

NO, it was not enough for a person to learn everything about trading. They have mistakes, they have losses and winning, all of these pieces of stuff are everyone's experience. We might learn out from this but we need to find where we become wrong and try to correct it a soon as possible. What I mean is that we need to move to another step, if we wanted to grow and succeed then we have to keep moving and that means that we need to improve our level of market understanding that includes strategies and skills.

actually its a big advantage mate to have such knowledge when it comes indicators in trading because it really can help and guide you to earn more profits even despite of being so volatile of crypto currency . So for now maybe all i can suggest is add more efforts and also control your emotions because sometimes that's the missing piece on us,  reason even we have enough knowledge there will always be a time that we keep asking why we still make mistakes. And its because we rely on our knowledge but lack of efforts and sometimes we follow our emotions..

Those indicators are enough to help you making decision where to enter the market. Those are technical analisys. You need to add fundamental analisys to see where the trend going too. And the most important thing is money management + risk management.

You need to accumulate a lot of experience because if not then your theories about trading and your knowledge about trading will never be put into practice. Also you have to have really strong emotions since you will be facing a lot of stressful moment when trading and trading isn't for the weak minded.

One of the major skill you need to be a good trader is the ability to know how things are been done in the market. And it will make you to know about the market analysis, I was too quick to start trading when I started. But few days later, I talked to myself that I needed to know more about the market if I really want to make it big through Trading. Thanks to a couple of my friends, they came to my rescue and taught me everything I needed to know about the market and even till now I'm still learning. Crypto is not something that is that hard if you know your way around it, you will not only make your cool cash but you will also make it big. Just know what you need to know.

Skill in market analysis is very important in trading. And you will familiar with new technic after start trading. Some knowledge which you can't gain without experience.

Learning all those things alone isn't enough, believe me the crypto market is way complicated than relationships  , it's more than just learning those theories, you need to practice and learn more cuz learning never stops, it's best you keep learning more about trading  and also practice more till you learn and develop your own trading strategy, remember good enough isn't good enough if you can better, so keep striving till you become a good trader.

Just continue until we hit our target, slowly but surely. No overnight success here so expect lots of trials and errors until we figured out the best strategy we can learn and follow on. There are also lots of situations and different trends so we are ended up in different cases making it more difficult to make strategies.

Success is not always about getting profits but how we maintain our winning stats to each of our actions at the different trends.

In order to be successful at trading, we need to first have good knowledge and then of course, it is also to have a good and reliable broker to be able to succeed.

How many trials and errors do we need to take before we can call ourselves successful in trading?

Sometimes I believed in myself that experience is the best teacher in trading in all times, that is right, sometimes we experience losses but it doesn't mean all the time we experience this. Trial and error seem not good to me, I will consider that thing when I'm on the first stage or first time in trading, but when in multiple times, it should not exist trials and error, it should be perfect trading with a massive profit.

Strategies + execution = result

Let us see which strategy and trading tools are working and which are not. Trading is just like making a trial and error and we need to use the most effective strategy and stick to it. We suffered more losses because we never change our strategy and we never correct our mistakes. If that so, no matter how long we've been in trading, we surely have to lose again ana again.

You need to learn about crypto currency every coin and every exchange. You need to study many blog article that regularly give you news about crypto currency.

Do not be worried that you were like that because many of us were like that, and even though we are smarter on this bull run, there are still a lot of us who believe that bitcoin will be doing awesome and even invest into silly shit coins to make a huge amount of profit where in fact reality is we are going to end up losing money on most of them but we can't stop ourselves on this run as well.

However the thing we are smarter about is getting out instead of staying in with these, we did make some profits and with those profits we are more ready to get out quicker this time around so that we do not stay and hold too many bags during this period. We are going to lose some money, it is not like we are going to be 100% fine but at least we are more ready this time. So, do not feel bad that you were like that but feel like you are more ready this time around.

I can't tell you how much I relate myself with this statement. You are really touching me with that because in 2017, I was one of the guys who would buy coins and sell to make profit but as time passed I just became arrogant and started thinking I am the smartest trader which then lead me to some serious losses and although thankfully I recovered, I can never forget that time when the market was so good that almost even shit coins used to gain enough interest from market to sell them at a better price than what we bought them.

Now is the similar kind of situation where almost every coin is going up but at least the scam ICOs have slowed down which is a good sign and some coins are being obviously pumped like doge coins and I am staying away from both - pumped up coins and ICOs.

Well, learning is very easy to achieve, but the problem is how to apply such knowledge that you had learned.
For me, there is nothing much more important is to have experience in trading, the more experienced you had the more you will become successful in trading. We cant call ourselves an expert because we will have a possibility to have a loss by our own mistakes, perhaps emotions or wrong decision, but it does not mean it's time to give up. If you have a trading plan, it would be better if you will stick to it whatever happens.

Greediness to earn as much as you can while the effort and your skills doesn't suit to what the crypto needed then you can be fall to the trap of unsucceeded trading. Patience always lead to a good result and waiting isn't boring if you did right while trading expect that you may get of what are you trying to work hard for. Also, trading wasn't easy as it seems, being a trader has the essence of having your own techniques and characteristics, patience, skills and time so you can be successful on your attempt trading.

study charts. study charts. study more charts. read everything you can but ignore any and all thesis videos on hot stocks. learn what trading is first. ignore any and all buy recommendations & meme stonks and diamond hands stuff.

learn risk management, learn how to make a trading plan, and start paper trading for a couple months. then fund an account and risk $10 per trade, no more (not a $10 stock. risk $10 per trade means for example if you buy at $100, and you believe at $90 your reason for entry is invalid then you can buy 1 share. if your reason for entry is invalid at $99 then you can buy 10 shares).

watch adam khoo's stock trading basics videos and trade like a casino series on youtube. he really lays out the core of the matter in small amount of time with the least amount of crap i don't agree with anymore after knowing a little about what i'm doing. jared wesley / live traders is another great source but once you have the basics down.

anddd backtest, backtest and also papertrading. You need to practice with those two for months before jumping on real trade.  You can improve your trading skills and trading strategy without losing any money. You will learn your weak points and also it will help you understanding the market behaviour. There some cool platforms who offers nice backtesting and papertrading. I can suggest cleo one for that.

In a bull market, it is very easy to learn how to trade and still make a profit. The current situation is similar to what it was in 2017, when any coin bought the day before, the next day brought a profit. But this will not always be the case, at some point the market will turn in the other direction and you need to be prepared for this.