what do i need to be a successful trader ? - page 8.

DarkDays

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Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

i learned about
Japanese candles
classic analysis
EW theory
harmonic analysis

and about the Indications, i learned how to use
RSI
MACD
stoch rsi
and volume profile

should I add anything to this?

Learning by reading is one thing and learning by practice is another. You got the basics (and more) covered so the next natural things is to try these out on your own. And, of course, don't forget about stop-losses.

Kasabus

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Quote from: Btc_1856 on February 19, 2021, 07:38:52 AM

Quote from: tvplus006 on February 16, 2021, 08:31:29 AM

Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

should I add anything to this?

In order to become a successful trader and get a profit from this, you must first learn not to lose your money. If you can apply your knowledge, you will gradually begin to make a profit from trading. And it will increase commensurate with the experience you gain.

What you said is right, most people are in a rush to make profits through trading and it will not help them to make a profit easily through trading. In the crypto market, trading coins are easy, but their prices are unpredictable, which need to be very careful about which coin we are choosing for investments.

And that is not to wonder why they keep losing, they would like to claim that this strategy not working but deep inside, they are the ones who are incapable of doing it.
If we would like to win this challenge and to proclaim ourselves being successful, we definitely have to change and see's what is wrong with our strategy, pointing out our mistakes and have to correct them. These tools that OP had mentioned, can be useless if we don't know how to use them.

Btc_1856

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Quote from: tvplus006 on February 16, 2021, 08:31:29 AM

Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

should I add anything to this?

In order to become a successful trader and get a profit from this, you must first learn not to lose your money. If you can apply your knowledge, you will gradually begin to make a profit from trading. And it will increase commensurate with the experience you gain.

What you said is right, most people are in a rush to make profits through trading and it will not help them to make a profit easily through trading. In the crypto market, trading coins are easy, but their prices are unpredictable, which need to be very careful about which coin we are choosing for investments.

imstillthebest

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i guess you came here and ask that question because you find yourself loosing and you think your not a succesful trader yet ? but how long you are using all of that .

if your using that for a short time you need to extend and use them further before giving up because what your lacking of can be practice .

with all of that methods that you learned on trading i dont think there are still methods that you have missed because that are already alot .

Noctis Connor

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Quote from: tvplus006 on February 16, 2021, 08:31:29 AM

Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

should I add anything to this?

In order to become a successful trader and get a profit from this, you must first learn not to lose your money. If you can apply your knowledge, you will gradually begin to make a profit from trading. And it will increase commensurate with the experience you gain.

Sometimes when people get too greed people can't even control its emotion and lose all money from trading people can learn from their mistake from losing money that the way they become wiser in the future, Since all this skill he had can be easily applied when he had information from other traders too because he had the advantage already even though the coin market is too unpredictable all he need is time , patience , communicate with other group exchange information which coin is going up or got dump in instance and most of all set a profit goal.

Silberman

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Quote from: uneng on February 14, 2021, 06:11:33 PM

Quote

what do i need to be a successful trader ?

Luck?

Sorry, but I can't see how skills will help you in an unpredictable market. Let's say you sell some btcs today expecting to buy again tomorrow or so cheaper to repeat the process, but instead bitcoin's price rise and you end up with loss by buying more btc. What means you would make more profit by being a holder instead a trader.

That is why I think the trading activity isn't sustainable.

I will have to disagree with you there, you do not need luck what you need is a strategy that is complete and that over the long term is profitable, I know that this seems to be not possible but it is, what happens is that people have completely mistaken expectations out of what trading is, they think they're going to win all the time and as you say the unpredictable nature of the market is not going to allow that, but as long as you have very strong money management skills and you are able win slightly more trades than the ones you lose then you will earn money.

bitgolden

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Quote from: Xinarae* on February 15, 2021, 10:57:07 PM

You have to have an idea about trading you have to wait a long time to become a successful trader by investing. It is not possible to predict exactly when the currency will rise many people do not have the patience to wait long, so trading can be a successful trader but before that you have to learn the techniques of trading and start with small amounts it is possible to achieve success and become a successful businessman. As easy as it is to earn in crypto there are many risks if you do not use the right principles.

It is harder to do that when the market is acting right in front of you, a lot of people want to do that but they fail because market moves very fast and a lot of people make profit while you do absolutely nothing. So, it is not easy to find enough patience to actually do nothing but study and learn for months, practice, and even maybe try with small amounts all while watching people make 10x profits during that same period.

Hence a lot of people get in with very minimal information, and they try to make changes like crazy, and in the end they end up absolutely nothing at all because they acted too quickly. Basically it is not that complicated but at the end of the day it is hard, sometimes easiest things in life (like not trading while you are still learning) are harder to do then actually say.

darewaller

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Quote from: tvplus006 on February 14, 2021, 12:17:37 PM

The fact that the OP has already learned the theory before starting trading is very good. Most beginners immediately try to start trading on the stock exchange, using the margin, without having the knowledge and experience to do so. And after they lose their deposit, they start learning the theory.

Yes, I am impressed he knows so much about trading and still has the heart to learn more and ask the community. If I was so knowledgeable I would be rather trying to teach others instead of asking to learn so that is really nice of him. Margin trading you mentioned, is really dangerous and one should only jump into margin trading if they know how risky it is and remember you earn faster but you lose even faster.

Quote from: sujonali1819 on February 14, 2021, 01:32:00 PM

Btw you almost learnt the technical things, but Psychological things also important for to be a good trader. So I will say among with the technical things, increase your psychological power, control emotions, don't be panic, and always keep confident on you analysis. Good luck

Well said because one can polish their outer qualities and still lack because they haven't mastered their inner qualities. An investor with a big heart and trust in Bitcoin who invested in 2018 might be crying of joy just because of their control over emotions and ability to not panic in tough times while a trader who knows all the charts and everything might have sold them given how rough times we have been through.

MWesterweele

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Quote from: 2double0 on February 15, 2021, 04:22:30 PM

I have always learned that patience is the key to success and it pays off when you can hold longer. A friend of mine told me few days ago that if I would have kept eth till now that I bought for $1 a coin in 2015 and had 100 coins, it may have given me 1000x in profits but I sold it for $10 per coin in 2016, so no 1000x for me but just $1000. Trading costs time, very long time because these assets were worth nothing because no recognition was there, and now cryptocurrencies are seen everywhere.

We'll have these saying that "patience is a virtue" which of course applicable in any areas in crypto world. And this is what i have also learned by trading and even trying to pursue a goal of generating profit with these because to be honest it isn't easy to get what profit that you want in cryptocurrency. Though there isn't a hundred percent assurance of getting what you have prayed for but once you learn the techniques you will get what you have sacrificed.

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Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

should I add anything to this?

In order to become a successful trader and get a profit from this, you must first learn not to lose your money. If you can apply your knowledge, you will gradually begin to make a profit from trading. And it will increase commensurate with the experience you gain.

New.in.trading

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Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

i learned about
Japanese candles
classic analysis
EW theory
harmonic analysis

and about the Indications, i learned how to use
RSI
MACD
stoch rsi
and volume profile

should I add anything to this?

As most ppl already said, get experience. My advise would be to start with an demo account, so your early mistakes (and there will be mistakes), do not cost you any money. Get a safe environment where you can try out different stuff, make sure you journal your thoughts behind every trade and review your journal once a week. that should give you a leap into the right direction! That goes for every ticker, not only BTCUSD

justdimin

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Quote from: ?? on ??

I am not a good trader but I think that if you want to be a good trader you need to try to learn and gain a lot of experience.
The cryptocurrency market often operates on news, so the ability to analyze the news is very important.

Oh yeah for sure, no matter how many skills you have under your belt but you cannot learn or buy experience and that's the best part about trading. Having good and bad experiences in trading means you will react better next time under the same circumstances. I consider myself as an example, I used to get in depression earlier when bitcoins price was fluctuating but now with times I have learned to remain cool and laugh at the people who panic and that has come with time and bad experiences.

Quote from: kolbalish on February 15, 2021, 11:47:41 AM

First, you have to understand the market system and strategies. You should have tried to study and experiment on that. In the crypto market, one should alert more and more, and in digital currency, everything just not depends on only experience or luck. But this is true, to be a successful trader you must work hard.

Given how many things he already mentioned in the OP, I think he knows about working hard and those skills he has learned are the product of his hard work. I never heard about EW theory until today and I am now going to see what it is and how it works. He might be a newbie here but looks like he knows more than most of us about trading

.

Xinarae*

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You have to have an idea about trading you have to wait a long time to become a successful trader by investing. It is not possible to predict exactly when the currency will rise many people do not have the patience to wait long, so trading can be a successful trader but before that you have to learn the techniques of trading and start with small amounts it is possible to achieve success and become a successful businessman. As easy as it is to earn in crypto there are many risks if you do not use the right principles.

sayaya17

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I always agree with the concept of patience in trading and investing. Of course this op already has too, because I see all the OP mentioned is an opportunity for anyone to get success if we implement it. But indeed in crypto trading sometimes all the principles that we have done, do not always make success continuously. But keep trading and investing in crypto because whoever can survive, that's what can make a success.

canovan25

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Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

i learned about
Japanese candles
classic analysis
EW theory
harmonic analysis

and about the Indications, i learned how to use
RSI
MACD
stoch rsi
and volume profile

should I add anything to this?

Easy. On average, those who do not trade lose less than those who do. Or you can join a cult of players with +EV (arbitrage trading, market-making). And trying to outrun established players (and artificial intelligence) is like trying to outrun a racing supercar, remember that.

Yatsan

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Being a successful trader is a tough one for you basically need to learn from the basics before you get yourself into applying all of those that you have learned and get into familiarizing how the market works even the odds are present and make a way to make things favorable into your part. Being a successful trader is not always about gaining profit but also learning lots of things while you do your trades because trading is not just a one day or one night learning but it is a commitment as long as you do trading. Being a successful trader is a difficult one to attain for you will always be challenged every time you do trade so you must build up not just your capital but as well as your intellectual capacity and your skills to be able to survive this industry.

jossiel

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Quote from: 2double0 on February 15, 2021, 04:22:30 PM

I have always learned that patience is the key to success and it pays off when you can hold longer. A friend of mine told me few days ago that if I would have kept eth till now that I bought for $1 a coin in 2015 and had 100 coins, it may have given me 1000x in profits but I sold it for $10 per coin in 2016, so no 1000x for me but just $1000. Trading costs time, very long time because these assets were worth nothing because no recognition was there, and now cryptocurrencies are seen everywhere.

You still took the profit by that time. It's just we will never know what will happen to the coins that we've bought but if you have gained already on that coin, it's for you to decide if it's time to sell or you're just going to keep it and think that it will grow as the others that have grown that much today.

Patience is part of investing for both investors and traders. But traders are losing it more whenever they have a certain goal of profit within a day. And being successful defines you, how much patience you've put into it.

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Quote from: Mahmoud70 on February 11, 2021, 04:55:25 PM

i learned about
Japanese candles
classic analysis
EW theory
harmonic analysis

and about the Indications, i learned how to use
RSI
MACD
stoch rsi
and volume profile

should I add anything to this?

If you're good with all this, then you can start experimenting with small fund. In a short you'll get to know how effective is your trading skill, and you'll get better understanding how your learning based predictions were getting coincidence with the real market. There is nothing like successful trader, because every trader would've experienced loss and have learned something from the same.

BuNga_cute

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I admit that the opening post already has good trading skills, by mastering all things about technical analysis is actually enough to be able to get
profit from trading. But indeed to become a successful trader several other factors are needed. Such as experience and capital management,
without such experience it is difficult to make the right decision. And without proper capital management it can cause you to lose your capital when
trading. Sometimes the crypto market movements are difficult to predict. Therefore, relying solely on technical analysis skills is not enough to make
you a successful trader.

Kelvinid

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Quote from: 2double0 on February 15, 2021, 04:22:30 PM

I have always learned that patience is the key to success and it pays off when you can hold longer. A friend of mine told me few days ago that if I would have kept eth till now that I bought for $1 a coin in 2015 and had 100 coins, it may have given me 1000x in profits but I sold it for $10 per coin in 2016, so no 1000x for me but just $1000. Trading costs time, very long time because these assets were worth nothing because no recognition was there, and now cryptocurrencies are seen everywhere.

I can't really imagine holding for more than 10 years. You are selling it at $10 for each coin, that was big enough profit you'll take. I'm not sure if your friend is in crypto and he knows how volatile we are, coz if that he only knows that, he might be selling first than you Grin

.

Anyway, there is no way to make sell at a perfect time. The reality is that no one could hold that long especially when you are checking the market everyday. Every uprising trend could somewhat be a temptation, it might possible we gonna sell our coins for we are worried about what if it drops?

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