Topic: what do i need to be a successful trader ? - page 9. (Read 1723 times)
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.
Here are some of the things you need, to become a successful trader:
Observation: For you to become a successful trader in any market you find yourself, you must learn how to observe the strategies the successful traders are using in that particular environment.
Information: You must be focus, in all information that is coming from the right channel concerning Market price, if it is good to trade and make our good profit or not.
Time: You must be focus on time, when to trade and when not to trade in the market. It is good to look at time before you invest, to enable you to become a successful trader.
Observation: For you to become a successful trader in any market you find yourself, you must learn how to observe the strategies the successful traders are using in that particular environment.
Information: You must be focus, in all information that is coming from the right channel concerning Market price, if it is good to trade and make our good profit or not.
Time: You must be focus on time, when to trade and when not to trade in the market. It is good to look at time before you invest, to enable you to become a successful trader.
^ OP has almost everything as a successful trading knowledge has, the problem that I see here is how to apply when Op was in the trading field. All of these mentioned by the OP is good and having a trading plan is always good that you are potentially follow the right path and lead to success.
The first thing to consider is your physical and emotional behavior, you must ready for it when you are stepping in trading. Mental preparation and trading preparation are always considered to achieve your goals, but this does not mean this has a guarantee to become successful in trading and it will probably boost your confidence while in trading.
The first thing to consider is your physical and emotional behavior, you must ready for it when you are stepping in trading. Mental preparation and trading preparation are always considered to achieve your goals, but this does not mean this has a guarantee to become successful in trading and it will probably boost your confidence while in trading.
should I add anything to this?
What you need to add is basics because from what I can see you know more than what average traders know and some features you mentioned even I am not aware of them. What you need to add to your trading is things like panic control and avoiding greed because in crypto trading specially you need more of these kind of traits than advanced knowledge which you mentioned.Maybe in stocks market the tactics you mentioned are important but really from what trading I have done and learned in years I have seen that what really makes me profitable is just knowing the right time to sell and hold. You can be a successful trader just by selling and buying coins at right time, these indicators and features you mentioned might help further.
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?
These are all great technical analysis but you have missed one important part of crypto; everything is about luck.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?
Why luck plays such a huge role in crypto? Because it is not a company so the price is not tied to anything, on a regular company you could have profits that causes the prices to go up whereas in crypto everything is based on what people want. And at the end of the day we are not entirely tied to anything that would help you with TA, sure it is a helper but it is not 100% connected to it.
This is why do your TA but know that anything unexpected could happen, some rich person could buy 1+ billion dollars worth of bitcoin and increase the price when TA says it should go down, or some rich bitcoin whale could sell 50k+ bitcoin in a second while TA says it should go up. This is not common, it doesn't always happen that way, but you should be ready for those anyway.
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?
I think this the Era of Digital currency. Everyone can start work from home to increase his income. But study of coin its history ,maps, flowcharts, market index all are very important.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?
it is also said "No risk No gain". So this also a task of courage and risks. you should have the dare and determination for trading. Having all these qualities you will be a successful .
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?
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?
Yes, you have to add some more thing. Like you have to be focused. You have to keep your mind relax. Plus always you have to stay in learning period. You learned lots of thing well thats a good thing. It will help you alot for your journey. But you have to keep remember this crypto is future trading is just a part of this. In upcoming year lots of new things add on this. Lots of development we will be see on this that is why we have to follow trend to maximize our profit. So that is why we always have to stay in a learing period. Best of luck for your trading journey.
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.
I am inclined to believe that one classical technical analysis of patterns is enough. Well, perhaps learn a little more about Wyckoff Theory and VSA.
There is no need to focus on technical analysis. I believe this is an auxiliary tool. Secondary tool. The main thing is to learn how to analyze the life of a crypto project. Learn to see the prospects for future events. This is much more important than technical analysis, believe me.
There is no need to focus on technical analysis. I believe this is an auxiliary tool. Secondary tool. The main thing is to learn how to analyze the life of a crypto project. Learn to see the prospects for future events. This is much more important than technical analysis, believe me.
If you have mastered technical things, it is actually very good, next you need to trade a lot with small capital first. For gaining trading experience,
after that learn to control emotions. Because if our emotions are out of control when trading, technical skills that you have can be wasted. The last
thing you need is to always be confident in the results of the analysis that you have made. Don't be influenced by other people's opinions, because
not necessarily other people's analysis is better than our own analysis.
after that learn to control emotions. Because if our emotions are out of control when trading, technical skills that you have can be wasted. The last
thing you need is to always be confident in the results of the analysis that you have made. Don't be influenced by other people's opinions, because
not necessarily other people's analysis is better than our own analysis.
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?
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?
Wow, what you've learned is good. In my opinion, it is true what is in the suggestions that have been given. Good experience and risk management, which if you learn it will benefit you greatly.
and I just want to add a little to my advice which is time management, although it is a minor thing according to some. Time management should be very necessary. We can increase the hours spent studying to become experts in our passionate fields and managing your time effectively can directly reduce your stress levels. In addition, time management can increase self-discipline.
don't join pump and dump group. Well said, i have groups of newbies that found little pleasure in trading the crypto hoping they will be favored because of a few days successful trades. the worst is that they always claimed that they are more experienced than everyone and the community behind them is huge. the crypto market has grown and now worth over 1.5trillion. whoever engaged in such pump and dump group will loose especially if you trade tokens with a billion dollar marketcap.
snip...
There are many factors you need to learn as a trader first then you can go for trading. Enough knowledge about trade, signal, technical analysis should be needed to know about trading. When you should invest or not, it is the most important thing in crypto. Gather enough knowledge so that you can give signal to others then you may be considered as a trader and you can be successful soon. I just highlight your knowledge here.Honestly, we can't have them all in trading. TA's, candlestick reading, not all of us are into this, but it is important to learn this in order to have a good trade. We can't learn this for one day, a week might be possible but what it gives us more learnings about this is to familiarize the coin we are going to trade. More experience, more problems to encounter but in the end, we are getting better.
Becoming a successful trader can be quite hard but as long as you have the determination to be one then you're one step ahead of that dream. It's nice that you're investing enough time to learn the basics, that's an important take in becoming a succesful trader and of course you should have good resources to understand the complexities of crypto trading.
Since it's not a secret that crypto is completely volatile after seeing BTC and the other superior alts, you have to understand that volatility is an important measure of risk, which can help traders make a fortune. In-depth knowledge and analysis are crucial to help crypto traders develop a consistent trading strategy. After all, consistency is the key to success! Analyse your moves, learn from your mistakes, and focus on your long-term success instead of quick profits.
Since it's not a secret that crypto is completely volatile after seeing BTC and the other superior alts, you have to understand that volatility is an important measure of risk, which can help traders make a fortune. In-depth knowledge and analysis are crucial to help crypto traders develop a consistent trading strategy. After all, consistency is the key to success! Analyse your moves, learn from your mistakes, and focus on your long-term success instead of quick profits.
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.
Op has already learned a lot but the problem is, how the OP applies this when OP is in a trading position.
There are no successful traders, even long experienced traders also encounter massive losses because we know that the market is unpredictable, those Op mentioned is just a tool but not give assurance that will result accurately, there is no guarantee that you will be able to have profit because you have learned a lot regarding technical analysis and other theory that he meant.
What do you need? accept all consequences, and don't let it will happen this next.
There are no successful traders, even long experienced traders also encounter massive losses because we know that the market is unpredictable, those Op mentioned is just a tool but not give assurance that will result accurately, there is no guarantee that you will be able to have profit because you have learned a lot regarding technical analysis and other theory that he meant.
What do you need? accept all consequences, and don't let it will happen this next.
you've learned a lot about indicators. If you can master all of them you are extraordinary. you only need to combine all the indicators you learn and be adapted to your trading way. Because all indicators are good if you master them. Not only learning indicators, but psychology and money management are very important to make your trading work according to the strategy.
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?
You can make money with almost anything that you posted above, just pick one and stick to it and become an expert on it, however the thing that you are really missing is money management, many people do not really like it because it's boring and it kind of limits what you can do and how much you can invest in each market but that's the whole point, this market can be extremely dangerous if you take a risk that is too high, money management is there to prevent that and to help you survive the times when the price is going down, so learn everything you can about it before you make a single trade. 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?
legendary
Activity: 2436
Merit: 1189
Need Campaign Manager?PM on telegram @sujonali1819
According to your Original post what actually you already learnt is really a fantastic job. And generally most of the beginners don't try to learn them. So It's a plus point for you.
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
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
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.
Jump to: