You have become a senior in the trading world, starting with forex and stocks. I think the lesson to be taken is discipline and emotional control. like in cryptocurrency too. without stable psychology, we are difficult to survive here
Topic: What is the most important lesson you have learned in trading. - page 4. (Read 1113 times)
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Most important lesson for me has to do with always staying informed and been able to process the information gathered correctly, having the current information can make a dumb trader look smart. Patience has less to do with trading as investors are does who should development the patience attributed. The idea of holding shouldn't be the mindsets of a traders as even during the worst market, gains can still be made. A trader has to be smart and been smart can be associate with the level of information gathered and been able to process them.
I learned that trading isn't made for me. I don't have the patient to hold coins longer then a few weeks. I also experienced that when i bought coins, it went down and after i sold some they went up. So after admitting I wasn't a good trader I just stopped it. Maybe I will try it next year. Maybe I got some more patient.
Trading is for everyone, and anyone that is committed to it would definitely make it, and when it comes to commitment, it means you must have enough sacrifice lots of your time and energy to out into its study and try as much as possible to gather enough strategies, you also need to do enough practice before you think of going into trade.Anyway, you have made the right decision to first stay off trading for now, and that is what a wise man will do, but if you plan to still come back, I will advise you don’t just stay away without developing more in it, I believe that you lack the strategy which is why you are losing your trade, you need to learn and practice more, and thank God that we have demo cryptocurrency trading platforms now that you can use.
I have been in forex and stock market for more than 10 years and I have learned a lot of things and I am trying to unlearn many things in other to focus on the one that works. Many people do keep a trading journal but I have never done that. I only write done my trading plan and strategies. In 2017, I came into cryptocurrency trading and tried to abandon the forex and stock trading and though there look similar I see some differences in stability and volatility. Cryptocurrency is volatile and in a few minutes, you can lose all your capital or miss a great opportunity. the greatest thing I have learned is: when people are commenting "bitcoin is going to $20,00, bitcoin is hitting $50,000 before the end of the month! Be careful and sell because the market is about to reverse. If people started commenting that bitcoin is falling to $5500 or $3000" it means the time to buy and I have followed this simple strategy in trading and it seems the best investment strategy that follows professional's stocks investors trading principles. I will like you to share your stake on this so we can all learn.
I've been reading a lot about crypto industry lately. I've become really interested in it because of my friends who are also crypto traders. I'm still the process of familiarizing and grasping the whole system and how it works. I'm glad there's a lot of learning materials available here on the internet. But my most favorite reading material is from Noah Coins. I'm genuinely enjoying their contents though I might share it with you https://noahcoin.org/blog
Good knowledge of Forex trading will really help in trading crypto currency as both are almost similar. Buy and hold for a long time is not some time advisable ( though all depends your point of entry) because there some stock and crypto currency you will hold for a longer period and it will become worthless or become less in value as compared to when you bought them.
I also trade forex, it is most times helpful if you are a forex trader before coming into cryptocurrency trading, it'll aid you to get acquainted in taking risks and understanding how to trade without emotionsLong time trading is good for the bitcoin, it cannot become worthless or lose much value to make it that, but hodling ico coins or alts for so long is not advisable if you ask me, it always has the potential to crash.
Good to know that you are also a Forex trader like my humble self, I must confess that the experience of Forex trading has really helped me in trading crypto currency all this while. The long time hold that I mentioned in my submission was about stock and cryptocurrency which I didn't single out Bitcoin but what I really meant was altcoins.
Good knowledge of Forex trading will really help in trading crypto currency as both are almost similar. Buy and hold for a long time is not some time advisable ( though all depends your point of entry) because there some stock and crypto currency you will hold for a longer period and it will become worthless or become less in value as compared to when you bought them.
I also trade forex, it is most times helpful if you are a forex trader before coming into cryptocurrency trading, it'll aid you to get acquainted in taking risks and understanding how to trade without emotionsLong time trading is good for the bitcoin, it cannot become worthless or lose much value to make it that, but hodling ico coins or alts for so long is not advisable if you ask me, it always has the potential to crash.
Good to know that you are also a Forex trader like my humble self, I must confess that the experience of Forex trading has really helped me in trading crypto currency all this while. The long time hold that I mentioned in my submission was about stock and crypto currency which I didn't single out Bitcoin but what I really meant was altcoins.
Good knowledge of Forex trading will really help in trading crypto currency as both are almost similar. Buy and hold for a long time is not some time advisable ( though all depends your point of entry) because there some stock and crypto currency you will hold for a longer period and it will become worthless or become less in value as compared to when you bought them.
I also trade forex, it is most times helpful if you are a forex trader before coming into cryptocurrency trading, it'll aid you to get acquainted in taking risks and understanding how to trade without emotionsLong time trading is good for the bitcoin, it cannot become worthless or lose much value to make it that, but hodling ico coins or alts for so long is not advisable if you ask me, it always has the potential to crash.
I have been in forex and stock market for more than 10 years
I've been in the stock market more or less since 1999 (never traded forex), and one major thing I've learned is that the more active trading I do, the more I lose. I'm just not that good at it, plus transaction fees eat away at profits. I've become a buy-and-hold investor in the stock market and in crypto as well.Good knowledge of Forex trading will really help in trading crypto currency as both are almost similar. Buy and hold for a long time is not some time advisable ( though all depends your point of entry) because there some stock and crypto currency you will hold for a longer period and it will become worthless or become less in value as compared to when you bought them.
I have been in forex and stock market for more than 10 years
I've been in the stock market more or less since 1999 (never traded forex), and one major thing I've learned is that the more active trading I do, the more I lose. I'm just not that good at it, plus transaction fees eat away at profits. I've become a buy-and-hold investor in the stock market and in crypto as well.Many people do keep a trading journal but I have never done that.
I've never done that either, and I'm not sure what a trading journal is supposed to accomplish. We're in the age where all your trades are compiled and at your fingertips in a heartbeat. I do see the benefits of keeping a journal in general, for thoughts about things and so forth (and I do this, but not to benefit myself in trading), but I'm not sure how it helps traders.From the little crypto trading I've done, I have learned that you have to be patient, even when the market swings in the opposite direction than where you want it to go. There were quite a few sell orders I could have had filled successfully if I'd just given it more time. For me, it's best to place an order and then kind of walk away from it for a while...but that's something I have a very hard time doing, which is why I don't trade all that much.
For me is your emotions must be stable most importantly when the market is down, i have known people who usually sell their alts once they see that is started to dump, you know coping up and understanding more the flexes of trading wouldn't hurt if we'll do it. And of course don't forget this old saying "invest what you afford to lose"
I've learned so many things in trading, when most of the traders goes on that "hype", I go to tje opposite direction. And, I only trust my TA. Whenever I follow someone's prediction, it goes to the other side. Time and experience makes me a better trader, I've learned how to ise technical analysis and rely on my own indicators. So far, I trade smoothly until now.
That's a great strategy, see the news to do the next action what I have learned in years of trading is to have a stop limit, the volatility price sometimes could be really wild and unpredictable, so whenever something looked bad and it reach the limit then it's time to make a move, you need to be alert when you trade crypto
I know it is very good to share ideas with people and I love sharing knowledge, but the reason why I usually dint share this particular strategy in a public forum like this is becomes of whales, there has always been burning desires that want to prompt to tell people to do this from time to time, and if people decided to follow this strategy and see that it is really working, they will surely broadcast it, and you know that this might be what the whales are using to manipulate the market.
So the moment they see that their secret has already been exposed, they will change their strategy without you knowing, and in the end, the moment you tend to rely on the strategy is when it fails you, and there might lots of big financial commitment during that time. So I just secretly go to people’s profile and message them privately with this strategy.
So the moment they see that their secret has already been exposed, they will change their strategy without you knowing, and in the end, the moment you tend to rely on the strategy is when it fails you, and there might lots of big financial commitment during that time. So I just secretly go to people’s profile and message them privately with this strategy.
It's true, I have a friend who plays on the forex market, it's really terrible. When we incorrectly set prices, we will lose the funds. Trading that is still fairly safe is in cryptocurrency, because we can hold back when prices go down, and many predictions are correct. Since I got to know cryptocurrency, with a capital of $ 1000 I was able to get $ 5000 in a period of 6 months.
The best tool to trade is to always put the STOP LOSS for me and the first one gives the main and the most important so you can operate and trade with all the serenity
A stop loss is an important part of trading, but what I have noticed is that a lot people use very tight stops, and this is what market makers are happily exploiting by initiating large up/down wicks that trigger your position.My stops allow the price to wick up/down by 15% and not take me out, while those who place their stops at 1-2% are so easy to take out. On an exchange as BitMEX you're pretty much a deer in the headlights.
I learned this the hard way because I thought I couldn't lose by playing it 'safe', but the market taught me that I was wrong and I paid the price for it. Make sure you don't make the same mistake because stops CAN work against you.
What i've learned from cryptocurrency trading :
- Patience. With my background in forex, i have to be patient especially about entry positions. Why patience? IMO, coz in forex, you can get profit from buy & sell activities (2 ways opportunities). Meanwhile in crypto, you only have profit when price moves up (1 way opportunities)
- Knowledge. Technology about blockchain, technical specifications and lot' of other things.
- Informations. Projects that have indication to be a scam, useless projects and kind like that.
Yeap, that's what i've learned from cryptocurrency trading.
so far, I have learned that we must be calm, and not easily panic. besides, we need to take the right assets with the right information. so many specific things that need to be noticed before we step. Trading takes me into a more careful world in making decisions.
The most painful and most financially damaging lesson I have learned in my past 6 years of crypto-currency trading has certainly been patience. Even though I missed some opportunities due to the fact that I entered this sector in my high school years, I pushed some opportunities with the opposite of my hand because of my impatience. Because of my impatience, I traded many times at a loss, I was happy with the low profit margin, sold all my balance, and invested in various options that I thought reached the bottom because of my hasty behavior. Based on my experience today, if I had been trading at that time, I would never have been impatient or impatient and would never sell at a loss. I would like to make the following recommendations based on the interpretations provided by the six-year crypto-currency trading council.
- Do not log into this sector with debt money. Evaluate your unused savings here.
- Never hurry. Opportunity prices you think may actually be the peak of the coming days.
- Stop trading when you panic. All panic actions will only harm you.
- Don't invest all your money in one option like all-in.
- Do not log into this sector with debt money. Evaluate your unused savings here.
- Never hurry. Opportunity prices you think may actually be the peak of the coming days.
- Stop trading when you panic. All panic actions will only harm you.
- Don't invest all your money in one option like all-in.
What I've found an important lesson in trading is patience and being able to withstand emotions.
Yeah we should to have both of these elements so that our trades are not stiff and able to bring the profit as we want.
Yeah we should to have both of these elements so that our trades are not stiff and able to bring the profit as we want.
I leason a lot from trading :
- Dont be a gready person, to chasing a lot profit. Make sure you set the target and dont move it again went the target already reach.
- Dont regreet went you sell the crypto, but the price still keep going. Better sell early than late sell.
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