Topic: What motivates you as a trader? - page 3. (Read 1615 times)

Everything you've mentioned has definitely motivated traders to pursue trading despite of the risks and the market volatility it has to offer. And as long as there are people who claimed to have succeeded in trading and are now enjoying the comfort of their lives, then most likely a lot of aspiring traders will continue to risk in trading until success comes into fruition.

To be honest, I wouldn't recommend this practice to newbies because a newbie losing 10% of their invested capital would barely be able to recover that easily because they won't have enough knowledge about the market. Those who are new in the market should only buy and sell coins and tokens that are well-known so that they don't lose any money by having to use stop-loss. If you are new to the market, just buy Bitcoin, Ethereum, or any other famous cryptocurrency and sell it when it goes higher.

Those newbie traders and investors who are always chasing profits and because of that they are trading meme coins or newly launched altcoins, tend to incur more losses because they don't understand the movements of the market very well, so they make entries at the wrong points and when the price starts dropping, they panic sell and lose money.

So the best practice for new traders is to only trade famous cryptocurrencies and keep learning so that they can understand the market better and be able to broaden their trading horizon.

The money from there turns into Bitcoin.
Simple, just to be able to make a little profit that I then convert into Bitcoin as an asset. This is my crypto trading motivation, bro.
The little by little addition of profits from trading crypto coins will make me happy when the amount of Bitcoin can increase from several ways including from crypto trading.

Exactly if after failing you bring that learning experienced to do better, that's the time where you can possibly developed your knowledge and will give you hints when to position yourself, though it's not an assurance but can be use as basis of potential similar outcome that may take place, from that point, your anticiaption will grow and you will start to aim for more knowledge while you are in the process of establishing your own patterns and strategies, all will be concluded after you begin earning your success.

If bad outcomes gives you the will to continue imporving yourself, and instead of living with regrets but moving forward with better outlook for your potential success that's a kind of motivation that will lead you to become more reliable and will possibly bring you to the position that you are aiming for.

I agree that it usually doesn't end well.
Only through experiencing bad situations and climbing out of them learning something new and how to avoid them can a trader become better in what he does.
That's my opinion.

That is unfortunately the problem that many of the trades face, they do know what stop loss is, but they do not use it because they are too confident in their abilities. Not a lot of people use every tool available to make some money, you could use so much to be making sure that you do not lose money but they do not and they are usually the newbies, they do not check every box before they make some judgement call and because of that they end up losing some money to it as well.

I believe that we are going to end up with a loss, and we should be careful with it, I can't say that it is going to go great, we are going to probably face some issues and we should be more careful about it as well. We will definitely get better results if we know what we are doing.

I don't get how some individuals are losing all.their profits that they have made for the day, don't you know what stop loss are, and you should be using it to prevent this from happening. I believe you were still new to trading and didn't think something like that could have happened to you but I hope that you have learnt your lessons and next time when you're trading, you should put a stop loss on every trade as it'll help you in risk management and you wouldn't be losing too much anymore. Your stop loss should be at the price that it shouldn't be more than 10% of your capital and if it gets triggered you won't lose more than 10% of any amount that you have used in your trading order.

When you want to make money from the trading you do, of course you must first have the right ability and knowledge of trading, because it is very unlikely that someone can make money from trading without the right ability and knowledge of trading.
As a trader, of course, you must be able to control their emotions well, because everything can happen in trading and we must be ready for the situation, especially when we are experiencing failures that make it difficult for us to control our emotions, but by practicing often, of course, it will be easier for us to handle these conditions and I agree with you with trading will certainly make us more disciplined and patient,  Because in trading we must always monitor market conditions before making a decision.

Yes, the point is that we or a trader must always be aware of the risks, do not only think about the profit opportunities because it is clear that trading will always be a risky activity, especially when you fall into various impulsive actions due to being carried away by emotions or due to not being able to ignore greed for example.
When you treat trading in that way, I think it's the same as gambling, and as you experienced where you continued the session when you had already made a number of profits, I think one of the reasons is because your level of discipline decreased at that time which was caused by you being too focused on getting a larger amount of profit which encouraged you to make decisions at the wrong time.
Therefore, this is why a trading plan must really be owned and maintained by a trader, along with maintaining discipline in the sense that when you have reached your daily target, stop.

Everyone must have motivation as a trader, and I believe the most important motivation is money. All traders definitely want to make a profit so they can make more money by becoming a trader.

But there is something else that motivates me to continue trading. I am more interested in trading psychology because it has an impact on myself. Trading activities in my opinion are very good for training patience and emotion. This affects me to have the ability to control myself and changes me into a more patient and disciplined person.

I go with that kind of motivation if you keep succeeding in whatever patterns or strategy that you are using, it will lead you to keep pushing your interest and will allow you aim for more, though that's a good factor but without good emotional control it might ruined your chances, you just need to stay with how you design everything that might keep you on track of your potential benefits. That will allow you to prevent or avoid any exceed greediness that may lead you to fall and made a big mistakes.

Yea, anyone that choose to be greedy or take a harsh decision on their trade must be ready with the stomach to accommodate the outcome of their actions. Months ago, I created a thread regarding how I allowed myself to lose the previous profit I made from my trade and the cause of my lose was because I made a bad decision. After making some profits earlier, I should have stopped and repeat back the next day but I didn't stop and that was what resulted to me losing all the profit I made earlier.

I think that's what majority of the traders are the topmost motivation. If you trade and succeeded, you will earn decent profits that will lead you living your life comfortably and with great convenience doing trading even at the expense of your home. As long as you know how to trade with an advantage, meaning you trade with high knowledge and with highly working strategy, you will definitely achieve your ultimate goal in trading, which is to make consistent significant income more than what you made from your day job.

Yes I also understand about that and it is true that there are some difficult parts where practicing is always much harder than saying, and also the problem is yes as you said that sometimes we do not realize that we are implementing greed, and that does happen, I will not say that it is the right action because in the end it always leads someone to regret, but as humans sometimes we are not always aware of what we are actually doing.

But on the other hand I still think that incident should not have happened, or not happened to you too often, because after all as we know that in trading someone must first prepare everything such as planning and risk management for example which one of them is implementing take profit and stop loss, both of these things have an important role to make you stop at the right time, meaning I believe that traders who always find it difficult to ignore their greed are those who do not implement the planning until they are finally carried away by the flow of greed.

And like what I've said it brings regret after, upsetting your own position mostly happens either you overexcite yourself with the market movements that influence greeds inside you, though some traders manage to work well dealing with fluctuations and they really love volatilities and some successful traders has been motivated by success and how they keep working adding knowledge about the market and makes them more profitble along the way.

Nothing is really easy at all. I remember also telling about my condition at the lowest point in my life on this forum. But I forgot on which topic I wrote my reply and wrote about my experience. But what is certain is that the situation at that time really left me without many choices. But I used my capital not only to enter the market, but I even entered study classes and found mentors and I even got into the situation of sharing material insights related to trading with other people to get additional capital. I started with small capital so I didn't worry too much at that time.

Sometimes at our lowest point we can take quite reckless actions. It's just that being brave doesn't mean you have to be careless. We have to start with the right stage. In my first year I experienced quite exciting ups and downs. But in the second year and beyond I started to find stability. when I started to get used to emotional management, money management and risk management. I even began to understand that technical, fundamental and sentimental analysis can sometimes be wrong. Because in the market there are games being played that make the market difficult to predict. But we can understand market habits as we spend more time in the market each day.

Thank you brother for the suggestion. and actually I'm always happy when someone gives me advice.

Greed is not always that easy to stop, sometimes you do not realize that it's greed and that's why you do it. I understand that it may not be that great, but it can be done and I think that's the whole point. I believe that we are going to see a potential profit somewhere and we will try to take it but it is not going to matter that easily. This is why we should consider maybe putting up something like this and could make some profit from it as well.

However, it ends up being a loss because we do not realize that we were too greedy and went too overboard with what we should be doing, which causes us to lose a lot more than what we should be earning.

I believe that it will get to a point where we will be doing fine, without any of these issues, we just need time to fix out mentality about it. Greed when it's done a lot is a bad thing, but greed when it's done in a sensible way is not that bad and could be a great thing to do, I believe that we can make that better. We should consider this as a good thing, we can't really assume that it will be that great or terrible, it won't be that simple and we should be considering this as something that will take a while and can't really be done easily.

Yes you said something right about the impact when we are unable to ignore the greed that arises in the mind, simply the point is greed will make someone lose something they should have gotten before, so never try to exceed everything when it has become your portion.
I understand that we never know about the right portion size, but by having a plan and being realistic I think you should have a plan about when is the best time for you to stop and secure profits.
Actually on the other hand it is okay to apply greed as long as we are able to accept the fact of regret, but in most cases the majority of them always find it difficult to really be open-minded, so it is better to be grateful for any amount of profit as a form of appreciation for the efforts we have made in analyzing the market.

so you decided to trade because of the difficult situation you and your family are experiencing? how do you put yourself at greater risk when you are under pressure and you choose to trade crypto?
I'm sure the process is not easy and also not short until you say you get quite a lot of results.
so you are an online worker? you can do everything by always being close to your family. I just hope you have good financial management for your trading. don't let your other businesses become donors from the trading you do. the trading you do must generate its own profit.

Exactly, greed also can make you not to accept the initial profit that you must have already earned. Greed can make the trader to overstay in a position that they are supposed to have exited and take profit first profit but because they are expecting a huge profit, they will not exit the trade until they lose the first profit. Greed can make the trade to use a big lot size or a leverage size.