Bitcoin Forum

Many do say that they lost huge amount on trading. The best i can suggest them is to have more patience and confidence besides investment if one pitches into trading or already into trading. More patience and confidence will make one think wisely and take better decision. What are your thoughts and advises on the same to traders?

Common and been repeatedly said for how many times but this is indeed effective but the fact or in reality this is the hardest part to be done when you are caught in the middle of the situation.Its easy for someone to say to you about being more patient and confident but as the day goes by you are struggling on the stress on what the market gives to your which there are really times that you cant really think off clearly.

My thoughts? These traders should quit (probably best option) or invest some funds in a bot that will do the trading for them.

People are horrible traders in general and shouldn't mess with actively fluctuating markets. Bots allow people to not have their emotions form an obstacle, and also trade and think much faster. It's not for nothing that the market (especially in the current year) has been flooded with bots, and they dominate the market with iron fist right now. Only suckers trade manually, especially when it comes to day trading.

Important note; in case people do buy a bot, have a programmer at least check the code to see if there is anything nasty the seller of the bot left for you. API key attacks happen from time to time so it's definitely something to take seriously.

Patience and confidence are good advice, but the most important advice, in my opinion is:
1. Study all the necessary information. This is both technical analysis and candlestick analysis.
2. Draw up a plan for buying and selling before you start trading. And you need to follow it clearly.
3. Be aware of the main news of the crypto world.
Compliance with these rules will minimize the situation when the trader is forced to simply rely on his patience.

Patience and confidence can lead to worse condition if you don't know what you're doing. The most important thing in trading in knowledge. A lot of people (including me) jump into trading without proper learning. They become so excited, feeling they're genius, goes straight to exchange, start trading only to lose money not long after. I emphasize: learn and gain knowledge.

Patience is just one way of making your trading/investing successful but of course you must go beyond that. Trading requires a lot of skills and strategies so you must also learn how to read charts and how to use indicators, this can be your great weapon in this market.

Patience is the key to be a succesful trader but you must do a research before purchasing your token because there are lot of scam coins.

There are no guarantees that profits can be make, only a level of high probability, patience is helps increase your chances. trading require a lot of skills

Patience depends on the type of trader. A long term trader needs every patience  in the world to succeed while a day trader would like to take opportunities quickly and restart at different entry points.

I don't use short trading, its risky and dangerous. I am more confident for long investment. This may give me huge profit in the future. Further, volatility is annoying, if you didn't ride good surely you will be fall to the traps.

I would advice trader to write down all the mistakes they made before and put all of them into consideration for amendment. Kill greed off, always trade what you can afford to lose, do not use emotions to trade as well.

Get yourself acquainted with happenings around Cryptocurrency on a daily basis and trust your instincts

When you talk about patience and trust, you talk about emotions; emotions are not easy to control, especially when it comes to profit and loss.

My advice is that you have to have a solid plan and strict rules before you trade so you will not sell unless you reach a certain point as well as buy.
Joining the market solely for profit or fluctuating prices is a failed plan, and you will lose your money soon. Also, achieving gains does not require the amount to rise to $ 10,000 or 100,000.

Play smartly or leave the market 8)

All these that were mentioned are actually acquainted with knowledge. Someone with enough knowledge in trading can easily gain confidence that his move will not give a negative turn around and the patience to wait for the right time to execute his move. He/she also will have no trouble in setting aside his/her emotions. That's why professional traders do well with their trades.

A very important point I would like to mention is that crypto trading is not everyone’s cup of tea. You should consider the amount of time you need to spend along with the amount of course. Crypto trading is not done on daily basis, but on hourly basis. You should be aware of the changes taking place in the market every minute. Then you also need to have some experience in order to be successful.

If you are not new to cryptotrading,it is better to identify several trading pairs in which you will participate constantly. For me personally it relieves headaches,I'm always sure my tokens will ever come back with a profit. Naturally it is better to have a lot of such pairs to trade,rather than one or two.

The rules of money management are one of the basic principles that traders must include in their trading plan. Only in this case they can effectively protect their capital in each specific transaction. One aspect of this rule is the risk / reward ratio.

One of the distinguishing features of successful traders is that they create trading systems that match their personality. What works for them may not work for you. But that does not mean that you can not learn their trading strategies.

Yeah the usual thing. Everyone keeps sharing that they need patience and confidence but to be honest I have observed that people dont keep their words by themselves and go on loosing money. Know how? Because they loose things in very short period of time and as soon as they see the market is dropping hard they will loose their own control over the crypto trades and may end up loosing money over the time. Believe me, these could be the same people who talk about the patience and confidence. Honestly speaking, how many people do you really see successful at the trades they make? May be less than couple of thousands as whole because only few of them can master themselves in trading skills.

Bitcoin trading is very different from forex trading, in forex trading we only know the terms long and short but trading only knows sell and buy, so don't be forced, to trade on a positive market for example we buy cheap prices and sell at prices that are slightly more expensive than the purchase price caused by market influence.

The absolute most important advice i would ever give to a new trader is practicing good risk-to-reward-management. It may be not as sexy as learning how to read candles/analyze indicators etc, but taking good R:R-trades is one of the most important aspects of trading. Yet it doesnt get discussed as much which boggles my mind.

If the person is really good in understand the value and marketplace movement of the price before the price changes occurs they will be able to make the work well and profit will be in their hand finally.
This is the problem for many traders as I know.
If they erase negative motive and work on higher to move up in the market. You will be profitable for sure.

Patience is not what you need as a trader, knowledge is what you need. For an investor, patience will work but as long as you are trading, you are going to be making short term decisions in the market and you definitely want to know what you are doing such as when you should be entering a position, when to be taking profit and when  you should be stopping loss.

Good point, knowing the balance between risk and reward can be valuable from this investment, if you know how to summed up both things and you are willing to take chances then result can be better, knowing how well you can take the risk and how far and long you can wait will make you a good investor / trader, it's not all about how much you invest but also how good you can assess and analyze things that can go as a results of your investment, being ready
will give big difference and can give some protections from your initial investment.

Research and knowledge are most important things. Using common sense and creating your own strategy you feel comfortable using. Don't get fooled by emotions.

Not only confidence and patience but also many other things are required for a trader to achieve his goals.
He must have the skills and knowledge to pertain his goals. He must be able to plan and strategise and then trade accordingly.
He should be determined in order to carry out the trades effectively and hence not be a part of FUD, FOMO, pump and dump etc..

This is a wonderful advice you just gave out now. Its also important as well to have some qualities of a good trader like being consistent, been less greedy, having a good understanding of the market and also being disciplined

If the trader has already entered the deal and now doubts, then he needs to understand why. Perhaps his doubts are justified and the situation on the market has changed, so it is probably better now to close this deal.
If, after analysis, it turns out that everything is in order and the trader is simply groundlessly worried, then of course the best that we can be advised is to be patient and confident.
Yes, and in general I want to wish all traders will learn to better control their emotions, because emotions often do not allow us to act reasonably.

i have to disagree with you ! people are the one who invented these bots and  having  emotion doesn't exclude humans from being able to make right decisions . Trading is more like art than just some mathematical operations. people panic and if you know what you doing you will use these emotions in your favor , bots can't detect when people give up they are just tools helping us make a right decision.

My personal advice, - be aware of most common trading mistakes:
1. Little Preparation or Training
2. Being Too Emotional About Money
3. Lack of Record keeping
4. Anticipating Profits
5. Blindly Following Mechanical Systems
6. Not Learning How to Short
7. Lack of Specialization
8. Improper Timing
9. Placing Improper Stops
10. Not Calculating a Stock’s Risk-Reward Ratio

Trading is you need more research by your own don't believe those pump and dump groups or even those groups having a trading signal most of them are having a delay on their broadcast that makes members mistake in picking good coins.
Indeed, trading is good it is a profitable and easy way of making money online.

The thing you need to think about trading is, You needs to set yourself some limits before you start such as how much you can afford to lose, and at what point you will quit trading once you have made a profit. Establishing these limits and having the discipline to stick to them is the key to your success.

Aside from the money you should invest time, Time to hodl for the token, patience because no one can ever tell when the bitcoin or token will pump or dump, and effort to check the movements of your token

Before jump and put money in to crypto trading, we should be have monthly target profit , and whenever we made 100% profit, the initial balance should be withdraw in to fiat and use remaining 100% profit to trade again. By this way we can minimize the risk incase in others trading loss. FOMO and Greedy is big enemy for all trader and we should always try to control this emotion. Risk management should become others most important thing in trading that we should always use it and never forget it.

Risk-reward management is just a part of trading and it is not the only thing you can make use of when it comes to trading. The advantage of reward:risk is that you based on your analysis, you tend to measure the level of loss you are willing to attain based on some certain criteria compared to the level of profit you are going to get if peradventure you trade goes through. Analysis is still very important and you cannot do analysis without at least learning as much as you can to have a strategy.

Not having any trading plan or strategy at all is actually the main issue that a lot of wannabe traders usually have. They tend to just believe that they can just assume the market and it is all about game of prediction as long as you are at least buying low and selling high which is the result of emotion kicking in most of the time.

Trading is a whole lot more than this, and it is something that should always be done with great deal of knowledge and some experience to be able to gain confidence in making market decisions.