Bitcoin Forum

Cryptocurrency is really unpredictable. It can go to peak at this moment and drops $4,000 tomorrow. It can also be stagnant for the whole month or so. In this i learned that you shouldnt speculate much about its price bit rather put some goal price or margin where you sell it whether you like it or not. If you dont needed the money yet then its better because you can wait longer than others. With this you cant avoid greediness and earning depending on your goal price.

A trader who trades without a goal is more of a Gambler  ;D

It's true that Cryptocurrency market is unpredictable but there's a reason for it to pump right and it's clearly because of Libra Coin were the world of crypto shaken as FaceBook will launch its own one. There's always a reason for Bitcoin's price to grow and there are a lot of things that will still happen. Waiting for the 'Halving'  ;D

I have a plan on how I trade and when I trade but I trade as opportunities are made available. We only make money if we buy at the right time and sell at the right time and not have a good plan or goals. Setting goals on trading is not what I like to do but I do focus on my trading strategy and look for assets to buy that will turn profits. There is nothing like overtrading we only have a deficiency in interpreting the market in other to make informed trading decisions.

the first thing you need to do is to make up your mind whether you want to talk about cryptocurrency in general or bitcoin. because things are very different and you can't use one strategy and goal for the other.

that is a very bad strategy in my opinion because it is incomplete.
you MUST speculate while you ALSO set percentage targets for yourself to cash out. in fact you can not place those percentages based on your liking! like saying I like making 100% profit so I will sell at 100% profit!!! that doesn't make any sense and it will never end well because you would be gambling.
instead you should speculate and see if 100% profit is even possible and then set it as your target. it is like a ladder you can't skip the first important steps and want to jump up to the final step!

I do have a goal, I have a specific number to be exact to stop working ever again and retire. I can't give you the number right now but I can tell you its not even that big, it is less than a million dollars.

All I will do with that money for myself and for the future of my children is to buy real estate for sure, I know it sounds old style and it doesn't make sense to get that in these days but unfortunately in our current monetary system I wouldn't want to have a stock or crypto or fiat because in the end all of them can be ruined by the governments wild actions in some country whereas if you own a house, you own a house and nothing can change that unless you live in a weird dsytopian future where governments can just seize your house for fun.

That is why I calculate and in my country if you own 7 houses their collective rent pays for the 8th house easily (and leaves some to you, its actually 5.5 houses that pays the 8th house) which is why I believe that would be the threshold to stop working, you can literally buy a new house with the rents of the other houses and keep doing that until you die.

Every trader should have a goal, strategy, risk management, and money management plan, if not then they should not be considered as a trader, they are just gamblers.
The goal a trader should set on the base of their strategy and risk/money management plan. Stop-Loss is a must, otherwise, traders will face "drops $4000 tomorrow" like incidents due to the volatility.

Having a goal target being a trader is one of the good traits if you are one of the player in crypto trading.
Because in my observation, most of the traders are just come what may only, and depending their profit too to their
luck instead of skills must be apply.

First of all mate there’s no STAGNANT coins or tokens in crypto market not unless it was being Abandoned because the volume will surely move even if it’s a little for month
But I agree that we must have patience if we really want to profit here,since the volatility is our ally that can bring us fortune specially when the market isn’t moving up and down
But there are also a good profit if you can predict which coins will go up and down in this kind of scenarios and from this experienced traders bagging good amount of gains,though for us non experts this is one risky thing that may bring us to failure

That is correct.
The problem with most of us here is we regret every move that we make or choices that we did.
That should not happen.

You sell at a specific price then you should back it up whatever happens.
Now, the question is where you will buy back if you are not entirely in withdrawal for cash.
There should always be numbers for it and not just blindly clicking where and when.

For those who want to take advantage of the price swing, it's really not necessary or must set a "too much" price target before executing a certain strategy because that might wrecked them. It's applicable to all coins whether their volume is performing well or not.

Before anyone got mislead, I will say again, "too much" of the price target.

Responsible trading should always be done whatever the circumstances. If we saw profits and anticipates based on their own research and study that they can make a re-entry due to possible dip, then execute the sell order. What if the price goes up more? Then make another set of strategy and etc.

Obviously, we will experience different situation and scenarios while dealing in trading. Don't be afraid to make mistakes. Instead, take that as a reference and do anything not to repeat it again.

Usually if a trader never made a goal or target profit before he does a trade then he will ends up with greedy. It was happened in my life when I was newbie to trade, at that time I need a huge profit with small capital so as I just let the price up and never sold it if the profit that I got haven't reach that I wanted.

Even though the movement price is not always up, there is a time when the market facing a correction and I never thought about that. So, I never got a profit at that time, most of trade I did just ends up with lost. Eventually, I read several experiences from the trader expert and I realized that what I have done was wrong. I should make a target first and make several entries to get the profit that I wanted and it's work so far.

Perfect, but that little thing that looks tiny there, I totally dislike it because it is the most dangerous strategy you can ever apply to trading, which is margin, if one is to completely have zero tolerance or record for greed with all the vital points that you have mentioned, I think one really needs to abstain from margin trade completely.

For the rest, it is necessary that we really set goal, which is why I strictly trade on platforms that I can use to apply tools that will help me, like stop loss tool and take profit tool, because it is not also every time that I will have the chance to follow trade all the time.

Like recently, I already saw through TA that it is like bitcoin crosses over $12k plus, so what I did was to automatically set my trade down to take profit at $10,800, and my trade was executed while I was asleep, although the value went above that, but I still did not regret my action.

Guess what? "Experienced" traders also got caught up with FOMO and shit. Almost all FOMOs nowadays are already packed up so it looks like legit real.

Yes, dreaming is fine but just keep at the reality where you should not be greedy and keep up with normal place to earn money. Sometimes you have to go with slower mode just to get something good in the future.

Yea you're right anyone. Who is trading is meant to have their goals and once you have accomplished those goals it's then up to you to decide on whether you want to continue or to first take a quit and withdraw what you have got already. Mainly what I do is that I don't speculate much on what the price is going to be, I set my target low and once I have accomplished that, I look if there is still any possibility for the market to go further and if there is, then I will continue to where it stops before taking a quit to get back in later.

Yes Its True!!!!!!
nCash Outperforms Broader Altcoin Market

https://cdn-images-1.medium.com/max/800/0*DVJL2JacmAXqggsz

Nucleus Vision nCash is up roughly 21% in today’s trade, breaking the downward sloping trendline on a weekly basis. This is the second week of the token performing well despite the overall sluggish movement in the Altcoin space. The fact that nCash is up despite the money majorly flowing in Bitcoin, hints the investor confidence.

Increase in price is accompanied by a sustained increase in the volume thereby negating the pump and dump possibility. In simpler terms, correction in price is gradual unlike in pump and dump cases where the surge in price is short-lived followed by a quick dump.

A move above the immediate resistance of 0.00000037 would take the token higher to 0.00000049–0.00000050.

The past quarter has been an active one for Nucleus Vision with the company making progress on several fronts such as working with Arvind Fashions deploying their sensors in brand stores like GAP, Nautica & U.S. Polo Assn. The company has successfully set their global footprint in the retail sector and has one of the largest crypto communities in the world.

That is what you need to do if you want to make money in trading. You need to think about what is your goals in trading, how much you want to make a profit, how long you should trade in a day and else. You will know that we need to learn more about trading and that will not easy because the cryptocurrency market is fluctuating and you cannot always make a profit if you don't have enough skills.

I think it is good to have it on investment but not sure about trading. I mean it depends on the type of goal, like putting %10 each trade for profit and loss is good idea for example but having a goal like "I will stop after 100 bucks profit" type of deal is not a good idea.

Difference is one of them is a professionals way of not going overboard with one trade whereas the other is just quitting when you have enough money. That is why if you are going to do trading every day then you should be putting goals for each trade instead of yourself, do as much trade as you can with the money you have but do not be greedy and get out when you can plus if it goes down always have a stop loss so you do not lose too much. If you do all of this the right way then you are already at the levels of professionals.

Setting target is great, but Trading with target still depends on the project and its volume. Sometimes when you set a target, you may still have to be flexible with it because not all target will be met, that is why I said it also depends on the coin. Imagine someone trading a coin that is 0.0001 and setting his target to be 1usd, he may never get that target till eternity, and that would not mean the coins is not performing well.

If he has a flexible target and the coin increases to like 0.02, that is more than enough to have given him profit to move on with his life and to next project, except it is a project like bitcoin that one can really be sure of his future, then we can be rigid about our target. Personally I don’t set target, once I see an increase, and I feel its ok, I move on to the next one, I don’t have to be greedy.

Trading with goal means planned economic growth to my mind and economy is something that can't be planned because a lot of thing can affect it and especially when we talk about bitcoin which has very unpredictable price. For example if you plan to get 10% profit from bitcoin and great rise has started, if you sell bitcoin that time and get 10% profit, it may be bad because you missed a chance of better profit. You have to make actions in live, decide whether is chance of profit, when to stop, when to continue. Price rise can affect it a lot and if you planned something and your plan failed, in any way you have to move on another one while live actions without plans can bring you better opportunities.

Trading without any goals is just like going to a place without any direction or into a complete void.Its dumb to believe that someone
who are engage with trading doesnt have corresponding plan even having that hodling thing is already considered as one.The beneficial thing
on selling on profits on shorter time frames do really have the advantage compared to longer ones but well the important thing on here is on
making positive neither which one of the ways you are using up.

I remember someone saying "Failure to plan for is like planning to fail" or something like that. I would understand if its a long term investment but even if its a long term investment, you still set a goal like how many years you plan to hold on to it, unlike short term trading or day trading you set a goal by percentage and it should be an attainable one. 

Without a goal how will you benefit to what you've been doing. On trading, goal is really a must or a target profit. You can't predict the market, it can go up or down anytime. Don't dream for such an unrealistic profit. Speculations doesn't happen always or it is just a hype imo.

The OP is from June.
But since then a lot of things have changed.
But whatever the OP has said, is 100% correct.
While trading it's really unpredictable whether the price will go high or down. So it's always better to play a safe game.
If you want my advice,  then i can say that,  always go for stable coins.
They will really help you to prevent from losses.

The most important thing when trading is to set a goal for ourselves. If we look at the movements of many investors, we will come to the conclusion that users who do not have any targets or who do not close positions despite their current target as the profit margin increases are always harming. In particular, if we look at our own transactions, we will come to the conclusion that all of our failed trades are in fact our target. For this reason, I think that there should be specific targets for every transaction and every investment and I definitely set target sales regions for myself in all of my trades.

price can be unpredictable because many factors influence price and many have different views and obviously whales play a lot with, we should be smart enough to know when to exit and take your profits and save our profits and not to risk a lot in hopes

You are very right, Everyone sure have a goal, without a goal, there is no way they would have even take step to put in money for investment, we all have a goal in common, and the goal is to make profit, but making that goal a realistic one is usually the problem with people and this is one thing that I have also learn to overcome through several experiences that I have had in the little time I have spent in this cryptocurrency industry.

Many investors are overzealous about the system that they forget to face reality sometimes, and it is when they are able to face reality that they can set their goal right. One thing you mentioned that struck my mind is dreaming of unrealistic profit, and I think it is greed that usually cause this, many people wants to sow little and earn big, it is just like trying to reap where one does not sow.

Setting a fixed target in trading is a very good thing for investors, it helps investors have a clear orientation and a profit-taking point or cut loss to preserve profits. The market is recovering so investors should have a strategy to make a profit for themselves.

When it comes to investment in crypto, you should never expect a steady rise or growth in the value of your assets. I believe that it is both risky and lucrative. It is more about patience and believe when you have put your money in Bitcoin. Altcoins are more lucrative and could give back good returns. It is always good to have a straight plan throughout the course of your investment.

Have our plans work well? It maybe is not and we need to be versatile, and to look at another strategy that can comply with our goals.
I believe there is a perfect time for us individually and yet surprising. But of course, we should never be excited cause we don't even know when it comes and to be prepared at all times is something we must do.

it is a business of patience. you don;t need to rush the market. it take time. anyone that can handle FOMO Will definitely survived this crypto business. twice i have fallen for it. buying a high price in NEO and eth last month.  i wonder when i will recover from such money.

The best goal for crypto trading is not to sell the coins in a loss. There are lot of times when altcoins and bitcoins dump a lot and we get nervous and less everything in a loss. This is the biggest mistake any trader can make.

I think that it's better not to start trading unless you have some goal that should be realistic and adjusted to your limits.
If you have a goal, you have the focus and it's easier to achieve what you want but all the time you should be aware of risk and you have to listen to the market and what is happening so that you can adjust. And always have enough patience and cool head, that is very important.

I think most traders have their own goal settings in the first place some of us do trades because they want to trade because the price was enough already for them to earn the profit, while some do it because they have to since the market is in the right setting to take some profit. And i think that would be the difference between their goals.

Not unless the price hits your target cut loss, then you have to sell on that level. The goal in trading is to continue making profit despite of the trend, and despite of all the mistakes that we had on our past trading. Goal is very important because it gives you the direction on where to go, trading will be more effectiven if you focus on your goal.

Right.It's good to have a goal first that is attainable before starting to trade so you will be more focused and knows how to make trading end up profitable.While others just keep on holding their bitcoins for more longer years,i suggest that you trade your coins when the market shows very positive price to trade and then buy coins again at its favorable price.

I think I am still making that mistake even with this current price, sometimes when I trade and I see that bitcoin has climbed $1k increase, I still continue to hold for more profit because I don’t have any goal for my trade which I think I need to start abiding by, because of this lack of goal, I have lost lots of opportunity to make profit within a very short period of time, and you are very right, this is usually caused by greed because we want that investment of ours to have a big catch before we remove it but we forget that the volatility of the market makes the movement of bitcoin and any other cryptocurrency really unpredictable, and no matter the level of knowledge that we have about analysis tools, we may still never get it right.

I think if you are go with some goals then it will definitely not successful in most of the time because it is like emotional trading once you need the money in your trading then you will definitely made some mistakes so I think sending the gold is ok but don't force yourself to achieve that.