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Hello Everyone !!

So, Here are the Few Tips or Say Rules that Which i would like to share with you !

I know many of you might be knowing it already for sure , but I don't know how much of you guys are following it !!😄

1 ) Never Go With Full Amount in Single trade ! We can never be full Sure, Whatever the TA/FA is, it doesn't matter !!! Never invest More than 10-15% of your total Portfolio in Single trade ‼️

2 ) Accept Losses ! Yeah it's a part of Game Man ! Many of us don't accept small losses & then it becomes so fucking Huge that they can't even think sensibly further & then just Starts Gambling !!✅

3 ) Never Go for Revenge Trading : I have seen many times that when Even a Small loss happens, many of us will just go with double Amount in next trade just because we can't accept loss & wanted to recover that with injecting double Amount ! It's really Silly Boys !! How you can be sure that your that trade will go on perfect way 100% ???

4 ) Don't Try to get Rich Quick !! You will get REKT FOR SURE !! U can takeit in written from me !!  So Just STOP GAMBLING, If your really Want to just Try your luck, better go For the Casino !! 🎲

5 ) Apply Stoploss & Trail it whenever coin goes up ! I will advise you that whenever any of our call / your trade goes 4-6% Up bring your stop at Entry & Secure some Profit then keep raising Your Stoploss with Raise In Price of that Coin !✅

6 ) STOP DIGGING IF YOU FOUND YOUR SELF IN A HOLE ! It means Don't just keep adding your funds On losing Position Just with a hope that It Will Turn Around & you will become a Fucking Rich !🚫

7 ) Go with Flow !! Don't Trade against trend !! You Can't Just Go LONG because it DUMPED & can't go For SHORT Just because it PUMPED !!📈📉

So Guys, This is all i wanted to tell you !! This aren't just lines, but this is what I have Experienced Myself In Years of trading !! I Hope At least few of you Will Follow this !! So At least my Time for Writing this All will Not Go in Vain !!😅

Wish You All The Very Best !!

Common Mistakes to Avoid while Trading: https://bitcointalk.org/index.php?topic=5246443

Very well said, especially the number 4 and number 5. They really important, especially the stop-loss for our every trade, because I believe there is no trade 100% every time, so it will always safe to set our stop-losses for every trade we do. Risk Management is important and being greedy is very no for me.

Those all tips were useful and have a sense for a trader. But i am just kinda hesitant to agree to that last tip you had mentioned;
 
 
 We just don't go with the flow. What i mean is we are using technical analysis to know whether to ride on the trend or is it just a bait or a trap to go out with that trend. I hope you know what I mean.
 Sometimes, following the trend is not advisable especially in margin trading where liquidation is around the corner.
 
 On the other hand,  all of those tips shall always be remembered as I will admit I have wrong actions in trading, too. Trading is hard to handel, but if you don't experienced losing, we must accept breakthroughs so we maybe able to bounce back with confidence to become a good trader.

Probably the OP can add having a entry and exit plan, some sort of plan of action. So if you are like going to go war, you need to understand when you are going to enter and when to exit, timing is everything here in crypto. You might see some dips and observed it and if you see that there is a lot of pressure already and the next break out run will be an uptrend they go enter. And then after sometime, when it is on top, then better exit and then some profits, rinse and repeat. So you need to understand where is potential retracement and upside levels.

There is something about understanding the emotions of the market; and also learning how to identify a market trend.
Before you can prevent trading against a trend, you must learn what a trend is.

I will summarize a trend to be the emotions of the traders on a particular trading pair chart; you need to be able to understand a stable and panic trends on the market; to guide your entry and exits points in a trade.

Also, you need to have it in mind that losing a trade is not a big deal, but getting more   profit is the goal and most important.

Very few people are profitable and most of them fail and lose a lot of money. So if you are serious about this job, I recommend that you carefully study the knowledge before trading large amounts of money. and of course the house will usually have a lot more advantages You are a trader and you must follow the rules of exchange to join the game. Therefore, the possibility of new losers is very high and mainly due to psychology.
So my advice to newcomers who are curious about day trading, should choose the amount you accept to lose without affecting your life. That's how you can learn the most from financial markets.

One thing will make you a "pro" trader:

A professional is defined by devoting 10k hours to his passion. Time, and study, and practice will make you suceed.

These are important for a trader. I see two points all together here as number one and four are saying the same thing. Also number two and five are same two.

Before a trader becomes successful, he or she needs to understand the above points stop loss helps to get you back to trade when you lose the first call order. And if you don't try to get rich faster, then you won't go in with your full amount in a single trade.

One has to remove emotions away from trade as with every investments.Emotions can blurr your sense of judgement. The best trade strategy can be marred when the trader is all hyped emotionally. It is helps to create an exit strategy for every trade and cut loss early.

Great tips,OP.I'm sure that you copy pasted them from somewhere. ;D
What the hell is "revenge trading"?I've never heard that term.Is it when you lose a big amount of money on a price crash and then you buy lots of the same coin,in order to have your "revenge" over the market? ;D
Most of the tips are just common sense,but I can't agree with the "go with the flow" tip.If you go with the flow and you follow the crowd,you will always have average results.When the crowd starts panic selling,are you gonna "go with the flow" then? ;D

Inexperienced is one big factor in making mistakes especially when getting FOMO and entering to a wrong position which would dump after.
A good tip from the OP is to diversify your portfolio and never go all in, it's nice to wait for a confirmation and to buy the currencies that could potentially pump that you've throughly researched.

Don't chase the price if the situations are not possible because that can lead you to buy at a high price, and you will be hard to sell in a short time. Always to analyze the market before you buy or sell, and try to figure out where the market wants to go because the market will always move from time to time. Those 7 things are recommended for every people who want to be a good trader, but they need to have good control for themselves because we know that many traders have lost their mind when the market moves to the unexpected range that we don't know.

We will panic if that happens, so in this case, you need to have control to calm down for a while so you can arrange or make another strategy that will match with the current situations.

You have just listed out the sumary of the basics of tasks that a newbie or pro need to become good and conquer trading.
But do not forget that in trading, there are losses in profits, and profits in losses; having more profits and earning should be core watchword.

I have a typical  educative topic here. The right mindset needed for all traders (https://bitcointalk.org/index.php?topic=5238346.0)

I agree with similar comments which highlight how these points are the obvious ones a trader irrespective of the level they're at should be mindful off. However, just by respecting these points doesn't mean that you'll always get profit since reading the trends accurately is all base don practice & experience.
This is especially applicable for new people looking to start trading but without any prior knowledge.

I do really agree with most of your inputs and in addition, one thing that is worth adding is that traders should not be too greedy, take profits before the market goes against you.

Yes, those are good strategy or techniques to become a good trader. But if you are already in the situation, I cannot guarantee that you will make that all. Since people are also affected not only by price but also by their loses. I can say that we can follow some rules but not totally at all. However, those can help a trader not to be affected by emotion when it comes in trading.

Even if the OP is newbie, seems that he already learned a lot in crypto trading. And being greedy is the most common reason why a lot of traders end up badly in trading. Aiming for more and not being contented results to bad results. Guess that's because it's human nature.

This do shows how impatient a person is when it comes to these kind of decision making.Never chase up and trying to recover your losses.
Always find an entry point and exit point everytime you do make such decision by your means of analysis.If you cant see any opportunity then
dont make such step because you are just simply doing gambling. Greed is one of the enemies or problems when trading. Set out a specific
goal profit on a certain day and dont ask for more if you cant find any opportunities.

If you already know how to accept defeat and failure, that's when you will get more stronger and aware about trading and gambling. Losses are the key to open our hearts and mind about the reality of risking our money just to earn a profit or lose it. There's no certainty in gambling and trading that's why as much as possible, all transactions should be your best shot.

But I know that huge losses can be really upsetting and that's where your self-discipline is needed so that you prevent having long-term problems about trading. Gambling will also bring you much larger losses compared to trading so think carefully what you should prioritize and focused on.

It seems you have covered all the major points in this post to become a good trader. I liked mostly liked the 4th and 7th points. Most of us someday or another has committed the mistake mentioned on the 7th point. Trying to trade against the flow and realizing after getting rekt what a big mistake it was. For newbies the 4th topic is important do not enter if you believe that you will become rich quickly or even become rich. ;D

Im aware about these tips but its good that once in a while we remind ourselves with the things to keep in mind if we trade.

Accept losses and dont try to get rich quick are the best part for me to apply if I trade. Sometimes losing is inevitable even how hard you try to have a strategy and doing analysis. On the other side there's no such thing like getting rich quick in trading, if you want to succeed its step by step and no shortcut. The longer you stay here, the chances to become a successful trader through your experience and knowledge.

^ Definitely right, these are all useful tips and I appreciate it because it reminds me of what I am not before. Every single move can really be a make or break to yourself so always take precautionary measures every time you join trading as if pro traders also lose at times. Always bear in mind that luck can be our ally or it can be an enemy that will possibly break us in the end, better to hold on all these tips for it can be your tools to minimize the loss in this game. Nevertheless, good tips OP, you did a good job.

Yeah, we already see that many times. In the first time they enter the market, they can control themselves, but then after the price start rally, the traders become greedy, and they want to chase another profit. Some traders can not see the exit point because they hunger for making another profit so that they can make a wrong analysis. We need to hold the greediness before it ruins ourselves in trading, and we can miss the chance to take the profit. It's better to get a small profit, but we can get it for more than 5 times than to chase the bigger profit, but we don't know when it will happen.

I think that everyone who wants to trade not only in cryptocurrency trading, but actually in every market in economical terms should comply with these rules. By spending all our capital in one transaction, we should not use our entire arsenal for a single battle, accept certain levels of losses, and especially dream of becoming rich in a short time. Also, as you mentioned, we must definitely use the stop loss feature to prevent major losses. Although there are users who make bad evaluations to the stop loss feature, it should not be forgotten that using stop loss saves lives. In particular, everyone should read and apply factor 4 and 5.

Well, even if you decide to trade all the money in your account at once in Bitcoin, I don't think you will lose everything, just a certain percentage. How much you're trading all depends on how much you have in your main account. The highest you can trade is the lowest for another person.

As for the number four point you made, you're right about that in a way, but I think over 80% of people here are just here to make money. I don't see anything wrong with trying to make money, except when you want it quick. If you keep trying to make money quick, then you wouldn't make it, because you will keep lacking the patience it takes to achieve what you want. Having patience in everything we do is very important.

If spot trading is done, yes, if you buy Bitcoin with all capital at a single price, all capital will not end, but there is such a risk if margin transactions are made. Also, a successful trader knows that he should not be trading at a single price because the crypto markets are quite volatile. Certainly everyone can have a different budget due to their financial situation, but the aim is to grow that budget and earn money by trading. For this reason, the student who lost his $ 100 accumulation at once and the business person who lost his $ 100,000 accumulation at once is also a faulty trader.

Technically, a newbie accounts on the forum doesn't automatically mean the user is new to the industry. Most newbie are even more experience than the high ranked account that mostly spammed their way to the top during the era of less requirement to rank up.

What the OP has highlighted isn't unfamiliar or new as it must have been discussed severally on the forum guess that'll the user hasn't recieve some merit for his contributions because to some of us that have spend enough time on the trading board, discussion like this aren't new.

My direct contribution to the topic at hand, I'll just have to support what the above users (those I qouted) have said with an addition of, it's better to sell in profit and probably miss future profit then sell at loss. When you sell in profit, even though the coin rise 10x higher you didn't lose but only miss to profit more.

Loss in trading is something that we all accept very hard. Unfortunately, this is something that can't be avoided but it can be handled on.a way that is acceptable and with recovering plan.
You can stick to trading tips that someone gave to you and they might or might not work but to my opinion everyone of us will develope some of his own rules according to own experiences, knowledge and risk apetite. Your own experience is the most important and from that you will learn the most.

I agree with 7 things mentioned in the opening post, indeed to be a good crypto trader is not easy. But if 7 things are done correctly
it is probable that you can become a good crypto trader. To be a good trader it is also necessary to improve our abilities, in order to
use trading tools and be able to read market movements. And last but not least, avoid following other people's trading signals which is
not necessarily accurate, just do your own analysis in order to get an accurate signal.

Good points OP, those points can help a lot of trader especially newbie trader. I just thinking that if someone who just new and he has intention to trade that should find the knowledge first and some people's experience because most problem of the trader will have a similiarities. At least they will know the situation of the market so as they can avoid small mistakes and finally they can minimize losses. Also I've two points that I think ut will be usefull for new trader, one the trader should make an evaluation when they have traded and two don't be afraid and optimistic to your strategy.

You deserve some merit from who are new in trade. You bring perfect point to us, now anyone can follow it. Some points will be change if crypto market is in bullrun. I mean your 5 point, you should take advantage of bullrun market, don't sell only in 4-6 percent profits. Yeah you can secure some profits if market goes up. Long time trade is always profitable.

Every trader has different strategies so chances are other trader's strategies who is currently working for him might not work for you and this is the reason why you should develop your own. To be a good trader does not mean you do profits all the time. Mistakes are still there but as a good trader, you already know how to balance and minimize your losses while trying to maximize the profits.

What is written in number 4, this is truly the best experience, my friend once did this when he got a big loss and wanted to recover it quickly, but unfortunately it was not the recovery he got but all the assets disappeared in an instant.

  I think that the trend trading advice is relevant for highly capitalized cryptocurrencies whose price has been going in some direction for a long time. Although these days, even the price of Bitcoin changes abruptly, so trading on the trend in this case is quite problematic. But this is a good strategy when some highly capitalized cryptocurrency has started to grow on strong positive favorable news.

I agree with you that you can't try to get rich quick It always hurts This is why it takes time to become a good crypto trader I don't like gambling at all It depends entirely on luck and gambling owners make more profit. By doing business we can reduce the amount of loss but gambling is not possible Therefore it is important to do research over time without trying to recover quickly.

The first rule in crypto trading is take it easy day by day, you don't need to rush things and become rich quickly. You just need to take it slowly but surely, you will never attain anything in your life if you just keep on hurrying up. It is necessary for you to think critically and evaluate the market so you don't experience losses and sudden shrinking in your investments.

You just need to take your time and spend your time thinking of possible strategies that will become more effective depending on the market circumstances. Also, you should learn to accept failures and losses because in that way, you will learn and realize your mistakes so that you will grow more and avoid those mistakes to occur again.

Also you need to evaluate risk and practice risk management, we all know that cryptocurrency is risky to invest but it will really give you reasonable and huge amount of profit compared to other investments. You just need to comprehend that nothing is instant and you need to deal with the reality of the market and investments.

Base on my experience and mistakes in trading one of the most essential things I need to have is the knowledge because this is one of the most powerful things you may have. These are the things I encounter first before I take trading first to learn more about the basic concept of trading and read a lot of experience by other people because you can get a lot of ideas by that so if you encountered this too you can now make a good decision making. Next, find the platform that is suitable for your trading because not all the time they give a good market cap to their users also there is a proficiency level on trading like for beginners and pros this is the good trading tools for you so you can now make adoption if you already know how it works. One of the best ideas I learned in trading is always to make sure you are updated about the market news and price of the coins because there is a higher chance of possibility that the coin may go pump or dump sooner or later.

You are so damn right about that, a good trader should always learn to control themselves and not be controlled by impulse. When they lose their trade they should simply accept it and not try to go for a revenge trade. There are some days that are not so good and you can't do anything about it, just give up and relax till the next day and you can continue your trading with a focused mind.

You don't rush things when it comes to trading cryptocurrency, because if you do, then you're going to keep failing. Just relax and do your calculations and know what's right for you to do. Have a plan and being disciplined while trading to follow those plan will help. Emotion control and good money management will fine tune your level of success in trading.

I think we don't need to apply stop-loss. we just need to wait a little more.

Fairly good advise and short. Greed in trading leads to regret. Regret happens because there has been a loss. Therefore to avoid such, all platforms of trading provides for take profit which can just be activated to help trader in exiting the market with profit even in their absence.

Those are common points but these things are most important;

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

There are lots of factors needed but i do believe that these are the main ones.

I only have on these 7 advises to comment for because it is important to be imposed and tackled .


i don't think that there are still stupid trader that Putting all their money in single currency?because diversifying or at least saving other amount to make trade in the next days.


Nope that is a gamblers attitude.

I have some friends that doing that but majority never chase losses because this is more than risky to do.


Lol stop loss is not applicable at any time,because there comes a instances that we cannot apply this when we are doing other strategy like artbitrage .


this is like chasing losses,we must not do such a thing if we want to be successful in trading.

There are already many threads related to this one, learning should be the first things that the beginners should prioritize, you should learn first the nature of trading, there are many beginners who don't even have any knowledge about trading buy they still do trading that is why they ended up losing their money, which is really normal for the beginners, in order for us to learn we should have experienced first, as what others say, the experience is the best teacher which is really true based on my own experience, other people would also be a good help for you, they may give you some advice. You may also use youtube for watching some tutorials for you to learn it.
Well said, we should know how to limit ourselves in trading, if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest. It

The threads that spawn related to lessons you should consider when trading is a good thing actually because they serve as perspective of different OP and their respective experiences, they make diverse option to make people choose what the newbies like me could ponder on and follow. Though the threads that pops up about trading advice, I think that it is a good thing.

Yup! Besides, learning and be advised by others' experiences are also helpful. Generally, to become a good trader, a person needs to start learning and then practicing, going through failures, and getting experiences out of it themselves. There's no easy way to be successful without dedication,hard works, failure, and experiences.

don't follow FOMO, don't follow REKT, can read charts, have analytical techniques, and can control emotions,
i don't have 7 things, i have 5 is enough if you can to do it

Number one will be the thing that traders can forget to remember because the trend of the coin suddenly change the direction, and make the price increase in a short time. They will be blind to expect a bigger profit when they see the price moves to the higher price, and they will go with all-in to buy the coin before they lose the chance to buy at a low price. I think there are many others that we need to become a good crypto trader, and we need to learn one by one, so we can have more knowledge.

It seems the first 2 points are talking about the same thing ;D.
When you have predetermined plans then you can set limits before getting into trading which could be followed when you are having strong will power (people do call it discipline in trading.).

When you are not emotionally failed and you are ready to accept loses then you will never go for chasing you losses.

Continuous learning is mandatory for every trader. When you do not want to repeat your mistakes then you must take time to studying your mistakes which helps not repeating same mistakes.

Taking break regardless of we are making profits or losses will help any trader to go further with more confident and with more innovative ideas. I mean if you make profits then also you may go for a break; this will help you to make your skills more stronger and better. After a lose, we must take a break without any exception.

Agree! Taking a break when trading are really helpful! It provides you a time when you can relieve the stress and fresh your mind! Nothing is better than trading with a fresh mind and make clear decisions without affected by any emotions!

That's why a lot of trader are losing because they are not taking a break! Instead of stopping they are going hot and their trade is going to be bigger thinking that if they make it, they will get back all the money that they lose on trading (It's pretty similar on gambling). Taking a break is always the solution on consecutive lose, it's hard to control the emotion when losing so, taking a break is indeed the best move for that.

Do not rush into investments is the most important one there is. Too many people invest with emotions and they do not know when to stop, that is why I try to keep those people away from my trading circle, they keep on finding new coins each week and how it will "TO DO MOON" or whatever the lingo is these days and they end up buying it right when it increased 85% and suddenly they realize they are too late and the price starts to drop.

I am sorry but if making money was as easy as "buy whatever is going up" everyone would have done it, you have to buy it BEFORE it goes up and nobody realizes that when they deal with emotions. At the end of the day I like to take my time, not rush into things, as long as I can take my time and research something I would be capable of picking something nice.

Most of us would really experience that kind of scenario on where we dont mind on taking a break with trading and do continue to trade

even if there were no good positions to entry on.This would really act like gambling if you do treat it on that way..Fear of missing out good opportunity it
common or normal but you should really take some breaks to avoid mistakes since you are already exhausted or get stressed for long durations on dealing up with the market.

Just be consistent and determined which is a good recipe to last up into this kind of market.

I m not sure about the last step, the market is different every time, so If you, for example, closed position with small profit cuz you saw something off and price just blasted off after you closed, next time when you do the same and price can return. The only thing we are sure in trading is when we exit a trade, it is better to take small profits even few dollars, instead of keeping a position and end up with losses.

There's a word for that, greediness. Settling with some small profit is better than any lose (small or big), but people don't understand that part because majority of so called traders wishes quick and high profit. In long run such traders get busted, or face with many loses, while taking small profit when ever you can is a strategy for long run. And if you make 1-2% everyday with time your profit will be higher, simple math as you grow your trading amount 1-2% becomes more too.
And you have to agree that we need to learn from mistakes, its the best way to find out what is there for you or not, not everything works every time for everyone. You need to find what suits you, to come to that point you will make at least a few mistakes.

Very succinct. These are mostly the mindset i possessed and i am still working on it to unlearn it as is does not in anyway build a profile that is recommendable in the trading space. i appreciate this tips and will update my "do not" list to continue with the trading successfully. please keep more of this updated in here if the need arises.

Honestly I am already familiar with most of the rules/tips you have provided on this topic but I'm not a successful trader all the times. I mean even knowing all these rules is not helping me to get profits out of crypto trading on consistent manner. One probable reason could be, not just knowing these rules will not help any trader but they must learn these rules by heart and then should behave as per these rules while trading. Most of the time while trading, I do forget everything due to aggressiveness of trading and emotional failures.

I am sure most traders must be facing similar problem even coming across lots of suggestions and rules about trading. In my personal experience no such rules and suggestions are helping any trader but only their own experiences. Because people do remember to follow only the rules which happened to learn after a failed trading attempt and losses.

This is very true, all the basic stuff that every trader needs to know and obey.
What I would add to this list is to be determined in making decision and always be good informed what is happening in the market. Always collect information and learn. I guess that every trader with experience becomes aware of everything you have mentioned but very often we don't keep that in mind so it's good to repeat from time to time.

Greed is not always the reason for trying to make more profit. This is a volatile market and that is why when profits are at around 3% for example, many people do not withdraw because they think bitcoin moved from 7k to 10k just recently, so why not again? If this was stock market, you would take that 3% and leave very easily, and it would make sense as well. However when you are in crypto market taking that 3% and leaving would not really make sense considering it could make 10%+ as well.

At the end of the day it is not about the people but more about the market, in gold market 3% is huge, in stock market it is good, in forex market it is great in crypto market it doesn't really mean anything at all. So as you can see I am the same guy yet I look at markets differently.

The first thing you need to be a good trader is patience, if you don't have enough patience then you will never be a good crypto trader. You have to be patient as well as far-sighted, you have to try to be aware of every event in the world. While trading you need to have good idea about trading indicators, most of the time I use two indicators in trading "Moving Average Convergence Divergence" & "Relative Strength Index", there are many more trading indicators. A good trader should have enough idea about these indicators.

I once told someone to never invest or trade more than 10% to 15% and his reply was that if he should trade with 10% or 15%, then the profit he makes wouldn't be much, because he doesn't have much money and he's taking risk trading with the little money he has and hoping to become rich someday. There are some people in a situation similar to this.

My advice to such people is always to leave trading and look for a real job. You shouldn't be taking such risk, you should have a job and after you get paid you can trade or invest with part of that money.

Well said! I've been in crypto trading for more than 5 years now, and the the most most MOST important thing is acceptance of loss and revenge trading. It requires long time training to get the most emotional response out of the picture. Even now, that I've developed a technical strategy that gets me 25:3 chance of winning a trade, I find myself succoming to emotions. Just today I lost 2 trades, and went in revenge trading, ending in more loss.

To sum up - removing emotions and long training will yield results in the long run.

These generic advices about emotions in trading doesn't really work without the expertise in trading signal or indicators. Successful traders usually doesn't want to waste their time to give advices in any community for free, much better If they could also monetize the knowledge they acquire in trading. Nevertheless, these advices from the OP may somehow help you overcome the trading difficulty, but there is always an advance course in trading which plays the very important role when trading.

I agree - actually after few years of hard work I have developed a successful strategy, that gives profit - I will share it to my closest community to enable them to gain profits - but at the same time, I'll keep an eye out to see  how it's working for them - for their mindset and to gain insight into further improvement.

Maybe later on I'll write a book  ;D

I found tip #5 to be very useful. Continously updating my stop and trailing-stop orders has helped my trading in recent time. Immediately I open a trade, I put 2 orders – stop loss & limit order (yes, on the same trade) thanks to Binance's OCO feature. Then I setup alerts and adjust my stop loss and limit orders depending on how the  market moves from the time I entered the trade. This way, I have managed my risks better as my stop loss are no longer static or fixed.

Yh, I couldn't agree more with what @Swordsoffreedom  regarding trading and patience. It is vital to be patient and I think that's a virtue applicable to all investments. However, I'd argue that there's no point in being patient if you haven't chosen the right crypto coin so having knowledge and assimilating market changes is the mot important aspect of a successful trade/r.

You are right we should not chase our lose in trading because it is a risky thing to do I you once Los some money to un can not get it back but try with new strategies and don't follow other people way of trading as everyone has their own rules and own business to get the best in trading. Never panic better trade for the long term when you start teasing at once as time will make things better you get more profit.

Your second point – accepting losses is very important. In fact that is the very first thing that people should learn to do here. I’m starting to notice that a lot of newbies don’t know about the risk.

I can remember a young guy chatting me on WhatsApp, he got my number from someone and was asking me about trading cryptocurrency. He was so in a hurry to make money and get rich from trading and kept asking me how much he would make and when he will get rich. Lol, he was really annoying, and I was trying to let him know that even by just investing in cryptocurrency as HODL, you will be taking risk, and he still seem like he’s not understanding.

Very good topic, 7 points you mentioned are indeed mandatory if you want to become a good crypto trader. Especially point number 5,
i.e. apply stop-loss, this is what traders should use. Without stop-loss our capital will run out, after I use stop-loss when trading, proved
my capital was safer. And the most important thing with stop-loss, we can get up after experiencing losses. I confess to being a good
crypto trader cannot be instant, we have to go through several processes. Therefore never stop to learn trading.

lots of lots of experience will help you in this very risky investment. and if you are talking about trading different alts, experience will help you spot potential pumpndump coins. this will help you exit early and get your profit. dont look back. just move on. it will mess your head if you go back once you finished your trading.

Controlling emotions is very important for trading. When emotions are out of control, all trading plans will be chaotic. Trading must also be consistent with the implementation of the strategies that have been determined. In addition, capital management for each trade will determine the profit and loss that will be obtained later.

They often ignore the basic rules when trading and without good knowledge, surely those investors will face a lot of great risks. Anyone wants to get rich from this market, but if you do not have the investment knowledge, it will certainly make you more frustrated.

Also, if you still do not feel good, you should choose to trade with a demo account to know whether you can make a profit in this market or not.

Also newbies do not understand that trading is a skill that a person who's trading develops over many years of trading - and not all of those years are easy. I see people coming to as one said before me and ask how to get rich by starting trading with 30 EUR and how soon. That's like you'd be watching a brain surgeon and want to become one by a few tips from him and watching a few Youtube videos.

Nice comparision though. :D

Yes we cannot rich with small capital in trading soon but its highly possible if we are day trading with more profitable trades than losses but its like how much luck we need to win a lottery to become rich with very low capital.

Truth is you have a very good steps that you follow. I will advice that you keep up with the steps. Develop new skills, be open to new teachings and understand very well your best strategy to trade.

A professional is defined by devoting 10k hours to his passion. Time, and study, and practice will make you suceed.

Thanks!

Yes - my advice would be the following:
1. Develop a strategy and test in on some trading testnets with fake money
2. Start trading with real money but small amounts, because as said, it's important to maintain a good win/lose ratio and consistent profit %
3. Once you're getting good ratios, put more money in
4. Use leverage on derivatives to increase your earnings. In this point you can consider getting rich :)

But this plan can take many years, not days!

These seven points are just suggestions, they are not guiding principles. Just like i will always state, "there is no rule guiding crypto trade". All you need to do is learn how to trade and follow your guts. However, let us not discard the points your seven points.

My favorite among your points is the third, revenge trading isn't a smart move because, trying to revenge after  a loss is tricky, at that point, your decisions would be clouded by emotions.

It might be a smart move not to go with full amount because it minimizes your loss, but it also minimizes your profit.

I once was proud with betting like this in the past.

I thought that it is a good idea to try Martingale in investing or trading but most of them led to my bad trades and investments. It is really hard to adjust in this market at first but when you are used to it, even losses are just a norm. I keep on saying this to some of the people that ask me about investing and trading cryptocurrency, keep on reading. Knowledge is power.