Bitcoin Forum

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

not only for new traders, because we often get caught with these mistakes. I think this also applies to those of us who have been trading crypto for a long time since 2015.
thank you this seems to give me a warning, that both new and old traders, in trading still have to be careful in taking action and always control emotions. ;)

I also support this points my friend  These points that I have quote will help even a newbie trader to have a successful trade. Stoploss is important to include in trading because it gives the assurance that you still have balance left. And I like you saying not loosing money is more important than making profits. I will drop my smerit.

I really agree with your write up some people think trading is just all about buy and selling a coin that's why must people endup losing there funds. There are lot's of things you have to know first before going into trading and must of them are already listed above. The first thing you should avoid in Cryptocurrency is borrowing money to trade never borrow money to trade and always invest what you can afford to lose.

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

This isnt something that you can do it directly with just your first try out in dealing with the market.Your experience will be the once will be teaching you out and realize off
things along the way.

and this common line you bolded. Not Loosing Money is more Important than Making Profits.
When you are dealing with this market then its just normal you do make your best on not to lose money but some are way too perfectionist.

These are really good thing that applies to traders at any levels and not just to newbies. The only difference is veteran traders know this already and applies them to their trading plans and setup. Learning how to properly manage one's trade when faced with an uneasy situation. For instance, after all the TA and price prediction, your trade starts going in the opposite direction and you panicked, closing the trade abruptly. Afterwards, the price moved up in the direction you originally instead for it to happen. Now, you lost money and what's worse is that you were right.

Trading is an easy profession. I see a lot of newbie users skipping lessons and go ahead to take up high risk trades. Trading doesn't have to be a gamble. You just have to understand how the market works, enough to make money from it.

Btw, @OP great tips you got there. Kudos for sharing.

I tend to agree and if everyone doing this, I don't think who will be the loser after all.  If this is will easy to apply, well I don't think the same easy to get profit.  In the world of trading, there will be always a loser, as they say, when there is prey there should be a predator and it seems bad with this cycle if our path in trading will turn out as a predator and it is also impossible if everyone will become prey.

In addition to your suggestion tips, OP here is mine.
- Stick to the plan and use trading chart and patterns-

All of these are pretty common to hear on this forum, I always repeatedly seen tips like these but it really hard to acquire even on your own.

Common tips but when you are facing the actual situation, you tend to have a different decision. As it depends on your feelings at the moment. You can't really follow those tips when you are already in the situation. Ask those tipsters, and guess, they are also making the same mistakes over and over again. As a trader, I guess we need to experience those mistakes before we can make up our minds to do what is necessary.

Why you mentioned Bitmex? You can lose money in any exchange even in spot trading or futures trading, risks are don't depend on an exchange.

Additional for the best tip is having a risk management, controlling position size, based on the risk and reward. You can't be a billionaire in just one night, it takes time!

I am super agree on the second to the last tip by OP, it is reality and the best thing to do when you are trading..

One in particular that I have something against the "trading against the trend" is how you will determine the trend. Most of the time, people are not aware or knowledgeable towards determining what market we are in now and what steps there are for trends. And then some people don't understand the necessity of it too.

A better approach to trading is to make sure you aren't going to be washed up by the waves and stay as long as you can towards the finish line (if you ever set it). Stay consistent and be emotionless.

Having a goal profit is most likely be effective. Of course, greedy attacks and we can't deny the fact that we wanted more profits  but if we stick on the set % profit then we can atleast be safe on unexpected losses.

Stop loss is also important, though I sometimes forget to set up stop loss but this is a big help to minimize the whole liquidation. Let me also add that "[bChasing losses isn't good][/b]". You can recover losses not by chasing it right away but by acquiring profits slowly.

It's the basics but should not be forgotten even by veterans.
There are times we tend to forget to use the same basics over and over again because we want more. (Greed)
It happens mostly to those who think they knew a lot already.
I admit I am also guilty of that.
Thanks to this forum though it reminds me to go back to basics. Be a newbie again. Protect your capital.

That tips will be for all traders and not for new traders because if they don't follow those tips, I think they can't make a profit and hard to trade. You need always to manage your emotion in trading because that can trigger you to get greedy to chase profit. If you still try to chase profit, you better analyze deeper to find if there is a chance for you to trade more or stop for a while because that will depend on the market movements. That tip is the basic tip for all traders, but unfortunately, we always forgot about that because we want to make a bigger profit.

OP, my golden rule, when confused, and in doubt, zoom out. See that Bitcoin has always been on a path of price discovery higher. How high? I have always said a 6-digit valuation per coin.

"- Never Trade against the Trend"  This is the most difficult part to analyze in the world of trading especially if you enter any trades without enough knowledge the most common mistakes of new traders thats why a basic understanding for TA/FA is really needed before entering trades this may saves a lot of money to new traders who wants to earn thousands in just a day of trading activity.

but most of them as day traders, of course, will not be separated from their greed disease which of course in the end they certainly get a loss, someone is not satisfied of course when they get a profit of 2/3% of their trade, but on the contrary suppose there will be a decline and they - 7/15% of the trades they do they don't want to stop / selling and allow a little loss, because they certainly hope that there will be even higher gains soon, but their speculations and predictions are just the opposite, suddenly experiencing a very rapid decline and resulting they panic and just sell even though they will suffer a lot of losses.

Most difficult adversary for most traders and holders. When I was new, I used to sell out of FUD. The news comes to bring FUD, I'd sell because it brings out my emotion to be fearing that it'll go to zero soon. But it tends to be a false feeling and just being hype because of those articles. It really moves us and it's hard to remove it from the beginning until you get to experience many of it and overcoming it through remaining strong to the market and avoiding selling, this is the same as panic selling.

I've heard and read a lot like a million times of this common tips to avoid lossing a lot of money while trading. That's actually easier said than done.
Well, I guess it's still an essential part for the traders even If they're lossing money while on the process of mastering the art of crypto trading, experience is the greatest teacher they say, which also does make sense.
What's really effective to avoid lossing excessive amount of money while trading is learn how to use a stop loss function, and of course trade what you can afford to lose.

A regards this, i think as a trader you should not be scared of loosing money; because how can you trade every day without a record of loss? Instead a trader should realize that making more profits than losses is vital; and this is were emotional balance and stop loss comes into play, Always do your researches too; and take a loss in trading as a lesson instead of a loss.

I think what @Hobo66 say do make sense, better to get a 0 than a -1. Understandable that at first you will be losing money but when you have been trading for years now, I think that having a loss should be a problem for you because it indicates that you did not improve overtime. I do agree with your other advice, they are just some of things that I follow. I would love to add that you also should create a safety net for a possible loss especially if you are just a beginner trader, an emergency fund will take you a long way to shoulder some day to day expenses, most recommend a 6 month period of funds but I would like to advice to stretch it to a 1 year.

I felt I read a lot of threads regarding this but I appreciate it. Of course, it is better to keep reminding it so that newbies make less a mistake as much as possible. To be honest, these tips are easier to be said but when you are in the actual situation I bet you might not able to follow them. Like when making an exit, most folks are getting greedy when they getting so much profit and so does if they chasing their losses. You know what maybe if you can able to control your emotions you could pull it through.

I never use stop loss and I think there is a better option to deal with a negative trade. A good trader always keeps some funds in reserve and use it if one of his trade goes against him. If the market falls below my entry points then I can lower my average buy by buying the dip again. I think this strategy is better than using stop lose.



This is one key strategy that could increase a trader's winning rate. A trader can make money not only by winning but also eliminate all of those losing trade.

There are many things to keep in mind while trading.
1. Never get emotional. Do proper research than invest.
2. Keep faith in Almighty Allah and keep patience
3. Follow the market trend.
4. Never buy while the price is 2x/3x.

@OP i think you should add this as well.

Have a trading plan.
Engage with other traders.

For many months of learning how to trade, I also keeps losing even I have enough knowledge in risks and making stop-losses. Having a trading plan relieves all the risks as you would have an overview on what would be your limit and what would be your next step once your trade is going green but you still think that pushing it is fine. Also, having group of people that is active in trading and would love to share their trading position is a plus. And your worries of losing would be less if your friends tell that their speculation is this and you would compare yours to them to come up with a better strategy.

This is by far the important rule, people when they think of trading think of all the money they are going to make not understanding that if they actually try to make as much money with their small capital they will soon lose it all, the most important thing to learn is to trade defensively and not lose money, it is obvious this way of trading will not produce the huge profits everyone wants but over the years and the decades it is the only way of trading that will make you wealthy.

The main target of trading is to make profits, not the other way around, so stop loss is a common feature for traders but not for long-term holders, they prefer to buy the dip rather than sell at a loss because we know bitcoin value will increase eventually. The idea of trading is like gambling where people who don't know to predict the market will lose but the people who lose money are those who cannot be patient waiting for the price of bitcoin to recover, yes it may take weeks, months, or years but it will someday.
A different situation for trading altcoins, better sell it before its value diminishes for good, hence do not trade shitcoins, stick to some major coins in the market such as eth and ltc.

Good tips I always emphasize trading with the trend in any trade although a trader need to learn how to enter a trending market so as to earn decent profits, I risk 2% for any of my trade which is the highest amount of money I can afford to lose in any trade once the price hits stop loss I humbly accept my loss and move on to another trade with high reward to risk ratio while taking profits at the appropriate price coupled with my own money management. I can well manage FUD and FOMO now unlike when I started trading it was a big challenge for me then.

Have you been successful in your trading carrier?

Well, these tips are simple to say but the question is if traders are consistently applying them. The most common problem why traders had to fail is that they are not committed to their goal( they don't have).

FUDs, FOMO? These are something special and most new traders have been fooled.
Greediness is normal that is why we have to work but in a way we have to set a limit, should not be over otherwise, it also gives you losses.

When trading, you also need to have the knowledge, it's not just that you just hold a coin, buy and sell, etc. Before you try, you must first study everything contained in it.
Because once you are there, it will be a puzzle to you every day, whether you will take a risk or wait.
You can actually consider these:
Be Aware. ...
Understand the Exchanges. ...
Understand Value. ...
Minimize Diversity. ...
Don't Cash Out Right Away. ...
Is a High a real High? ...
Be Wary of Exchanges.

The last line of the OP is truely promising.
It’s better to get no profit then losses.
But yes many traders often make mistakes and they make losses.
If you greed for profits then ultimately you will miss the golden chance to sell and for which you will make loss.
And the most important tip for trading is that, trade when you can afford to lose.
If you do trading like Gambling then ultimately you will end up with losses.

For Bitcoin, all you have to do is, ZOOM OUT, see for yourself that it has always been on a trend that has been going up FOR YEARS, and buy the dip, and HODL. No complicated techncal/fundemanetal analysis required, just HODL. 8)

I think it is important to test your strategies and learning on backtesting(bases on historical data) and Papertrading(Bases on Live Data without real money involved) and study those results and improve your strategy before you jump on the real trading. There are some good platforms who offers backtesting and papertrading.

Also, risk and money management is so critical, you should do all these well planned before entering the trade. And execute your plan without any change during the trade, because you know emotions are the biggest disadvantage we have during the trade. According to some studies more than 50% of the traders ends up losses coz of psychological factors. We tend to act with panic or ego or greediness or over excitement etc. during our trade which drift us away from rationality.

Each trader needs to make a good trading system, if they forget it they will always lose their money, yeah how no matter how much money they spend I bet they will lose all of them. Therefore, choosing to get money be it as a side income or even source income is the wrong way if you don't know some step to be a real trader, no trader who just copied someone else prediction or someone else signal.

That only will make you continuously make a deposit without you withdraw your money. Indeed, all the things will have a process, you won't lose forever but you will never get the profit you want. Your target will always exceed the ability you made, as mentioned in the OP, if your target loss is 30% of your capital and you lose it then you will have a big target to get profit in order to your losses can be covered, this is very impossible to do, your psychology will slowly disintegrate.

everything you do has the potential to lose or gain...
for me, it doesn't matter to follow market trends, we just have to be more careful about what are we going to do is right! at least if you want to be a successful trader then you have to be able to make your own decisions and not rely solely on other people's decisions.

My Bitcoin trading tip of the day:  HODL, and buy the dips below $30,000. I truly believe $30,000 has become the “new $10,000”. The price will move up and down that point before resuming the original path to 6 digits.

ZOOM OUT.

https://pbs.twimg.com/media/EswHXSJXEAA-Q9Z?format=png&name=4096x4096

Someone like me needs such a good advise. It is important to set the limit while trading. We should be decided in every move so we do not have regret in the end. Thank you sir for your advice.

I ain't sure how those who bought in December 2017 after Xmas will react to this advice of yours because for them it would seem that Bitcoin traded down in bearish market for over 2 years. I would think same way too. Imagining buying at $19,000 and then it went down to less than $4,000. You wouldn't call that uptrend would you? My point is this — there are downtrend and uptrend in Bitcoin whether anyone wants to accept it or not isn't a subject for debate. This 2021 will see that uptrend in Bitcoin but I envisage a downtrend this year after.

One of my biggest regrets is not to put an investment when the price of the bitcoin and there are on the bottom frag this is the time to make a good position trade. People rapidly invested just to follow the flow of the market for sure some people make a trade on this time and use the different conclusion to win their trade. Base on my experience this is what I've learned.

You will not feel the profit in a small amount.
Always set a Take Profit / Stop Loss - TP/SL
Follow the trend
If you have large funds set the leverage to 15-50x

If you are not willing to lose too much you should set stop loss, I think it is just a precautionary measure every trader should learn how to use trailing stop, stop limit, market and limit and every thing that is related to trading as well as how to compute margin and leverage. We will all learn these things as time passes by and as we move forward a lot of disappointment may come in our way, but we need to learn from this, if we will not learn we will still feel the same way and we will not prevent these things to happen again.

One of the toxic trait that I had when I was beginning trading was being greedy. I used to set a target goal but once I reached it and gain a good profit, I still aim for more which cost me a lot of losses. I have learned from it and realized that a profit is still a profit. Our greediness could result in bigger losses so we better be contented most of the time.

Take Profits Out Often, Don't Be Greedy will be important because many of us become greedy when the price still increases, so we delay closing the trade and wait for more. It will be no problem if you can sell at the price you want because at least, you already make a profit, and if you want, you can buy back again at a low price and sell it again at a high price. You do not need to wait until the price reaches another high price because that will not always happen in the market.

Accepting stop loss is the one I had problem for a long time before, as I see the trend comes back up after I hit mine. It is pretty condescending but It is a matter of mindset that save me from being lost after this happens. I just think of the other negative possibility which is a higher loss and few months of self-therapy with myself.

The smaller the phrase trading, the higher its significance and stance. So you have to understand a lot about trading. Understand the market situation and think about trading. If you have a loss, you should be eligible to get up after shattering it. You have to invest in trading if you have got enough knowledge. If you are trading in that sector, you have to go to a sector where there is no loss. In the initial stage, you have to follow these steps.

Yeah, day trading  will be stressful for you to be doing that, but you should always study the chart and know the support and resistance before you start buying, I think that will help you to at least know what to be expecting . And you should try to be doing a little investment, and also be trading; you can just keep a small amount in Bitcoin and leave it in your wallet for when the price will boom, but if you’re going to do that you should make sure that you’re buying at a time when the price is at its lowest, to avoid some difficulties in selling in future.

My simple tips regarding trading to all level of trader is, do not trade but hold. Yes, we do not need any altcoin for any reason and we just need only bitcoin and that too only for holding purposes and not for trading purposes.

Sadly to say that some of the traders are not applying the tips and advice that we given to them so they lose more money in trading. So for the newbies who are reading for the every trade and any tips and advice that you see if you think it is right better to apply it in trading so the chance for you to earn money will increase also but not all the tips is suitable to you because every person have different personalities.

I think we will have to agree to disagree, the most important thing is to not lose money, it has been known for a long time that the more money you lose the more money you have to make just to breakeven, to give you an example if you lose 10% of your capital you need to make a gain of roughly 12% just to breakeven but if you lose 90% of your capital you need to make 1000% in profits, when it comes to trading your capital is everything, without it you cannot do anything which is why before you even think of earning money you need to find ways to protect it.

We can say that same tips work for gambling, we just need to replace trading word with gambling and there it is! Basic tips, that works every time... but who didn't try daily trading doesn't know how hard is to apply this basics!
As you said each of us is a different personality! While some can keep it calm, some of us get excited from time to time, when we get into the fire, sort of speaking, and it's hard to follow basics... many times aggressive approach, the most risky ones gave me back everything and plus profit, but that doesn't work every time!
What I wish we are all people, and we make mistakes, and we get excited, but never forget to never risk more than you can afford to lose...that means move some money on the side whenever you can, and trade with what you can afford to lose!

One shoot one profit. Right now that is my strategy. I choose to do scalping with profits as often as possible in order to minimize the risk that will occur. but it also depends on psychological readiness too, if you are too greedy then it will not be good for your trading. There are many trading tips that can be learned, but they will all work when you are disciplined and do not violate the trading strategy that has been made.

In fact it's not easy to run all the tips in the opening post, because when trading sometimes we don't use our minds to make decisions. But most
people when trading follow emotions, therefore there are more failed traders than successful traders. So we must doing a lot of practice to improve
our trading skills and also be able to control our emotions.

The most difficult thing for me from the tips mentioned in the opening post is "Take Profits Out Often, Don't be Greedy".  Because I'm always greedy
for big profits, even though it's better to make small profits often. Because if you accumulate it, it will be big in the end. I hope I can fix my weakness
in trading.

You missed one very important point. It's number 3 in my book.

-Have a strategy you backtested on your own, so you know for yourself it works. Have fixed rules for that strategy. Develop a trading plan (if->then) from this data, so you never fly blind.

Its really the most important after "risk only what you can afford to lose" and "Protect your own, hard-earned money"

Especially in Crypto, this is very important. With the quick rallies in BTCUSD (https://de.tradingview.com/symbols/BTCUSD/), you can be broke in a matter of minutes if you don't watch out carefully!

Trading is not an easy task to make a deal with. You can't make yourself guaranteed that you won't make mistakes, that sometimes be possible especially when you are not really confident of what you are doing, and your decisions as well.

It is normal that sometimes we've been affected by the news but it is for us to give a response to them and think what we gonna do. Yep, I got fooled in the past but I now learn from it. It is very important to give some importance to the mistakes that we have in the past as this is a stepping stone for us to grow.

I this will be very effective suggestion for new and old traders. Actually mental focus is very important at the time of trading that sometimes makes us greedy and sometimes not. I personally lost many usdt as i fail to control my mind that sometimes i know that here is my profit limit but when i stay more than that i lost my money. So overall i think if anybody follow your suggestion strickly, he will be gainer.

You have listed out some good tips that will be helpful for traders, although they have mentioned quite a lot of times, but I wouldn’t say that it is wrong to bring them up as long as it’s something that is being brought up to refresh the mind of other crypto trading enthusiasts, so that they will always have it in mind, because there are people who will usually go the wrong way after sometime of not being reminded of the right time.

So, the good to be talking about it all the time. I would say one thing that I don’t do is taking out profits regularly until I think that it has reached the highest point in its price for that year.

The tip is good but it does not apply to all the strategies that you can implement in the market, to me that is a strategy that can only be adopted by day traders and it is not something that positional traders can do as they have to let their winners run and see how far they can go as that is the only way to offset the losses they have gotten during the previous trades in which they lost money, so do not be mad if you cannot apply that tip, as long as you can implement most of them you will be fine.

There is nothing exceptional without you all write there. All tips are available there. We all know everything about safety but everybody doesn't follow this strictly and seriously. If we try to maintain some caution to trade maybe then risk can be minimized. I think all tips will work when we aware of it.

A trader can make his own decision whether he will follow these things or he will make his own way, everyone made a mistake the first time they enter trading and this market, everyone thinks they can be rich in just a few days or weeks, they didn't know that sometimes they can lose more so not until a trader learn this lesson he could not call himself a trader, experience teach us all.

A perfect tip I can give anyone is, to be always on alert when you are trading. I know that this sounds like a common sense thing but most people are trading without a care, they trade while doing other things, they trade with info they got from other sources that are not credible, there are many things that could mean a lot of bad things for you.

Real trading happens when you check charts constantly from one screen and you check the exchange on the other screen, if you have one screen just divide it into two with left side on chart and right side on exchange, you have to do this seriously for whatever hour you want and that's it. If you just "yeah I trade here and there time to time" you are not going to achieve anything, even if you manage to profit "time to time" in the end you are going to lose all your money. Trading is a serious business and everyone should take it seriously if they want to do it.

This experience will make you pro one day. You have to research more and gather some knowledge about technical analysis which may help you to enrich your trading knowledge. You can follow others signal and research those by your own way to find out the excat reason for buying or selling in that moment. That answer will make you better than you before. Keep trying, you will get succeeded soon.

I exactly agree on what the OP have stated. Never ever go on what is more than your capacity because a lot of risk is already associated on doing trading and putting yourself into the extent of more than what you can will already put your funds into danger. Better get yourself familiarize with the market you are working with so you will have no doubt on deciding what you are supposed to do. This must be applied not just for the new traders entering this industry but as well as for the veterans because this is always being applied most of the time for we aim on gaining not losing. Although losing is part of trading, but still we are making it a point to manage that so we can be able to gain profits.

Common Golden rule when it comes to investment.

1. Never get greedy
2. Dont invest on the amount that you cant afford to lose
3. Dont chase losses
4. Familiarize everything and keep learning
5. Dont follow others tips and suggestions

Loses are inevitable but somewhat can be lessen out with due experience that you will gain overtime.

Profits in trading is more important to me, but its painful to lose in reality because we only desire to take gains and we aren't prepare to lose. Trading while in the trend is good when you're at long term holdings, but if not? I always recommend not to do it. Buy and sell is risky when there's no skill involved due to volatility.

Since I am also a new member, I will try to find out from here what are the tips for me and I want to tell you what I know from my own.  We need to learn. If we can learn to trade from a good trader, it will be very good for us.

Yeah, but I believe you must need at the end of day both luck and skill; it is never 100% luck and it is never 100% skills, it is combination of both. I believe 1% or 1000% doesn't matter you have to be a bit lucky to get there, and it is not always easy, sometimes it takes time and that is why I say it is a bit about expertise as well, because you need to know what would go up but you also need to how to react to each situation, sometimes you need to be more careful, sometimes you need to be more fired up, it is not always the same situation so expertise allows you to react accordingly.

Profits you will make show that you definitely have some veteran expertise in trading but also got a bit lucky in the way you traded, that is how you made some profit, combining the luck you got with the experience you have in trading and I hope you make a lot more returns like this.

I believe 99% of them would sell. BUT, there was a lesson to be learned there, a hard lesson, the hard way. Because if they didn’t sell, then their principal investment would be more than double.

Shower thought, if I tell them the same advice today, would they ZOOM OUT or not? 8)

Yes you can find some tips here and some good information regarding of knowledge on bitcoin and of course you can also learn from your mistake as the tips we're given do not afraid to lose money it's a part of making some good profit and if you wanna learn more from trading you should find a good group chat where you can easily have some wonderful information which coins are they going to buy or to be pump in the next few weeks since other coins are volatile you can also earn profit from scratch if you wanna know more internet is your friend you just need to ask him.

Above tips is helpful especially to beginners this will be their guide on trading. Since others taking steps to start right away on trading just to earn without knowing the possible things might happen that it could bring lose or win. Never trade your money that you need just trade the money that you can afford to lose. It is important also to take profit whenever your portfolio is already increase. We never knew the market since it is volatile.

Acknowledged culminate tips for fledglings and must take after these tips to dodge misfortunes, I think they can't make a benefit and difficult to exchange. You wish continuously to oversee your feeling in trading because that can trigger you to induce covetous to chase benefit. On the off chance that you still try to chase benefit, you superior analyze more profound to discover in case there's a chance for you to exchange more or halt for a whereas since that will depend on the showcase developments. That tip is the essential tip for all dealers, but tragically, we continuously overlooked around that since we need to create a greater benefit.

To wrap this list into a single guideline for all the newbies: Don't go into trading if you're easily driven emotionally. Regardless if you're winning or not. I've been there when I was still day trading back then.
Panic selling is common thing to happen, but if you know it is just the way that the coin really go when it comes to price then you should think twice what you're doing.

Avoid margin trading and leverage if you have no idea what you are doing. The risky leverages trades can go against your capital profitability if the trade margin can't handle market volatility. Stop-out and margin calls are normal for the average Bitmex trader but for high amounts, the losses can be very serious. I prefer to diversify the risk by increasing the trade size while the market trend goes in my way.

Emotional trading is the worst enemy of any trader, being careful is necessary to avoid simple mistakes. The market can stay irrational longer than we as traders stay rational, day trading doesn't worth watching every single market movement tick in the long term.

Those tips are very simple, but they really work, I also do the same when trading, moreover I am not good enough at trading. Only just starting my trading journey a few months ago as a daily activity. learning from the basics, managing the funds, and also the risks are also very important.
Additionally, if we are beginners, it is better to start from the spot market at first. Then, if you are ready enough, you may try to get into a Future market. But this is a high risk, so prepare yourself and make yourself really ready for the high risk
Note High risks, high profits, high risks again.

I guess all of above tips works best when you use a trading bot by this logic. Smooth? Sure a bot would never get FOMO, it would never get hyped, it would never have any feelings whatsoever because its a trading bot and doesn't have any feelings.

Mechanical? Well, trading bot is the peak of mechanical, because its literally a software, how more mechanical can anything get? Adaptable, well you can either change strategies, or make it machine learning, or you could simple have strategies that are adaptive if you can find one.

Risk averse? You could literally put all the danger and alert and emergency things in there, you could be saving money from crashing even while you are asleep. And it is tool oriented, literally a tool itself. So I would say all the things you suggested looks like you should be using a trading bot instead of doing manual trading.

Even as an experienced trader I still have to follow these rules all the time. And it’s good to always have your own target that you think would be right for you to sell, because when you have that target you wouldn’t really be moved to sell your coins when there is FUD.

The importance of putting your money at the right time means that you will more chance to consider your options; when you invest at the right time the market will go up and you will make profit, and as it goes up there can be a little backslide but because you got in at the right position, you wouldn’t shake like others, you can stay calm and work on your trades.

To me this is by far the most important thing that people need to do and that very few people actually go to the trouble of doing, backtesting is critical, people are always looking for a system to make money in the markets and in fact there are many, but just as there are many successful strategies there are many strategies that lose money, how can you differentiate them? And the only way to do that is by backtesting the strategy over several market conditions and do so in several markets and then see if it works, I know this is a lot of work but it is the only way to be completely sure that you have a chance to make money in markets.

Backtesting is good but due to volatility and the behavior of this market then it is somehow a bit pointless but actually this can really
give you the idea on how you should gonna do in times that you are able to experience or meet up.Backtesting is something that
majority of people do really miss out to do and I agree with that but some are already aware and just that lazy or just found it
that it isn't really that much needed.

Testing out various ways is better rather than on focusing on a single strategy because you wouldn't know on where the price will be going.

I will have to disagree with you there, backtesting your strategy is never useless, even if you find out that the strategy that you are using does not work and it loses money at least now you know the truth and you can stop apply the strategy in the market, as I said backtesting should be applied under different market conditions, it is true that the volatility of the market is going to make that harder but you also need to apply your backtest when this market is going through a period of stability, that way you will get a better idea of how your system is going to perform under all kind of conditions.

Always develop or have your own trading plan. It would go a long way to making sure you don't lay yourself too open or close to changing status of the market.

You can't just stop backtesting and "not lose money" because backtesting is free, you just test whatever you want. I honestly think that backtesting is still useless because the future is not written and even if you think you know everything, you really do not know, but at the end of the day it is just another indicator that you could use, that is fine and I think it is not going to be really that difficult to use it for your advantage without hoping that you would be doing nothing at all instead.

What I mean is, if you use backtesting, and take that as 100% true and use that strategy that means you could lose money (you could earn too) but if you do backtesting, and use that as another data that you have in your arsenal along with many other things, that means you will probably profit. So do backtesting, but do not make it 100% the reason why and how you trade.

I am still surprised to see that people think that backtesting is useless, just a question even if we know that the past cannot be used to predict future movements of the markets how exactly then are you going to determine if the strategy that you use actually earns money? The only way to do that is to test your strategy against the past movements of the market, also as I have said the key to backtesting is to do so for long enough for your strategy to face different market conditions, then if the strategy is still profitable then you know with a high degree of certainty that the strategy will actually earn money as long as you follow it.