Bitcoin Forum

Every true trader has a target he/she wishes to hit a day for day/week depending on the kind of trader such person is. Some loves day trading while others enjoys holding position for a longer period of time. Irrespective of the kind of trader you are  do you stick to your trading plan? Or you just allow your greed and emotions play out during your trades. Trading entalils lots of dicipline and without dicipline even a professional analyst would fall prey to the market. Making profits but end up loosing out every thing because of greed and high expectations .

In as much as trading isn't gambling we can only trade according to the trend and make profit from it and as well withdraw once we get a reversal signal that the present trend is coming to an end. Most often traders neglet using stoploss the just allow their trade retrace the way it likes but the tend to forget different factors might play out during their trades like:

• 1 power failure for developing countries
• 2 lack of internet access
• 3 Intraday activities

If trading is to be regarded as everyother business opportunity then proper risk management has to be adopted just the same way a boutique store would handle his wears to avoid them from fading away before customers comes for them. Traders has their personal entry trigger which gives them a stronger confirmation of where the market is heading with time but for the sake of greed and lustful gains the enter a market that has a reversal pattern which is not clearly formed and end up with a fake out which leave them with losses.

Adopting dicipline will playout a long way In maintaining a clean sheet of day to day trading scores for a very long period of time execpt maybe on few cases when market behavior steps in which might trigger your stop loss and kick you out of the market before going it supposed direction. In all it would be beautiful idyou print your trading plans out. Preview them each morning before you set out to analyze any of the markets so as to keep your profit margin maintained over along period.

I do follow my trading plans most of the time but honestly, I tend to change my plan because it should be flexible since the market changes from time to time and if you're a short to medium term trader, you must closely monitor the market.

Stoploss should be included on your trading plans/strategies because it can prevent you from losing money even if you are a long term hodler. Power interruption should not limit you from trading, you can still use your phone and a powerbank to charge your phone is enough for you to execute your trade. If internet connection is not stable in your place, then better not to trade daily.

Power Failure? Most trading sites have mobile apps that can run on your smartphone and the smartphone runs on a battery so you have some backup time to make a last trade before having to stop using electricity. However for a pro trader, power backup options are important too. Most of them spend some money to set up an inverter and battery pack.

Internet ban? A very radical move, that would be for a country to make. In such a situation, essential needs and survival becomes more important than trading. Temporary internet outage, needs a backup internet connection, again your phone's sim has one which can help here.

Intraday activities - not exactly sure what you mean by that, because the term is more applicable to stock market as the day does not end for crypto, it runs 24x7. Still day trading is done for crypto by specific people. But how does that change the plans?

Im not good in trading but i have plans to stick with when it comes such thing,  wherein although sometimes i didn't follow my routine often when i see a possibility to gain profits in other coins. But still it's my priority because for me its the most important since it gave me smooth profits despite of the situation in the market.   And also because of lack of Internet access and enough time to put into it sometimes i prefer to hold and its a fine decision for me..

not all trading systems or plans work for all occasions. when those traders say the trend is your friend, always follow the trend. it's not about greedyness and emotion but it's about making money. when something is about to bubble because of popular individuals like Elon Musk and Mark Cuban tweeting about dogecoin, buy doge!! there is a reason why they are trying this coin to trend.

Depends on the market situation but moving your position because of too much emotion is not good, so avoid this kind of transactions at all or else you'll burn your portfolio by yourself.

Sticking with your trading plan is fine as long as the market trend is in favor to you, either you're a long term or short term trader it is still advisable to monitor your holdings. I don't agree with the power interruption, mobile phone will works and most exchanges have their own Apps that enables you to trade where ever you are at any time.

Yes, I HODL, and I believe it’s the easiest “strategy” to do for a pleb like me who knows he can’t beat this “Zero Sum game” called trading.


There are some strategies, and the amount of leverage used by some “traders” IS actually gambling.


Those problems only concerns the high-frequency day-trader.

I am trying to stick to my trading plans. But sometimes, I am facing difficulty controlling the greediness, especially when I see the price can jump higher and I thought that could give me a bigger profit. It is hard to always stick to our trading plans because that will need an effort to manage our emotions in trading constantly.

I am sure every trader has that experience to see their greediness become bigger. But it will be back to the trader itself, how they can manage their emotion so they can always stick to their trading plans.

I would say they should stick to the plans irrespective of bullish trend or the other way because the goal of trader and investor is the same but they do have a difference in time period. So don't allow your greed to take over the strategies and also stop loss can be a really useful feature for a trader.

I don't think there reasons like power failure and internet access can be a reason for someone's loss because everyone does have their smartphones they can simply execute what they wanted even in emergency situations.

It maybe depends on the price movement of the coin sometimes we need to change a plan if there is an issue with regards to the coin that we trade, greediness is also one of the problem,some trader are really greedy and they forget thier plan and strategy because of greediness, we need not to be greedy to avoid losing in trading, and the only thing to control greed is to learn some good strategy and never forget that trading involves money and you can maybe loss a big amount if you are too greedy on the trading field.

As much as I want to stick on my plans, circumstances hinder sometimes. I often don't read news about crypto but when I do, I am late and everyone in my port has already dropped. Though the original plan is to "buy low, sell high", sometimes it becomes "buy high but you can sell in a little bit lower" just so I can buy when it goes even dipper.

At first, we will stick to our trading plan but when the market changes, the plan will change seeing the situation and also our thoughts in changing patterns, to be honest when an increase occurs then greed will inevitably occur and vice versa if a downward panic occurs unless your plan is determined to be But leave it for a long time before you become aware of your trading plan.

On the other hand, I think it is very difficult unless we can hold back in any situation, remember moments like there are very many changes from the plan even though we often see the portfolio increase so that is the power to sell for profit.

And this is Dayu can not withstand the plans that have been set.

Well I am very bad trading or short term trading. All my crypto strategy is about HODL, it always worked for me and its very simple also. "Buy when everyone fears to buy and sell when everyone greedy to buy", if you stick with it you will never loose.

The habit of all crypto strategy to be hodl is the believe of naive crypto currency traders because the major strategy of crypto is choosing the right coin, sound entry/exit point and stop lost strategy.
This is the reason why some people believe crypto trading to be gambling because the positive result is never promised.

If I do this, I just put myself to lose easily. Of course, not and it should be controlled.

And talking about stick according to the plan? That is very important otherwise, you go elsewhere. The plan serves as our guide, strategies could be changed depending on the situation but our goal should be to stay the same. This is apparently a big challenge in trading but if we keep our emotions being controlled, that couldn't be hard to do it unless, if you are guilty that your plan is not achievable IRL.

While others looked at this as a negative thing, did you know that, for every loss, a trader is building a good experience?

Without those losses on the way, we can never think of a good strategy. Even professionals or so-called best-of-the-best traders are losing until now. It's a part of the game. What matters here is, for every loss, there's a lesson.

Trade comfortably is the key. Don't pressure yourself to win as it will destroy your focus.

^ Definitely right, there is no good trader if you only know is chasing losses and no greed control, most people are easy to be fooled by their emotion and becomes out of control. Stick to your plan is always the best thing that you can do in trading successfully, it is like your guide to your winning path in trading. Nevertheless, I like what you have said, and the last one is, as much as possible don't rely on other's work, most especially the dum and pump group.

I agree. Sometimes there are unforeseen circumstances where you need to adjust to the rapid market changes. In the end trading is all about taking advantage of the market, and indeed when influencers like Elon Musk pumps DOGE you know what to do - though, of course, this type of close action call is for those who are able to tolerate such risk.

So, in effect, the strategies need to be somewhat flexible in order to work with the above scenario (which has happened). But if deviation from main plan is not for you, this is also fine.

being disciplined and determined is the only thing that can make a trader stick to his plans. anyone who has really traded knows its not as easy as it sounds. having several loses can make you quit. the loses can have a physcological effect that will make you think nothing will work. so having in mind that loses is inevitable, learning from every trade is also vital. all this coupled together will make you stick to your trading plans , test run it for a while and evaluate it. then make changes if there is need and keep doing it untill you get it right.

I don't trade a lot these days because I see that every single time, the market's fluctuation is higher than before. I'm sticking to my plan and that is to hold.

The no brainer strategy that has been so effective for everyone who doesn't like to trade at all from time to time. No need to exert that much effort into it yet very profitable.

trading alt coins is such stress and sometimes you trade according to your own plans, but even though you have plan and analyzing graphs you tend to break those plans if the price of a coin is dumping or pumping. panicking is the one sometimes destroy your strategy in trading.

This is what I realized recently, I am trading actively, there are some I have lost trades and some are winning trades.
Most of the losses or breakeven are those trades that no plan, especially no stop-loss price and a target price, especially the target price, it is very important and stop loss too. I should've profits, but decided to still go.
That's why before opening a trade position, PLAN is a must, your target and stop loss.

You are right and this happens by making decisions without taking into account the price of Bitcoin, many forget to analyze the price of Bitcoin before making the one of the altcoin, and all altcoin always depends on Bitcoin, when an altcoin falls, many change their commercial decision, and usually at the time of changing the price of the currency rises, and a profit is quickly exchanged for a loss, this type of stress causes loss, it is best to always assume the loss without moving the Stop Loss, if it touches the STOP LOSS does not matter, the market will always give new entries.

You are right. I can say like I was in that situation when the price increased, which made me greed. I do not realize that I need to take profit before it is too late and fortunately, I did close the trade before the price is down. I think many times I was in that situation, but I was lucky to close the trade once again. Stick to our plan will be important but greed will tempt us to wait for more because the moment is good to take a bigger profit.

Sticking to our plan is important but if you want to change the plan, maybe you need to adjust to the current situations so there is no big bad effect that you will get it later.

That be a terrible actions made and finds no reason to win but definitely a way to losses. Traders who'd come panicking every time he saw declines, is also the person who haven't yet familiar with his plan. It is just useless to have an effort creating a plan if in the long run it never been used. It really stressful fir us especially when we don't know what we do next, becoming undecided and wrong market decisions are also the result of not following the plan.

Having plans is really a big help to achieve our goals in trading so we should stick to it especially if we see that the growth rate of our coin has a potential and it realy following accordingly  to our plans so it will be better option, which is rather than being greedy in the market like when there's a opportunity to gain small profits. coz you know mostly end up losses after all so we should have plans in order to achieve everything on this kind of making money..

Higher market fluctuation/volatility also causes more losses for plebs like us. It’s not just a few plebs, MANY people in the forum, I believe gave up trading to HODL. It’s a more feasible strategy for us, the plebs. Let’s accept our plebness, and just HODL. 8)

Agreed, trading altcoins is a pain in the rear. Compared to bitcoin where we can somewhat predict the support and resistance levels and then make a calculated guess on where to buy, altcoins never seem to come out of their pump and dump cycles. Right now if some coin is falling, for bitcoin I would advice to buy but cant say that with certainty for altcoins.

Being on safer side and mentally sane side bitcoin becomes the better option. Beside all the negativity around the world, traders need to keep their cool so keeping bitcoin in maximum is what I prefer. Plans for bitcoin is usually long term and will not change. It would not matter much if power failures happen or not, you are in it for the long.

*insert* "Are ya winning son?" meme  ;D

In trading I apply the concept if the strategy of the trading plan fails I will move on to another plan. so we have to prepare at least 2 plans as a backup, because we don't know how long our first trading plan will succeed or fail. the most important thing is I stick to a legitimate trading flow and do not trade involving gambling or other negatives

Other than target and stoploss levels, there are other multiple things we actually need to plan up for successful trading:

* what other coins you are going to trade/avoid
* size of your positions
* trading hours

The above list is not a complete one but I could not recall right away all of them what are the things I am using in my trading. Trading is something that requires a lot of discipline and planning and when we are deviating from our plans then the results may not be the same as per our preferences.

I agree on the second and last one.
But for the first one, I don't think so for me. Since when I do trading, I am more looking at charts, technical analysis. If my technical analysis showing my criteria for a long/short position then I trade. If you want to mean is more on fundamental analysis, I really don't do it when day trading.

About the second and last one, they are also important, size of your positions;
it comes with risk:reward ratio, your risk management, is it important. For sure you are not trading with 50% or more of your total account size.

Again, easy to say but difficult to do.
There will always be a plan but that plan can easily be wrecked by a sudden shift of the market. Another reason could be a hype. Let's say Doge.
Elon Musk hyping it could trouble the minds of a trader. Shift with what is being pumped and forget the plan for a while.
Not every morning will also be the same. There will be times that plans will not go your way and will mess up the whole day of trading.

sometimes we are still playing with feelings in trading. I think it must be avoided, we must stick to the work plan that we have made, especially when cutting losses are needed to avoid unwanted risks. many traders put forward drama when something happens in trading, even though it's not needed. trading between profit and loss according to target, I think that should be instilled in every trader

It's a big factor that you have your own strategic trading plan and techniques because this would be your only ally while trading. In my case I do apply the concept that I used and also most effective for me. There are a lot of advises, trading techniques and strategy that we can read here in forum or we can learn from other traders but the only effective trading strategy that you can have is the one that you have learn in your own experience.

Everybody that's into cryptocurrency have his/her trading strategy and the best thing to always do is stick to your trading plan, if you are into cryptocurrency trading and you don't have a trading strategy definitely you will always lose money and that very bad in Cryptocurrency, you just have to make research and know the best strategy plan that work out for you. The easiest trading strategy that you can use is buying coin when the price is low and selling when the price is high, no matter what happens I always stick to my trading plan

No doubt every trader have that target in mind to want to achieve while trading, but the truth is that life doesn't always go as planned, i' was day trading for sometime but later I switched to longterm hodling, and frankly speaking I don't always stick to my trading plans, I know it's bad but sometimes I hold on more when I hit my target rather than sell once I get it.
A trader needs to study proper risk management even before learning how to trade, cause with proper risk management he/she will never get liquidated in the market, it's one of the important things someone needs to become successful in the trading aspect.

Sometimes on-the-spot situation trigger us not to follow our trading plans which is wrong. Panicking ruin our trading and sometimes we immediately exit and we just depend to our emotions. It's also important that we have notes we follow if we noticed that we are not in our track. I admit that I forgot what should be and how to execute my trading plans so taking notes is very important. It's like we're learning in school we need to focus on our goal, but I like in school, we're also dealing with the actual money which is different in real trading.

there is no standard trading plan in my personal trading list. It is very difficult, with uncertain market changes making a factor for changes in the implementation of trading strategies .. indeed we are always faced with situations like this, because changing trading levels force us to have more trading options according to market conditions.

If you have trading management plan and there comes a time and tight situation that needed an urgent need to change ways, then probably I will gonna change my plan. But most of the time, whenever I checked my technical analysis and was so sure that it will go with my right TA with of course double checking the other basis, then sticking to the old plan is much better.

Crypto markets sometimes gives trap movements, if we arent wise enough to stick with the plan we'll just gonna regret our next move.

Yeah, both bulls trap and bear trap are frequently happening in crypto markets and fortunately I am not getting into any of them so far. It has become possible for me because I'm not waiting until end of trend reversal. Just catching the middle of the trend is my usual plan.

Sometimes I do get tempted when seeing unexpected new opportunities but if my technical analysis not showing anything like that then I will simply leave off that.

Yes! I do strict to my actual plan of trading, that is, "buy the dip". But this strategy at time test your patience. But to date I always got profit through this strategy. Always set a limit at which you wish to sell your coins and do not get greedy when the price is surpassing your set target.

Honestly, to tell you the truth, it's often difficult sticking to one's plan when it comes to taking profit. Traders are often tempted to push earlier proposed targets, especially when the candles get engulfed in bullish rally. We often think the momentum will get sustained and as such leave it open. Sadly, most times this has proved to be a bull trap.

On the actual entry, I do stick to my trading plan on that. It's better to target getting in at low level than actually thinking of profit level. This is why SL is more valuable for professional traders than TP.

I am still zero experience in trading, always can't analyze really good and sometimes only follow what my friend trade. Honestly i can be more calm if have friend when stuck in a coin or maybe like, "he is stuck too, and i am not alone". Still trying to fix that because someday i must be can do trading alone with my own plans.

You may not fix that if you stop following your friend right away. Because, if you are already making profits then you will never find time to learn basics of crypto trading which includes technical analysis and risk management. I mean there are lots of things left for you to get yourself trade alone. Hence, if you start today then you may be successful after a year of time.

But, I am sure people who are comfortable with other's signal never find time and efforts to trade themselves. Moreover, I am sure that your profit level and your friend' definitely will not be same.

there is no reason but just the memes and funs. and maybe they've bought large amount of those coins (dogecoin etc) and now they want it's value to increase so they can earn profit. but there is  no really any other reason. doge was always a meme coin and it'll always remain a meme coin. there is no any real use case behind it.
about the trending trading stretegy posted by big influencers. I would say that it is ok to follow their leads and sell off with profit. but not be very greedy and think that if that person is shouting out the project it'll increase because sometime things may go opposite of that.

I am happy that you are not going anything beyond your technical analysis. This shows how strong at your willpower so that you are able to stick within your trading plans. I guess you must be a trader with years of experiences. Because, I am simply unable to execute any of my plans as I am easily get distracted by market hype time to time.

I believe traders need more practices so that they could play only within their plans. When traders are giving room for any of their emotions then they are simply moving out of trading plans. This has happened many times with me in crypto trading.

Sticking with your plan is in my opinion the minimum that should be required for a successful trader, entering any market without any strategy is like going out to the bad part of the town screaming that you have with you all of your money, sooner or later someone will take your money, so it is important to device a strategy and verify that it works and once you do that then you need to follow it, the only exception to this is if you find another strategy that works better than the one you are currently using and you want to replace it.

For the first time I tried to trade, I was just depend on my emotion or even just guessing like gambling. But after I got a huge lose then I realize that this thing is a bad idea and will just make me spend a huge lose like I play gambling.

After that, I looked for some ways to learn how to trade well at least I can trade without lose yeah that is the first time intention after I learn about trading strategy. But, during the time I can overcome and know some trading strategy especially technical analyst.

Until now, I still learning about trading strategy and buy as much as I can about trading book. Yeah I'm more comfortable to learn in the trading book than I learn in the some trading site. I realized now that the first time I traded is that I just stupid person who just trading without some knowledge.

For some reason that it won't and it is usually depending on the market situation. But not very often to happen to me.
Plans are very important, not only in trading but even in our life. Our strategies must be in sync with our plan in order to succeed. Nevertheless, if we don't have a strong and positive mindset, everything will be useless. Yeah, we don't go far and reach our goal, and we are just wasting our time doing for nothing.

Sometimes, I stick to my trading plans, especially if the price is not moving well. But if the market moves fast, sometimes I break my plans just to make a profit. That works for me, but sometimes, I miss calculation or determine the right time because the market can not be predictable. But sticking to our trading plans will be necessary, so we do not get bigger loss and can still make a profit.

You sound like having plenty of experiences in crypto trading and because of that only you are able to leave off those opportunities which are happening outside of your technical. Have checked how much you might have gained or lost of you have gone for entering positions on those opportunities? Sticking within our trading plans is always good, but sometimes unexpected opportunities may lead to unimaginable profits as well.

I am not saying trading without plan is good but you may trade even out of your technical part yet you go with stoploss. It means you are taking calculated risk which may go either side. If you catch 5 good trades out 10 unexpected trades, how will you rate your usual trading plans?

You should really follow on the things you do had in mind when you are trading and we do have our own analysis that we do make everytime we do make out some trades

so this would really vary on person to person on what are the levels that had been set for them to take out the profits.Its always been recommendable that you should set plans

rather than on just going for more because market is way too unpredictable and there's no way you can make out precise speculation from time to time.

If you do see yourself on profiting on your own way or method then better stick to it.

Yeah, I've accepted that already long time ago and it's always been the best thing ever that I've ever decided.

HODL is the key and there's no need for any strategy to be built as you hold. But for those that are liking to trade, it's fine as long as they know how to manage the risk that each of their trades have.

I always stick to my trading plan but sometimes when there are a lot of variation on the charts, I have to be flexible and improvised. Fortunately, I rarely do it thanks to being disciplined and follow strictly my path so only a small modify is needed whenever the market state slightly changed

stop loss is mandatory. You cant trade for a long time if you do not have the stop loss to protect yourself from unusual phenomenon

Trading may be gambling once we don't use any analysis or even considerations, only paying for lucks in order to get profits from trading.
Moreover, trading is not only about buying the dip and selling high, because we don't know how dip or how high the price will be in most percentages.

These may be general conditions that not only inflicting trading or investing activities but also for other general activities.
In fact, making certain strategies in trading is very important. We can see how to work the strategy on the market condition at that time. The strategy may be developing depending on the market and also the situation of the crypto world.

These things what i do hate the most when i do make out trades, im making this stuff for full time and in times where power is cut down then i cant really make out those trades because even though you can make use of your smartphone but nothing beats out when you are really make trades on a desktop.(personal preference).

When it comes to internet connection then this one would really make me get pissed when it comes to be unstable ones.You cant make out scallping due to jumping off prices due
or been affected with your connection.

Sticking out with your trading plans is a must but due to the behavior of this very unpredictable market then its just right for you to make back up plans.

we must be dinamic when facing high volatility market, stuck on our trading plan make we will suffered lot loss. and i am agree with you , we must dicipline no matter what happen to our position in market. it could decrease risk alot and we will stay survive longer than traders didnt dicipline with their plan.

That sucks when having an unstable internet connection or a sudden power cut off. You should be trading using your phone if that's the issues you are facing or you lost your chances to make the trade if you stick to desktop computer. Other than that, I think it's often to happen to have a power outage you can still do the trades if you prefer more in your desktop.

And sticking to your trading plan is a good idea but with this high volatility market I think you have to adjust and adapt to the system rather than losing for no reason because you stick to your plan.

Start by learning how an indicator works and how it could tell you its time to buy and its time to sell. The very easy one to learn is the RSI which most traders are using. Its amazing how much you have spent time here but not trying to at least give a little experience. But since you have already bought and sold tokens, I supposed that a bit of an experience in the orderbook exchange.

-Indicator
-Money Management
-Emotion control

3 important things that must be considered for all traders. I keep using the indicators that I have learned to be able to analyze the market. and also sometimes see insights in TradingView to add other insights. all traders are required to be able to analyze the market using indicators. if they cannot analyze the market, of course it will be detrimental because they will definitely experience losses

I ensured that incorporated discipline in my trading plan thus this enabled me to always stick to my trading plan.
I am a daily trader having picked 10 crypto/busd  pairs for trading and sticked with those numbers of pairs out of numerous ones on Binance. I only do my analysis an hour before the daily new candlestick is formed thus I have few period of time to make a trading decision before pulling the trigger to long or short, I never diverted from this plan which had been very helpful.

Sticking to a plan requires lots of dicipline. You have to kill down some level of greed and have a consious mind of sticking to what you had in mind before entering a trade. Greed has blown so many accounts and it's always ready to blow down more. If one wishes to maintain a clean roll of profit margin then greed has to be dealt with to curb the loss that might arise as a result of selfishness

Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading. 

- I agree, a primitive plan is necessary to shape the development direction with the market and when we mention the preliminary plan, it is impossible to stick to the plan completely, in many cases can destroy the original plan, flexibility and modifications are needed to get our plan on track and back to its original state. And sometimes some plans should be canceled, instead of sticking out because a lot of eyes of wolves or whales in the market are looking and tracing our direction, they will most likely sink us into our original plan and prevent us from retreating.

Having this 3 would really be enough for you to sustain yourself in the world of trading or this kind of venture but it isn't really easy as it sounds when you are already there.

You would need to experience first lots of trials and errors before you can attain these type of basic skills and once you have it then you would really be finding out that
its bearable and can be handled out if you do really follow up your trading plans.

Don't be greedy and always set out limits and you would really be just fine.

I don't think we should count access to internet at all, OP.
If you don't have the ways to connect to the internet, you wouldn't put trading at the first glance or immediately.

Ending up losing in the end as you mentioned is also caused mostly by being driven emotionally by other people as well. It is quite common for that here in crypto as well, don't you think? :)

Even it is kind of common thing, how long one trader will afford to lose? Getting failed out of emotional things should be avoided and for that traders must have will tested and highly determined trading plans. Trading plan is something we cannot get directly from any tutorial or videos but it is kind of thing we should make by ourselves according to our needs and demands.

Only when you are following your own set of rules and plans, you will be feeling comfortable for sticking with that. And this is the reason I'm saying we should develop our own set of plans for successful trading in crypto space.

I tried holding for a long period of time before but it does not work due to I am holding a shit coin. Now, I want to stick on day trading because I want to enjoy and cherished even the small amount that I can earn through it. I know I can gain more experience and learn a lot if I day trade. If that happened maybe I can already change my trading plans. I will also try to control myself in becoming greedy because it is the main reason why I lose years ago.

Plans can and should be modified when the sentiment of the market changes, you can't be on a plan to take profit at a certain price and all of a sudden the sentiment of the market changes and becomes bullish then you still take profits. That won't be the smartest decision instead if you're in need of urgent cash you could sell part of your investment while you leave the rest to continue increasing. You still have to be cautious though to identify when a market sentiment changes for real and not some fake break out.

Basically you adjust your selling price and set higher price that could give you more profit although your new price has to be reasonable and not been too greedy because that's one of the reasons many traders end up either in loss or not having as much profit from a trade as they should've.

although not all trading plans can be what we want, but a good trading plan can be our guide in trading. because what we know in trading must have a mature plan.
trends can change, therefore when the trading trend changes we already have a previous plan and only develop according to the existing trend

This is incredibly dangerous, I know that you trust your friend and since he is not charging you money then the chances he is going to scam you are zero, but have you at least tried to learn something from him? Learning how to trade is incredibly hard but if you have someone that can teach you directly this is something that cannot be underestimated, so try to learn from him and his experience and once you do this for a long time try to do it on your own and see if you have what it is necessary to become successful on your own.

That's right, you must learn on your own and now relying on your friend even though you trusted your friend.
I guess it takes months for you to study and research technical or even fundamental analysis before you learn on your own in trading but at least you are not relying upon your friend's work.

A trading plan is very important to stick with to avoid possible huge losses, it will I guess mislead you if there is a distraction and it will miss the opportunity that supposedly you can gain profit on it.

It's hard to stick with plan due to volatility of crypto there is a need to have plan A to c or as much as possible to be more active to set more plans and execute them since the market is too volatile that the price changes anytime and then as well news happen real fast too that affects the market like if there's only a tweet or others happening. Better to have plan but still be alert in anything might happen.

I couldn't agree more. Having a clear plan in trading is important, I'm not going to argue over such a fundamental aspect of trading, but in order for a plan to be responsive to any market situation I find that flexibility is key in making the most of the market.

So having a plan is great but make that flexible and it would be a much better plan!

Being a trader for me is not a good thing job, in my experience I've encountered many things I earned several times, and loss as well, but unfortunately at the moment, I still survive for a couple of years since 2015. That is because of the belief I have in doing trade here in cryptocurrency, although sometimes I'm not sticking on the plans I have for it.

the work plan must be flexible with the situation in the market at that time. sometimes what we plan does not match expectations, and at times like that we must be brave to make cuts and compile a new work plan

It is very difficult to stick to your trading plan which is going through your mind. After buying a coin we now search too much about particular coin that you destroyed your plans.
I have not stick to my trading plans in any trade because sentiment plays a big role in trading.
If a trader stick to their plans then he will be in profit as cryptocurrencies overall history says, and for future its looking good too. Thank you

Why you go for searching about that particular coin after buying it? I mean you must go for searching and for strong due diligence just before deciding to invest into any coin. There will be no pint of getting into due diligence after investments are made.

Exiting at stoploss and then looking for new opportunities are common for any trader because like you have mentioned our plans may not work as per our expectations all the times. At the same time we must work on technical things so that our plan may not meet our expectations more frequently.

That is inspiring. Yes, crypto trading and crypto investments are having good potential when we are approaching them with skills. Sticking with plans may not be possible in the beginning days of crypto trading but over the time I believe our plans are slowly will become habit of our daily routines.

Trading the trends, this can be very successful but you should be very cautious as they can go down the drain any moment. You can see with ripple, they were doing quite well until the court case came along and it dumped massively. It's recovering now though so might not be the perfect example yet there's still some doubt in the community if not with this bull run xrp should have been trading above $10 at least.

If the government comes for this celebrity figures pumping this coins, hope you know the coins will suffer massively and if you're not careful you'll end up losing both your capital and gain. Investing should involved proper researching and not basing your decision on some rich guys feelings. It could make you rich though but what are the chances.

It is really hard to follow our trading plans especially if the market is looking good. We get greedy because we think that we waste the opportunity to earn more profit. If we don't follow our trading plan, we should be also prepared if the market goes opposite of what we want. I know some traders that have always set their trading plan and still fail to follow it because of the potential profit they can earn if their technical analysis goes right. But those people have a big capital in trading, if you trade with a tight capital you should always follow your trading plan whatever big or small the profit can be.

My bitter and difficult four years of trading experience has shown that you need to be flexible, but at the same time stick to the plan at all costs. Because I could earn for months, but after moving away from the plan i could lose a large amount of earned money in one deal.

Well the essence of trading was incomplete if a trader only experienced winning right. Winning and lossing are the two main categories of essence when it come to trading, investment or even in the real businesses. For me it is hard to stick on your own trading strategies and techniques because the crypto market trend are keep on varrying. We should have to cope up whats the trend right but at some point there are certain trading plans and strategies that works only for you and works through time.

I think that everyone has violated their trading strategies in the past, and this could be caused or influenced by strong emotions, or it was a conscious risk when the upcoming profit exceeds the possible losses. Perhaps this is the main difference between a trader and trading bots)

Have it bore any fruits now though since you are still trading even after four years. You are right about the one deal that could waste months of effort, I have story about it although it isn't about trading, there was this dude in my neighborhood who was known miser and saved a lot of money and one silver-tongued devil was the reason for the loss of all his savings, dude got caught in a pyramiding scheme.

For some reason that we need to change our plan if we notice that it is not really effective and not working efficiently. And that also because of the market volatility. But if we think that we are already good at our first plan, then there is no reason to change it. Maybe trying for our plan B is a sort of testing to find which one could give the best results and find no wrong with that.

But in your case, I think you know already. It looks like your first plan works great and you don't need to find another, only you need now is to continue what you are doing.

Most of the time I do stick into my plan when it comes to trading. But since we are working with a highly volatile market, there will be instances that things do happen that is unfavorable or out of the plan which needs to stick out of it and think of the best approach that will suit the situation. I somewhat having back up plans as well based on the possible assessment I have in my mind but if still things do not work out, I need to hang up a bit to strategize on the spot or take a rest for a while to assess what I am supposed to do.

What you are talking about is very much determined by your own trading capital, where everyone has their own character to determine crypto trading be it daily, monthly and long term.

Very simple, large capital daily trading is very convincing and small capital long-term trading is also a positive thing, many people have their own methods in this regard, if I depend on the capital I bet to determine the daily and monthly trades.

Backup plan is something, I'm not working on right now but it is in my plan for a very long period of time. This is because of I am confident about my primary plan because I have tested it for multiple times and only after many trail run, I am entering into a real market so it is obvious for me to be having only one trading plan.

After lots of experience in crypto trading for years, nowadays I am simply following all my plans as I never deviate any of my predetermined steps. Still I need to admit that I have breached all my trading plans in my beginning days but over the experience sticking with plans become a practice.

You should have at least an idea of what you need to do or to react if you experience such situations. A backup plan could be the one that can save your primary plan if it failed but it doesn't necessarily mean you need one on every trade, there is someone who can do something on the spot. But it is always better to be ready when the situation comes.

Adjustment when it's needed back up plans might save you to lose a lot from your initial investment,
 having one is really important towards your journey to this business.
Even you have good knowledge and you already performed everything that you know about the market,
there's still situation where you needed to decide.

With good back up plan you'll able to recover much quicker or able to grab decent profits whatever market brings to your way..

I am seeing a lot of traders are not at all aware of secondary trading plan; they are simply trading only with one plan and when there is something unexpected happening then they are not having any other option rather than being stuck. It is completely not making any sense when our trading plan will be working all the days; we must expect something to happen unexpectedly and then we must have another plan to tackle that situation.

It is kind of having stoploss for our trades because we are not expecting all the time target to be achieved; but we must expect stop loss also could be reached at any time. Same applies to secondary plan as well.

Learning how to trade is hard but having a friend there trying to teach you how to do it makes all the difference of the world, after all most people here in the forum had to learn how to trade the hard way and they had no one to guide them and they had to decide which methods actually worked and which did not, but if you have a friend that knows how to trade and it is willing to guide you then this becomes way easier and you could become profitable a lot sooner.

Yups, trading without a trading plan is the same as traveling without knowing the direction and location of your destination. Your goal in trading is to achieve consistent profit, but that's complete nonsense if you don't know how to achieve that goal. With a trading plan, you will know what you have to do. You'll also find out quickly that you are going in the wrong direction. You will have a standard against which to measure your trading performance and will always know what to do if you go wrong. A trading plan will also help reduce the potential stress and emotion when you trade.

Actually you can, trade without a trading plan, but your trading style will be messy or chaotic. Buy and sell based solely on instinct or unclear signals. That's not trading. It's the same as gambling. Having a trading plan does not absolutely guarantee that you will be successful. But at the very least, by having a trading plan you will be able to evaluate what went wrong with your trading if you failed. In fact, failure in trading is caused by not having a trading plan or not carrying out a trading plan properly.

Trading requires a lot of patience. Many ups and downs are traded. Occasionally a very good situation and sometimes a very bad situation has to be confronted. It is desirable to endorse everything normally. You should not beat back from trading after a bad condition or during a bad condition. Above all, you have to operate from the stick in your trading plan.

It is also important to have a good friend when it comes to trading with your skills. I learn something new from them you need to come up with a plan that will allow you to achieve your goals once it’s ready just follow it to the best of your ability remembering that even if you do you can still occasionally lose trading plan especially for novice traders it takes real skill to be able to make a substantial percentage of profit through trading. For successful traders their wins can be attributed to a combination of skilled some luck and a good trading plan to rely on.

You refer trading in groups? I am also seeing there are lots of benefit we can enjoy when we are trading in groups. Because it will be easier for sharing knowledge and other trading related things when we are having friends around while trading. At the same time there are chances for getting deviated just because of fun, friends usually make.

That list must be very big and we cannot simply remember all of them at any required times and this is the reason just making all of those requirements of trading as the habits will help us not to forget any of them to follow.

But, trading in groups might lead to deviate you from sticking within your trading plans. I mean when you are trading alone then you might get chances to be sticking with your all tested trading plans more consciously but when you are interacting with your friends then that may lead to distractions which may push you to take ad-hoc decisions.

I never tried trading in groups. I will not attend phone calls when I am into my technical analysis. Because, I need very calm environment to make my financial decisions accurate. I guess this alone helped me to be sticking with my trading plans all the times.

If you want to trade without having a plan you are not trading instead you are just wasting some time and money it's better to always set a plan to your self avoid getting to a fight without a sword always checks the possibilities to earn or to lose sometimes the eager too hard to control so always take back on the plan if you feel lose back to the plan always stick to the plan if you won't follow your plan you will suffer next for your decisions this is the common mistakes of the newcomer trader they wanted to earn immediately and not taking a step for each milestone.

Plan A and Plan B...all of these must be present before trading. What set of plans we follow is depending on the market situation. We sometimes skip our plans as we notice that it will never work, maybe it was an unpredictable change but we can't avoid this in trading especially when we are dealing with a volatile market.
Trading couldn't just be a set of plans, but this was also on how we respond to the market changes. It needs more on the analytical decision and it finds so hard when don't have experience.

Indeed, a hero always needs a good strategy to win battles, otherwise, their actions to participate in battle will be relatively suicidal, trading is a battlefield where there is no benevolence among everyone, we are making each other's money to become the strongest, so not planning would be bad and too dangerous. The plan is a protective wall of our moves in trading, sticking to it will increase our chances but a certain plan will not be enough, we need to put together more plans to cover every situation