Bitcoin Forum

I've been trading for a long time and I've been wondering about other trading practices and habits. It's been years since I started to trade cryptocurrencies and I built some and practices like when I wake up every morning the thing I will do first in the morning is to get my phone and check the market price of the coins/tokens I have, I built a practice on checking the price each time I got extra time or when I think too, I don't have a single day without doing this practice unless it has a certain circumstance like having no power in my device.

What are the trading practices that you have built over the countless trades you have?

It's not a practice trade.

That's just the daily activity of your life, everyone can also do that.


Shitcoin trading with fundamental analysis, using a few speculations from my research & experiment:

• Decide an order with using volatility percentage of the coin daily/week movement price.
• Making a support & resistance zone by using an order book.
• Take advantage of long spread gap order some coins/token to buy coins/tokens to get a maximum selling/buying

A lot, but I'll say what my most learned and built over my entire trading life.
First, I practiced not to trade all the time, you need a perfect time to trade, not all the time there are good entries, waiting for the right time and opportunity is good.
Second is also connected with the first, which is always not chasing your losses if you already got stopped-out or already closed your trade with profits. Take time to savor your profits and wait again for another entry, there is still a lot of better trade opportunity to come. For me, these are the most important.

Wayback when im just starting on trading or total noob.I do really have that habit or mindset that im afraid on missing out some good trades.In result i do actively trade even without having that clear good entry and later on it leads to losses and you're right that we shouldnt chase those losses once our SL been triggered then you should really call it a day and never tend to recover because it will just mess up your entire day if things comes worst so better to be wise in every actions would made.

In talks of habit then i do have the same when it comes to constant or frequent checking it out.Yet i would like to know on whats the current condition of the market.I dont only check my portfolio but
in the entire market prices and try to check out some opportunities too.Even im on work or in transit as long i do have data connection then i do check out prices actively but doesnt come to the point
that i do impulsively making trading actions.

Been doing this for years and my body get used to it.It isnt a habit but rather already an activity thats been part of your life.

Ive been trading since last year and there are so much habits that I have learned;

• Do not forget to set stop loss-jus like what happen today, this unexpected massive drop will make my entry become liquidated if not with my stop loss. Great thing i have set stop loss and it was triggered. My loss were not that big because of this.
• Fundamental analysis- this is also useful. You can also predict which way bitcoin will go if there is a positive or negative news.
• Stick to your own TA.
• There is a proper entry and exit point. I have proven many times that following hype and volume will not bring any good to our trades.

Since a year ago, I don't check the market every day because I don't see that the market can move well every day, so I decide not to check the market too often. Perhaps, I check once a day or once in two days, and usually, I only check if I don't busy with my real life. But if I check the market and I find that the market can move up or down again, sometimes, I set the alarm so I can know where the price position and I can decide to buy or sell some amount.

Perhaps, the practice that we should do is always learning more about trading, read some news that might have related to the market, or analyze the market so we can know what the time to enter the market and leave the market is.

Almost everyone does that. I do that as well, even if I don’t do it when I wake up, when I’m less busy I would pull out my phone and check the price of Bitcoin and other cryptocurrencies that I have invested my money, so it’s normal and I don’t think that anyone would invest their money somewhere without checking daily on where things are heading, especially when what we are talking about is a market as volatile as crypto. So, it’s a normal thing for everyone to do.

Talk about trade habits, as someone who is a trader the first thing you should do is to stop fear and greed from controlling the decisions you make while trading. Another thing you should learn is patience , it pays sometimes.

Actually I haven't tried trading yet, I am afraid of losing my money on that one. I am more comfortable on investing than trading because as far as I know investing is much better than trading because in investing, you can still hold your money if the market is low, then withdraw it if the market goes high, so there is no room for you to lose your money in investing as long as you have patience on holding your money.

The practices that you may have to be a good trader and not to lose your money if you do trading is to do research about it, learn how could you earn from that, learning is an essential thing for everything because we can still use our knowledge in the future to become a successful person. All things can be mastered through proper learning.

When I was still actively trading, I used to check daily price movement, I have an app installed in my phone to track my portfolio but when the market is quite bullish and my altcoins are dumping like shit, I quit looking as it would only disappoint me, most of my altcoins holding are not worthless so looking all the time on portfolio makes no sense, it would only hurt me more.

More like habit. Yeah, I think so.

When I wake up and open my computer first thing I am going to look up is the exchange where my coins and tokens are listed. (bounty payments mostly)
All of them are already in my bookmark so it won't take long.

Next are the coins that I am trading. Will go to my favorite exchange and look up the buy and sell amount and then the orders done.
Every day will be like that even in weekends.

I make a plan and follow it. Every time I do not follow my plan, it turns out to be a very bad choice to abandon it. E.g: I have some alts that I've been hodling for many, many years. Out of the entire list, I've sold a few of them entirely although I meant to hodl them for much longer. Days after, they got pumped and the price went stable not after a 50% pump, not after a 125% pump but after a God damn 300% one.

That's how I learned that my plans should be followed to the end. Other things I've learned:

• Don't buy when prices go higher and don't sell when the market dumps. I've never had a successful trade when I've done this. It's very, very easy to be influenced by the market trend. Try not to be and buy or sell according to what you expect will happen to the coin, but based on legit information.
• All my alt trades have been successful in the beginning, but then I found out I would've had more success if I held everything in BTC from the beginning. However, if I had sold alts during the 2018 market craze, I would have had a LOT of money right now.

Subscribe to the big trading platforms to receive updates and news from them and make it a habit to check the notification, these notification carries clues of where the trend could go in the next few hours within the day. If binance says they are having a maintenance in few hours and suspends withdrawals, price drop is possible.

In my trading, I always check and monitor the market price because I have doubted all of my investment if the market is going to pump or dump because some of the people today telling that the market goes up and down and I do not have known enough with the use of cryptocurrency and there is a friend that help me about the things I need like how to read a market graph and now I can manage all of my tradings without hesitating and also I'm going to ignore other people saying they can give me some tips because the really thing is there is no one can identify the movement of the coins but still it depends on your gut feeling about your investment and earnings to win your profit.

habits are much needed to become professional trading , habits keep us updated and eventually what habits we have been practising compound over time and bring huge good results , i have some habits instead of checking Instagram and facebook i check charts and news instead ,

I am a smoker, I smoke cigarettes everyday and I smoke about one pack a day, I do joints (not weed, I do tobacco) so I can't say if it is exactly one pack or not but I do smoke regularly. Now why does that matter about this topic? Because normally smoking is something you do when you are in excitement or in fear or basically when you have ton of feelings that are too much.

Now on the other hand if you trade, that is something very hyped up and exciting as well. So, what do I do? When I want to do day trading, I buy something and go out to smoke right away, I calm myself down and make myself level headed, I come back and check the prices, if anything out of ordinary I go out to smoke to feel better yet again, if however everything is normal then I just continue.

One of the simplest practices is to: buy low, sell high.

If you don't have alot of time to analyze charts, simply stick to the simplest strategies, like the buy lows sell highs or buy dips, sell highs. You need to have reasonable amount of fund in your stablecoin balance and use that for buying the important lows to sell at high prices. This strategy is fairly easy and usually earn consistent profits with few losses (if you know what you are doing).
Always remember to trade with amount you can afford to lose

Has anyone used indicator script from tradest.io? 🤔🤔🤔
I'm looking someone that can tell is it really that accurate.

I have a dual monitor so a simple practice would be to kept the chart on the other monitor and a movie on the other monitor, this way you get to see the changes in charts live while also watching a movie. Sometimes I just watch youtube videos in autoplay while the chart still on the other monitor.  Its convenient that I can write in the forum as well. I learned this from a trader friend who is from forex so I applied to to my setup in my root and since then its not a habit.

Trading these markets for a while, one is bound to pick up a habit or two.

1. Checking the markets regularly: This is one of the fundamental habits I've picked up since I started trading. This would help to stay abreast of current and fresh updates in the market. Funny enough, this is recommended if you want to find the best assets to trade and you get real time prices that help you determine whether you should be with the bulls or bear.

2. Portfolio tracking/documentation: Trades don't often go my way. So I use my past trading records to documentation to know where I went wrong with each trade and what I got right. This has helped me improve.

3. Finally, I'm always checking for news update. Regardless of technical analysis, one needs to add FA to increase the chances of winning trades. Y'all see how corona virus fear messed up our market? That's right.

Forex traders usually even have multiple screens in front of their eyes to keep a watch on multiple charts at the same time.
This might even be adapted into the cryptocurrency trading as this would allow us to work on multiple graphs at the same time.

This might not be available for most of us as it might even cost some extra electricity bills, etc which is been calculated by each of the professional traders. The most beneficial habit for us to be a professional trader would be to keep an watch on income as well as expenditure which would include the trading fees, brokerage fees if applicable, and each and every minute changes.

trading is 90% about having a good understanding of the market and having a good analysis and most importantly a good plan and 10% about unexpected things that happen in the market.
in my experience when someone keeps checking prices multiple times a day it is a sign of not having a good plan and in most cases those people are gambling not trading which is why they keep checking to see what the result of their "bets" are. i have been like this which is why i say this.
a good plan is when you buy at a price and have an exit strategy and some automation for the "stop loss" which eliminates needing to check the price constantly. for example you buy some shitcoin while it is starting to pump and then set a sell order (or a couple) at a price you want to exit like 30% higher than current price and be done with it (30% being the result of the analysis of the market at that point).

I don't have a habit of trading because right now, I feel it is difficult to enter the market. After all, the market is running without I can predict. So I don't trade every day, but I will check before I purchased, and if I think that I can see the chance to buy at a low price, I will buy it, but if the market is unstable, I will decide to leave the market. That will help me to avoid the loss because I don't think that I need to force myself to enter the market if the situations are not right.

Just only considering the market prices might not be enough to keep you close to the markets. You have to make a deep analysis before moving onto trades as it is something which would make you earn profits in trading. You have to start thinking exactly similar to how most of the professionals think about the markets.

You could not have profits by just keeping a watch on the price by buying at the dip and waiting for the price to pump back so that it could give you some instant profits. This might give you profits for the initial stage but as you move forward in trading, you would even face some major loss by not using proper trading skills. You have to build various habits like staying active in various chatrooms, learning how the charts and patterns work, making deep technical analysis and even fundamental analysis, etc.

Same here. I also do same thing in every morning because every time is very important for traders. We have to keep eyes on market and i also make coin price crossing alert so that when it cross that limit, they warn me it may be day or night.

thanks.

I am not a supporter of checking market prices in the first hour after waking up. Immediately after waking up, I take care of myself for about an hour. If suddenly the market prices have changed a lot, I will receive a notification that will tell me about it, in all other cases I start my day with morning rituals. Such as sports, education and meditation.

Actually,checking the prices of crypto currencies at every morning is not a weird or special habit,almost 9/10 crypto investors will do that even if they don't have any intentions of doing trades on that day.But what I do is something which is not done by everyone, I often try checking some cryptos prices on different exchanges so that I can able to arbitrage trading and get some quick profits.

It is not my habit too to check often the price chart because it will only ruin my day once i have found out that all my coins are dumping. What i often do is to research more on the different news that might affect the crypto market so i will have an idea if this is a good timing or not for trading. I always make my own analysis on the market so i will have my own guidelines on the next step i will be taking.

There are habits that formed when I started trading, I also always checking my portfolio when I wake up every morning. I also do charting every morning in order for me to know the entry and exit points that I can use to get or sell my positions. There are a lot of good habits that formed because of trading, I also keep reading different books and vlogs that can help me to become profitable trader.

Don't you have some alerts about the tokens/coins in your folio?
i am not that Trade
 because i tend to try but i lose though i still doing it when there is a good signal from my expert trader
friends so with His advice i am going with him but of course not perfect sometimes i lose but mostly gaining
even small amount.but about Habits?i think like you i am always looking at the chart of my Holdings because this is how
 i am expecting growth in semi long term strategy.

I think I also have a habit similar to that. Well, every day I do a price check, and I do that when I wake up. however, for those who have known crypto from year to year, it seems to have the same habit, namely, there is no day not to practice trading.

Trading do not are about how long you have been there because only thinks how lucky you are when trading, many people look easy before start trading but when buying some coin they will know how hard is it after checking and investing with some coin.

I do the same thing and so far every I woking up for the first time I looking for is my phone and see the movement pricr of cryptocurrency, that thing is being my habit. I just interested to see the price movement because its volatility price. Because priviously I'm a forex trader and I never do that, I just see the movement price and make an analyst when I ready to entry. Also, I get used to trade at dawn, I don't know that this time is more effective to trade. Maybe that is my lucky time, I often to get profit and just a few time I got lose.

i Use no habits because i am doing my own research everytime i plan to trade (because i only do this occasionally).

but the main thing i never forget if talking about trading?and that is not to listen to those shit signal provider because all of them are scammers and liars lol
but in this season?when market is really in diving deep?i think this habit is not necessary because we will only become frustrated and stressed in prices.

It seems to me that basically my strategy is to plan every step. Because this is what allows me to always be well oriented to the current situation and to make decisions that can lead me to my goal. It means that at the beginning of the month I think over a specific action plan, review my long-term forecasts, find assets with the greatest potential for movement. Of course, I can't say that everything always coincides with the planned plan. Of course, sometimes I make certain corrections, like what just happened in the background of the virus. And it is normal, everyone will agree that the market often makes its corrections. The main thing here is also to remain flexible with all this. Because sometimes there is nothing wrong with taking a step back and looking around.

It's very difficult to describe the whole system of actions that help you come to an intelligent solution. Because it consists of a huge number of indicators. In fact, first of all I look through the charts, find the most advantageous situation, look through the levels on different timeframes to determine when I should buy a position and understand how long it will take for the price to reach the predicted level. I check this on several indicators, by the way I use different ones for different assets. After that I determine the amount, in percent and figures. And accordingly I buy. I check the situation several times a day. As a rule, in the morning, in the afternoon and closer to the evening. In addition, I regularly look into the economic calendar in order not to miss some important price jump and not to find myself in an unforeseen situation ...

I love analyzing charts so it is simply by doing technical analysis, it became one of my daily habits where I often find opportunities in the market. Reading books also became my habit where I already finished 5 books in this current year, my target is 15 books in this year and I think I can surpass it if I will continue to allocate most of my time in reading of books.

If you yearn to be a good trader, you have to put enough exertion into it. its called practice. And when you become a good trader and get achievement, then the practice evolves a habit. The practice is your activity. And the success that depends on the activity becomes a habit for a while.

This isn't a habit to me, it's just what you are used to and nothing else.
Just like me, if I open I long/short a position before going to bed, the first thing I do in the morning is to check my phone if my predictions were right or right -loss was hit. It get to time that I dreamed about trading in my sleep, that's your life and its already part of it.
Remember our brain reflects what we do in day when sleeping.

You don't push yourself too much...
becoming a professional trader is not a one-night job, it takes years of patience training so you can make the best decisions. the point is focus, be patient and don't panic when trading.

You should be more specific about what practice to do!!!

Thanks for sharing with us some of your trading practices. From what you're telling. me your practice of checking the market every morning and every day, as often as you can sounds a little too much - make sure you don't push yourself into disappear or worse get under a lot of stress.

If you get stressed out often about your investments not going so well, try maybe a stop-loss of give yourself a deadline until you'll either leave the market to its own devices and check after a few days or just consider a change of mindset that if the market is going down it will probably end up going back up again. 

If unsatisfied by this then judge and plan for an exit strategy where you get out at the min. profit/loss you'll be happy to live with. These are all practices not to get too wrapped up in all these investments and saving time, plus reducing stress.

Common mistake of most people is that they do rush up into things on learning them in the shortest time as possible where they do believe that they can make out money just like what those veterans did without even thinking on what are the things that you would need to learn first before going into a battle. 8)

Trading practices and habit would really be mold up along the way.Some might be helpful and the most are just factors that would really cost you money or would result into mistakes.

People should always spend enough time on practice, try to control your emotions and proper finance handling.These are main keys but actually a hard thing to be learned to control on.