Bitcoin Forum

Older traders know better
Patience and Mind Setup play an important role in the trading market

So before taking any trade, you have to calculate three things clearly
Neither I nor you can survive long in the trading market if none of these accounts match.

Trading is not an Aladdin's lamp that will make someone a millionaire one day.Because there are many traders in this market who make thousands of dollars profit.
We just saw his profit but think about it How profit comes?
Profit comes in the combination of risk and reward.High risk equal to high reward.

And within an hour of taking the trade, he did not make a profit of a thousand dollars
He had to wait
Maybe a day or two or 1 week.

If your setup is ticked, you can hold on to a trade for one month and at the end of the month your profit will be 100% sure
And if you don't setup, sl will hit and you will go into depression and you will be afraid to take it in the next trade.

It's really doesn’t matter if you know more analysis or less this three things will mostly define success of your trading.

Entry Exit & Stop loss

If these you not calculate  in a clear way Then your trading history will be random.After a few days of trading, you will find it boring.And the best techniques of trading will not come to your mind.

You can and can't do anything in the market without your own strategy.
So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.
Understand with your own mind how much loss you can tolerate.
If you move slowly trust me your roots will be strong.

Thanks everyone🥰

Thanks for your good conversation here. Actually you are right here that good profit never come in a day. There need patience, time spend and above all right target. Traders who made it successfully will be gainer today or tomorrow. Obviously heavy investors take risk with huge amount in a patience way with huge research so that they know their target will be successful one day and until that time have to wait. In this way i also became successful last few months and i suggest everybody to follow this.

thanks.

Although been patience is a good attribute one could say a trader should developed but it shouldn't always be about been patience, In fact in my opinions that shouldn't be the major priority of any trades. Patience is for Investors while smartness is for traders. If you're slow the market would take advantage of you all the time.

But the movement you're capable of turning the market volatility into your profit irrespective of the price directions through the usefulness of your smartness couple with other skills and information made available to you, then you can be said to be a trader.

When I was a starter, I do remember these basic things;

• Risks Preparations
• Emotional control
• Trading money that you can afford to lose

And other things will follow like learning some technical analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.

Good reminder and strategy by op.

But as I trade, as long as I'll get profit, 10%, 20%, or more that will be fine for me depending on the risk that I'm taking and as long as the fees are already deducted and I have my capital back.

I don' understand about that 70% profits margin? We should have that much as goal to reach?

I would say better have realistic profits if you want to achieve it, lets say 5% in a month which is highly possible and 60% in a year way more than traditional investment.

Wow! 70%. Do you know someone earning this big consistently or all the time?
Average traders would be considered earning 10%-20% of their profit, and take note they're an experienced traders. So, how would expect someone who's just starting to engage into the world of trading and find a strategy that could generate a 70% profit ALL THE TIME  :D
Seriously, that's not possible.

Everything you wrote in the OP as a basic trading advice will all goes down to experience and patience.

Good for you because when I was new, I don't know about that, and I only use little money to trade, and not trying to chase too big profit because I know my capacity that I don't have much knowledge of using the analysis method. I realize that learning in trading is a must, and we need to dig more and more about trading so that we can make a profit from trading. With learning much more about trading, it can give us a chance to analyze the coin, so we can know how to trade with the right, we know how to manage the risk, etc. I am sure that we can be one of the successful traders in the future.

Same here, making more realistic as OP mentioned that it's not an aladdin lamp so better
to look for realistic and achievable profits.
Most of the time the percentage that you have said is the achievable goal to every traders
who play around this market.
It's a process and along the way you'll be able to create your own strategy that will fits you
and will generates you decent profits.

"Trading is not an Aladdin's lamp that will make someone a millionaire one day."

This is so true, many newbies tend to go to trading because they think that they can suddenly make huge amount of money, the get rich scheme mentality. And then complain later that they have lost so much money in this market and blame everyone except themselves.

So as a beginners, it's really a must to understand this simply and basic principles of trading, specially crypto because it behaves very differently as compare to other traditional markets.

With the introduction of stable coin, it has became easier to limit your loss. And the profit on your holding are unlimited. If you want to earn a constant profit, don't keep holding for ATH but sell some everytime you have a good profit. Holding 50% for higher price and trading other 50% for price fluctuation would be a much safer bet.

A true trader can understand that trading won't work instantly and ain't proceeded to an instant gain. Yet, they keep trying until they succeed, but that is not what we observe and saw from the majority. 2 weeks to 1 month without a single gain but losses, the small traders won't actually survive that way, will that be possible for big-time traders.

I'm not sure how patience will be work in trading but a need to learn by starters. If we don't have that kind of attitude, then don't expect that we can go along the market volatility and succeed in trading.

When the news start going around naming cryptocurrency as ponzi scheme then you know the bull market is here. Everyone has run away with the bear market and some came late into the peak of the bull market price, they buy and cant endure the pain of the bear market. Short term trading is not the best to take 100-1000x, sometimes it could leave traders without the ability to buy back as price keeps going up.

The most important thing of all apart from having a plan and following it without changing it is the correct and obligatory placement of the Stop and Take Profit, this prevents you from losing more than normal, when you lose you must assume failure and learn from it, in the same way way when you win.

Some traders when they lose lengthen the Stop and change it, hoping that they will recover, and many times in their majority it does not happen, that is, what I recommend most is: Cut the losses and lengthen the gains, the most novice in Trading does the opposite, of course, all this is given by experience.

Unfortunately very few people can actually do the third point that you are suggesting, when people begin to trade they are using their life savings to do so and let's be honest who can afford to lose their life savings? No one, when taking that into account even if that rule is a very popular one the truth is no one can afford to lose the money they are using while they are trading which is why you need to be incredibly cautious in your strategy to try to get money out of the markets.

Good profit can still come in a day, especially when you’re a day trader. Day traders don’t have to be waiting for days like Hodl'ers, rather they trade every day with a target to make money before the day runs out. But when you’re someone who just Hodl, you’re not going to be making constant profit.

As for trading Hodl, it requires having that patience and waiting till the right time to make profit. Apart from that, Hodl’ers are very careful at the rate they buy in, because if you buy at the wrong time you will probably be wasting your time.Imagine someone that bought bitcoin at the rate of $19,000 in 2017 lol ;D they will be praying so hard by now.

1 important thing that i can't do until now is how to control emotion. Maybe easy to get panic is a bad thing and people should know it. It is all about emotion because it will affect on our decision  in trading. But now i only joined copy trading system, so i just follow trader who i think is good, although it is same, no guarantee to be profit, at least i ama not do any  deep analysis. And for sure, they wouldn't let themself to keep losses.

Another thing that helps traders' patience is how they take profit and plan with it. For some countries that followup paying tax on cryptocurrency, their citizens must know and learn the procedure of paying tax before bullrun. such plan will prevent paying tax with acquired material after bull or over spending, planing in 4-5 years after bull run will help the patience to hold on irrespective of the market condition and perhaps buy good amount into the bear market.

I think that everything depends on the size of the Deposit. With a Deposit of $100, it is very easy to make a profit of 70%, for this you can use a high-risk trade with a large exchange shoulder. But having a Deposit of tens of thousands of dollars, you will not be able to achieve this result, since only 7-10% of the Deposit will be involved in trading.

Whatsup with the large font. You could made the post with normal font size and it would have received the same response as it is now.

Patience is the key to trading profitably. Many people tend to make the mistake of trading in a panic and as per my experience panic trading always results in a loss.  A good strategy has to be planned first and then executed accordingly by placing the targets right.
A successful trader can make profits in any market provided his strategies are right.
We often buy/sell at the wrong time and then blame ourselves or the market for the loss.
So it's quite obvious that if we don't follow our strategy then we are about to lose our money.

If you could have a roadmap for your day trading, you could definitely work out something that would be in your favor. Just know what you want to trade, not just the pair not just the coin but know what you want to trade as entry point and exit point as well, and do not take it as price, just check the indicators and see where if you buy it would be beneficial and would be undervalued and where if you sell would be beneficial and profitable and overvalued.

If you can calculate those things before you do any trades, you would definitely make a good profit in the long run even if you happen to face some sort of troubles along the way. Without being prepared like that, we are not going to see anything profitable, we would just wing it and that would cause you to lose a lot of money.

Well, OP has a point on it, and thank you for sharing your thought before starting in trading.
On my own, --if I am in trading. Patient and try to have a perfect timing in trading because when executing buy and sell action, this need your skills how to predict the market. I know that the market is unpredictable but at least you are predicting that has a reference to have a nearest guesses in crypto price. However, I advise those people who are new in trading to have always research to fulfill your knowledge and skills in trading.

One can just truly understand the whole context once they are now under the actual feeling and pressure of doing trades. Honestly, there are lots of newbie traders who really study the basics, do's and don't, pros and cons, and each stuff they need to keep in mind once they do trades but in actual, those reviews and studies aren't actually applied in the situation.

Are they noobs? Definitely no. It's just that some got surprised that trading is not a joke to the point that all pointers they studied become useless.

So how to solve this? By gaining experience. Once these newbies become used to do trades, they can now understand those things that others are telling them to do. That's why for me, a simple advice not to be carried away is the only tip I'm giving to newbies (of course, including the basics). I like them to actually think of a way how to solve those problems they will encounter while doing trades whether technically or mentally.

These 3 things you have mentioned is just the gist of a whole trading plan but at the back of it these 3 requires technical analysis before you can define what will be your entry and exit points as well as your stop loss point as without any kind of analysis you will just be picking a random number just by guessing it is a good entry for your trade. Yeah you made it look simple but you are just confusing members especially the newbies that trading is as simple as you defined but they'll just be risking their money if they plot their entry, exit, and stop losses without any kind of analysis.

Of course patience is an important role in trading, without patience will only make you suffer losses. We can even use patience
for various things, not only for trading. Besides that one who has patience usually easy to run life. And usually patience belongs
only to old traders, which is it nowadays newbie must start to have patience too, don't just want instant profit.

Trading in a good way is not possible with just a simple thought. Before you start trading in a good way you have to have a good idea about trading otherwise you will not be able to do anything good. If you can't get an idea of everything about trading, you will lose a lot more when you go trading.

The foundation of the technical analysis is the support and resistance, it is important for the newbies to understand first how to identify support and resistance and how to validate a certain trend. There is a role reversal that the newbies should be familiarize where the support can become resistance if there is a breakdown and also vice versa where the resistance become support if there will be a breakout.

You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.

You got it mate, the new traders out there think that trading is just like gambling because they are just buying whenever they see a green candle or they just buying because their guts say so. Technical analysis is the first thing that the new traders should learn. There are a lot of lessons in technical analysis like support and resistance , stop loss and cut loss and also risk management. The reason why a lot of traders are keep losing in their beginning performance of their trading career is because they do not focus on investing in their knowledge.

Patience is the most important thing in crypto trading also proper risk management is important. You have to have keep waiting for price to come in dip and then open trade. Buying in parts is the best things to average your buy. Like besides buy everything at the one is not good. You can buy 10 percent of your fund in one time and keep buying it in every dip.

Knowing about trading and patience will help you analyze the coin that you can buy because you will see from your analysis about the coin that can increase in the short term or long term. But we cannot always wait for the dip because we never know how much the lower price, and as long as we can buy when a low price, we will have a chance to sell at a high price but make sure that you are not greedy to chase the bigger profit. Buying 10% at one time will be good to test if the price is down at that moment, and if the price still goes down, we can buy more with another 10%, or we can wait for more to see the lowest price.

This could also be placed in a Beginners & Help for those newbies that have no idea about trading.

By the way, this topic is really essential so that they will not be shocked about how trading works. They will have prior knowledge that will help them to minimize their losses and earn profits depending on how they are committed in to trading. Not all are getting successful so people should know how to deal with the risks in the market when trading.

They also need to know that the fate of their trading depends on how effective they will become when they grow as a trader.

Can anyone recommend a trusted broker where I can trade Bitcoin on a demo account? I previously worked with Just Forex broker (source (https://justforex.com/)), but they removed bitcoin from the available instruments in the demo account.

The first thing I tried learning when I started got into crypto is to learn whether its a good time to trade. If the market is bearish, it's definitely not a good time. BTC/USDT or other stablecoin is just the only pair to trade too because its just the only that amazingly inflates. There is no other else unless you are prepared to hold for a long time, can't say its bad but it will test your patience so just trade on BTC/USDT.

Also if you go all in with one move you are doing it wrong, which means if you do not invest all your money at once, you will have a chance to profit when there is a bag in your portfolio as well, this way you will trade one coin, if it doesn't work out and it goes down you can wait for it go back up but at the same time you will have more money set aside and you will use that in order to make a profit, that really sounds like something that could work out if you do try it out.

I mean you are still trading, you are still profiting if you can, it is just that one part of your money just stuck at one place while the other makes a profit. So, this works out very well for you unless all of your money gets stuck into bags and you have none left which means you are not picking very well :D.

You also gained that abilities by means of patience, studying the entire market really takes time, if you wish to have a better
edge you really needs to start working with this capabilities.

The more you have patience the more you will be able to evaluate the process, it's not just an easy access to success but

there's always a good way to established your knowledge and create a working strategy.

I will have to agree with this statement, the reality is that traders and investors needs are different even if on the surface they are doing something similar, investors need patience more than anything because they are supposedly invested in an asset for the long term and as such they need to be able to deal with eventual crashes and with seeing their accounts being on the red for years something that is not easy to do at all.

But when it comes to trading the markets patience is not really necessary because you are going to hold your trades for a few days or weeks, what you need to do is to read the market well and in order to do so you need to be really smart otherwise do not really bother.

Hi guys,

Have a look at my guide also, some great trading tips.

https://medium.com/@sambrans/mastering-trading-with-leverage-a-lucid-guide-b918696384f0 (https://medium.com/@sambrans/mastering-trading-with-leverage-a-lucid-guide-b918696384f0)

You are correct  there are some traders that has their own strategy I knew a guy before he does not into technical analysis more but he is making some profits, but of course he lose too. I don't know if he is just a lucky guy but he is just buying random coins and somehow works for him. I want to add on basic things to learn, I guess we need to familiarize the platform interface sometimes, each exchanges has unique interface sometime we get confuse and we end up buying at high price instead of selling high, it is a common newbie mistake.

Some additional thoughts why patience is needed or vital in investing is because you'll have to study the project thoroughly to understand it after that, the patience steps in as you wait patiently not minding how long it takes for the full potential of that project to manifest. In trading you don't have to study the project or understand the fundamentals.

Traders are only in for the money, they don't care about the technology and won't mind leveraging on the hypes of shitcoins to profit from the pumps and dump (not advising this though as the chances of you getting burnt is high). Most recent example is the DeFi hype that flooded the industry. Many smart/lucky traders made huge profit from them while those who weren't smart enough lost.

I think the most basic thing to know before deciding to trade, we must be able to control our emotions well. Because by controlling
emotions well, it can affect the way we trade. As we can be more patient for decide when is the best time to buy or sell coins. And
also with controlled emotions the use of capital can more organized. Do not buy coins based on the hype that occurs, but according
to the results of research and analysis that has been done.

Trading is very complicated stuff especially for newbies as it cannot be learned within a day and you cannot obtain a huge amount of profit in just a short period of time.

But for professional traders, everything is possible. Aside from what you have said, you can also add that you should not be greedy if in case you didn't know yet what you are doing.
Gain experience first, start from small amount of money and learn to gamble high risk trade if you are already confident with your skills the output of your own strategy.

That would be nice but how we could get assurance with that in this volatility market. It was not I see in the market, not even a month of holding will give that 100%, it sounds crazy (for me) and if that happens, we all holders have millions already... :D

Patience is very important but not also it gives us an assurance that the market will be good after a month, a year, or more. I took every chance I have, I'd never aim for huge profit instead, I consider small amounts but in constant gain. With the right choice of coins to invest or trade and with the help of being patient, it is all we need before we start our journey in crypto.

They say one should not come into trading without any preparation. This is the reason why newbies should gather information first and study the crypto market well because everything in trading should be driven with good analysis to avoid losses in the end. And yes experience is really a must and with all those mistakes you committed in the first place will motivate you on how trading works.

There are three methods that you could make a profit and all of those are depending on the level you think you are in trading world. One of them is the easiest one, just buy bitcoin and hold it long term, do not go all in, just buy a small portion of it with your portfolio and try to keep buying once every month and just keep accumulating more and more bitcoin until you retire so that you could have a decent sized bitcoin portfolio when you retire, this is a 10-20-30 year method.

Secondly you could get into it a bit in the middle, take a look at some altcoins, check some TA but never do anything too crazy like day trading on high leverages, just invest for short term like a week or a month. Lastly we have the people who do 100x leverage short futures and so forth, those are high level traders who are veterans of the market.

 We can only learn trading by practicing. Trading can be start with minimum amount of 10$. Ten dollar will not be a big one to learn trading, you can easily learn trading with experience. Practice of trading is essential one and sometimes, you may force to lose some thing. You should not thing about it, in your beginning stage of trading. Then you can easily get some knowledge and get more profit from it.

Something that I learned when I start to trade is watching chart everyday and always a drawing like using trend line or using fibonacci is more useful rather we read a lot of strategy and trade directly. That is the best part before we spend money, even I never tried to deposit my money first before I understood the market situation.

I just trade on forex which I use demo account that I don't to deposit and greatfully it works for me. So, when I trade bitcoin and altcoin and I spend my money I have more comfortable and until now I never felt a huge lose. I just use small money around $100 and so far I can earn arround $80 per weeks, I know it's still low but it's been consistent in the last few months.

70% is a good profit for any trader, but there are very few who can do it. Everyone has their own trading strategy and uses different indicators, adjusting them to their individual abilities. But the correct way to find the entry point to the market and use a stop loss should be used by everyone without exception.

Trading time is very important issue as Forex markets move with countries stock market any stock open at a specific time like here I trade on FreshForex broker in the Asian session and mostly use my native pairs including USD/INR and USD/SGD.

While holding has without a doubt a bunch of issues that you need to sort out before you attempt to do it, day trading is not as easy as many people think, it is obvious that it is a very convenient way to trade because you are not exposing yourself to the long term volatility of the market and you're only going to hold your coins for a few hours at most, but day trading has a huge disadvantage and that is that you need to be really quickly when deciding whether you will enter the market or not which means that you need to have complete mastery over your strategy something that very few people actually have.

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

I agree that one of the few important factors to consider for becoming a successful trader are Entry, Exit and Stop-Loss. I can't argue with these at all but I also think that the right mindset for a waiting-game is just as crucial.

A strong opinion in risk taking is essential as you can see your investment going down but the key is to keep at it and trust (if you can trust the project) that market corrections are necessary and that one day the patience will lead to a reward. In most cases it does but in some others it doesn't.

In the end what matters is how you reacted in the process, what you did and what you learnt  8)

If it is forex, you need key levels to set as entries and finding them is easier when compared to crypto trading. Patience is needed in both, but crypto needs much longer time to achieve unbelievable results. It is not so easy to trade in crypto because sometimes, we think that altcoins will follow Bitcoin but that does not happen and this is where we need to cut our losses by stopping the trade. We should control our emotions to know where we need to stop a trade in loss.

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

It would be amazing to hear of if those people do still held their coins after that 2017 bubble burst but i do highly believe that majority of those people had already cut their losses specially when the price dumped hard wayback to 3k.What you think? Emotion would be the hardest enemy when you do deal up with crypto investment.Volatility will really stir up your emotion and dedication to held up and
waiting for the next bull run.Even now we are still on 12k and 8k price left to reach that ATH.

When trading or tending to invest then always consider on using those money or funds that you can really afford to lose.

People can make good profit in a day, it’s all about the condition the market is in, if the market is in a good condition like the times it’s going up quick and steady, some people can pack some good profit. And it’s good to make it clear that day trading is not for everyone, I do see some people who wants to get into day trading because they think since it’s a day trading they will be making profit everyday, they just neglect the risks that they can be losing their money instead of profit.

Sometimes it’s best to just be a HODL’er and stay clear from the risks that comes with day trading.

All good advice is always good, but talking is easy, action is the real blow of reality. (3)

For some it is easy to enter to trade, because they did something related to trade, or they just find it easy because they are talented.

Anyone enters cryptocurrency trading and it should be that way, as it is essential for everyone to be able to exchange their assets.

Hopefully and in the future trading is just an option, and we can directly spend bitcoin, if we want, but a large majority of us must go to the market at any time, sooner or later.

And that's where you can start to decide if you take trading as a job. (1)

There are things that are not for everyone, although they seem easy / difficult, it is a perspective. (2)

Good words, but making them bold and larger does not make them better or more influential. (3.1)

Luck"!

Planning is one of the most important when we do trading, a good planning consist of the type of setup that you are going to play,  in order to know; we should know what is our trading profile. There are a lot of trading profile like swing trader, momentum trader, bottom fish trader and a trend following. If you easily identify your trait as a trader you are going to know what type of setup that you are going to use. Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

Honestly I never come across any of these. If your time permits could you explain a bit more on these? Are these portfolio management things or anything relevant to trading strategies? I am using blockfolio for tracking my crypto investments. But, I am that tool got nothing to do with my crypto trading things.

Right now, with strong bullish markets, I guess still the holding option must be the best one ;D. I guess you are talking for active trader but I am just a long term trader and may hold my bitcoins for years before deciding anything regarding to my long term trading plans. I must say, holding must be the best option regardless of market is calm or wild 8).

You sound practical. Yes, we need to focus on where to enter and where to sell and in-between, we  must focus on what we need to do if market goes against us. I agree these are all the basic things we must need to address before entering into crypto trading. I believe there are lots of guidelines in this forum are available for beginners to plan up accordingly but unfortunately not all new traders are not making use of  them.

Moreover there should be lots of other basic things, a trader must need to address before entering into trading: which coin you are going to trade must be one of them and then where (which exchange) you are going to trade should be another important thing as well. Because, we cannot trade all the coins in similar manner which means we should find a coin which is obeying our technical analysis.

By focusing on what is our goal in trading, we can come up to a nice strategy that can help us to become profitable. By knowing when to enter and when to exit, we can earn consistently but the thing is it is not good to master. You cannot know when to enter and exit if you do not have foundations especially when it comes to fundamentals and technicals analysis. The foundation that I'm talking is able to read a chart, you should know how to plot resistance and support and also able to identify if a cryptocurrencies is trending or not.

i have this sense that the dump of the price wont last long . if there is a new normal outside , bitcoin also has its new normal and that is to comeback easily to continue its journey on increasing its price .  this is the new low and if i were to the buyers ill buy now , waiting for more low can be a thing on the past now . not only traders are required to buy but also investors as well because some investors are not yet confident with thier current holding but they are buying more .

There's no timeframe as everything depends from how traders will move inside the market, they are the one
who can dictate the directions of any trends.
But for sure if you will analyze the sentiments carefully you'll be able to work with your entry position it will
be nice to catch it up while its forming it's barrier
Understand the flow and avoid to rush things up don't follow the FOMO it will save you a lot if you are analyzing
the situations.

What I have learned during my short trading career is that while trading, you don't need to rush selling your cryptocurrency every time you see price going down. And ending daily trading with a minus or with 0 profit is not a bad sign. Don't be desperate with a bad trade and don't sell 100% of your holding just because you wish to exit with minimum loss. Remember, tomorrow will be a different price. If it goes up - you might get a profit, if it goes down, you can grow your amount holding by re-buying.

Didn't learn about any basic things which is needed before start trading in OP. ::)

I will say more longer you trade the it gives better safety for your capital and also it is important to set the right targets not the dramatic ones.Even 4% a month is hard to achieve constantly for a trader and if you can do then you are making decent profits already.

Patience is need one to do trade in cryptocurrency. Because anything happen, in a short run. A quite example is current situation of Ethereum. Now the price of Ethereum reduced below 420$ and reached 415$.Many traders may hold, when it had reached above 440$.And waited to see his maximum peak. Now situation reversed and holding is only option to lose your money.

I also think that trading has to be practiced after knowing it well and mastering it first and when you realize that you are a person who can master trading fairly well then you can invest there. Experienced people, especially those who are experienced in trading face the biggest losses and those who lose knowingly even if they lose, can make up for it later.

I appreciate what @OP is trying to say, in changing the mentality of a trader it is really necessary and it is related to what was said. It's just that we also need a lot of analysis and information so that our strategy can be better, so if you say more or less information is doesn’t matter then I think that's wrong. As you said yourself that the strategy is needed and has at least 70% profit, so indirectly a more analysis is needed. You will know that analysis is one of the assistants in decisions making or strategy making.

It is really important that you understand what you're getting into.

Trading is not too complicated, if you gain knowledge on how it works and aware of the basic things then its not that hard to grasp.

Just condition your mindset, have lots of patient and plan what strategy to use that suits you.

Not all advices are good because sometimes people could be giving bad advises disguised as good however that could be tried and you can see if it is actually doing that well or not and you can decide if the advice is bad or not, aside from that I don't know what is the other option of checking an advice, I mean you can't really decide if it is a good advice or not without really trying yourself.

In any case I would say that it would be a smart decision to study first, without any person, just go out and learn about the TA and indicators and so forth, that is what I think should be the important part of your learning, do not study from other people, study from books and read about them online and you will learn trading basics without hearing anyone's opinions or thoughts and you can make your own.

If you get into trading thinking you could get rich in few months even in few years you are doing it wrong, there is no way that would happen, even if you get incredibly lucky and somehow hit a jackpot somehow and get super rich, that is probably 0.00001% chance and you should not aim for it, that should not be the reason why you are trading, the reason why you are trading should be to increase your worth faster than what dollar loses in value, so you could make about 10-20% per year for 30 years and that would be waaaay more than enough, you do not need more than that for your future and you could definitely live a very very comfortable retirement if you do that.

Right now, I am 30 years old and by the time I am 60 and have that much money I would not need to worry about myself until I die and even early 20-30 years of my kids life neither.

As you say it is very likely that those people that bought bitcoin at the end of 2017 and paid 20k for their coins have already sold their coins and quite honestly I will not blame them as it would have been incredibly difficult to keep holding your coins after losing more than 85% of your investment, but if I take into account that many of those people probably used leverage when they bought their bitcoin then most likely they got annihilated when the price crashed and they lost all their capital during the first quarter of 2018.

Great thoughts on discussing basic but essential things to be known about doing trading. (1) Indeed older traders do know better but it does not mean that new traders cannot do the same thing for we cannot underestimate the concept of thinking new traders have for before they enter trading they must have already got prior knowledge on doing trades because if they do not, then it is a risk and at the same time a gamble. (2) It is true that patience and mind setup is in need on this industry because if you loose patience and you have negative mindset, you will just end up getting driven by unnecessary acts on doing impulsive decisions that might just lead you into worst scenario.

(3) Trading is really not an Alladin's lamp that it can make you instantly rich for there are certain processes and time interval before you can earn a large amount which is also dependent or reliant on the behavior of the market. (4) That was true that higher risks do offer higher rewards in return but if you put up a wrong risk taking, then you will just end up doing a gamble and gain higher amount of loss as well.

Doing trades do require prior knowledge on which upon doing trading you could build up creating your own strategy on how you can make your trades profitable. Following such strategy can make you survive and make profits but such assurance won't always make happen so always be open for anything to come and better know how much loss you can tolerate or endure so that you won't get stressed out.

I agree with you. Trading requires a lot of patience, you shouldn't panic if the price goes down just hold it and wait for the perfect time to sell it. Before, bitcoin goes up to 1 million and then drops up to 300k. As you can see, bitcoin's price is not stable so, maybe tomorrow the price will be on its highest peak, we aren't sure.
Another thing is, in trading there are some patterns like every end of the month (pay day) the price goes up .

Having the strong mind that it takes to endure the losses you will experience in trading is not an easy to get. But the most important thing is starting small, so that if there are losses, it wouldn’t be something that would worry you that much.

But, to be sincere this is not the issue for a lot of people. I can use myself as an example, because when I started I was damn broke and couldn’t afford to take any risks, and I know this is the same issue that some people will be having. There are people who are broke and they can’t have extra money that they can risk to gain that experience.

Many platforms offer different bots and their strategies, but I think anyone who uses a bot to trade must have their own custom bot and made solely according to their trading strategy. Such bots are more expensive, but in the long run they are more cost effective because they offer greater security and flexibility.

Actually there are also training in trading in which the exchange will let you try to trade without losing money,meaning they are giving you a chance to trade in free trials.
why need to bother yourself when you are having trouble with money?just do the free trading and practice well so when the time that you already have the money then at least the chance of profiting is indeed on your side.

We don't need to learn everything about trading before we start, to have the basic knowledge like chart reading, simple strategies, and the right choice of coin for trade are good enough. Learning could be a process and from time to time, the experience will give us more and understand the market movement.

Trading don't give assurance that we can make a good trade having them. And talking about the security, nothing would change, it totally depends on us and what exchanges we have used. Why many traders have not urged us bots it is because they don't see huge changes from it. I know it works for us on behalf but all the decisions are still coming from us.

I agree, your patience is important but if that is all what you have then you don't really have a lot to work with, it is better to try to work in many other aspects that will help you to make money in the markets and this includes your strategy, money management skills and your ability to find out what's happening in the market as soon as something important happens, if you can do all of this then your patience is going to increase tenfold because you know what you're doing.

Combining everything is the best way, patience is also included in managing emotions so that they remain stable and can make good decisions. I agree with you that patience will give you an advantage when trading. Because if technical analysis, fundamental analysis is not accompanied by patience, then everything will fall apart and the strategy will not work well. Market analysis, price sentiment will be easier if all aspects are combined.

A professional trader must be able to control emotions well, to get consistent profit.

It is true that success cannot be achieved without the basic idea of ​​knowing the basics before starting trading. He needs patience before that the crypto market is not stable. In case of fluctuations even if the price of the currency goes down there is nothing to be disappointed about. Even if the price goes down it will go up again if the demand goes up. Therefore, you should always be active in the market and try to know the latest information.

OP's advice is great especially for beginners who have to apply it because they don't have good trading experience and knowledge yet and it is good advice.
In trading patience is the main role to produce good results, analysis and a strong conscience will make choices and not give up if you fail or go wrong because that will be a lesson that will pay off because it will make you a great trader.

Such advices by the OP are pretty much helpful most specially for the starters or those who are new in trading and wanted to make their own path of journey on doing trades so they must find this thread a basic start up point of learning before doing engagement on trading.


It might be right that older traders do know better compared to the new ones but remember the new ones can be good as them too with proper guidance and with the help of doing thorough research and as well as with their own experiences on doing trades because there might be new discovery on trading that they will come up on providing new approach that can also be helpful to the new batch of traders that will enter the market. But still it is indeed that older traders do know more about and they have got it from lots of experience doing trading.

It is indeed that patience and presence of mind is needed in this kind of work for you must not be easily pissed off to avoid doing unnecessary actions like doing impulsive decisions brought and driven by emotional attachment. Presence of mind to weigh the situation and see both sides of the scenario to be able not to get stressed out when you experience loss and make bad happenings into a great opportunity of learning to do things right in the future trades you will have.

Just knowing the basics is simply not enough when it comes to this market anymore, you need to dedicate a considerable amount of time to learn how to trade effectively and if you do not want to do that or if you are unable to do that then you need to give up trading and investing, it is as simple as that, because even those that dedicate a huge amount of time to those two activities end up losing money during their careers and many never recover the money they lost.

So right, patience is not the only thing it takes to be successful in trading. There are lots of things it takes to be successful in trading and being good in only one of those doesn’t help, you have to know everything and apply all of them to your trading.

Imagine only having patience and not know technical analysis and other strategies that can help you know the right coin to trade, you will just end up waiting on a coin that will keep falling and that would be a wasted patience. And then if you have the other, but you can’t have patience, you’re still likely to fail or miss out on bigger opportunities. So knowing all or at least some of them would really be of help.

Yes, that is true. Patience is definitely necessary virtue in trading. It helps you control your emotion and prevent you from "fear of missing out". Risk management, I would say, is also a must have skill when you're trading. High risk does not always equate to high reward and to be a great trader, you must have a strategy that have at least 70% win rate. If you think the trade doesn't seems right, don't go for it. Only trade if you think that it has 70% win rate.

There are really times that it isnt really necessary for you to make out some trades or making out some position and this is where sometimes people do commit mistake because they do pushes or force up to trade
even if the situation isnt really that ideal.

There are things that you would need to know of course before you do jump in to trading industry.Mistakes is common but be sure to learn from it and make yourself even more better and effecient.

Dont be greedy and dont let yourself fall into fomo and fuds because these are primary things that you would encounter into this market.So we should be aware!

The thing is that we don’t know what direction the market will be moving to, we can only use technical analysis to look for what will be the next move but it doesn’t guarantee we would be right, sometimes we are still going to lose. That’s why we have trading like stop-loss, and we have to be using every tool at the right time to help our trading and help us achieve something.

At the end there will still be people who are going to lose, if nobody is losing, nobody will be making profit. Trading comes with risk of losing money and you should prepared for it, and if you can’t take it, it’s best to look for other things to do.

Successful traders doesn't force themselves to trade if they don't see a clear opportunity and perfect opportunity only show when every single criteria has been met. If not, be patient and just wait. You don't have to force yourself to make position. There are 365 days in a year and there would be at least 50-100 opportunities in the market in a year. Missing one or two will not hurt.

I think being knowledgeable is also important.

I am not saying to be knowledgeable about trading but to be knowledgeable about what you will doing. Trading is not something that would give you a profit 100%, and despite the patience you have if you don't know what you're waiting that would be useless. You should know what you are doing and what is you're goal in investing and trading.

many think that trading is just an easy activity, just buying & selling...
they do not understand that it all requires strategy, buying when the HYPE market and selling when the market is BEAR is foolish. it is important to understand what you are doing, don't take trading for granted, you need to increase your knowledge and mentality when you really want to start trading.

"Trading is simple yet so complicated"

You know what they say "you just buy at low price and sell at high" this phrase seems really simple but really complicated to execute. This is why knowledge and strategy is a requirement in trading. If you don't know where you should position and take your profit. It just look like you're gambling and in trading you will not survive with this kind of set up. Also, sometimes your emotion is your hardest foe. If you let your emotions get the best of you, it will cloud your judgement and will eventually lead you to your losses.