I have been into trading for many years but I have never used stop-loss myself because I believe that stop-losses won't help a trader to improve his/her trading abilities. The stop-losses are something that will protect a trader from losing a lot of money in a trade but if a trader doesn't conquer the fear then that's the worst thing I guess.
I have won many trades and I've also lost many trades but I have never used a stop-loss for a single time and that has helped me as a trader to improve the areas that needed that improvement. I'm not really against stop-losses but I believe they can cause fear in the mind of a trader and the trader might not take risks if he/she fears about the losses that take place if the trades go wrong.
I would like to know that what you guys think about stop-losses, and how often you guys use stop-losses to avoid getting huge losses in your trades?
When trading it's very important that you manage your risk properly if you want to be successful, risk management is paramount if you want to be profitable, no trades is 100% certain, things can go against you very fast, when something like bad news again the asset you are trading, it can reverse and liquidate your fund instantly, In such situation, it's only proper risk management application ( stop loss and stop limit order) that can save your account. So in all you do while trading, never forget to protect your capital, so that you can try again when you spot any opportunity in the future. |
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In the past I will be somehow worried if I get an information like this, but due to the knowledge and more insight I have gotten from this forum, it's like an offense too me now, to keep my assets in a centralized exchange like binance.
I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
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Just as the title of this thread, your investment will burn when you accumulate more shit coin than Bitcoin, most of us newbie think that since shit coin gives higher return, they actually don't know that investing in shit coin instead of Bitcoin is suicidal.
Let's take a look at the market today, Bitcoin is trading at $41800-42500, but almost all the shit coin as the name implies have fall drastically from grace. They don't know that altcoin fall more than they rise, and most times it will totally refuse to return back to the price you actually bought it, and you will be forced to sell at a loss.
Think of those guys that have DCA into Bitcoin for years, how profitable they would have been now.
In other not to get burned, start DCA into Bitcoin now and seat by and prepare for harvest during the bull run.
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Is this a self-moderated post or something? I could remember yesterday that I was the first person who post here. I even appreciated the post and advised you to rearrange it very well promising you merit afterwards. But I can't find the post here again. Even your status is not sufficient to open a self-moderated post if I am correct. Any explanation for that? Besides, I am glad you made an arrangement as advised a little and the merit has been delivered as promised to encourage you. Thanks, I really do appreciate for your encouragement. I didn't delete anything, i just made another post entirely, you can still find the other post in trading discussion and the title is the best decision you can take. |
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Actually I have been doing some research if I can get it, but it seems as though it wasn't on record, I can't get it anywhere, it's only from 2017 till date that is available, but check this if it might be helpful. https://blog.summerofbitcoin.org/mempool-space/ |
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go for high quality trades. Is there anything like high quality trades? I don't think so. its just a matter of confidence and methodology, If your trading and you find yourself losing you don't have to find a quality trade because all trades are trade there is non higher than the others Brother all trades are not the same, their are more quality trades and their are less quality trades, quality trades comes with the least 1-3 reward ratio, and if you are good in price action trading strategy, it will be very clear where the next movement of the market is going, because your analysis will spot the next action of the market, while less quality trades comes 1-1 or 1-2 risk reward ratio, and you won't be too sure or convince of your analysis. Generally, trading is like gambling. [/qoute] I totally disagree with you, trading is a craft that you must learn in other to be successful in it, once you have masters the craft, you will always be profitable, even though you will encountered some losses at some point, but you will still be profitable because you knows the craft, while gambling is a different ball game entirely, it's a game of luck, it's only newbie and less skill traders that sees trading as gambling, please be guided. |
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In other too be successful in trading we should know when to stop, stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.
Stop, restrategized and don't come back till your confidence is back, go for high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.
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As long as trading is concern, it's very essential you have a guideline rules you follow while trading, and one of those rules is not trading when not sure of the market.
As simple as it may sound, it's very difficult to abide by it.
A good and Skill trader must know that in other to stay long and profitable in the market,
it very important we know when to stay off the market,
there are always opportunities in the market,
so why risk your capital
when you are not sure
of your analysis or the market is in an awkward situation like consolidation from the 4hrs timeframe? When there is no clear direction and confirmation of the next move the market is trying to take.
The best we can do is to stay off, the most important thing is for us to be profitable, even if we have to trade once in a week , it's better than losing, it's better that our account is intact than blowing it.
Staying off is the best we can do, when not sure.
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For those working for government or an entity, try to start a small business and grow it gradually while still doing your 9am- 5pm job.
We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.
In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.
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I think is time we have a group outside here to know how to tackle this kind of issues of introducing incompetent people. If we go fit bring them to a group first for orientation before them register for the forum. Make una think of this idea.
Na really good idea so that we fit know the person wey dy behind this kind rubbish post, but the major challenge go be how to take force everyone to be in that group and how to take punish defaulters and person wey no gree be partaker of such group. |
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First of all thank you for bringing this issue come inside house so we fit trash dis issue.
I want all of us to know say if we paint ourselves ugly picture outside, na so dem go take dy look all of us wey get naija blood. abeg most of this oyibo dem no see us as anything, dem believe say dem better pass us which we , we know say na lie, naija no dy carry last for anything, even though our government dy rubbish our economy, e no mean say we go dy campaign am give person wey no belong to the family abeg, just as the op don talk already, make we no carry desperation and hustling for merit take spoil ourselves give this people abeg.
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If you take a look at the whole situation you will understand that
people are just trying to cut down cost in whatever they are doing,
the cost of living now is actually trying to kill the living, brother,
no body is confused, we are just looking out for ways to lighten the burden.
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My country people I dy greet everybody, e get one matter wey dy happen for we country naija now concerning our savings.
Normally when we save na to use am do one thing or the other wey we don plan since tey tey, but due to hunger wey dy the land now,
na dat savings nai dey save us now from hunger, because e no easy because of the high cost of living.
To chop for the country now no easy, na our savings nai dey save us now, some families to see food chop twice in a day na war,
how una see this matter?
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You must have a source of income if you must succeed in your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.
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Sooo? Frankly, I did not understand the purpose of this topic, but if you are a good member and publish high-quality topics, you may be given a second chance, such as banning signatures for a year or two. It is true that Nobody is above the law but the more your intentions was good and your posts are useful, the less the punishment will be.
I also do not understand the purpose of the post. But from your comment I did understand the area the Op is coming from. But as you said, good and quality posters have greater chances to second chance than an unestablished random newbie. Maybe OP is saying because of the recent activities of Ratimov or something like that... I have said this before and I will still say it again, Please no misinterpretation of the thread, i only decide to create this thread base on an argument I had with someone on this forum yesterday, so after everything, I have go back to the rules an guidelines of the forum to know who's right or wrong. During my findings I discovered so many things I never knew of, which warrant me to write this, please I mean no offense. Am new here, I really don't know anyone here for you to feel that the thread is meant for someone. |
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Sooo? Frankly, I did not understand the purpose of this topic,
Please no misinterpretation of the thread, i only decide to create this thread base on an argument I had with someone on this forum yesterday, so after everything, I have go back to the rules an guidelines of the forum to know who's right or wrong. During my findings I discovered so many things I never knew of, which warrant me to write this, please I mean no offense. |
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As a newbie that I am in this forum, I have been very observant in things that have be going on in this forum, but one thing that stands out too me that I found really impressive is the law, and measures put in place to do follow up on defaulter.
No body is above the law, an this forum demonstrate that to the greatest effect that I have ever experience.
Sometimes we do make mistakes as humans that we are, but in order for the forum to be transparent and clean the law and the standard need to be maintained.
Too me the forum have really lived up to the hype in terms of knowledge and discipline.
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There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it.
disadvantage of having it
*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.
advantages of having it
* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time.
I don't know if I missed some that I didn't mention.
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My country people good evening inside this evening, hope everyone is fine, today I want talk about new year resolution.
The year don almost end, as a naija blood we be, most of us dy normally say our new year resolution towards the end of the year, but I wan ask, how many of us dy fit keep to it?
Brothers and sisters i know say e no easy because las las we be still human being, we get addiction wey we vow to let go , but one way or the other, we still dy do am, I no know if anyone get similar experience?
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Please read properly before laying accusations, I never said I wrote it myself, I said I saw it somewhere and I just thought I should share, and besides I put in a reference link attach to it from where I took it from,
Please be guided
I was not laying accusations just guiding because someone could report it as plagiarism and can get you banned (again this time I am not threatening just giving advice just like before I was giving a suggestion not accusing you) I hope you will not mind me. And you said. I just saw this, so I thought I should share for our safety. It can also indicate you are only talking about the link you gave. For your further understanding, this forum is an international one, not every person get the thing in the way in which you are talking. This means you were referring to the whole text but I thought you were only talking about the link that you saw and shared here, but when I read the other text and it was the same as of the post that link leads to. You should use Quote tags because you are copying and pasting the whole thing which you can but with disclaimer or with Quote tags, no doubt you gave the reference and also said "I just saw this, so I thought I should share for our safety." but it will be more easy (not confusing) for us that you are copying pasting not writing by yourself. Thanks for your understanding and observations, I really do appreciate. |
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