How do you combat your weaknesses in trading?

[goldade]

I think my major weakness was trading too often. When I first started trading, I had this mindset of trading often so I can make more money in a short time. I, however, realized that it did more harm that good.
I realized I lost more in process of making money. This is because after losing a particular trade, instead of taking time to cool off, I continue trading with hopes to recovering. Little did I know that I have psychologically affected by that one loss and taking some time off is necessary to radical decisions that can lead to profits.
I have now overcome that such that I place some few trades with the necessary risk management and take time off the system. If it touches my 'take profit', I make profits and if it's the other way around, we'll I didn't see it when it happened.

[Renampun]

My major problem in trading is Playing it too safe...
it's not without reason I do this, I don't have a big capital for me to trade, so I have to play it safe, but because I play too safe, I get a little profit. it is true that those who dare to risk are the ones who are sure to get big profits.

[cheezcarls]

Poor risk management and decision-making are truly my weaknesses, especially when the market crumbles without warning. I admit that because of not making the right decisions, I had missed a lot of opportunities in both airdrop, trading and converting at the right time.

On how I combat my weaknesses, I keep learning my lessons despite it’s hard to accept about missing on something. I never stop learning. I read motivational books or watch some videos to keep me motivated in all life aspects about accepting the result and learn to move forward. Improving my trading skills and decision makings would make things a little bit better to cope up with my weaknesses.

[palle11]

My major problem in trading most definitely is Poor risk management. I sometimes see myself more like a gambler then a trader. With that usually comes overtrading because i want to trade for kicks, and even losing gives me kicks. But i try to combat that by trading with at least 4h candles so the time between the swings will be longer, and i will use 1d candles too just to be sure. And naturally leveraged trading is a problem for me.

Okay here is the issue which you have pointed out yourself and that is money management. Using a 4th candle or a daily closed candle of the previous trading day won't matter if your management of your risk appetite is not normal or bad. In a football match, a coach who leaves his defense line to be bad should expect to conceive goals anytime something goes wrong upfront because the opponent is going to come after the defense. This is a simple analysis of how trade is. All the time we need to have a good management of our capital.

[dimonstration]

I also playing too safe The minimum risk will generally bring minimum return you know. But at least I sleep well. 

I'm also guilty with playing too safe, I often just sell whenever there's a minimal drop in price since I experience it before after 2017 hype the altcoins price drops Continuous with minimal amount and when I woke the price is least I expect. It's better to be safe now than sorry, atleast being safe means having small gain or minimal loss.

[MCobian]

I feel quite experienced in crypto trading, so I rarely experience big losses from crypto trading. But I also have weaknesses in trading, often I play
too safe and too careful when trading. So sometimes I miss opportunities to get big profits, because I always sell my coins before my target is reached.
For the selection of coins for trading, I am playing too safe, only trading using popular coins. I don't dare to trade using new coins that don't have
a track record and are not yet known, even though some new coins have an increase in price sometimes much higher than old coins.

So far I have not found an effective way to combat my weaknesses in trading, maybe I try to change my way of thinking and have to be brave enough
to take risks. I try this year to wait for my target to be achieved, recently sold my coins and also i will try to buy 2-3 new coins. Hopefully these coins
can be pumped and give me a big profit too.

[Yatsan]

Conquering your weakness when it comes to trading seems to be difficult to be done specially when you are inexperienced and still a first timer on the field but as time goes by, you can be able to manifest coping mechanisms on how you can deal with your own weaknesses because you are learning already from experience and now you are getting aware of the possible outcomes making you brilliant to conduct measures that can save you up once you've been stuck into the same situation again. I do have also problems taking into my weakness on my first tradings because I find it like I am wasting money having losses but due to experience and thorough observation on the matters with trading, I learn to cope up and make possible measures to conquer it.

[Ridwan Fauzi]

"You may only select up to 14 options" but the options are fixed at 14 and last option is extra . on the option there is "playing it too safe" but is this a weakness ? because i think its not . on trading we are doing are best to play it safe because risks or too much risks are deadly and can turned into loosing .

Well to a point it's not a problem. But if you play constantly too safe you won't be making too much money and you will be better off just investing rather then trading.

As a trader we have to know how much risk that will be faced, not just you make an entry and you don't know how much money that you can afford to lose. In all stuff there will be a risk factor, what will you do or what will you choose there will be a risk, investing is also have a risk and I think it is same with trading.

Count how risk that will be faced when you make an entry. You can match the capital you have, but usually the average trader will only subtract 1-2% for the losses he will face. The reason is simple, when your stoploss getting reached your psycology still comfortable to trade again, and also your strategy will be confident to recover your losses.

[TheUltraElite]

My major problem in trading is Playing it too safe...
it's not without reason I do this, I don't have a big capital for me to trade, so I have to play it safe, but because I play too safe, I get a little profit. it is true that those who dare to risk are the ones who are sure to get big profits.

Not taking risk does not mean you are bad. It means you are cautious about how much you spend and what you spend on. If you ask me, I would tell you to go with bitcoin only because this directly reduces the risk involved with trading. On buying bitcoin at low and selling it at high like it has happened this month, you will be guaranteed to make profit but I cant say the same for any altcoin.

Though you can go with risky trades on paper. It is called dummy trading using a virtual capital and observe your results there to get an idea how good or bad you might end up with that capital.

[cryptolord2077]

As a rule, such difficulties are associated with emotions. Almost always, they are connected precisely with the fact that we cannot or do not yet know how to control our own emotional manifestations, which forces us to commit rash acts being under the control of our emotional background. Personally, I try to create within myself the right relationship to certain things that cause me anger, euphoria, greed, and so on. After that, emotions affect me much less.

[stomachgrowls]

As a rule, such difficulties are associated with emotions. Almost always, they are connected precisely with the fact that we cannot or do not yet know how to control our own emotional manifestations, which forces us to commit rash acts being under the control of our emotional background. Personally, I try to create within myself the right relationship to certain things that cause me anger, euphoria, greed, and so on. After that, emotions affect me much less.

You should avoid on bumping up threads that had been inactive for a month and few weeks.You should avoid this kind of behavior if you dont like some problems later on.
Dont necrobump or grave digging because its one of the violation of this forum.


On topic reply- I have chosen my weaknesses in trading.

Not taking the profits fast enough
Trading too often
Getting fomoed in too easily
Lack of patience

Even ive been trading for years now but still i do have this kind of weakness which cant really be removed or get rid no matter how hard i do try to resist.
but somehow you can able to control it once you do really gain up sufficient experience.

[LUCKMCFLY]

One of my mistakes is that I did not know that Exchange was convenient for me, if I had the tools that every trader should have, at first I just went to any exchange without knowing how much fee they were going to charge me per transaction, per withdrawal, but it already took me time through a lot of trial and error to get to what he wanted. And I learned that the best Exchange is the one that offers Stop Loss and Take Profit to use them at the same time, this helped me to release stress and not be glued to the PC.

[Sinjokubhi]

To be able to overcome risks, it is necessary to have a well-organized strategy. You should definitely know about risk management science or business risk management. If you are brave enough to face risks, you must also have careful preparation beforehand. Here are 4 easy risk management tips from me.

1. Perform Risk Identification
You can try to identify what types of risks can arise, whether from the financial, marketing, production, and so on. This risk identification can be useful to identify possible risks that are or will occur in your business. The output of this risk identification is a list of every risk that can occur to your business.

2. Ranking Based on Losses
After having a list of various business risks, it's time for you to analyze and sort them based on the worst impact. Focus on the risks that are greatest and most often experienced, especially for similar types of businesses. Find out what the impact is on you, your employees, the continuity of the company and the environment.

3. Perform Risk Control
This list of risks will be meaningless if there is no action plan that can be taken to overcome them. In responding to business risks, there are 5 forms of attitude that you must take, such as:

a. Risk Avoidance
These attitudes are often ineffective because avoiding these risks means that you don't dare to take the opportunity to try and deal with risks, you don't even learn anything. This action means that you do not take actions that could cause this risk to occur, including not carrying out a business strategy that has been formulated.
b. Risk Reduction.
This means looking for an action to reduce losses from a risk that could occur. There is a possibility that the risk will occur, but the impact is minimized as much as possible. For example, a fire detection alarm system, fire can still occur but the risk of loss can be reduced by this system.
c. Risk Transfer
In addition to avoiding and reducing risks, you can also shift risks. You can transfer responsibility to another party by paying for these services. For example, if you have a glassware company and you have to send it to a place that is quite far away and the road is inadequate, than you or your own employee who delivers it, you better choose to pay for a delivery service that has glassware insurance. Of course you will transfer the risk to this introduction.
d. Risk Retention (Accepting Risk)
Accepting means that you can only let the loss occur. This attitude is certainly taken if there is no other way of dealing with it. For example, if you miscalculate money or send the wrong goods, of course you have to accept losses like it or not. Also keep in mind that if the impact of the loss is too large, it is better to avoid it than to accept it.

4. Monitoring and Review
After you have successfully identified the risks and selected a strategy that can be applied to each risk, it is time for you to always be aware of all the issues at hand. An issue is a symptom of a risk or even an impending crisis. An issue certainly does not always have symptoms, but at least after getting to know these types of business risks, you will know where your focus will be if these risks occur. If an issue has become a true risk and created a crisis, it's time for you to resolve or evaluate whether your action against the risk worked as you planned or not. At least after you have succeeded in getting the results of this review, you can use the problem as learning material to be better at facing this risk again.