5 Things All traders should Do

[deisik]

I find that is very hard to follow this rules, they are good but how to not be emotional? How to be prepared? I read so much about different coins, how to know is some coin is just a scam, or coin have a future?
I think not everyone can be a trader, analytical mind is needed for this.Mind that can proces million different informations, where are 999 990 informations stupid and irrelevant.

yeah I agree, trading is not for everyone not only because it needs a lot of analysis and a strong will with no emotions but also because it is a very stressful job that can cripple you especially if you have invested a lot of money in it.
it has caused a lot of suicides in the history because people couldn't handle the big losses they sustained.

Unfortunately people think that they will win during their trading. This is the biggest mistake they make. I know a few friends who used to wake up at 2 Am to just check how their trading was going.

They couldn't sleep and started to have sleep disorders. They started showing signs of addiction, not clear thinking and this impacted their life and their jobs.

It's been a while I don't know anything about them but I am sure they have not committed suicide otherwise I would have seen that in the news.

What I want to say is that trading just like gambling is not for everyone.

Wow, that is just weird!

I know that trading is a very stressful job, as he said the more money you invest the bigger your stress would be. But I never thought there are people with this much stress still continue trading. Someone should tell them "Change your job already!"

Nobody is forcing you to put yourself through agony just to be involved with trading and investment.

It may seem no less weird, but without such addiction (maybe, a little bit less pronounced) you may not get to the top of the trade, so to speak. Any activity requires a kind of dedication if you want to become successful at it at all, and I think that trading is no exception to this rule. So just staying cold-blooded may lead you nowhere unless you get there by going through extremes, or at least by getting a feel of the extremes with your own skin. You won't lose much, but you won't earn much either, just like if you were staying away from trading altogether...

In other words, no gain without pain

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[amacar2]

Thanks for good tips, i really like this one "never put all your eggs in one basket". Yes better to diversify your investment over several coins than bagholding shitcoins for years.

[Babayega31]

Thanks for good tips, i really like this one "never put all your eggs in one basket". Yes better to diversify your investment over several coins than bagholding shitcoins for years.

Yes I believe that not only should you put in the same basket all the egg when the basket fell all broken . So when you invest you do not put all your money in one investment to lose one if you have more money left to compensate . And preferably before you invest to study carefully so you do not sink .

[Viyamore]

But to be honest its very hard to follow does steps if those traders doesn't have any patience to wait for the right time and suddenly drop bad decision upon their hodl/buy coins and sometimes we cannot do some preparedness since not all traders have enough time to monitor all happenings on their desired altcoins, and so maybe lacking of time to do trades affecting those emotional feelings of fellow traders upon giving quickly decision about selling immediately their coin to avoid lose or more lose.

Yeah so true ,as the traders saw the coin they invested or bought was dump far from the buying amount they actually both ,one thing will come to their mind is a panic selling which don't let their mind think about what are the guidelines and we don't have the right to blame them because of their experiences on other coins especially on scam coins .

I will add Researching about coin.
Diversify (divide your money )
Buy and hold
When to buy and sell(Right timing )
Monitor the move of traders

I don't need to elaborate if youre a trader you will understand it .

[South Park]

I find that is very hard to follow this rules, they are good but how to not be emotional? How to be prepared? I read so much about different coins, how to know is some coin is just a scam, or coin have a future?
I think not everyone can be a trader, analytical mind is needed for this.Mind that can proces million different informations, where are 999 990 informations stupid and irrelevant.

yeah I agree, trading is not for everyone not only because it needs a lot of analysis and a strong will with no emotions but also because it is a very stressful job that can cripple you especially if you have invested a lot of money in it.
it has caused a lot of suicides in the history because people couldn't handle the big losses they sustained.

Unfortunately people think that they will win during their trading. This is the biggest mistake they make. I know a few friends who used to wake up at 2 Am to just check how their trading was going.

They couldn't sleep and started to have sleep disorders. They started showing signs of addiction, not clear thinking and this impacted their life and their jobs.

It's been a while I don't know anything about them but I am sure they have not committed suicide otherwise I would have seen that in the news.

What I want to say is that trading just like gambling is not for everyone.

Wow, that is just weird!

I know that trading is a very stressful job, as he said the more money you invest the bigger your stress would be. But I never thought there are people with this much stress still continue trading. Someone should tell them "Change your job already!"

Nobody is forcing you to put yourself through agony just to be involved with trading and investment.

It may seem no less weird, but without such addiction (maybe, a little bit less pronounced) you may not get to the top of the trade, so to speak. Any activity requires a kind of dedication if you want to become successful at it at all, and I think that trading is no exception to this rule. So just staying cold-blooded may lead you nowhere unless you get there by going through extremes, or at least by getting a feel of the extremes with your own skin. You won't lose much, but you won't earn much either, just like if you were staying away from trading altogether...

In other words, no gain without pain

This is true if you look for the very best in any area, whether this is soccer, chess, physics, etc. You will find persons that are obsessed with being the best that they can be, I think this is called “The Rage to Master”

[Natalim]

I just finished reading it and I like it because it is so detailed, this is all I need to know to be a successful trader.

Admittedly, sometimes I cannot hold my emotions to take over my decision making in gambling, maybe I need to control myself a bit.

[Barbut]

You made a point with this 5 things we should do to be successful in trading. I tried to trade, and I didn't have luck. I think it's not so easy to follow this advice's. I can move emotions on a side, but preparation is different. I'm not sure how we can prepare ourselves, I'm reading about alt coins but every coin has some follower's that wrote nice things about it. How can I know what is true and what is lie?
I think like some other people, trading is not for everyone.

[davis196]

Priceslide Strategy
1. Never be emotional – especially afraid

It’s easy to come in with mentality that it’s exciting to make money, because it is. However, trading has to be looked at with a cold and calculating eye. Don’t let the ups get you excited, or the downs get you depressed. People with a loser’s mentality trade with emotion. When the coin is down, just start slowly buying. When it’s up just start slowly selling (more on this later). If you allow fear to come into the trading process – fear of missing out, or fear of selling too soon / too late, you will never be an effective trader.

2. Always be prepared

Know your market, read the ANN thread of the coin you’re buying. Know the development team, their past, their scam accusations. Know the total amount of the coin in circulation and the inflation rate. Know how many coins the top holders have. Plan on coin accumulation over time – even when a coin can seem at its bottom, there’s always a chance scared people will push it 20% lower before there’s someone to pick up the pieces

3. Never put all your eggs in one basket

This should be obvious to everyone, but never champion a specific coin. “believing in a community” is the single most ridiculous thing that the altcoin traders have come up with. The dogecoin community was massive and actually got a nascar sponsorship through, but the excitement of the past doge days is long gone. My point here is that no community sticks around for too long, because there’s nothing to actually lock anyone in after big traders have abandoned the coin.

4. Always be logical

The same as never be emotional, stated in the positive. It is important enough to restate, because it is the single most critical, and common, mistake that traders make. The herd moves with what “seems” correct. Buy when a coin is going up. However, you should be selling when the coin is going up. That is the time to take profit – when everyone else is trading with emotional excitement, thinking only of their greed. It’s easy to take advantage of if you know what to look for

5.Never sell all your coins at once

Space your trades out – pumps can start and stop at any time, and any price level.

Even if you “know” it’s at the top, it can always go higher. Don’t live with that regret.

This is from my blog !

https://priceslide.wordpress.com/2016/09/20/5-things-all-traders-should-do/

I totally agree with the list, but we always will need some luck,when it comes to trading.

I never sell when the price goes down.Panic selling is the number one wrong strategy.

When the prices go down just wait,don`t sell.

[exscudo]

Quite general pieces of advice, though. I'd add some points like 'Stay tuned about the ltest cryptocurrency news', 'Always research before investing in new currencies', etc. The lack of information often leads to losses.

[outatime1]

I agree with all of those points. You could also say don't buy all your coins at once. Sometimes it's good to hold some cash to buy if the price drops lower than you expect.

[harizen]

I agree with all of those points. You could also say don't buy all your coins at once. Sometimes it's good to hold some cash to buy if the price drops lower than you expect.

That's what you called a having an extra ammo if the price went to a more dipping movements after you did a buying action on the said price. In other term, taking advantage of every dip.

So in here, analyzing all the possible factors why the price dips after your last move must be placed on the table so eventually your extra ammos is worth to execute.

[South Park]

I just finished reading it and I like it because it is so detailed, this is all I need to know to be a successful trader.

Admittedly, sometimes I cannot hold my emotions to take over my decision making in gambling, maybe I need to control myself a bit.

Mistake, the advice given by the OP is correct, but this is in no way all what you need to know, if you want to be a successful trader you will probably need to read and digest a few books and probably you will need hundreds of hours of practice doing trades, trading is a lot more difficult than what you may think.

[el kaka22]

Very nice and useful suggestions, every trader must have to remember while going for trading.
In my experience trading is also a test for our emotion control, so remembering these suggestions would be a biggest challenge for the traders, I am saying these from my own experience.

[BitcoinPC]

I think you are experienced man in trading, because these points of main things which we should know about it, because trading is not easy as we think, and every business has some rules, So in trading as you said these are main rules and we should follow it.

[Goms]

I decide on which altcoin to buy based on their price over a range of 7 days or more.

[mishra1994]

Ok well thank you for that and nicely covered the basics and the topics.Actually i am the one who is thinking to start trading bitcoin because since long time i am only doing signature campaigns and collecting coins.So i would surely follow these points in my trading.

[Nahl]

indeed those thing is looks reasonable and maybe yes all traders must have that but regarding number 1 very difficult to control my emotion because if something didn't happened according to my predictions i would become an very pissed and emotional also has ruin my trading activities several times

[beerlover]

Thanks for nice guide. But these are very much general things, I mean to say these are also applicable to gambling or any profession with slight modifications. I just conclude if we behave matured, we will get chances to stay safe and profitable.

[danherbias07]

Points taken specially the "never be emotional"  as a trade that tends to happen a lot. Excitement from seeing that profits are coming and you want to press that sell button. It is too inviting and the smile wont get out until you pressed it. But regrets come after that.

[Dudeperfect]

Thanks for this article. I was very emotional when I started my trade and my greed taught me a good lesson and since then I never ever let my emotion overpower my trading strategies. When I think that I should invest in a particular coin without proper research I log out of exchange account and listen to music. It is really important to deal with greed before it kills our capital so I prefer no profit instead of risky greedy trade.