Bitcoin Forum
January 21, 2019, 09:09:36 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3] 4 5 »  All
  Print  
Author Topic: Major mistake all traders make  (Read 735 times)
Rahar02
Hero Member
*****
Offline Offline

Activity: 826
Merit: 522


ChipMixer.com | ChipMixerwzxtzbw.onion


View Profile
February 24, 2018, 02:45:15 AM
 #41

An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.

It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.

I see it as a wrong decision, refers to the example: buy few bitcoins at the high peak in December.
Don't you think about the problem before it?
Most mistake caused by "lack of information and greedy"
Yes, people didn't do some research to identify when the price will stop climbing and start to decline.
Or else, people realize it may be the peak, but it is bitcoin, it will continue to rise, I will keep it for few years as some people predict bitcoin can reach at least $50,000. In fact, we don't know what will happen in the future whether bitcoin can reach such price or not.
Holding, it's better than "cut loss decision" though.

1548104976
Hero Member
*
Offline Offline

Posts: 1548104976

View Profile Personal Message (Offline)

Ignore
1548104976
Reply with quote  #2

1548104976
Report to moderator
1548104976
Hero Member
*
Offline Offline

Posts: 1548104976

View Profile Personal Message (Offline)

Ignore
1548104976
Reply with quote  #2

1548104976
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1548104976
Hero Member
*
Offline Offline

Posts: 1548104976

View Profile Personal Message (Offline)

Ignore
1548104976
Reply with quote  #2

1548104976
Report to moderator
1548104976
Hero Member
*
Offline Offline

Posts: 1548104976

View Profile Personal Message (Offline)

Ignore
1548104976
Reply with quote  #2

1548104976
Report to moderator
mia khalifa
Full Member
***
Offline Offline

Activity: 476
Merit: 100



View Profile
February 24, 2018, 04:21:53 AM
 #42

An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.

It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.

most mistakes made by a trading player is that the player can not control his emotions and control his patience because his key trading is to have a very high patience if you do not have very high patience is certainly likely to get a loss.
Canis Majoris
Member
**
Offline Offline

Activity: 126
Merit: 55


View Profile
February 24, 2018, 09:06:27 PM
 #43

As a long-term holder, I just HODL. That saves me a lot of headaches and a lot of trading commissions. You just put an example of what newbies do: to buy after the last ath out of FOMO and to sell after the dip out of panic. This is the opposite of what I usually recommend
My style exactly. I don't want to be associated with all that daily drama of day trading.
In hindsight, I can say that holding coins and not dealing with all that minor price fluctuation is far better if you have a normal job and don't have time to react accordingly to ever-changing trading patterns.
I recommend only to sell, buy at major breaking points - ATH is a great time to sell and crashes and corrections are great entry points.

It has worked for you only because the market had been rising for well over two years, starting in September, 2015. If it starts trading sideways as many established markets do most of the time in some narrow or not so narrow range, you will see that this strategy is not as good as it seems to be. Further on, you don't know in advance whether it is an ATH or price is going to rise higher. But booking profits now and then is not what HODL means. Actually, it is half-way to day trading. The same applies to buying at dips. In short, a long-lasting sideways market will kill HODL.
sofi@
Full Member
***
Offline Offline

Activity: 238
Merit: 108


View Profile
February 24, 2018, 11:59:29 PM
 #44

I think this only applies to those beginners who are afraid of taking risk and to those who haven't experience failure in trading. For a beginner who want to take trading they must read this and understand how the market goes. They will experience sudden pump or dump but they should not worry, instead take this as an opportunity for more investment as cryptos nature is very volatile and unpredictable.

STT
Legendary
*
Offline Offline

Activity: 1974
Merit: 1107


Make winning bets on sports with Sportsbet.io!


View Profile WWW
February 25, 2018, 02:44:18 AM
Last edit: February 25, 2018, 03:51:39 AM by STT
 #45

As a long-term holder, I just HODL. That saves me a lot of headaches and a lot of trading commissions. You just put an example of what newbies do: to buy after the last ath out of FOMO and to sell after the dip out of panic. This is the opposite of what I usually recommend
My style exactly. I don't want to be associated with all that daily drama of day trading.
In hindsight, I can say that holding coins and not dealing with all that minor price fluctuation is far better if you have a normal job and don't have time to react accordingly to ever-changing trading patterns.
I recommend only to sell, buy at major breaking points - ATH is a great time to sell and crashes and corrections are great entry points.

There is some sense in that, notice a positive trend and dont sell into it.   I post some relevant tweets I saw today on this:



Dam it, I cant find the other source but the stats were average gains trading in market hours for S&P 500 was -5%     This is average, many will profit of course.   Out of hours gains, merely buying at close and holding till open was +500%     I forget the time span but a very long time.    Looking at chart for this stock index, we see it is generally gaining hence the hold even overnight with risk of a sell off on bad news still gains on average because the long term trend is up.   Same principle as HODL.  I do think keeping up with developments is important as well, not all innovation will occur directly with BTC but also some other blockchains but that question is harder

   ▄▄██████▄▄
  ████████████
███▄▄
 ██████████████▀▀▀██▄
████████████████   ▀██▄
████████████████     ▀██
██████████████       ██▌
██████████████        ▐██
██▌▀▀██████▀▀         ▐██
▐██                   ██▌
 ██▄                 ▄██
  ▀██▄             ▄██▀
    ▀██▄▄▄     ▄▄▄██▀
      ▀▀█████████▀▀





███████████████████████████
███████████▀▀         ▀▀███
████████▀   ▄▄██▄  ▀█▄  ▀██
██████▀  ▄████████▄  ▀█  ██
████▀  ▄██████▄▀  ██▄    ██
███▀  ██████▄▀  ▄▀████▄  ██
██▀  █████▄▀  ▄▀██████  ▄██
██  ▀███▄▀  ▄▀███████  ▄███
██    ▀██▄▄▀███████▀  ▄████
██  █▄  ▀████████▀  ▄██████
██▄  ▀█▄  ▀██▀▀   ▄████████
███▄▄         ▄▄███████████
███████████████████████████
███████████████████████████
████████▀▀       ▀▀████████
█████▀   ▄ ▀███▀ ▄   ▀█████
████  ▄████▄ ▀ ▄████▄  ████
███  ▄ ▀███▀ ▄ ▀███▀ ▄  ███
██  ▄██ ▀▀ ▄███▄ ▀▀ ██▄  ██
██  █▀ ▄█ ███████ █▄ ▀█  ██
██   ▄███▄ █████ ▄███▄   ██
███  ████▀ ▄▄▄▄▄ ▀████  ███
████  ▀ ▄ ▀█████▀ ▄ ▀  ████
█████▄  ▀▀▄ ███ ▄▀▀  ▄█████
████████▄▄       ▄▄████████
███████████████████████████
████████     INDUSTRY LEADING BITCOIN SPORTSBOOK     ████████
LIVE
STREAMING
DAILY PRICE
BOOSTS
LIVE DEALER
CASINO
FAST & SECURE
PAYMENTS
███████████████████████████
████████▀▀       ▀▀████████
█████▀  ▄█▄  ▀  ▄▄   ▀█████
████  ▄  ▀    ▀█████▄  ████
███  ▀█▀   ▀█▄   ▀▀██▄  ███
██  ▄    █▄  ▀██▄▄  ▀█▄  ██
██  █▀ ▄  ▀█▄  ▀███▄  ▀  ██
██    ▄██  ▀██▄  ▀███▄   ██
███  ▀████  ▀███▄  ▀█▀  ███
████  ▀████  ▀████▄    ████
█████▄   ▀▀█▄  ▀▀▀   ▄█████
████████▄▄       ▄▄████████
███████████████████████████
███████████████████████████
████████▀▀ █████ ▀▀████████
█████▀    ▄█████▄    ▀█████
██████▄▄█▀▀ ▄▄▄ ▀▀█▄▄██████
███▀███▀ ▄███▀███▄ ▀███▀███
██   █ ▄██▀     ▀██▄ █   ██
██   █ ██         ██ █   ██
██   █ ▀██▄▄█ █▄▄██▀ █   ██
███▄███▄ ▀██▄▄▄██▀ ▄███▄███
██████▀▀█▄▄ ▀▀▀ ▄▄█▀▀██████
█████▄    ▀█████▀    ▄█████
████████▄▄ █████ ▄▄████████
███████████████████████████





..WIN WITH US!..
Canis Majoris
Member
**
Offline Offline

Activity: 126
Merit: 55


View Profile
February 25, 2018, 01:22:36 PM
 #46

I think this only applies to those beginners who are afraid of taking risk and to those who haven't experience failure in trading. For a beginner who want to take trading they must read this and understand how the market goes. They will experience sudden pump or dump but they should not worry, instead take this as an opportunity for more investment as cryptos nature is very volatile and unpredictable.

In my opinion there is no common denominator apart from what I'm discussing here. In other words, it doesn't matter whether you are an experienced trader or beginner, you should at least get worried if the market falls suddenly and entirely unexpected for you. It may or may not be an opportunity but rationalizing it in the way you suggest doesn't look very appealing to me. It can bring you peace of mind, of course, but I don't think this is what most traders are looking for. They are looking for profits, not a feeling of being safe or protected.
Daimon88
Full Member
***
Offline Offline

Activity: 402
Merit: 100


View Profile
February 27, 2018, 06:08:37 AM
 #47

In my opinion, big mistake that a lot of new traders chase coins that price is growing fast like it was with Iota, Tron ant etc. They buy coins at all time high and think that it will grow much more
That is a mistake that starts from the main mistake of not learning, gambling the market and expecting that every day is going to be Christmas. I call that trying to jump a fast moving train and that is like the most dangerous thing anyone can ever do. I would rather say the most common mistake some traders make is not having a strategy, because if you do, there is no way you will never have your profit: loss ratio in mind and know what to look out for before even placing your buy order.
rocketbits
Full Member
***
Offline Offline

Activity: 532
Merit: 101


UBEX.COM


View Profile
February 27, 2018, 07:31:36 AM
 #48

An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.

It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.
I so much agree with you on this. I have made that mistake sometimes back and I ended up learning from it anyway which has really made things to work out pretty well for me over time and make good decisions. Normally, every trader should always know what to even look out for in a trade, either they are following trend, using indicators to see what is going on with some TA and FAs to make their decisions. It was obvious for any trader to see that bitcoin was tapping down and everything showed a bear market, but of course, some are just in the game without knowledge or strategy which is what makes the difference.

Altcoins enthusiast
Member
**
Offline Offline

Activity: 266
Merit: 16

"Reserve Your Ledger at GYMLEDGER.COM"


View Profile WWW
February 27, 2018, 07:55:32 AM
 #49

An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.

It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.
Thank you op very much for this view you have and I think you have make a very strong fact here. I believe that trading and investment is a very serious things and we should not just invest without having in mind what we what to do and have a strong plan about our entry point and exist points. Many use stop loss and take profit to control their profits and loss position.
Bitcotalk
Hero Member
*****
Offline Offline

Activity: 854
Merit: 515


View Profile
February 27, 2018, 12:34:29 PM
 #50

The biggest mistake that day traders make (especially crypto day traders) is believing that they have an edge over everyone else because of the charts they look at. The biggest mistake is not believing that day trading is 100% gambling, because that is exactly what it is. The only way to consistently make money over the long term is to invest based on value and fundamentals.
Only if they could end up knowing that it pays to either do short or long positions in the market than spending the whole hour in front of a chart trying to day trade.

I agree with you that day trading is 100% gambling but it is worth the risk anyway and they have a place in the market, I have been there but even though all you use is RSI or stoch to buy into an oversold market, sometimes, you may just end up missing the other indicators to know when a market is turning long term bearish, which obviously brings the stop loss into play anyway.

No trader can do without it, and the essence is to buy back in a better position for a better gain than waiting for the market to recover in one position while missing good opportunities.
Canis Majoris
Member
**
Offline Offline

Activity: 126
Merit: 55


View Profile
February 27, 2018, 05:36:35 PM
 #51

In my opinion, big mistake that a lot of new traders chase coins that price is growing fast like it was with Iota, Tron ant etc. They buy coins at all time high and think that it will grow much more
That is a mistake that starts from the main mistake of not learning, gambling the market and expecting that every day is going to be Christmas. I call that trying to jump a fast moving train and that is like the most dangerous thing anyone can ever do. I would rather say the most common mistake some traders make is not having a strategy, because if you do, there is no way you will never have your profit: loss ratio in mind and know what to look out for before even placing your buy order.

This is a good observation and I was thinking about something to that tune myself, more specifically how well it fits into the scheme presented in this topic or how well such actions can be explained in the scope of the idea I am taking about here. It could be said that when people jump into the market without any clue about what they are doing, they are basically in the same position when they find themselves confused and helpless due to a sudden unexpected price change, just blindly hoping for the better. Though in the former case, they themselves are the cause of this situation, not market forces are involved as in the latter case. In other words, if you don't know where to go, no wind will be favorable.
Remember remember the 5th of November
Legendary
*
Offline Offline

Activity: 1820
Merit: 1001

Reverse engineer from time to time


View Profile
February 27, 2018, 05:45:21 PM
 #52

Another major mistake I see traders make, is looking for patterns in 1,5,15m charts. Those are just noise most of the time. It really bothers me how many people see "triangles", channels in a 1m chart. This is absurd.

BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2
STT
Legendary
*
Offline Offline

Activity: 1974
Merit: 1107


Make winning bets on sports with Sportsbet.io!


View Profile WWW
February 27, 2018, 05:53:41 PM
 #53

Its not quite wrong but it takes a massive amount of skill to grab a trend from such a short time frame.   Lots of profits to know direction so fast as it can mean bets 4 or more an hour paying off.

But yep correct, I'd say go for 4hr bars as a basic way to divide up the hemispheres globally that trade and have their own influence.  As the sun sets on one part of the world another begins to wake up and digest the news with their own bias and influence on prices.    So 4hr gaps fits into 24hr pattern quite well and it should be easier to spot trends over time like this more easily then guessing just static like you say.

Some swear by daily and weekly for the more laid back investment and again the trends are there with more certainity.    BTC never closes ever, thats the hard thing, Forex and most markets have a closing bar every friday and this adds to certainty in price.

   ▄▄██████▄▄
  ████████████
███▄▄
 ██████████████▀▀▀██▄
████████████████   ▀██▄
████████████████     ▀██
██████████████       ██▌
██████████████        ▐██
██▌▀▀██████▀▀         ▐██
▐██                   ██▌
 ██▄                 ▄██
  ▀██▄             ▄██▀
    ▀██▄▄▄     ▄▄▄██▀
      ▀▀█████████▀▀





███████████████████████████
███████████▀▀         ▀▀███
████████▀   ▄▄██▄  ▀█▄  ▀██
██████▀  ▄████████▄  ▀█  ██
████▀  ▄██████▄▀  ██▄    ██
███▀  ██████▄▀  ▄▀████▄  ██
██▀  █████▄▀  ▄▀██████  ▄██
██  ▀███▄▀  ▄▀███████  ▄███
██    ▀██▄▄▀███████▀  ▄████
██  █▄  ▀████████▀  ▄██████
██▄  ▀█▄  ▀██▀▀   ▄████████
███▄▄         ▄▄███████████
███████████████████████████
███████████████████████████
████████▀▀       ▀▀████████
█████▀   ▄ ▀███▀ ▄   ▀█████
████  ▄████▄ ▀ ▄████▄  ████
███  ▄ ▀███▀ ▄ ▀███▀ ▄  ███
██  ▄██ ▀▀ ▄███▄ ▀▀ ██▄  ██
██  █▀ ▄█ ███████ █▄ ▀█  ██
██   ▄███▄ █████ ▄███▄   ██
███  ████▀ ▄▄▄▄▄ ▀████  ███
████  ▀ ▄ ▀█████▀ ▄ ▀  ████
█████▄  ▀▀▄ ███ ▄▀▀  ▄█████
████████▄▄       ▄▄████████
███████████████████████████
████████     INDUSTRY LEADING BITCOIN SPORTSBOOK     ████████
LIVE
STREAMING
DAILY PRICE
BOOSTS
LIVE DEALER
CASINO
FAST & SECURE
PAYMENTS
███████████████████████████
████████▀▀       ▀▀████████
█████▀  ▄█▄  ▀  ▄▄   ▀█████
████  ▄  ▀    ▀█████▄  ████
███  ▀█▀   ▀█▄   ▀▀██▄  ███
██  ▄    █▄  ▀██▄▄  ▀█▄  ██
██  █▀ ▄  ▀█▄  ▀███▄  ▀  ██
██    ▄██  ▀██▄  ▀███▄   ██
███  ▀████  ▀███▄  ▀█▀  ███
████  ▀████  ▀████▄    ████
█████▄   ▀▀█▄  ▀▀▀   ▄█████
████████▄▄       ▄▄████████
███████████████████████████
███████████████████████████
████████▀▀ █████ ▀▀████████
█████▀    ▄█████▄    ▀█████
██████▄▄█▀▀ ▄▄▄ ▀▀█▄▄██████
███▀███▀ ▄███▀███▄ ▀███▀███
██   █ ▄██▀     ▀██▄ █   ██
██   █ ██         ██ █   ██
██   █ ▀██▄▄█ █▄▄██▀ █   ██
███▄███▄ ▀██▄▄▄██▀ ▄███▄███
██████▀▀█▄▄ ▀▀▀ ▄▄█▀▀██████
█████▄    ▀█████▀    ▄█████
████████▄▄ █████ ▄▄████████
███████████████████████████





..WIN WITH US!..
TERA2
Full Member
***
Offline Offline

Activity: 266
Merit: 222


Deb Rah Von Doom


View Profile
February 28, 2018, 07:17:44 AM
 #54

Another major mistake I see traders make, is looking for patterns in 1,5,15m charts. Those are just noise most of the time. It really bothers me how many people see "triangles", channels in a 1m chart. This is absurd.
No these are the most profitable timeframes to trade on a high volume day. Why make a 50% profit once when you can make it 6 times? If you're not watching that 1m you're going to miss that huge instantaneous jump and the price for you to buy will be 25% higher.

60659 📦
JC btc
Sr. Member
****
Offline Offline

Activity: 658
Merit: 250


View Profile
February 28, 2018, 03:31:17 PM
 #55

Another major mistake I see traders make, is looking for patterns in 1,5,15m charts. Those are just noise most of the time. It really bothers me how many people see "triangles", channels in a 1m chart. This is absurd.
No these are the most profitable timeframes to trade on a high volume day. Why make a 50% profit once when you can make it 6 times? If you're not watching that 1m you're going to miss that huge instantaneous jump and the price for you to buy will be 25% higher.
One of the mistakes was making a decision when we are too emotional or sensitive, for example we have seen the price goes up we are too excited and we put large amount of money, likewise when the price goes down we do panic and withdrawing or converting our coins to bitcoin.

   
████████
██████████████
█████████████████
███████████████████
████████████████▌▐████
██████████████
███████████
█████████▒▒
███████████
████████
██████████
██████████████
█████████████████▐█████
████████████████▌▐████
████████████████████
██████████████████
███████████████
████████
|
The ProFish online marketplace & tournaments
Twitter ⋄❖⋄ Telegram ⋄❖⋄ Facebook ⋄❖⋄ Instagram

|
listed on MERCATOX
═⟹  Community  ⟸═
Bustart
Sr. Member
****
Offline Offline

Activity: 508
Merit: 250



View Profile
February 28, 2018, 04:09:44 PM
 #56

Another major mistake I see traders make, is looking for patterns in 1,5,15m charts. Those are just noise most of the time. It really bothers me how many people see "triangles", channels in a 1m chart. This is absurd.
No these are the most profitable timeframes to trade on a high volume day. Why make a 50% profit once when you can make it 6 times? If you're not watching that 1m you're going to miss that huge instantaneous jump and the price for you to buy will be 25% higher.
One of the mistakes was making a decision when we are too emotional or sensitive, for example we have seen the price goes up we are too excited and we put large amount of money, likewise when the price goes down we do panic and withdrawing or converting our coins to bitcoin.
I strongly agree! Too much excitement does not always give satisfying results. Another thing that triggers mistake is when you don't expect the unexpected and not being prepared. Same thing goes with too much illusion of expecting to become rich any time soon which in fact it does not happen just a blink of an eye. It needs extreme study, research and strong-decision making tactics.Awareness is crucial towards prosperity and improvement. Mistakes are all part of the process, but  if it happens repeatedly then it's another story.  Eliminating unprofitable habit and bad behavior is way better to annihilate these mistakes from happening over and over again.

       ▄▄█████████▄▄
    ▄█████████████████
  ▄████████▀▀▀▀▀▀▀▀▀▀
 ▄███████▀   ▄▄   ▄▄▄▄▄▄▄▄
▄████████▄▄▄████  ▄▄▄▄▄▄▄▄
█████████▀▀▀▀▀▀▀  █████████
█████████   ▄▄▄▄   ▀███████
█████████   █████   ███████
 ▀▀▀▀▀▀▀▀   █████   ██████▀
 ▀▀▀▀▀▀▀▀   ███▀▀   █████▀
      ▄▄▄▄▄▄███▄▄▄▄█████▀
     █████████████████▀
       ▀▀█████████▀▀
Bitcoin Air 
 
.
█      ███
█      ███
  ██
  ██  ███
  ██  ███
  ██  ███
      ███
█  ██
  ███
█  ██
  ███
   ██
  ███
█  ██  ███
█  ██  ███
█  ██
     ██  █
███  ██  █
███  ██
███  ██  █
███  ██  █
███  ██  █
███      █
███  ██ 
███  ██ 
     ██ 
███
  ██ 
███
  ██ 
     ██
 
.
.
Canis Majoris
Member
**
Offline Offline

Activity: 126
Merit: 55


View Profile
February 28, 2018, 06:07:19 PM
Last edit: February 28, 2018, 09:12:16 PM by Canis Majoris
 #57

I so much agree with you on this. I have made that mistake sometimes back and I ended up learning from it anyway which has really made things to work out pretty well for me over time and make good decisions. Normally, every trader should always know what to even look out for in a trade, either they are following trend, using indicators to see what is going on with some TA and FAs to make their decisions. It was obvious for any trader to see that bitcoin was tapping down and everything showed a bear market, but of course, some are just in the game without knowledge or strategy which is what makes the difference.

You're welcome, bro!

Only if they could end up knowing that it pays to either do short or long positions in the market than spending the whole hour in front of a chart trying to day trade.

I agree with you that day trading is 100% gambling but it is worth the risk anyway and they have a place in the market, I have been there but even though all you use is RSI or stoch to buy into an oversold market, sometimes, you may just end up missing the other indicators to know when a market is turning long term bearish, which obviously brings the stop loss into play anyway.

No trader can do without it, and the essence is to buy back in a better position for a better gain than waiting for the market to recover in one position while missing good opportunities.

Stop-losses shouldn't be made into a fetish of sorts. Thoughtlessly placing them just because so was written in a book on trading is not very far from equally thoughtlessly not placing them. As I have explained before, exchanges see these orders and use artificial flash crashes to trigger them. To put it differently, you should be as savvy about placing your stop-loss orders as about not placing them at all. If you stick to TA, they are a must-have normally, but if you follow fundamentals, they are pretty much meaningless. If fundamentals change, you just exit your position immediately and get done with that, so no stop-loss is hurt in the process.
Basmic
Sr. Member
****
Offline Offline

Activity: 406
Merit: 256


View Profile
February 28, 2018, 06:33:26 PM
 #58

You should always have a supply of Fiat. If you really missed a moment to sell your coins then it is better to stop selling coins and pause. Most cryptocurrencies recover after a fall. This allows a failed trader to recover lost capital and think about changing his profession. But from errors nobody is insured. If you react to market behavior in time, you can quickly recover losses.
AVAMONEY
Full Member
***
Offline Offline

Activity: 406
Merit: 100



View Profile
February 28, 2018, 07:58:36 PM
 #59

If we call traders, then of course this refers to people who do daily trading, not those who buy assets and save for a long time.
In trading, 15% news, 15% chart and most 70% are speculation. Measures such as cut-loss are necessary if the price reduction is very fast and the market trend is negatively down for all coins. Because the bearish trend can certainly last for several days, in this case we call it as correction, while for recovery price will usually run slowly. So the decision wisely if the market conditions worsen then you can cut-loss and wait at the bottom price to buy, even though this means you are included in the condition of panic-sell trend.
automail
Full Member
***
Offline Offline

Activity: 504
Merit: 106


🚀🚀 ATHERO.IO 🚀🚀


View Profile
March 01, 2018, 01:02:10 AM
 #60

An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.

It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.
I agree. The rules of the game is simple, if the price is at its peak, don't even think of buying it. In my case, I always buy a coin when its at least 50% below of its price below (it depends, not usually the case). I found 3 coins who has then I sold it after 3 months. I gained some and I never regret my decision because I hold it long enough and I needed the money. The price went down on the 4th month but it recovered plus 10% on the 5th month. Always trust your instinct but be close to reality. You know what it is.

▀▀█▄▄    [websitewhitepaper]  ❒  ATHERO  ❒  .Internet 3.0 solution    ▄▄█▀▀
  A revolutionary decentralized digital economy 
▄▄█▀▀    Twitter  ◽  Facebook  ◽  Telegram  ◽  Youtube  ◽  Github   ▀▀█▄▄
Pages: « 1 2 [3] 4 5 »  All
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!