Four Keys to Success

[peter.from.penn]

I have learned some valuable lessons from trading that I would like to share.  These are my personal thoughts and not trading or financial advice.

1.  I learned that no one can accurately and consistently predict the market.  There are many gurus out there, giving out predictions like candy.  Some have large followings and paid groups.  It gives people a sense of comfort to seek advice and predictions from these people.  But in the end, it's important to remember that no one knows what is going to happen.  

2.  I have learned that protecting my money is the number one priority.  Many people develop a sense of attachment to certain tokens.  They will lock them away in cold storage, and HODL no matter what happens.  But remember that even the most solid tokens will bleed heavily during a massive market correction.  Many people with "strong hands" HODL all the way to the bottom, where they eventually sell and get REKT.  Remember that not everything will rebound.  In the real world, 9 out of 10 traditional new businesses will fail within 5 years.  Why would crypto, which is based upon brand new technology, be any different?  This is why I believe in setting stop losses.  Even if the token bounces after I sell, at least I have protected my earnings and I can continue to trade another day.

3.  The trend is my friend.  When Bitcoin starts trading at lower highs and lower lows, that is the sign of a possible bear market.  At that point, I convert back into fiat and wait.  I don't try to catch falling knives, which means buy crypto as prices are falling.   I patiently wait until the market hits the bottom.  But how do I know what the bottom is?  I don't.  I wait for Bitcoin to show a reversal and solid uptrend, higher highs and higher lows, building solid support levels before I start to invest again. When I start investing, I carefully dollar cost average in.  

4.  By selling during a downtrend and buying during an uptrend, I make consistent profits.  I don't have to know where the tops and bottoms are.  And even if I make a mistake and sell my crypto too early, only to watch them rebound and moon, I have still protected my money.  Then I get back on the train and continue the ride upward.  I may suffer a little FOMO, but nothing is really lost.  

That's my personal strategy.  It's important to remember that everyone on crypto Twitter is looking out for their own investments.  They will encourage you to HODL when the ship is sinking because they don't want their bags to lose value.  But I always look out for myself first, and never get attached to tokens.

Again, this is my personal strategy and not trading advice.  What have you learned from trading?

[Arngrim]

The number 1 lesson is the best of all and will teach you everything. Do not believe any groups that are telling you this will happen or that will happen. It will always be just speculation.
No one can predict to what will happen. The price could double anytime or could fall until you cannot take it anymore.
Then all of it will follow, including what you should do to at least have an idea to where the price will go.
Legitimate telegram group of one coin is the best one to get more knowledge.

[peter.from.penn]

The number 1 lesson is the best of all and will teach you everything. Do not believe any groups that are telling you this will happen or that will happen. It will always be just speculation.
No one can predict to what will happen. The price could double anytime or could fall until you cannot take it anymore.
Then all of it will follow, including what you should do to at least have an idea to where the price will go.
Legitimate telegram group of one coin is the best one to get more knowledge.

Yes.  I agree that telegram groups can offer insight.  But no one can accurately and consistently tell you which way the market will go.  The best thing to do, in my opinion, is to recognize the overall trend.  It's hard to miss.  Then act accordingly.  I don't trade at the tops and bottoms, but rather within each trend and ALWAYS protect my earnings.  My personal opinion again, but it's better to miss a pump than lose money.  This way, it's possible to grow portfolio value consistently and steadily over time.  But if you take a huge loss, it's game over in some cases. 

[summit26]

I can share my simple idea about trading strategy. First is to know the current situation in the market. If it is low price the you need to hold it so that you will not regret to lose. If the price is high then it is the time to sell to earn a big profit.

[kwarto]

i agree with no 1 but just dont close your ears because you dont want to hear them. remember this people are talking with dignity ang knowledge of the subject matter. you may  not agree with their thoughts but i least you get something from them and use it to your advantage. at the end of the day its you to decide not them.

[myworkstrade]

Thanks for your wonderful share of experience. I learned from trading is patience discipline and many more. I agree with you, some paid groups provide signals but the main goal of trading is not only gaining profits but learnings the craft on trading. I experience Fomo also, its not new for many traders out there, but time will come you will learn from mistakes. I can share my ideas, know the volumes and quantity and quality of the coin mostly some coin that are low supply but in high demand can easily pump and dump system so beware of that. Set a plan for your trades before entering the market and always respect your cut loss whatever happens. Good luck to your systems or methods.

[peter.from.penn]

Thanks for your wonderful share of experience. I learned from trading is patience discipline and many more. I agree with you, some paid groups provide signals but the main goal of trading is not only gaining profits but learnings the craft on trading. I experience Fomo also, its not new for many traders out there, but time will come you will learn from mistakes. I can share my ideas, know the volumes and quantity and quality of the coin mostly some coin that are low supply but in high demand can easily pump and dump system so beware of that. Set a plan for your trades before entering the market and always respect your cut loss whatever happens. Good luck to your systems or methods.

I like your statement about setting a plan.  Many people neglect this, and just figure that they'll hodl through any bear market.  What they don't realize is that this market is volitile and full of new businesses, and many will not survive long-term.  I'm convinced that the only way to really succeed is to have a well developed plan and follow through.

[Sir Cross]

1.  I learned that no one can accurately and consistently predict the market.  There are many gurus out there, giving out predictions like candy.  Some have large followings and paid groups.  It gives people a sense of comfort to seek advice and predictions from these people.  But in the end, it's important to remember that no one knows what is going to happen.  
watch them rebound and moon, I have still protected my money.  Then I get back on the train and continue the ride upward.  I may suffer a little FOMO, but nothing is really lost.  

This is quite true and forgotten by many. Many would still ask for the speculation or prediction of others when it would just be as good as to the next person. There are many services out there offering accurate predictions or market trends or what trades to follow but these are just all speculative. No one in this planet would be able to tell 100% what's going to happen or what the price will be in the future. Once can only make educated guesses based from the trends.

[Scallywag]

this is really good advice for people new to trading. i would add to that , that trading isn't for everyone. and you should be honest with yourself after losing money if trading is really your thing. because there are a lot of other ways to make money in crypto.

[olia10]

I SUPPORT LESSON # 3. When the coin falls as much as the bears I go to sleep and wait until the bitcoin reveals the turn.

[Sinecoin]

This is advice that every new investor to follow and its something that i eventually learned overtime through many mistakes.  Learning not to panic sell and fomo is something that has saved me a lot of money and for every new investor to learn this theyr gonna have to experience a generally big crash followed by a long bear market.  Once thats over, the urge to panic sell will dissipate.

[chris200x9]

1.  I learned that no one can accurately and consistently predict the market.  There are many gurus out there, giving out predictions like candy.  Some have large followings and paid groups.  It gives people a sense of comfort to seek advice and predictions from these people.  But in the end, it's important to remember that no one knows what is going to happen.  

Those experts may be good in coming up with some charts based on market conditions but that doesn't mean that whatever they say it will happen. Because if that is true then they never share that piece of important information to anyone else instead they will keep it and become rich and no need to depends on a monthly fee.

3.  The trend is my friend.  When Bitcoin starts trading at lower highs and lower lows, that is the sign of a possible bear market.  At that point, I convert back into fiat and wait.  I don't try to catch falling knives, which means buy crypto as prices are falling.   I patiently wait until the market hits the bottom.  But how do I know what the bottom is?  I don't.  I wait for Bitcoin to show a reversal and solid uptrend, higher highs and higher lows, building solid support levels before I start to invest again. When I start investing, I carefully dollar cost average in.  

I believe most of the people will fail in doing this every time because there are many bull traps so you can't escape from it. So what I do is I don't sell or buy all at once instead go with smaller quantity means when I think the market may fall then I book partial profit and rest keep it. If prices go down then I will buy a small quantity and wait for few more days. If again go down then buy some more or else enjoy the profit whatever I get from the previous purchase.

[Btc_1856]

The above suggestion is very helpful to the Newbie who doesn't have much knowledge about the trading. Most of the people will follow you because you have represented everything how trader will face everything in his trading journey. I faced the same situation at the beginning of my trading.

[btcformula]

Most of telegram paid group is part of pump & dump group. Some youtuber & ICO reviewer work for money. SO taking decision based on there views is ver risky. Thanks for sharing your views. I want to make little addition from my side, that is don't be to much greedy. Book you profit & play with some portion of you profit.

[jamids]

These are lessons that the traders should adhere to so that they become profitable. The mistakes the traders make especially when they are just starting is becoming greedy. Always panic buying and selling and end up at a loss. It is so hard to control emotions when you are just starting but eventually when you continuously trade, you will learn how to control it and develop a strategy that will work for you. In addition to your suggestions OP, I would like to add to always have a trading plan and follow it. If you observe that it is not working then you can revise a little until such time that it will make you become profitable. No one can predict the market but at least you can have money management.

[19faraon88]

I have learned some valuable lessons from trading that I would like to share.  These are my personal thoughts and not trading or financial advice.

1.  I learned that no one can accurately and consistently predict the market.  There are many gurus out there, giving out predictions like candy.  Some have large followings and paid groups.  It gives people a sense of comfort to seek advice and predictions from these people.  But in the end, it's important to remember that no one knows what is going to happen.  

You are correct in here. Also, to be success, you should brave to risk you money. You should not afraid in what will happened to you investment.

Also to be success, you should know what is your fashion and you should goals.

[Ryanpogi]

Learn how it moves, patience, if you fail to try and try until you succeed. most of all you need to not forget the god. pray god will provide. thank you.

[wayaneka]

Currently im loss over 50% from my total balance and my mistake dont use cut loss strategy, and i was just hodl it. And from this mistake i will change my strategy to selll by partly the coins when uptrend and keep some to fiat or in USDT so when downtrend happen again that some my money will safe there. And now i will trade on pair crypto with USDT only, because the crypto market downtrend together in some periode and also to make more easy to manage the risk when downtrend.

[matthewoz101]

I must add for the new people getting into crypto and alt coins, never buy at the all time high, despite how tempting the quick gains you may or may not make. With alt coins, always find out the ICO price so you can accurately gauge if it's going to be dumped.

[TTITA]

Experiences is better gurus, isn't. Trading is how about you can controlling your own money whether you want it to sell or buy.

3.  The trend is my friend.  When Bitcoin starts trading at lower highs and lower lows, that is the sign of a possible bear market.  At that point, I convert back into fiat and wait.  I don't try to catch falling knives, which means buy crypto as prices are falling.   I patiently wait until the market hits the bottom.  But how do I know what the bottom is?  I don't.  I wait for Bitcoin to show a reversal and solid uptrend, higher highs and higher lows, building solid support levels before I start to invest again. When I start investing, I carefully dollar cost average in.  

4.  By selling during a downtrend and buying during an uptrend, I make consistent profits.  I don't have to know where the tops and bottoms are.  And even if I make a mistake and sell my crypto too early, only to watch them rebound and moon, I have still protected my money.  Then I get back on the train and continue the ride upward.  I may suffer a little FOMO, but nothing is really lost.  

These two points have given me an important reference that we don't need to counter market trend, take correct decision when the trend starts moving in way that does not benefit you.