ZedBinh (OP)
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August 03, 2018, 04:04:30 AM |
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This article will summarize the common trading psychology lessons that any trader needs to equip.1. Boldly enter the orderBefore entering the order, the trader needs to analyze, we need to anticipate all the bad to good situations that may occur next. But one thing is for sure, traders do not count on the market. There will be situations where you will certainly not be expecting, so it's best to discipline yourself and give yourself a good plan and then to order without thinking too much. 2. Do not look to perfectionPatient waiting for good opportunity is one of the elements of successful trader. But the chances, albeit good, can not guarantee a definite victory. Market uncertainty, always probability and risk. So do not go for perfection, but focus on the rules on the command. 3.Avoid personal prejudicesOne of the most common psychological factors in young traitors. They usually do not focus on the chart, but just speculate. The information on the chart is the most accurate, analyze based on them, do not attempt to label a certain stereotype of yourself into the market, it does not help you, but only create a burden and mental pressure. 4. Accept lossesIt is difficult to do this, including skilled traders. Accepting losses is one of the top factors to turn you into a profitable trader. Fighting back losses simply makes you lose more. 5. Do not worry too much about statisticsSometimes, looking at trading or diary results, you will see negative numbers, which can be a negative result, or a long series of losses, so tired of seeing the numbers. no Trading is a long-term game, think about the future, have a long-term vision, you are investing yourself, not throwing money into casinos, so those numbers are only a very short part. Trading distance ahead.
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2@abcdeeply
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August 03, 2018, 08:05:59 AM |
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The mentality of trading has to be calm and steady, if you can predict that the coin will have the potential in the future, you should hold onto it even if the market is down.
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Awesomus Maximus
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August 03, 2018, 08:55:48 AM |
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In my opinion, the most important psychological treat of a good trader is to remain calm no matter what happens on the chart. Easier to say than to do, especially if the movement is in the wrong direction from what you expect. It takes having nerves like steel to be a good trader.
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Obiwankenodium
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August 03, 2018, 09:07:26 AM |
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Have a plan and stick to it. To cut losses you should use a stoploss all the time and move it up along the way.
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Akiko
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August 03, 2018, 09:14:40 AM |
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In my opinion, the most important psychological treat of a good trader is to remain calm no matter what happens on the chart. Easier to say than to do, especially if the movement is in the wrong direction from what you expect. It takes having nerves like steel to be a good trader.
Even though the professional trader are feel worried when the market is in the red zone but of course they know how to control their emotions and they know what they should do, sit and relax everything is gonna be okay.
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Tytanowy Janusz
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August 03, 2018, 12:24:26 PM |
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1. Boldly enter the order Before entering the order, the trader needs to analyze, we need to anticipate all the bad to good situations that may occur next. But one thing is for sure, traders do not count on the market. There will be situations where you will certainly not be expecting, so it's best to discipline yourself and give yourself a good plan and then to order without thinking too much.
It is not possible to analize evey scenario to be prepeared for it. If you think about 2 scenarios (going down to stoplos or up to takeprofit) for sure you can think of them and set them but you are not taking fom market what it gives you. You listen to the market till buy decision and then close eyes and w8 for it to happend. I'm more flexible - i listen the market all the time im in trade. When i see that market has no strength and my trading experience is talking to me that its going to be dumped and price is few % over stoploss i sell and my loss is reduced by those few %. When i see that price is slowly going up and is closer and closer to price on which i was thinking beafore buy i hold for longer. When price is getting closer and closer to my stoploss but i see that every dump is started to be collected and pumped hard after it and i know that someone big is buying the dip than i dont sell even if price pass stoploss. I change stratedy and search for dump to buy it with this whale. This helps you grab more from market.
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coinplus
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August 04, 2018, 09:36:54 AM |
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There is a ton more stuff than these but honestly all of them looks correct to me. Yes you do need to not reconsider yourself too much, whatever research you did you need to do beforehand and not during the order entering part, if you have done your work properly until the ordering time than you should be capable of entering the order with ease, if you are doubting your order at that time than its probably not enough research.
Yes, you can't just find coins that will go x10 every time you invest hence you need to understand that some of the coins you do invest might just get %5 profit or maybe even lose money a bit because not everything you do will be home run, couple of home runs are enough to change one persons life forever.
You can't have your own ideas to change the way a coin works, if it is a good coin and it is a good investment it doesn't matter what you think of the coin at all, just invest anyway but get out when you can and not support them on any written communication place like here or reddit or wherever. Yes get out quickly and don't wait until it has a triple dip like altcoins have right now. The last one I am not sure, statistics do really play an important role.
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maninas
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August 09, 2018, 04:33:59 PM |
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I want to add one do not be too confident with someone's issues and words, because most people only make decisions from following what someone says because they are lazy to do it themselves, recheck and develop their trading skills because now many scam issues are scattered to make FUDs that will be detrimental
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milewilda
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August 09, 2018, 05:23:04 PM |
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2. Do not look to perfection 4. Accept losses
This 2 things is the major things that do mainly affect traders. For those new comers when they jump in they do like to have a perfect trade and even on experienced ones which do cause frustrations and stress when they do lose up money and after that trading plans would be screwed up.
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Thanasis
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August 09, 2018, 05:29:40 PM |
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I want to add one do not be too confident with someone's issues and words, because most people only make decisions from following what someone says because they are lazy to do it themselves, recheck and develop their trading skills because now many scam issues are scattered to make FUDs that will be detrimental
Yes,you need to be confident on your own decision if it anything goes wrong then accept it and move on and find how to recover from that.We also need to have self control over our emotions because when the prices were falling it is hard to resist our feelings so we may tempted to take wrong moves at that time.
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Ctn
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August 09, 2018, 06:10:05 PM |
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If psychological lesson includes the greediness then surely we should be avoiding that one in first place. I mean greed is what killing the fun of crypto trading all the time. I have seen many people getting their trades loosen over it all the time. And sure statics are the worst in the crypto and we should not be focusing it at all. They all are junk data and doesn’t prove a thing with it. I mean I have seen it many times.
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arpon11
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August 09, 2018, 06:58:57 PM |
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I don't think that we would ever be perfect in trading and we may need to understand that part of trading and skills before we can succeed. Many people have looses money in trading because of the fear of the state of they investments. Some have also lose money because of selling out of patience.
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South Park
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August 09, 2018, 09:05:59 PM |
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In my opinion, the most important psychological treat of a good trader is to remain calm no matter what happens on the chart. Easier to say than to do, especially if the movement is in the wrong direction from what you expect. It takes having nerves like steel to be a good trader.
In order to be a trader you also need to be decisive, there are many people that keep second guessing their decisions over and over again and there is a time where you need to be resolute and take a fast decision, and once you take it you accept whatever outcome that happens, and that is something very difficult to accept especially if the decision you took was the wrong one.
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zero9119
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August 09, 2018, 09:48:17 PM |
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I don't think that we would ever be perfect in trading and we may need to understand that part of trading and skills before we can succeed. Many people have looses money in trading because of the fear of the state of they investments. Some have also lose money because of selling out of patience.
Right. Investment psychology is an important factor in the success of the trade. To be able to succeed in this volatile cryptocurrency market, investors need to have a clear and rigorous strategy to execute it in the case of the market so that it can last long alongside it. I believe that things are getting better with this market.
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BitHodler
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August 09, 2018, 10:18:07 PM |
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In order to be a trader you also need to be decisive, there are many people that keep second guessing their decisions over and over again and there is a time where you need to be resolute and take a fast decision, and once you take it you accept whatever outcome that happens, and that is something very difficult to accept especially if the decision you took was the wrong one.
Losing trades are perfectly normal during trading sessions. It's called collateral damage, which is impossible to avoid since the market will always do something you don't expect, even in the stock market. High frequency trading done by institutions can result in several days without one single penny in profit, but they at the end of the month still manage to squeeze out a profit due to their consistency. And high frequency traders mostly are granted precious information from the stock exchange itself that allows them to front run orders. If even that doesn't result in guaranteed profits, it simply doesn't exist. In other words, losses are part of the game.
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BSV is not the real Bcash. Bcash is the real Bcash.
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reginalkri
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August 09, 2018, 11:16:43 PM |
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I rarely ever heard someone say not to look for perfection, but it's something that I completely agree with. I know this guy who bought like three Bitcoins at around $2000 and sold at around $17000. The vast majority of us here would be happy about that, but he's not just disappointed that he didn't sell at $20,000, but it almost seems as though he thinks he was dumb because of that.
Which leads me to another thing, which is knowing what's luck and skills. As a fucking noob he's thinking that if he would had sold at $20,000 it would show how smart he is, but he didn't and... It's all pure ignorance.
"All look people, I'm into Bitcoin for a week and made some money, look at how smart I am."
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Indrawan77
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August 10, 2018, 07:07:28 AM |
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Its a good summary and I like the fourth one, never chase the losing, accept the lost and learn the lesson, chasing back the losing money sometimes can make you become reckless, in trading the trader need to be flexible and need to grab the opportunity as fast as possible, and setting limit is very important to prevent more lost
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South Park
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August 10, 2018, 07:13:39 PM |
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In order to be a trader you also need to be decisive, there are many people that keep second guessing their decisions over and over again and there is a time where you need to be resolute and take a fast decision, and once you take it you accept whatever outcome that happens, and that is something very difficult to accept especially if the decision you took was the wrong one.
Losing trades are perfectly normal during trading sessions. It's called collateral damage, which is impossible to avoid since the market will always do something you don't expect, even in the stock market. High frequency trading done by institutions can result in several days without one single penny in profit, but they at the end of the month still manage to squeeze out a profit due to their consistency. And high frequency traders mostly are granted precious information from the stock exchange itself that allows them to front run orders. If even that doesn't result in guaranteed profits, it simply doesn't exist. In other words, losses are part of the game. You are right losing trades is normal, but the fastest your turnover of coins the less losses you can afford since the earnings for each trade are going to be very low, unfortunately many cannot accept that fact and instead of accepting they made a mistake and cutting their losses they keep hoping the market to change course, and if it does not, that single loss can be devastating to our capital especially if that day trader is using leveraged trading.
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Gembul0705
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August 10, 2018, 08:46:35 PM |
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Yes i actually is agree with you (im still new at trading),in my experience when i get in the market and then i'm wrong with my analysis , i always worry my asset is down and then i always cut loss so i always many losses. But now i learn when the market is being down I manage my money with 4 or 3 part so from my strategy is with averaging down not all in. So when the market little bounce i can avoid to small losses. And nowI still learning how to be expert at trading
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Coin-1
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August 11, 2018, 01:43:20 AM Last edit: August 11, 2018, 02:00:14 AM by Coin-1 |
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4. Accept losses It is difficult to do this, including skilled traders. Accepting losses is one of the top factors to turn you into a profitable trader. Fighting back losses simply makes you lose more.
In my opinion, this advice is not correct. Moreover, it contradicts to the first item where you say that the trader needs to analyze and anticipate all the bad to good situations which may occur later. I think the losses should be transformed into the gains. Don't acquiesce in the losses if you are a successful trader. You need to learn from your mistakes and use this experience to avoid the losses in the future. Always change your trading strategy to gain profits.
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