Dont break rules while trading

[malekbaba]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

[1714855577]

1714855577

[1714855577]

1714855577

[ChrisPop]

Those are simple and at the same time very complex with rules because each one of them has so many intricacies and "challenges" that each trader has to go through. I have noticed that as a trader gets experienced he gets a more nuanced view on every concept that he/she has learnt. As your first rule says: Simplicity will make your trading journey less stressful. There is no need to have a bunch of indicators on your chart. You can literally make a living just by trading support and resistances. If you add too many indicators some of them will sometimes give you false readings and just confuse you, therefore you won't take the trade. Analysis paralysis is a big thing in trading and can end careers so keep calm and keep it simple.

[BlackFor3st]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

This should be move to trading section. What you have pointed out can really help the trader if they really like to gain a profit but it takes a patience in which most of the people really hate so I assume that only few traders can follow it hundred percent.

Especially the number 3, revenge trading. What most of the traders will double their assets if they lost some so they can easily catch up to what they lost or even gain a profit. This is like greedy trading which is very unnecessary if we really like to follow the low risk trading but others are rather gambler and they didn't think the same way.

[Astvile]

3. Never do Revenge trading, you will only trade whenever you have proper mindset.

This is my problem personally that took me a long time to figure out how to fight it indeed this is a problem. Being a very short-tempered guy when I lose some money I tend to rage and a wave of greediness to get the lose back in an instant kick in and will end me losing all my remaining balance, which happened 3 times already.

4. Never love any asset, emotional trading will kill your investment.

Loving an asset can for sure help someone to profit, yes you'll be biased about it but it will bear good results if you have control over your emotion.

[ivakar]

how about use of Technical Analyses? some traders say this thing is very helpful. almost like voodoo stuff)))
and I think every person has its own rules.. for trades or investment..
and what worked well for you may not be good for another person because of several reasons : like knowledge base, temper, mentality and so on
but anyway, thank you for sharing

[gabbie2010]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

Your comment are topnotch and you made some valid points especially rule after trowing away those lagging and colorful indicators and concentrates on candlestick patterns and price action while using one or two moving average indicators to identify the trend then I began to make profits thus enabling me to twerk my strategy to suit my trading style I ensured my chart is simple thus easily analyzable for any trading set-up.

[Fappanu]

You should also include it in the list
Don't buy it while the price is still in the hype. Because you may be trapped by the sudden drop in prices.

Many trading investors are trapped in this situation because they think their prices will increase. And to keep the small traders out of the way, they stick to their pumps, and this is why they often fall victim to the Bull Trap.

[kolonel_x]

I think Indicators, analysis, crypto news will help you in trading because if you rely on your own analysis, it is not possible, there must still be news to view information and indicators as notifications,
In trade it must be calm, don't panic, don't be tense, it must endure and be patient, because trading requires calm with a clear mind.

[malekbaba]

You should also include it in the list
Don't buy it while the price is still in the hype. Because you may be trapped by the sudden drop in prices.

Many trading investors are trapped in this situation because they think their prices will increase. And to keep the small traders out of the way, they stick to their pumps, and this is why they often fall victim to the Bull Trap.

Thanks for your comment. I have said to DYOR (do your own research) before start trading anything. I just have added some points and obviously there are lot of other things. Even most senior trader may fall into trap. Cause crypto is too volatile by nature. I forgot to mention another important issue. Don't open multiple trades at a time. It seems the more you trade, the better. Actually it is possible in theory. In reality, you will have more chances to lose money. What if you make major loss in multiple trades at a time? You can't handle the loss, always

[xvids]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

A good tip but this doesn't belong here you should move this thread to the trading section.
And for number 2 it all depends on a persons time we could enjoy our time set up some break from crypto or trading not just on weekends have some family time.
And the fourth is true we shouldn't let emotion take over our decision in trading.

[Dabs]

I only have two rules:

1. Buy low.
2. Sell high.

Unfortunately, I tend to break the rules often. I hope everyone else does better.

[XCANA]

You are right because, I have personally be a victim of this attack. The rules should be follow strictly and shouldn't be twisted, strictly following the rules will save us from unwanted loose and loses that could have be averted. You can also add that; don't take profits unrealistic: take profits from 1.5 or 2.5 to ensure your investments are save.

[franky1]

never trade based on the news
the news is the emotional speculative layer...

also by the time media are talking about it the main trades are already done meaning your late to the party and you are at the tail end of the hype

my main success is looking at the costs of mining bitcoin and treat that a 'value' and then the market price above it as the spot/speculation. if the PRICE is far far above value, your in the hype/bubble zone. if the PRICE is near value then theres not much speculation meaning your getting in before any speculation hypes up

imagine it like the ocean people only see the tides/waves but they never see/think of the natural lower water level. all they hear about is the tsunami's of speculation/volatility
       /\            hype (tsunami)
/\/\/   \   /\     normal speculation(daily tide)
______\/__    value (underlying waterline)

[CryptoBry]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

Thanks a lot for these free tips. I would not consider myself a good and professional trader because I am just doing it from time to time. One of the things I learned so far is that one must have a clear, concise and well-defined mindset in trading (applicable to crypto, forex, stocks, gold, commodities and derivatives) because without it a person can be liken to a boat without knowing where it is going and how to get here. One area is never be greedy because if this emotion can be taking over the chance for success is getting dimmer while losing money can be magnified. The life of a trader can be a complex labyrinth and once can easily be confused and lost if one is not properly using discipline and self-control. Cheers to all traders big and small!

[MURONDI]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

everyone has different thoughts and rules, the rules you make are good but not everyone is suitable to use them, everyone has a different trading style, some are daily traders, some are long-term weekly or monthly, I think there is no problem trading on weekends or Friday, the problem is crypto is not the same as forex which will occur high impact when approaching the weekend.

[Red-Apple]

there are too many rules around these days and although i think they are all good but it is best that people reach their own rules in time as they make trades. for example they have to fail a couple of times because of "revenge trading" before they stop doing it and make better decisions while not being emotional anymore.

[bitzizzix]

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

What you mentioned has become part of the strategy of a trader except beginners, and in trading requires good knowledge and skills and is supported by a variety of different analytical methods and will likely differ from the methods you mentioned such as weekends and Fridays, not necessarily not good to trade.
and besides that I support it.

[Darooghe]

Golden rules are be patient, don't hesitate, learn technical and fundamental analysis carefully, don’t take more than 2 trades in a day, be consistent, if you get negative returns for 3 successive days then take a break, Keeping emotions aside while trading and taking decisions based on analysis and research work, if price charts are not clear then avoid trading on that day, don't be afraid and take risks. However I usually use a buy and hold strategy. Only quality investments with proper diversification. no one truly knows what the markets will do and when. Its a guessing game, just don't let emotion guide you.

[ChrisPop]

@franky1 Sounds that you're more a value investor like Warren Buffet than a trader. I really have respect for the people who take their time to make a thorough due diligence on a company, commodity or any kind of asset that is publicly traded. Do you have a formula or algorithm that you use to calculate the cost of bitcoin mining? If yes, would you mind sharing it with us.. or.. with just with me?

[Golftech]

It's like telling, don't push too hard , balance your life. Trade only when needed and market goes in your favor but if not find other activities you enjoy. Having a goal is good but don't drain yourself into something that might lead to nowhere since where to drained to follow indicators, rules and settings. Just enjoy the road of trading while living life to the fullest.

Same interpretation inside my head, trading don't force you to limit yourself inside but to allow you to work for yourself. Never to engaged with something that causing you stressed accept the fact that there's something that ain't fit to everyone, trading is a business that can be done treated as a hobby. If you are enjoying your mindset will be full of ideas, it will add confidence and optimistic point of views.