Dont break rules while trading

[Oceat]

Trading with rules is just like having a superstitious belief when trading although I agree that I follow some rules when trading to avoid the unexpected loss. Having a better control of yourself and patience is the key to meet your target this both strategy applies to short term and long term trading. Just make sure you know what you are doing or else you might end up in the wrong path.

[ChrisPop]

Trading with rules is just like having a superstitious belief when trading although I agree that I follow some rules when trading to avoid the unexpected loss. Having a better control of yourself and patience is the key to meet your target this both strategy applies to short term and long term trading. Just make sure you know what you are doing or else you might end up in the wrong path.

Having rules to limit yourself in the markets is a must have by any trader who wants to be successful long term. Otherwise you're just a gambler or if you just buy and hold you're an investor. In an environment with endless opportunities to enrich yourself you can't go by ear, you need to have a system that says to you when the market is going against you and take the risk off before you make more damage to your account. Same with profits..
Moreover if you have rigid rules the emotions are unlikely to get a hold of you to the level where you can't make an informed decision.

[Eclipse26]

That's one of the very basic knowledge needed to know before investing. Others seems to be that easy to say but sometimes hard to follow. Just like number 4, sometimes we cannot really control our own emotions. It depends on how strong we can be in managing our emotions.
But there are still more that beginners need to know. I mean not only the beginners but everyone of us need to keep in on our minds.

[DoublerHunter]

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

^ These are simple advises but the fact is very meaningful. In trading, you should know about the basics before digging into difficulties just like technical analysis. That is also right that doesn't spend too much on trading or doesn't focus too much. Too much emotion will let you down in trading and probably make loses. That's why there is self-control and we should know which point we limit our selves in trading. Nevertheless. holding is the best option than trading.IMO

[TinaK]

These are really cool ideas and I believe this strategy will make you cool down and you can enjoy your own personal moments as well.
Whenever you want to go to trading you just exam main what you you can do with your potential to shine in crypto trading field. If you are able to do it you can proceed or you can stop it.

[harizen]

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

As you mentioned, that's a basic so I think no need for a specific thread just to state what's your own rules. People do have their own preferences and they became a success to that. You can't just apply A to B to C and vice-versa.

1. What's your definition of "keeping it simple"? There are traders who follow their own criteria and lots of references, but still, a simple for them.
2. Crypto is volatile.
3. The other term is, don't chase the loss. But you know, sometimes it's good to chase loss but in a responsible way. With the purpose of chasing the loss, these traders will be more focus on winning and will do everything to make their trades successful.
4. Emotions are human nature so we can't avoid it. What people must learn here is, to control their emotion and still be a responsible trader at the end of the day.

This thread is more appropriate here: Trading Discussion

[kryptqnick]

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

I like the first three points, they seem wise and helpful. They are oriented towards limiting trading in such a way that it becomes simple, leaves time for other things and prevents affective decisions. I think that there should definitely be the golden trading rules of never spending more that one can afford to lose and buying low, selling high in this list, though. And since it's a forum, mainly dedicated to Bitcoin, it pains me to see #4. Maybe it's because Bitcoin is just not supposed to be traded, but I think that people dealing with Bitcoin should have a personal connection with it, believing in it and worrying about it. Otherwise, they disrespect a great innovation and use it as if it were some useless asset on the market.

[xiboothrezi]

Non-technical things that tend to be difficult to control. I prefer day trading and the most difficult thing to control is emotion. When emotions start to master, strategy and analysis are not a priority, this is what makes me often over-trading. Even though I already took profit, but when I saw a little opportunity I entered the market again hoping to get more profit, but instead, on the contrary, the previous profit was lost and even capital was also down. Greedy I know this is my weakness, so I try hard to control this by always feeling sufficient, and making my own achievement a measure, not someone else's success.

[oktana]

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

Point 1 does not need to be done alone and review everything at once, between technical and fundamental analysis sometimes moves on its own. Other points can be adjusted if it does not depend on daily trading, the strategy can be changed to the long term, and weekends with downward trends are the right time to buy following the ladder pattern. the rules can be adjusted to "what can be done during this condition"

[Maslate]

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

^ These are simple advises but the fact is very meaningful. In trading, you should know about the basics before digging into difficulties just like technical analysis. That is also right that doesn't spend too much on trading or doesn't focus too much. Too much emotion will let you down in trading and probably make loses. That's why there is self-control and we should know which point we limit our selves in trading. Nevertheless. holding is the best option than trading.IMO

Holding is the safest option if you are not so sure with your own trading skills. These are really good and helpful advices that won't make you a stressful trader but only enjoy every moment of it. Even how simple they seem to look like, but if you're not a trader with good skills, you won't still succeed in this field. Keep on learning and don't stop learning new things through your own researches.

[Casdinyard]

Not a daily trader but whenever I trade, I at least made sure I buy low and sell high. Though honestly, sometimes I thought that I bought at low but it keeps dumping, lol! Anyway, as they say that you'll have loss when you sell it so I made sure to sell it above the price.

While I would agree on not doing trade on weekends as it's more volatile than the other days. Idk, just my opinion.

[ajiz138]

What about fund management? why don't you mention. Fund management to start trading is also very important. Many people can trade even experts, but cannot manage fund well. every 100% of the capital used is only about 60% or according to your own strategy, the most important thing is there is still fund left to buy back.

[erickastella]

trading in my opinion if you are in a good mood because if not it can affect the way we trade, take for example we have a fight with my wife / husband then we trade then it will make our psychological mess, therefore if we want to trade also must be in good condition

[ivakar]

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.

Dude, precisely!
the only question though, is to determine if this the right moment to sell/to buy.
usually if the market is calm it is pretty easy ( study the charts and you should be good in guessing)
but if the market is in storm, well... the risk is high then..

[hello_good_sir]

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

Not sure about 1 - it might depend on everyone, more a mentality thing. I personally like to only trade once I have all the facts, which means I need to know everything about that coin before making a move in the market.

As for the other tips, I agree - it's all mentality issues that stem from the trader being greedy, and as stupid as this may sound, just don't worry money that much. Be happy with your earnings and don't spend too much time being obsessed with crypto news, and charts and you feel like you must invest more, and spend more time making more money. Be happy.

[Kakmakr]

Those tips are all based on emotions and you should never get emotional when it comes to money. Just take a look at the investors in Shark Tank and/or Dragon's Den, they never invest in something with their emotions. They go back to the basics when they analyze a new investment and if the numbers makes sense, they will invest.   

I think proper research is the key to a good investment strategy, because a lot of people are just following the latest trends and whatever is pitched in the media.

[crossabdd]

I personally am a bad trader. I don't even have tips like yours. the only tip that I use is. trade without being emotional. but good, you have shared good tips. for a vacation, I did not specify the time. whenever I want to take a break from crypto trading. then that's when I rest and take a vacation ... because crypto is freedom .. at any time we can trade. for analysis, I personally only determine through the graph. and maybe some news too.

[Wintersoldier]

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.

For the best lesson to be learned in trading, one should have the best mentor that will dictate what to avoid and to pursue. It is their experience that will make them avoid losses and push through profits. In my case, I have lost allot when I am just beginning to trade, I don't even know when to buy and sell till I get use to the market, and with the help of analysis, I can earn profits and at the same time, the mistakes that I've committed before is avoided because I already know and learned from it.

[RivAngE]

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

I lol'd with that last rule, it's the only one I have yet to master!
Oh the NVDA stocks I have kept, removing the "Take Profit" stops before they are hit or buying the stock a few days after I've sold it! And this because I love the brand.


Thankfully, I don't have this problem with altcoins, I've been quick to sell them when I see hints of trouble like the team acting unprofessionally, security issues (XVG being the best example), or goals not being meant repeatedly.

Bitcoin is a safe bet though, you can't go wrong loving it and holding it.

[abel1337]

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.

For the best lesson to be learned in trading, one should have the best mentor that will dictate what to avoid and to pursue. It is their experience that will make them avoid losses and push through profits. In my case, I have lost allot when I am just beginning to trade, I don't even know when to buy and sell till I get use to the market, and with the help of analysis, I can earn profits and at the same time, the mistakes that I've committed before is avoided because I already know and learned from it.

Experiences can help you to grow a lot especially on trading, Traders need to have skills and the determination to grow their base capital. Set emotion aside because it is the number one reason why starting traders fail. They keep their emotions on the trade they are making, Many emotions are their especially getting fear of losing trade can make your plans go more ruined.

The OP will give you enlightenment especially if you are a newbie on trading. Hands up to malekbaba for making this post.