Dont break rules while trading

[drumamat]

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

Absolutely agree with 1 point.Indeed having such a wide choice for investment is very difficult to adjust what is better to buy and what is better to sell.

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[Innocant]

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.

Being have so many rules ill think it was useful for trading to be aware on the mistake that we make in our first trade in exchange. And we can make a rule also by our self as you said if we knows how to do it actually we are have different thoughts about trading so it depend on us about strategy for trading. Being emotional it is a part on us if we have big loss in trading so thats why need some rules to right our mistake.

[Mike Mayor]

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

Absolutely agree with 1 point.Indeed having such a wide choice for investment is very difficult to adjust what is better to buy and what is better to sell.

I would rather be paralyzed to trade than to invest in something that I lose my money. If you see a truly decent investment you will do your research and not be so indecisive. A really good project will make the choice for you. I am not so sure about not trading on Friday and the weekend though. If you want to be successful you must work hard and that means working on the weekend. not trading on 3 days out of 7 is ridiculous. I do agree that you need a break to enjoy life. YOu need to enjoy some of that hard-earned crypto.

[asus09]

the rules when trading for me at least do not change the rules I make and discipline to run them, such as applying stop loss and sticking to the specified point, and being confident in yourself with the choices made.

Rule of trading is never buy or invest with some altcoin have reached with higher price, you can buy many altcoin any time, but when altcoin rice have reached to top just watching and never investing, you will lost your assets and have to hold if you want to invest because after price have reached to the top just wait for price of altcoin back to lower price and wait for long time seeing back to higher price.

[Sahyadri]

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.
~snip~

I don't agree completely with your first point.
keeping a knowledge of fundamentals through news never hurts.
Coming to indicators, having knowledge of various indicators always helps.
I tell you why.
Usually, no indicator works alone. There is a need of a combination of indicators for reaching to a conclusion about any trend or breakout. You can only do that if you have knowledge about various indicators. With continuous trades, then you can make distinctions and can go with the combination which best suits you.
Thus, learning various indicators is crucial.

[Meowth05]

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.

Experience indeed is one of the most important thing you must have along with knowledge. Enough experience will help us to deal with our tradings. Regards with rules in trading first, leave our emotions out of this because this could be a hindrance and could ruin our trade. We shouldn't take any tips what to do with our trading strategies because it might not compatible. Always have a plan in making a trade, do some technical analysis before make any action to reduce the risk.

[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.

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.

Just like what they said, trading is just like gambling but there are still bigger differences between these two. But one thing is common between them and it is having a huge patience especially if the market is too volatile just like this. You need to increase the level of your patience or else you are wasting your chances to get your targeted profit.

[livingfree]

Traders that are loving to stay at home and enjoy being comfy are also doing it correctly. There's no rules about when to trade bitcoin or any crypto that you prefer. Because we're all free to do it but I understand that sometimes we have to enjoy those holidays and weekends and have some quality time.

But this is one of the good things in crypto, you can enjoy vacation any time you want while trading everywhere because the market is open 24/7.

[diahsw]

number 2 seems sincere advice, I smile reading it, because not necessarily at the end of the week everyone can enjoy the weekend, even vice versa, on weekends people who are busy can start their trading. except people who have more free time, maybe they will enjoy the holidays at the weekend .. !!

[Golftech]

number 2 seems sincere advice, I smile reading it, because not necessarily at the end of the week everyone can enjoy the weekend, even vice versa, on weekends people who are busy can start their trading. except people who have more free time, maybe they will enjoy the holidays at the weekend .. !!

Yeah right, those who have a lots of time to work with trading in the weekdays can take the holiday break on weekends, they'll be able to enjoy spending time with their love ones. Expect that after the long weekdays dealing with reading the market movements, it's a good reward for each traders to enjoy aiming for much better entertainment spending time with friends or love ones. Chill and relax after working that's help free up some stressed and have a good start once you open your position again.

[Shasha80]

In my opinion, simple rules when trading is the first to buy at low prices and sell at high prices. The second is not to be greedy for profit,
quite a small profit but often. The third one is not too fanatical about one coin, there are still many coins that have good potential. And the
fourth only use money that we can afford to lose, so if we really lose don't carry a heavy burden. That is the basic rule of my version that is
mandatory adhered to when trading.

[Beparanf]

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

I'm a victim of revenge trading on my early days of trading, been struggling to win back the losses even it's not that big and finding ways to do day trading and became frustrated, but maybe I really pick a wrong alts those days. Luckily, I was able to be paid by bounties that time and  so I took time restudy the market again and use my bounty as capital. Losing is part we just need to know when is the tip to stop it and target other alts.

[blckhawk]

Isn't these tips supposed to be on Trading? Anyways, I can agree completely on 1 and 4. (1) Too much information does stop you at even doing trades. Overloading yourself with speculations just makes it harder to make decisions. (4) A general rule of thumb, only trade/invest your excess funds. Don't give all in. You'll never know what will happen to that investment and doing so would be a one-shot do-or-die situation.

[TGA24]

Revenge trading is a pretty bad one. I did it a lot when i started out.

Pretty much I'd follow my rules but if I had a bunch of losses I'd increase position sizes and just trade like crazy. It works sometimes, which makes it worse and reinforces the behavior. Discipline is just a big part of trading but so much harder after a string of losses.

[error08]

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.

I did the same mistake, or many people also get into the same situation.
have bought when it drop, then sold at a higher price, but then I have to buy bitcoin again to accumulate more, unfortunately, butcoin set a new support level and resist at high price, it means I have to buy high, lol.
But doesn't mean you'll lose in trading as bitcoin price, yeahhh we know, hold and be patient, bitcoin will rise to the moon.

[bitcoin31]

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 will not use in number 2 because what if the day of friday increase and you did not check or you did not trade so you lose profit.  But I agree on the number 4 because of the emotion while the mostly of the trader lose the profit or the imvestment they have on trading. Every trader must take his/her action whil they do trading to earn money not to throw only a money.

[Apes]

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

I like this, this means never save assets in the long term, if you already have a difference in profits immediately sell it.
this point sometimes people hesitate because they believe in one or several assets they can afford to grow high, and are too bad to sell.
well, this point is for trading not investment.

[yulionoo]

yes I think every trader has their own trading rules that have been believed and carried out. I myself trade principles and invest as much as you can afford to lose. and I also always do research before buying or selling coins. and the last thing I always principled is not greedy I will not wait for the price of coins to go up high to sell. when the coin has increased 30% I will sell and take profits.

[gunungkembar]

when you trade it seems you really have to pay attention to the rules, there are many rules that you can pay attention to one of them is the rules at the exchange place, while the rules when trading I think it depends on your trading capital.

[Memminger]

Simple but rather hard to do especially the last two which I had personally experienced a long time ago and of course the important part is that I learned my lesson. LOL.

If I may add, be observant. In the world of cryptocurrency, having this quiet premature market which is prone to volatility, we could learn a thing or two by recognizing the unusual movements which may attract us in riding the tide as well. I think this would come through experiences you gained through you trading ventures. Always think rationally. Happy trading everyone.

P.S. As others pointed out, this should go to the trading section of the forum.