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Author Topic: WHAT DOES A TRADER NEED?  (Read 694 times)
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November 05, 2019, 08:45:58 PM
 #81

Reading news has little to do with how well a person is able to trade.

I think the most important thing that a trader needs is experience. Trade lower volatility markets and see if you can make a profit, or even use the demo function on a platform like Stormgain for a few weeks until you get the hang of things.

If you can't profit on a demo platform, don't even think about risking your money just because you read some BIG NEWS.

 
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November 05, 2019, 10:34:56 PM
 #82

Some said the most important tool needed in trading is T.A and news updates. many people sticks to methods and a particular procedure. the funny thing about trading is that you can still get rekt. the most importnt tool needed in trading is your mind. if you can control your mind effectively against bulls and bear movement, you will survive. this is my opinion. it worked for me.

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November 06, 2019, 03:54:12 AM
 #83

Reading news constantly and being on track?
Using platforms/tools?
Is trading view enough?
Thank you for helping in this matter!
All three of which you call necessary, basically they have to know the crypto market that is strategy, information, analysis, trade and technology. With an understanding in all areas of the crypto market it is just how your expertise and experience to cultivate it all become profit in the cryuptocurrency trade.

 
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November 06, 2019, 06:13:50 AM
 #84

1. Need to track your emotions
2. One must know the technical and fundamental analysis
3. Every day you need to record the results and make analysis like here (https://neironix.io/ru/news/numbers/analiz_kursa_bitkoina_na_5_noyabrya_rost_ranka_na_fone_vhoda_bolshih_obiemov_v_bitcoin) to better monitor the market
4. It is an experience:)
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November 06, 2019, 08:47:37 AM
 #85

That depends on the strategy you do, mate.
If you're day trading then constantly being on track is a yes, obviously.
You'll be using tools a lot, of course but that won't give you the decision that you should make whether to buy more, sell or hold.
I've traded in Binance before and I think you should learn the provided trading tools there.
Watch some basic tutorials in Youtube so you'll see how it is executed.
Thank you! Will definitely do Binance with some tools as guidelines.
Would you recommend any sites in particular for tools? Looking for sth to manage portfolio as simple as possible.
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November 06, 2019, 05:21:18 PM
 #86

That depends on the strategy you do, mate.
If you're day trading then constantly being on track is a yes, obviously.
You'll be using tools a lot, of course but that won't give you the decision that you should make whether to buy more, sell or hold.
I've traded in Binance before and I think you should learn the provided trading tools there.
Watch some basic tutorials in Youtube so you'll see how it is executed.
Yes you are right, it depends on the trader, there are a lot of trader with different experiences and those experiences could be their teaching instrument in their everyday trade now. Some of the good trader dont know any tools that might help them, they just do some sample trade, download sa ebooks or buy some books to help them read the charts, they are too emotional at first but eventually, at the end of the day, they all know this and they are good traders now.


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November 06, 2019, 06:15:03 PM
 #87

I am sure that a trader needs to develop confidence and discipline in the first place. You also need to constantly develop and gain new knowledge. News should not come first, but they are also important.

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November 06, 2019, 06:33:27 PM
 #88

Three things I can tell you a trader needs the most - Cash to fund his trading account, 2 - knowing the skills for trading and 3. Control of his/her emotions. Once these are taken care of, the level of success is guaranteed for any trader.

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November 06, 2019, 09:02:21 PM
 #89

Using platforms/tools?

As a new trader, you can't avoid platform tools and sometimes even as an old trader. However, when using such tool, you can modify the settings to fit into your trading strategy. The tools have different settings and can be adjusted.

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November 06, 2019, 09:38:38 PM
 #90

In order to answer this you first have to ask yourself: What is your trading/investing goal? Do you want to purchase a long-term investment and hold it for years, do you want to day trade? etc.

If you want to swing trade/day trade, your most powerful tools are order books, charts w/indicators, and trends in recent trades.

If you want long-term investments, charts might help but fundamental research of the team/company behind a project, product market fit, competition, and other factors.
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November 08, 2019, 10:36:08 AM
 #91

Reading news constantly and being on track?
Using platforms/tools?
Is trading view enough?
Thank you for helping in this matter!
I don't think there is anything you should neglect. All are important, so if it's possible for you to add everything on the list then you should do so. Anyone who is a trader has to be current with the news and not miss out from what's trending in the cryptocurrency market.

You should learn everything you need to learn about cryptocurrency and about trading, so you can as well have the skills. You should also be aware of the risks of trading and how to properly manage them so that you don't lose your money. You can make use of stop loss to stop further loss of money when the price is going down. And the tools you use are good too if you can get one that will work for you.

 
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November 08, 2019, 11:48:05 AM
 #92

Analyzing news is just a small part but for being a trader we need to know how to make profits in any way we can.Try different kind of trading methods and strategies and find what you are good at it and which might suitable for you.Then concentrate on more.If you have lot of time and want to be a full time trader learn TA,maybe bots,following the influencers,creating your own predictions and compare with the most commonly used predictions.

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November 08, 2019, 02:25:07 PM
 #93

Analyzing news is just a small part but for being a trader we need to know how to make profits in any way we can.Try different kind of trading methods and strategies and find what you are good at it and which might suitable for you.Then concentrate on more.If you have lot of time and want to be a full time trader learn TA,maybe bots,following the influencers,creating your own predictions and compare with the most commonly used predictions.
Full time trader is my goal (in next 2 years). Like the idea with predictions, do you maybe know any website where i could compare these predictions? Is trading view the only one which is useful?
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November 08, 2019, 02:28:41 PM
 #94

Reading news constantly and being on track?
Using platforms/tools?
Is trading view enough?
Thank you for helping in this matter!
I don't think there is anything you should neglect. All are important, so if it's possible for you to add everything on the list then you should do so. Anyone who is a trader has to be current with the news and not miss out from what's trending in the cryptocurrency market.

You should learn everything you need to learn about cryptocurrency and about trading, so you can as well have the skills. You should also be aware of the risks of trading and how to properly manage them so that you don't lose your money. You can make use of stop loss to stop further loss of money when the price is going down. And the tools you use are good too if you can get one that will work for you.
Will definetely use a combination of everything, stop loss is a way to go for me.
I have a hard time being on track with news and everything atm so i'm seeking to some shortcuts.
Thank you for help!
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November 08, 2019, 02:29:20 PM
 #95

Using platforms/tools?

As a new trader, you can't avoid platform tools and sometimes even as an old trader. However, when using such tool, you can modify the settings to fit into your trading strategy. The tools have different settings and can be adjusted.
Which tools exactly did you have in mind? Smiley
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November 08, 2019, 02:34:24 PM
 #96

Three things I can tell you a trader needs the most - Cash to fund his trading account, 2 - knowing the skills for trading and 3. Control of his/her emotions. Once these are taken care of, the level of success is guaranteed for any trader.
There was a thread on controling emotions which i can't find right now. I'm not the experienced trader here but can imagine how tough can it be when closing/opening positions with a big sum of money.
Will stick to first plans when i get there.
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November 08, 2019, 02:37:12 PM
 #97

Reading news has little to do with how well a person is able to trade.

I think the most important thing that a trader needs is experience. Trade lower volatility markets and see if you can make a profit, or even use the demo function on a platform like Stormgain for a few weeks until you get the hang of things.

If you can't profit on a demo platform, don't even think about risking your money just because you read some BIG NEWS.
The Stormgain site is not opening right now but will definitely look into it.
''If you can't profit on a demo platform, don't even think about risking your money just because you read some BIG NEWS'' - AGREE- thank you!
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November 08, 2019, 02:51:48 PM
 #98

In my opinion handling stress and control emotions while trading is the most important thing a trader needs. to be a successful trader, you need to be financially as well as psychologically ready to bear the loss. When we lose money we become more emotional and invest more money in order to get the lost money back. But that is the time we have to control our emotions and should act as a disciplined trader to avoid such type of emotional trading. Hence If you are knowing what you are supposed to do or what you are doing then there is no stress and emotions. If I are trading without knowing what you are doing and trying the luck then one need to monitor them.

 
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November 08, 2019, 02:53:31 PM
 #99

A liquidation tracker maybe? https://bitcointalk.org/index.php?topic=5199826.0

no no it's not a thread hi jack  Grin

good luck
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November 08, 2019, 03:18:02 PM
 #100

As a trader, the most important thing you need is not to be greedy. Its no news that coins will appreciate and depreciate. So you must learn to take your profits even with low percentage. It doesn't have to be 100% increment before you take your profits.

You also need to stay abreast of rise and fall of the prices. A good internet facility to track rise and fall of prices is fundamental.
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