A good advice for every traders.

[yarlungzangbo]

Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. add your trade into a trade journal (advice from @GreatArkansas)
7. do the things 1-6 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.

[1715302856]

1715302856

[maxreish]

Trust your own TA. Trading isn't easy as everyone thought. Our mistakes in trading serves our lesson, it will become our   mirror that will definitely makes us a successful trader. We have different strategies, I don't do records but I still trade positively. Also, I always set stop loss and that is strongly advisable to each trader to prevent huge losses.

If you are afraid of losing, trading is not for you. We trade because we want to take the risk that will anticipate a good outcome.

[hugeblack]

They are good advice, but you need to set your goal carefully. When you define a goal, you can determine the path that leads to this goal and then choose the best path to do so.
There is no such thing as "the logic of your trading". There are goals and a way to achieve them. This method is not required to be fixed, but it changes with events.

Generally, these are psychological tips for speculators and not advice on how to do trading.

[harizen]

I'm expecting to read a bit of repetitive advice here such as risk an amount you afford to lose, patience, don't put all eggs in one basket , etc. but those mentioned by the OP are by far do have sense compare to other threads created before which just stated obvious and common advice.

Yes, looking at our past performance where did we go wrong can create an effective strategy in the long-run. By looking at those, we can think of a strategy to somehow avoid it next time. Not totally will avoid it but we can deal with it without any major problem.

Every mistake and error should be noted and once we are now used on dealing with those, we can now think of an effective strategy for each of those problems we encounter along the way.

The crypto market is so volatile and there will be a time that what we think as an effective strategy still will not work. That's why it's good to have a set of strategy at any given mistakes we did.

[AniviaBtc]

They are good advice, but you need to set your goal carefully. When you define a goal, you can determine the path that leads to this goal and then choose the best path to do so.
There is no such thing as "the logic of your trading". There are goals and a way to achieve them. This method is not required to be fixed, but it changes with events.

Generally, these are psychological tips for speculators and not advice on how to do trading.

This topic is already repeated many times, but here's the thing.  It really help those beginners in starting their investment in trading and let them work hard for themselves. But this thread can help also those professional traders when they're down or not performing very well in the market.

Every mistake you've made in trading and every knowledge you want to learn is located here in this thread.

The market's capability of increasing the demand of bitcoin is very low. Like in 2017 the bitcoin price notches at $10k and that is the highest as far as I know. Learn some strategy and improve your decision making skills in trading.

[iram3130]

"Invest only what you are afford to loose."
This was the first advice I had got from my teacher and will tell the same thing to everyone whose trying to start trading in any manner.

Go with your instincts. Logic is not perfect.

[drlukacs]

Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. do the things 1-5 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.

Yes, I do it every day. I am also a newcomer here and I want to trade better after a few months so I decided to follow the instructions of the previous ones. They tell you to keep a record of your transactions every day for a full reason. when you lose, you still have to do it so after 3 months, you will have something to read and understand where you went wrong. Besides, taking notes shows that you are a well disciplined person and it will create a habit, it will make you love your work more and it will soon make you more professional.

[yarlungzangbo]

Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. do the things 1-5 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.

Yes, I do it every day. I am also a newcomer here and I want to trade better after a few months so I decided to follow the instructions of the previous ones. They tell you to keep a record of your transactions every day for a full reason. when you lose, you still have to do it so after 3 months, you will have something to read and understand where you went wrong. Besides, taking notes shows that you are a well disciplined person and it will create a habit, it will make you love your work more and it will soon make you more professional.

Yeah, do it every day and you will win the battle between you and yourself

[DevilSlayer]

Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. do the things 1-5 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.

Yes, I do it every day. I am also a newcomer here and I want to trade better after a few months so I decided to follow the instructions of the previous ones. They tell you to keep a record of your transactions every day for a full reason. when you lose, you still have to do it so after 3 months, you will have something to read and understand where you went wrong. Besides, taking notes shows that you are a well disciplined person and it will create a habit, it will make you love your work more and it will soon make you more professional.

My mentor is also said that my enemy in trading is myself.  Even if I created the best plan but I failed to execute it, I will suffer losses. We need to be discipline and for us to achieve that our focus should be improving our trading psychology where we can understand our emotions and thoughts. By doing that our trading skills and our mentality will improve and we can have better outcomes.

[yarlungzangbo]

Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. do the things 1-5 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.

Yes, I do it every day. I am also a newcomer here and I want to trade better after a few months so I decided to follow the instructions of the previous ones. They tell you to keep a record of your transactions every day for a full reason. when you lose, you still have to do it so after 3 months, you will have something to read and understand where you went wrong. Besides, taking notes shows that you are a well disciplined person and it will create a habit, it will make you love your work more and it will soon make you more professional.

My mentor is also said that my enemy in trading is myself.  Even if I created the best plan but I failed to execute it, I will suffer losses. We need to be discipline and for us to achieve that our focus should be improving our trading psychology where we can understand our emotions and thoughts. By doing that our trading skills and our mentality will improve and we can have better outcomes.

You are right . If you opened a trade that means you are very sure that why you are doing this. So set the 'take profit or stop loss' and go to bed .

[dimonstration]

Stop loss is important, it may be hard to detect whether we already need to stop our loss but we should consider putting ceiling and limit in every investment we have to stop a lot of loss. I already learn my experience to stop loss as I regretted not doing it in some of my bounty holdings before.

[GreatArkansas]

I have additional to add on the list of advice of yours;
Using a trade journal.
This journal keeps track of your trade, any journal will do. Like you can use some excel file or pencil with paper.
You will record all your trades, lost or profits. This will help you to measure your trading profits or will help you to improve in the future.
Because here, you will know how profitable you are as a trader or when did you miss something or when you are doing good.

[yarlungzangbo]

I have additional to add on the list of advice of yours;
Using a trade journal.
This journal keeps track of your trade, any journal will do. Like you can use some excel file or pencil with paper.
You will record all your trades, lost or profits. This will help you to measure your trading profits or will help you to improve in the future.
Because here, you will know how profitable you are as a trader or when did you miss something or when you are doing good.

Nice , i will add it now.Thank you sir

[yarlungzangbo]

I'm bad with this, i keep saying im gonna keep a trade journal but i don't lol

Lol, executive is important

[Sadlife]

Yes this what the fundamentals of trading are, but when you get into real actual trading it gets overwhelming and hard to follow what you've learned and sometimes buy at the wrong amount then resell and loss, then try to cope up and study then return to trading but commits the same mistakes once more. So i've stopped trying to become a trader and just invest my money and buy in the dips.

[alyssa85]

The advice from the Rockerfellers is also good: "Nobody ever got poor from taking profits".

The trouble some traders have is they get too greedy.

How many people held on when bitcoin was at $20,000, thinking it would go to $30,000? They'd have been better off selling, then waiting for the inevitable crach (inevitable because the move upwards had been too fast to be sustainable) and then buying back a lot more bitcoin when the price dropped.

[Amel]

It looked like doing research. yeah but it doesn't hurt because everything starts with analysis to produce the best formula. But I myself did not do such a thing because I was quite lazy to write it down, maybe I just understood it even though I sometimes forgot it.

If someone records every trade, then I'm sure he will get the best formula later.

[conex]

Can totally agree with all points. It's really essential to stick to your plan and believe in it no matter what. DYOR - always!!!!

[Negotiation]

Good advice for every trader is to learn and know the trade before trading. You can't trade if it's not. Every business has a loss. If ever there is a loss then do not despair the traders and correct the problem where it went wrong. Every trader has to trade from the ground up. And when trading, you need to be aware of where you want to trade.

[Lanatsa]

I'm expecting to read a bit of repetitive advice here such as risk an amount you afford to lose, patience, don't put all eggs in one basket , etc. but those mentioned by the OP are by far do have sense compare to other threads created before which just stated obvious and common advice.

Yes, looking at our past performance where did we go wrong can create an effective strategy in the long-run. By looking at those, we can think of a strategy to somehow avoid it next time. Not totally will avoid it but we can deal with it without any major problem.

Every mistake and error should be noted and once we are now used on dealing with those, we can now think of an effective strategy for each of those problems we encounter along the way.

The crypto market is so volatile and there will be a time that what we think as an effective strategy still will not work. That's why it's good to have a set of strategy at any given mistakes we did.

You got it right! Was supposed to post up some links telling about older threads regarding into these advises for traders which are already beaten up to death to be discussed about but about this one
which mentioned other way around which traders should really think off this way. Dont do the same mistake again and be aware on your mistakes and learn from it. Dont repeat mistakes as much as you can
and if you do aware on each step you do make next time then most likely you would sustain this very unpredictable market.