A good advice for every traders.

[aardvark15]

I agree especially with the stop-loss. This can lock in you gains or even just prevent a big loss in a situation where the price drops quickly. It’s an important trading tool.

[1715002722]

1715002722

[1715002722]

1715002722

[1715002722]

1715002722

[panganib999]

Stop-loss is almost always taken into account into trading. Without it, you're basically going all in with every trade you do. As for assuming something is wrong with your trading logic, at times, it might be wrong and at times it might be correct. Fixing it doesn't necessarily mean your logic was wrong, but rather the market moved in an unexpected way that your logic didn't take into account for. That's the time where you add that certain plausible situation to your logic, taking into account every possible situation you could think of.

But that's almost impossible since there's close to n-number of results BTC might take, so instead, limit your possible losses. It's actually more efficient to limit your possible losses instead of improving or upgrading the logic towards earning more since improving equates to risk, but limiting equates to stability.
.

[teosanru]

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.

Yes I do record every reason of opening a trade along with the reason of my stop loss point & my take profit point. It helps me to find out where I was wrong in construction of my strategy if it fails and also tells me if this strategy is working if I win. I personally think that there is no point in making trades without recording them because lost trades are learnt lessons. Also if you decide to manually exit from the trade the reason for opening the trade will help you find out if there is something wrong with presumption of your strategy due to which you are closing the trade or what.

[Baby Dragon]

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.

Indeed, we should learn from it and use it as guidance to avoid facing the same problem because some traders keeps on ignoring it without even acquiring the decision they made to end up in that kind of situation. Just like some of you, I also improve my strategy because I know that there is something wrong about it that is why the outcome don't turn out good as I expected. We should always learn from it and be cautious to every actions and decision that we will be making because the risk is always there and you don't want your funds to be wasted for nothing.

[Reid]

The fear will always be there.
Fear of losing or fear of regret doing withdrawals then thinking about the aftermath which could be another pump.
A problem which most traders have while in that moment.
You cannot take that away, it adds flavor to excitement.

Besides, it could be stepping stone of being a great trader after all those experiences. Experience which was created from your own logic.

[Ridwan Fauzi]

When trader has been getting a profit (maybe it is just me) they will keep it for a while and need several time to take the profit, this is often happened in my trade honestly. I don't know maybe I have a high greedy so as I need a profit more than that. And something worse, I know it is bad thing but I always do that and there just one risk that I got, I never get a profit as I wanted.

I just focus to the third point because it is comes to me often. I get used to miss some dollar because of that and sometimes I just make a fool of myself so being aware of what I'm doing won't bring me comfortable. Also I should make a target profit first and I should force to sell it when my prediction is going true.

[Assface16678]

The fear will always be there.
Fear of losing or fear of regret doing withdrawals then thinking about the aftermath which could be another pump.
A problem which most traders have while in that moment.
You cannot take that away, it adds flavor to excitement.

Besides, it could be stepping stone of being a great trader after all those experiences. Experience which was created from your own logic.

Many traders today afraid of trading their money because they take it negatively that the money their investments will not give them a profit. There is a lot of sources that can be used in trading like on the internet there's a lot of tips and tricks you can learn. Still, I think one of the conventional methods is knowing first the coin that is fit to your needs because different currencies has a different time to rise and becomes profitable, next is you must know how to read the graphs and a lot of observations sometimes the graphs gives you an idea when is the right time to invest, last is the best way to learn ask the traders who already experience a lot that gives you an opinion what you will do. At the end of the day still, it is your decision how do you manage your trading and at the right time you will know what your technique in trading is.

[Yamifoud]

Fear is controllable but only if you have a strong heart and you have the self-confidence of what you are doing.
Fear is a kind of emotion that could lead to nowhere when you are in control of this feeling. If you are a trader, it is very important to avoid this one cause this will be a reason for your failure just like it happens to most traders.

[yarlungzangbo]

Stop-loss is almost always taken into account into trading. Without it, you're basically going all in with every trade you do. As for assuming something is wrong with your trading logic, at times, it might be wrong and at times it might be correct. Fixing it doesn't necessarily mean your logic was wrong, but rather the market moved in an unexpected way that your logic didn't take into account for. That's the time where you add that certain plausible situation to your logic, taking into account every possible situation you could think of.

But that's almost impossible since there's close to n-number of results BTC might take, so instead, limit your possible losses. It's actually more efficient to limit your possible losses instead of improving or upgrading the logic towards earning more since improving equates to risk, but limiting equates to stability.
.

What did you say is the best word i heard in these days. Thank you sir!

[nicolas1979]

I already did that and even sometimes lost I still get income. That is basic trading that people need to know and become saver from bigger lost. Use any strategy you like but start like your post, never change the number before the price reach your limit.

[el kaka22]

These are very basic logic for every single trader, if you are not doing any of these you have been doing trading very wrong so far. I agree with every single step OP has talked about because these are basically the most important parts of trading, without any of these you are looking at a trading that has no purpose and you would never know what do with your next trade since you didn't learned your lessons.

Hence, do these things but don't think that these will be enough, these are just the most basic bare things you have to do without putting anything on top of it, you do these but then you add on top of these from what you learn and make it better and better the more you trade. At least learn a bit of chart reading on top of these as well.

[Hamphser]

I already did that and even sometimes lost I still get income. That is basic trading that people need to know and become saver from bigger lost. Use any strategy you like but start like your post, never change the number before the price reach your limit.

Some people are too greedy enough to lose because they really deserve that for taking or expecting too much. And that will trigger them to change the number that they tend to sell or buy. Trading is a little complicated if you don't have a knowledge about it you will probably gonna burn all of your balance. Trading need some patients and knowledge to use different strategies.

[LouVandetta]

Looking back on our past track record might do the work. So we know what we did wrong and the next time we could fix that errors in our way of trading. You know what, when you enter the market you need to put this in your mind, how much you're willing to lose by investing in one specific alts or something. How much losses could you bear to have. That's what stop-losses are for. As the saying goes, only invest what you can afford to lose. Still, people needs to fully understand the meaning of that words.

Don't be afraid of your losses. As long as it ain't an all in move (which is investing all of your funds on one specific coin), it could be a  good experience. Don't forget your mistakes, learn from them.

[ice098]

"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.

Yes! Indeed! This is what I am talking about! We need to invest the thing that we can afford to lose or I mean what is our excess , do not invest all our money if we do not have extra better to have emergency funds rather than having nothing, because in trading there is no definite trading technique.

[CarnagexD]

"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.

Or invest only what you have now. I've seen some people in here asking and seeking for advice if they can just sell their belongings like a valuable ring, house and even property. I never think of trading to be this obsessive. The first thing to have before entering the trading, you must have a capital either big or small it does not matter, as long as you are ready to lose it and so selling things just to risk with trading is wrong for me, unless if you are millionaire.

Go with your instincts. Logic is not perfect.

I don't seen any logic in trading, if it has it is only the noticeable ones. Instinct is good but it will be just only based on your knowledge towards the market so basically knowledge is a must to possess of a trader in order to succeed.

[onrise]

I agree especially with the stop-loss. This can lock in you gains or even just prevent a big loss in a situation where the price drops quickly. It’s an important trading tool.

One of the most effective way is the stop loss as for those who have limited money and cannot take much risk should always go with stop loss . This is the saver for many as helps you from the downturn and also limits your losses to great extent .

[Darooghe]

From my experience, before you get into a trade, know your targets and stop loss price. Know going into the trade what percent of your capital you stand to gain or lose depending on which way it goes. be fully comfortable with either outcome and the associated gain or loss before placing your order. also Don't risk too much on any one trade. If you are a good trader, give yourself and your capital time to prove it. If you are over-leveraged a few bad trades in a row can crush you even if you are making good trades 50 percent of the time. be steady and consistent with your risk management.

[Maslate]

From my experience, before you get into a trade, know your targets and stop loss price. Know going into the trade what percent of your capital you stand to gain or lose depending on which way it goes. be fully comfortable with either outcome and the associated gain or loss before placing your order. also Don't risk too much on any one trade. If you are a good trader, give yourself and your capital time to prove it. If you are over-leveraged a few bad trades in a row can crush you even if you are making good trades 50 percent of the time. be steady and consistent with your risk management.

Yes. Set up your end goal clearly. Before starting to trade, make sure that you are equipped already with the basic knowledge needed in trading so that if you find trading not following your expectation, you will find ways how to make it right and still make profits in the end.

[Shasha80]

I totally agree with the advice mentioned in the opening post. Especially point number 3, which is take profit and
stop loss strictly. Indeed, in trading our goal is to make a profit, therefore we must set a target profit we want to
get. And also use the stop loss feature to save the capital we have so that it doesn't run out if the price coins that
we buy have decreased. We must admit crypto trading is an activity that has a high risk, so it is we should follow
a good advice as mentioned in the opening post.

[Murat]

It's true that every trader have a tendency to make a profit so they have to follow some trick like what you mentioned here, I also want to add a point that no one should take any decision based on emotion because it's a place where you have to look into very carefully, If anyone could maintain a data record then it might be helpful for the further trading purpose, for me, when you have a lot of information then you can make a decision based on this and it's very true that information based decision would bring a positive vibe. so the more you study about the trading, the more you gain in this system.