A good advice for every traders.

[danherbias07]

Who is not afraid of losing something? Of course we all do.
It is our money and that is why we take care of it.
IMO, the greatest enemy is that. We took care so much of our money and we forgot to take the risk.
There is always that risk for a better profit. I do believe in that.
The larger the risk the higher amount you could have and vice versa.

[fabiola!]

1. make sure you are believe in your trading logic


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

Believing in trading logic i have much experience in this  , if we don't believe what we do then we will be in fear and even if we are right fear causes us to makes mistakes , i had this experience because i did not believe in technical analysis even though i was good in this analysis i used to make mistakes and lose , its good that you mentioned this

[CodyAlfaridzi]

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.

Agree, making a trading journal is a good way to improve your self-control during trading. It may sound cliche but controlling yourself, sticking to the plan during a trade is harder than many people think. In a pump, when the price is already above your target, you could still hope the price would go up more so you didn't close your position. This kind of immediate decision that leads to most losses.

Another way to keep yourself from deviating from the plan is setting take-profit and stop-loss right after executing the trade. Over time, when you have better discipline, these TP-SL can be changed according to current market dynamic.

[diazepam666]

I love the point take the profit and stop the loss strictly because many users expecting more profit and losing their money on investing more on money on exchanges.
See people always have trading as the partial income resource and plant the other running option partially and invest on the right coin at the right time if you follow these both things will be able to make some money and for new business I will suggest you to don't go in trading field as a newbie.

[Karmakid]

I love the point take the profit and stop the loss strictly because many users expecting more profit and losing their money on investing more on money on exchanges.
See people always have trading as the partial income resource and plant the other running option partially and invest on the right coin at the right time if you follow these both things will be able to make some money and for new business I will suggest you to don't go in trading field as a newbie.

Greediness is the main reason why a lot of traders are losing trades and money. They are not contented with the gains that they are seeing on their position so they tend to wait for a higher price or just ignore it completely. Take profit target and stop losses are essentials in trading because that will discipline you enough to have a huge profit margin with minimal potential losses.

[topbitcoin]

I love the point take the profit and stop the loss strictly because many users expecting more profit and losing their money on investing more on money on exchanges.
See people always have trading as the partial income resource and plant the other running option partially and invest on the right coin at the right time if you follow these both things will be able to make some money and for new business I will suggest you to don't go in trading field as a newbie.

Greediness is the main reason why a lot of traders are losing trades and money. They are not contented with the gains that they are seeing on their position so they tend to wait for a higher price or just ignore it completely. Take profit target and stop losses are essentials in trading because that will discipline you enough to have a huge profit margin with minimal potential losses.

It is all about our emotion, i mean greedy, panic, fomo and anything else that can disrupt our trading activity must be reduced or at least we really must control our emotion before we go to technical analysis. After it, TA can be easily learned because there are a lot of source we can learn about TA in internet. And then to be successful trader, we only need to keep trading and then learn from mistake that might be come.

[ethereumhunter]

You need always to research and analyze the coin you want to buy and don't use other people's analysis before you did by yourself. But I don't record the reason for opening trade because the situation will be different from one coin to another coin. So I trade if I can see the coin can move good on that day and I can see that the chart will have a chance to give me the profit. But other things will be my reason to trade because every day, the situation will not be the same.

[Apened]

Nice help and a good advice for all. I am going to add more idea wherein the vast majority of the traders have different kind of ideas and approach in the market "Psychological" so not everyone can get foxed and focus im sure they will find another additional info along the way.

[jhongzjhong]

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

That was good advice but let me add my own opinion.
How about using tools in trading to have easy trading and more reliable when it comes to monitoring the market price.
And also don't rely on this, we should have DYOR in choosing good coins that have the potential to gain profit.

[Visbay]

I love the point take the profit and stop the loss strictly because many users expecting more profit and losing their money on investing more on money on exchanges.
See people always have trading as the partial income resource and plant the other running option partially and invest on the right coin at the right time if you follow these both things will be able to make some money and for new business I will suggest you to don't go in trading field as a newbie.

This is not a good suggestion because we know that for being an expert we once will have to be new to trade but if you are new you will take double care as not to panic and not to think about making a fast profit. Be slow but be wise keep learning at the earnings you invest at red and then just trade for long term never be greedy to get rich faster.

[Colt81]

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.

I would also like to add that you need to have patience and you should know how to control your emotions to avoid panic selling because when we are facing a bear market you should expect that we will experience losses, that is why you need to have patience, so you could wait your holdings to increased it's price for you not to have any regrets when you are about to sell your coin in a low price.

[Capt00]

Only I could suggest here is that "Don't stop learning and find ourselves comfortable of doing this" cause nothing could help us with this, it is only "YOU". If we are about to engage in trading, we have to know the risk that we are facing in the future. The openness we have in the other suggestions and ideas the more we gain knowledge. Learning is a process and takes time.

[CyberKuro]

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.

Indeed, some simple strategies that people don't aware of, and keep suggest some repetitive advice in general.
Basically, someone who has been in trading for months should have a journal and many notes regarding the trade he had executed, for a reference in the future.
These 3 should be noted for every traders who want to maximize the chance to get profits.

2. record the reason when you open trade
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

[AakZaki]

I think every trader must prepare this before trading. 
1. Trading Plan. 
2. Know Your Character. 
3. Set goals. 
4. Set a Target. 
5. Risk Capital
6. Determine Your Trading Strategy. 
those are the basics that must be prepared by a novice trader or professional trader.

[jazmuzika217]

You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.

[Yatsan]

You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.

I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalk.org/index.php?topic=137.0

[Apened]

You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.

I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalk.org/index.php?topic=137.0

Sometimes but not always beacuse greed can turn a profit into a loss or can be a reason of becoming broke on trading because i am once a very greedy trader who use to trade and loss so i am greedy to bring back my money and that greedily feels like i am not going to stop within that day and resulted into a revenge trading which have no good outcome at all.

[Arkann]

You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.

I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalk.org/index.php?topic=137.0

In fact, you spoke very correctly and I completely agree with you, but such characteristics of a cryptocurrency user cannot be called greed, as many people do, since only a cryptocurrency user who knows how to use his money rationally and at the same time can achieve good results  .  It would also be nice to have forecasts for the future in relation to a particular cryptocurrency, in order to be able to really rely on some results in the future.

[yarlungzangbo]

You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.

I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalk.org/index.php?topic=137.0

Yeah, i want to say. Long term trading is one of the trading plans.So if you have your own plan, just do it.

[Innocant]

5. according to the records , if you find something wrong with your trading logic, fix it

All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.