A good advice for every traders.

[supercanada1]

The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision

Yes you are right. Trading is all about keeping yourself disciplined in accordance with the need of the hour. A person who is into the trading of cryptocurrencies must have a flexible approach towards the ever changing market. This helps you a lot in taking the right step at the right time. Trading is only beneficial when you apply your techniques at the required time.

Trading is a profession where a person is required to keep patience. Trading could be good when a person is experienced. Trading of the cryptocurrencies is not beneficial when a person keeps n fluctuating between various currencies. You must stick to a single currency for some time and gain the experience about it.

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[1714606093]

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[Alice Nuttal]

My advice to you will be the following. It's very important to carefully select the place for buying and trading. In terms of convenience, it's better to stick to fiat-to-crypto exchanges (like Coinbase or CEX.IO). That'll set you free from wandering around one exchange to another.

[Visbay]

The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision

Yes you are right. Trading is all about keeping yourself disciplined in accordance with the need of the hour. A person who is into the trading of cryptocurrencies must have a flexible approach towards the ever changing market. This helps you a lot in taking the right step at the right time. Trading is only beneficial when you apply your techniques at the required time.

Trading is a profession where a person is required to keep patience. Trading could be good when a person is experienced. Trading of the cryptocurrencies is not beneficial when a person keeps n fluctuating between various currencies. You must stick to a single currency for some time and gain the experience about it.

Yes, trading is all about knowledge and skills so if you properly know what trading is then you will be able to gain profit. Be good in trading by research and gain knowledge about trading,  better gain knowledge from here and use Google or youtube in this regard. Don’t trade at panic and never listen to anyone while trading as making your own decision will help you make money.

[Aikidoka]

My advice to you will be the following. It's very important to carefully select the place for buying and trading. In terms of convenience, it's better to stick to fiat-to-crypto exchanges (like Coinbase or CEX.IO). That'll set you free from wandering around one exchange to another.

Indeed, traders should be more careful when we're talking about the trading platforms which they'll want to trade on it. My advices are basically the trading platform as well as they need to just start with low amount of money because as a newbie you'll obviously loss some money in their starting thought.

[sandra_1]

I would say that the most important is to stay cautious, there are a lot of scams in the cryptocurrency world, that's for sure. Remember to check twice every website which you want to use to buy cryptocurrencies (and do some more). Check out for example what CoinDeal's COO and Coinfirm's Co Founder speak about scams in the cryptocurrency market: https://www.youtube.com/watch?v=83JnxuUUJ5o

[Hypnosis00]

I would say that the most important is to stay cautious, there are a lot of scams in the cryptocurrency world, that's for sure. Remember to check twice every website which you want to use to buy cryptocurrencies (and do some more). Check out for example what CoinDeal's COO and Coinfirm's Co Founder speak about scams in the cryptocurrency market: https://www.youtube.com/watch?v=83JnxuUUJ5o

In addition to that, we have to check their reviews for this is a way we could put any conclusion. I know some sites have paid reviews to promote their sites and that's gonna be hard to find out. Trading is risky as we know that, it is up to us either to put trust in a certain site or just follow what the others mostly been used. It is not about holding you to try with the others but we also have to be practical unless you don't mind losing your money.

[nydiacaskey01]

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.

What newbies need to know is that not all trades are the same. Your reason why you bought a coin today may not be applied to the coin that you plan to buy tomorrow. Don't even think that the strategy will work all the time in all coins. We all know how volatile Cryptocurrencies are. Lastly, I agree with using stop loss all the time but you must know when to use it to avoid stop loss being triggered right away.

[$crypto$]

For beginners it will be difficult to understand about it because they do not fully understand it so it takes time to process so that they understand the notes in the trade.
First of all, be sure of the coins you buy, because that will be the best choice in your trade, and always monitor market movements so that they are not late in their increase and stop loss is very important if the price drops continuously.
So the notes are very important and we also need accurate info about the coins being traded.

[makolz26]

For beginners it will be difficult to understand about it because they do not fully understand it so it takes time to process so that they understand the notes in the trade.
First of all, be sure of the coins you buy, because that will be the best choice in your trade, and always monitor market movements so that they are not late in their increase and stop loss is very important if the price drops continuously.
So the notes are very important and we also need accurate info about the coins being traded.

Everything that we are starting was really confusing, especially in trading as you will need a lot of your time in studying about it, you will need a lot experience, as well as failures every now and then.

It's very important that we will be consistent in studying trading and be full time on it if we have time, then learn different kinds of strategies as well.

[spike420211]

It is a good analytical strategy that can easily identify errors and help keep your head cold in view of maintaining a constant log of your thoughts regarding every transaction.
Just those traders who use such records lose less, and grow in skills faster than others. This, after all, requires additional efforts that not everyone is ready to make.

[fireball4]

In my view, being able to control the feelings we have is the best advice for all traders. Because we often bring feelings when dealing as traders. For starters, because market prices are suddenly falling, our emotions are beginning to be affected, we are panicking, and we can't think calm and clear. Because of panic, we sell all the coins immediately and experience a substantial loss, even if emotions can be controlled. We're not going to sell all of a sudden, we're going to learn the business first. The price often decreases, the price may not go up again unexpectedly. Essentially, if we can regulate our feelings, we don't have to suffer losses.

[MWesterweele]

In my view, being able to control the feelings we have is the best advice for all traders. Because we often bring feelings when dealing as traders. For starters, because market prices are suddenly falling, our emotions are beginning to be affected, we are panicking, and we can't think calm and clear. Because of panic, we sell all the coins immediately and experience a substantial loss, even if emotions can be controlled. We're not going to sell all of a sudden, we're going to learn the business first. The price often decreases, the price may not go up again unexpectedly. Essentially, if we can regulate our feelings, we don't have to suffer losses.

This will be the first thing that a trader must have do, to control feelings over everything. As trader, we all know that we sometimes lose money especially when we dont hit the target, or we dont monitor our coin and suddenly the price of it dumps. We need a lot of patience and also, we need to manage our losses so that it would not happen again. Accept losses it wi be good for every trader.

[KnightElite]

In my view, being able to control the feelings we have is the best advice for all traders. Because we often bring feelings when dealing as traders. For starters, because market prices are suddenly falling, our emotions are beginning to be affected, we are panicking, and we can't think calm and clear. Because of panic, we sell all the coins immediately and experience a substantial loss, even if emotions can be controlled. We're not going to sell all of a sudden, we're going to learn the business first. The price often decreases, the price may not go up again unexpectedly. Essentially, if we can regulate our feelings, we don't have to suffer losses.

This will be the first thing that a trader must have do, to control feelings over everything. As trader, we all know that we sometimes lose money especially when we dont hit the target, or we dont monitor our coin and suddenly the price of it dumps. We need a lot of patience and also, we need to manage our losses so that it would not happen again. Accept losses it wi be good for every trader.

Controlling our emotions and feelings while we are trading is all about psychology. It is the most important factor when we are trading, even if we know how to analyze and read charts it will all go nothing if we have improper psychology. We should focus on improvement of our psychology if we want to control our emotions in order to follow our trading plan and of course to become discipline trader.

[Janation]

In my view, being able to control the feelings we have is the best advice for all traders. Because we often bring feelings when dealing as traders. For starters, because market prices are suddenly falling, our emotions are beginning to be affected, we are panicking, and we can't think calm and clear. Because of panic, we sell all the coins immediately and experience a substantial loss, even if emotions can be controlled. We're not going to sell all of a sudden, we're going to learn the business first. The price often decreases, the price may not go up again unexpectedly. Essentially, if we can regulate our feelings, we don't have to suffer losses.

This will be the first thing that a trader must have do, to control feelings over everything. As trader, we all know that we sometimes lose money especially when we dont hit the target, or we dont monitor our coin and suddenly the price of it dumps. We need a lot of patience and also, we need to manage our losses so that it would not happen again. Accept losses it wi be good for every trader.

Controlling our emotions and feelings while we are trading is all about psychology. It is the most important factor when we are trading, even if we know how to analyze and read charts it will all go nothing if we have improper psychology. We should focus on improvement of our psychology if we want to control our emotions in order to follow our trading plan and of course to become discipline trader.

I think it is all about patience.

Despite the many changes of Bitcoin and other cryptocurrencies over time, we should be patient and wait for the right time to execute our plan. We should be aware of the changes that is happening since with that, we can track the changes and come up with another plan pr strategy. Saying that, you should have your own record of the changes of your investment.

[PlanetZebes]

Even when your trading logic is solid, and based on watching other successful people, following the logic is the hardest part. It's simply not that easy, emotions get in the way.

[Nimbulan]

For every single trader, these are very basic logic, if you don't do any of these you've been doing very wrong so far. I agree with every single step OP has talked about because these are basically the most important trading parts, without any of them you're looking at a trading that has no purpose and you'd never know what to do with your next trading since you haven't learned your lessons. So do these things but don't think they're going to be enough, they're just the most simple naked stuff you've got to do without putting anything on top of it, you're doing these things but then you're adding what you're doing and making it better and better the more you're dealing.

[Webetcoins]

Even when your trading logic is solid, and based on watching other successful people, following the logic is the hardest part. It's simply not that easy, emotions get in the way.

You should never allow your emotions take control of your intellect. I think emotions should be kept away when you are trading. If you are very emotional then a quick dump and lose can give you nervous breakdown. When you a solid logic and you are following experienced people you will achieve your target. Just set your mind before starting any trade that you will either win or lose, but both will add to experience. Positive hopes will keep you going.

[Mihaylovic]

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.

trading logic is really very important.
I want to give one example about the traders in 2017 during the bullish season. The newbies in that bull made mostly more profit comparing to experienced traders. Because they could blindly buy and make huge profits, instead of taking the profits and exit.
But as soon as the bull season ended, these newbies lost almost everything. But the ones took profit could have something already in their pocket.

[NavI_027]

Even when your trading logic is solid, and based on watching other successful people, following the logic is the hardest part. It's simply not that easy, emotions get in the way.

You should never allow your emotions take control of your intellect. I think emotions should be kept away when you are trading. If you are very emotional then a quick dump and lose can give you nervous breakdown. When you a solid logic and you are following experienced people you will achieve your target. Just set your mind before starting any trade that you will either win or lose, but both will add to experience. Positive hopes will keep you going.

It's easy to say but hard to do. In reality, you can't easily set aside your emotional well being when it comes to trading. Of course, it's natural for us humans, to get panic and feel frustrated when our money is declining drastically. We're not robots after all . However, we don't have any choice but to do so because these things could lead us to worse situations. I know it's hard in the beginning but you can get used to it in the long run .

[Lecam]

Even when your trading logic is solid, and based on watching other successful people, following the logic is the hardest part. It's simply not that easy, emotions get in the way.

Being emotional is not a good thing in trading but we should trade with good senses and overcome greed in trading. We decide to trade then will have to follow the rules as well. We saw so many successful people in the trading journey but we can’t trust them all just make proper research while trusting any trading person even if he is the most successful trader but trade only with your own knowledge.

Being creed and emotional in trading are not good once you enter in trading you should over come that to get a good profit. Manu traders are emotional once they see there holdings that drop the price. And many are become creed when they feel that they are lose big and they want to overcome this. Own knowledge is very important to trader.