The right mindset needed for all traders

[kensaii]

Trading is a prediction game, predicting the price volatility of cryptocurrencies is quite difficult compared to stocks because no matter how good the fundamentals of the project are, prices will always follow the evolution of prices. Bitcoin, this should be ready by the traders, it will be of great help to them especially if they really want to succeed in trading. Trading is not a simple thing unlike investing, so you really need to read and learn some skills and techniques you can use to become a better trader.

It isn't prediction if you have the experience and can see some pattern or particulate trend on certain kinds of crypto. For example, we can notice a typical pump and dump if data about orders, volumes,... available.

[princesspoppy]

Lot of good points there. Everything in there is really important in trading, most especially the self discipline and patience. Lot of traders ot even not in trading lack in self discipline especially if we are talking about money. It is really easy to be eaten by greed knowing that it's a human nature. This is where this discipline takes place. We need to control our emotions in wanting to gain more by trading more money which we can also lose in the end. Also, patience is a must like the OP said to have better understanding about the market to avoid doing rush decisions.

[The cure]

These guidelines can greatly help guide us in our daily trading. All of the above are correct and it is best that we apply them to our own trading, but always keep in mind that cryptocurrency is volatile so it is more important to learn about risk management.

[distr@yopmail.com]

Trading is a prediction game, predicting the price volatility of cryptocurrencies is quite difficult compared to stocks because no matter how good the fundamentals of the project are, prices will always follow the evolution of prices. Bitcoin, this should be ready by the traders, it will be of great help to them especially if they really want to succeed in trading. Trading is not a simple thing unlike investing, so you really need to read and learn some skills and techniques you can use to become a better trader.

It isn't prediction if you have the experience and can see some pattern or particulate trend on certain kinds of crypto. For example, we can notice a typical pump and dump if data about orders, volumes,... available.

it only applies to certain assets. because of the market character of every coin we cannot equate. trade charts will tell us but all of that has to be analyzed. we must develop our abilities first before we can carry out such an analysis.

[Lorokan]

These guidelines can greatly help guide us in our daily trading. All of the above are correct and it is best that we apply them to our own trading, but always keep in mind that cryptocurrency is volatile so it is more important to learn about risk management.

This is another important aspects in crypto currency trading.
As a trader you need to accept the volatility of the crypto currency space.

Let it be your guide as you dyor and study trade charts to becoming a good trader

[slashz9]

A discipline trader will always win on this market and I’m sure they are confident on their skills. This is a great insight and advice mate, though a right mindset should be learn by everybody not just a trader by everyone who are investing their hard earn money. Patience is fine but if you don’t have good discipline then you will still lose money.

will doing the things mentioned above make you a reliable trader and will not lose?
I don't think so, it does not guarantee that you will always profit in your transactions, because things like this cannot be predicted 100% correctly.

[Baoanhbmt]

Thanks for your effort mate for making this thread and share your thoughts about the right mindset while doing trading. Most lay traders trade and lose a lot of money caused by panic and cannot control their emotions. but every trader I think has a different strategy including you. Trader must  not be greedy, it is very dangerous. It has a link with the patience because some will keep waiting expecting rise until they loose. we should be patient, Emotion can influence us in making decision. We should be patience in facing market situation but we must smart in using it too.

[mersal]

Trading is a combination of profits and losses in short time period so we have to decide first whether we have to trade or not.You can make money from trading with huge risk or can earn the same amount of profits by holding which takes more time than a successful trader do.

In simple words we have to understand the emotions of traders and should act opposite to that to bring more profits to ourselves.

[Ann Impas]

Traders that are confident on their skills and have experience is prone on getting a high chance on profiting every trade. And also not being attached to your money is a very good tip, Because being attached to that money your mind tends to be clouded which tends to affect your decisions when trading. So trading confidently with that winning instinct is essential for a "pro" trader.

[monineklutak]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

[Lorokan]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

Yes you are right, maintaining patience is key; Which is why from the mindset, we have to take discipline very important; you cannot neglect it, work on it and perfect it.
Most times it is not difficult to handle emotions; but it is difficult not to be greedy and want excess more profits; which causes decline after an initial pump.

[coolon]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

I completely agree with you, emotional stability and patience are extremely important. When there is a series of unsuccessful transactions, you can lose all your money on emotions, I also when I started trading more than once succumbed to emotions and lost a lot of money. When you experience negative emotions or are not sure of yourself it is better to do something else and distract yourself.
But unfortunately there are some people who can not cope with this, such people should not engage in trading otherwise they will only lose money.

[ameliana]

and some of them include your financial management, before trading make sure you can manage your finances correctly and coins that have high trading volumes. besides you are not greedy and can control your emotions when trading. and don't use shady exchanges, this is risky.

[CuriousGeorge]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

that could be the main reason too. It's so hard to control our emotion when we were getting a big loss. I have seen some people have made their own thread about their loss.
It's not an easy task that can be done by the new users.

[dragon695]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

that could be the main reason too. It's so hard to control our emotion when we were getting a big loss. I have seen some people have made their own thread about their loss.
It's not an easy task that can be done by the new users.

Yes, it's not easy even for experienced traders. It's not only about trading or doing businesses, controlling our emotions is a hard thing to do in our lives as well. That's the hardest thing when you have to control your angry, greedy, sad, etc to avoid the effects of those to your ability of making decisions.

[Ridwan Fauzi]

Yes, you know the point of that. As long as we can learn more about trading, and we can improve our skills from the lesson, we will have a chance to make a profit, and that is not gambling. I agree that we should not chase a bigger profit if the market is not moving good because that will make us feel difficult. It is better to make a profit in a small amount, but we can get it over and over to make a bigger profit at an unknown time.

The effort will pay you anything dude, at least when you collect as much as a knowledge then you'll know how much risk that you will be facd and also how much profit that will you get. When have learnt how to trade and all the basic thing against trading we will be easy and know how to get profit in it. Morever with the current sitaution you can get profit when sell the bitcoin at the decreasing situation. So, there will be much opportunities for every trader and they will get much profit if they still learn and understanding how the market move.

[totoy4741]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

that could be the main reason too. It's so hard to control our emotion when we were getting a big loss. I have seen some people have made their own thread about their loss.
It's not an easy task that can be done by the new users.

Yes, it's not easy even for experienced traders. It's not only about trading or doing businesses, controlling our emotions is a hard thing to do in our lives as well. That's the hardest thing when you have to control your angry, greedy, sad, etc to avoid the effects of those to your ability of making decisions.

I think the most integral part of being a trading Decision Making, You need to be very much decisive in making any moves in order for you to get in to right position of being a good trader, but having those attributes is a huge foundation as well and well male you a well rounded trader cause at the end of the day is your assets that are at risk.

[semobo]

Profit making should be the key for every trader no matter what kind of trading we are involved, so always look for profits which will be hard at the bad market condition that is why we need to learn about selling and buying at the right situation.Technical analysis will give some edge on predicting the price but never believe on technical analysis for 100%.And also we need to have backup plan if our trading is not profitable for a while.

[Golftech]

mentally, emotionally, maintaining patience is one of the main keys of a trader, Fundamental and analysis techniques are the plot, remember that many people fail to become traders because they cannot hold their emotions and go with the flow

that could be the main reason too. It's so hard to control our emotion when we were getting a big loss. I have seen some people have made their own thread about their loss.
It's not an easy task that can be done by the new users.

Yes, it's not easy even for experienced traders. It's not only about trading or doing businesses, controlling our emotions is a hard thing to do in our lives as well. That's the hardest thing when you have to control your angry, greedy, sad, etc to avoid the effects of those to your ability of making decisions.

If you have a good mindsets and you have the right attitude success in doing anything is always possible, traders who are gaining success practice this well, more on no emotions while trading inside the exchange.

Even experienced traders also preventing being influenced by any emotions that might happen while trading. It's too difficult to work with your own self determination and self will play a lot to build your confidence.

[Pumuckel21]

So if you trade by emotions you will very likely loose money on the longterm. Therefore you should try to stick to your strategy and use as much technical tools for chart analysis to avoid trades lead by emotions