The right mindset needed for all traders

[ife2020]

Discipline keeps your focused
Patient allows you to learn
Planning keeps you level headed
Persistence keeps you in the trade.
Flexibility allows you to combine all of this to trade.


 

In addition to the above summary here; if you can do your own research, and ensure you learn the basics and understand trading perfectly; believe me the sky is your limit when it comes to crypto currency trading. And even other aspects of life.

[IvugeoEvolutionCoin]

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

Traders who are extremely emotional do not apply TA at all before buying a coin. If for example you analyze properly, you should know where to set your stop limit (stop loss) and sell order. What I normally do is, after buying a coin, I set sell order and SL using OCO incase the market goes south.

[Yatsan]

Discipline keeps your focused
Patient allows you to learn
Planning keeps you level headed
Persistence keeps you in the trade.
Flexibility allows you to combine all of this to trade.


And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

The points you have stated are clearly elaborated on the simplest way that is understandable by the reader and it is great because it will really be a good help specially for those that are wanting to start up doing trading because it will lead or would guide them on learning how to handle doing trading that on a simple manner must not be driven by emotions on doing decisions because you might just regret it right after.

All of the stated points are all agreeable and what I can say is that those points are really that essential or helpful to be followed whenever you are into doing trading since I do also experience same thing and I guess most of us do also have the same. Following those tips of what a right mindset a trader must have would be a key leading for a great success but still the main key would always be on the trader himself if he would or wouldn't follow those stated above.

[seleme]

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

Traders who are extremely emotional do not apply TA at all before buying a coin. If for example you analyze properly, you should know where to set your stop limit (stop loss) and sell order. What I normally do is, after buying a coin, I set sell order and SL using OCO incase the market goes south.

Using stop loss or no is subjective and every trader has a different set of rules in trading, especially for volatile global markets trading without SL can lead to stop out or margin call. Precaution is mandatory in such cases and using take profit orders will guarantee the profit at the end of the trade.

[jahepahit]

thanking you for this wonderful piece. i have learned a new thing. a lot of traders usually lose because of lack of patience and inability to do enough research. in addition do not follow pump groups or signals.

[vermigerous]

A very good advise to those newbie traders out here. I think the most important fundamentals is the planning. Without a goodmplan first we cannot execute a good outcome. Choosing a good plan may lead to profit in the long run and that's for sure. However when circumstances comes, its pretty good enough to be patiently wait or wait until the right time comes for trading to earn profits.

[orengitu]

firstly, all traders should know that they can't be gaining always there will be sometimes there will be a loss. But in order to reduce the rate of losing there are somethings that trader must know which:
- Always positive mind when trading
- Patience: being patience when trading can go along way
- keeping learning: As we all know that experience is the best teacher and knowledge is inevitable

[NS-Soul]

It seems very interesting specially on the newbie on trading that was greedy on the market and doesn't have patience for waiting when their holding would be pump they are afraid on losing but they didn't know that losing was part of the process to learn on their mistakes they don't have any discipline all their mindset was taking profit.

[Lorokan]

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

To some extents you are right; but you are not necessarily required to stick to a strategy, but you need to improve your strategy and trading techniques from time to time; so that you can get upgraded, and more informed even in the crypto currency space. Also, irrespective of the level of experience, always do your own research,

[Golftech]

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

To some extents you are right; but you are not necessarily required to stick to a strategy, but you need to improve your strategy and trading techniques from time to time; so that you can get upgraded, and more informed even in the crypto currency space. Also, irrespective of the level of experience, always do your own research,

Always have the room for improvements, not because you are doing a great job with your current styles means that you'll be stuck doing it from time to time, you need to enhance and grow for more successful journey towards your trade,

always find that space inside you and not to lean to only one patterned.

[ife2020]

firstly, all traders should know that they can't be gaining always there will be sometimes there will be a loss. But in order to reduce the rate of losing there are somethings that trader must know which:
- Always positive mind when trading
- Patience: being patience when trading can go along way
- keeping learning: As we all know that experience is the best teacher and knowledge is inevitable

For me, i think you need more than just a positive mind when trading, yes it is good to be patient and to keep learning, But also in trading you do not need to master sophisticated methods to trading, You can simply choose the easiest trading pattern known to you and still pick up your profits steadily.

[gwapoinside2]

Indeed it is very important that traders have the correct mindset when trading in crypto. The crypto market is very unpredictable and it is very important that traders are very disciplined and not get easily affected by the abrupt movement of the crypto they trade in the market. they must set target prices when to buy and sell for gains.

[Lorokan]

Staying at home has helped me to study and learn and today, i will be referencing the key virtues that is learnable to be a trader

Trading psychology refers to mental or emotional state that defines or dictates if a trader win or lose.

Why do traders lose?
Neutrally, most traders are attached to their funds and capital which affects their emotions and force traders to trade not to lose money.

I advise that we all Have a winning mentality while trading, Because in the market today; there are tendencies to lose few dollars or money on every trade, but we can overcome by having a solid reason to enter a trade (DYOR).

5 fundamentals to help traders in the market:

1. Discipline: Coming into trading with a mindset not to gamble. You can use TA (Technical Analysis), because it teaches discipline to use it. Fundamental analysis meanwhile is about understanding market emotions correctly and trading with it.

Discipline helps you to see exactly what the market doing.


2. Patience: To be a patient trader; it means that you understand what the market is saying and the emotions attached, what the market could likely do and being calm and composed enough to follow what you see.

Why do traders/holders buy or sell too early ??


It happens because they do not know what is happening in the market, being patient while trading helps you to read properly and perfectly your analysis to a definite stage and also helps you to understand whatever the market is showing you without unnecessary emotional attachment.

To be patient, you need understanding, and to understand; you need to build a strong the fundamentals of what you are understanding.


3. Planning: Planning goes down to your analysis, your position sizing and also your trading psychology. For planning to help, you need to understand your analysis; and also understand that you must not trade more than you can afford to lose, once you go overboard; its gambling.

Planning helps you to accept the probability of how much you can lose and equally what you stand to gain from the trade.

Planning helps you to accept what will be earned or lost from the trade.


4. Persistence: Persistence helps you understand that the goal is to make more profits than loss.

5. Flexibility: This is quite difficult because as a newbie trader, you might not understand perfectly what the market can do; and there are some market moves that comes as a shock. Recent example is bitcoin losing 4000$ in a stretch few weeks back.


Discipline keeps your focused
Patient allows you to learn
Planning keeps you level headed
Persistence keeps you in the trade.
Flexibility allows you to combine all of this to trade.


And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

I want to set this back for us, to enable us to take note and remain astute. As we approach another bull run in the market with enormous prices you must maintain your trading psychology

Be patient, avoid greed and remember that it is never advisable to buy bitcoin at the top, do your own research and make the most of the bull run

[Anyobsss]

~snip

Shouldn't this thread be on trading discussion?

Anyway, I think the most important aspect that a trader must have is planning and discipline. A trader must have some kind of strategy, he must know his entry and exit when trading and to execute this, he should have the discipline to stick to his plan, so he won't get caught in FOMO.

[Lorokan]

~snip

Shouldn't this thread be on trading discussion?

I made the post few months back with little knowledge about the forum, i will move the topic to the trading discussion soon.

~snip

Anyway, I think the most important aspect that a trader must have is planning and discipline. A trader must have some kind of strategy, he must know his entry and exit when trading and to execute this, he should have the discipline to stick to his plan, so he won't get caught in FOMO.

You are right, but also planning and discipline is also dependent on every individual and it is one reason why one has to stick to plan, and not lose focus. Not losing focus deals with handling every profits, and loss in a matured manner.

[lixer]

I want to set this back for us, to enable us to take note and remain astute. As we approach another bull run in the market with enormous prices you must maintain your trading psychology

It is indeed a good read but bumping an old topic without having something valuable to add is not worth it, in my opinion. I mean you can bookmark it for yourself if you feel the content is important and you want to have a look at it more often. Never mind though because the OP is actually a good read for someone who is new to trading.

Be patient, avoid greed and remember that it is never advisable to buy bitcoin at the top, do your own research and make the most of the bull run

If you are talking about BTC bull run, then I would say even investing/buying now is not a bad idea because the price is going to bloom even further and as we approach the next year we can see some crazy records reached in terms of price. If you are talking about altcoin market's bull-run then I don't see any bull run in fact most of the coins have gone down (in ratio with BTC) like Tron has lost it's ratio with Bitcoins although has done well to stay relevant with USD market.

[Lorokan]

I want to set this back for us, to enable us to take note and remain astute. As we approach another bull run in the market with enormous prices you must maintain your trading psychology

It is indeed a good read but bumping an old topic without having something valuable to add is not worth it, in my opinion. I mean you can bookmark it for yourself if you feel the content is important and you want to have a look at it more often. Never mind though because the OP is actually a good read for someone who is new to trading.

Be patient, avoid greed and remember that it is never advisable to buy bitcoin at the top, do your own research and make the most of the bull run

If you are talking about BTC bull run, then I would say even investing/buying now is not a bad idea because the price is going to bloom even further and as we approach the next year we can see some crazy records reached in terms of price. If you are talking about altcoin market's bull-run then I don't see any bull run in fact most of the coins have gone down (in ratio with BTC) like Tron has lost it's ratio with Bitcoins although has done well to stay relevant with USD market.

You have stated rightly; the bull run has progressed significantly and bitcoin event attained new all time high more thann 4 times as bitcoin trades at 28,000$ yesterday. And also etherum and even litecoin has joined in the price progression. This is why we have to do our understand and understand the core concepts of trading psychology.

[Lorokan]

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

It is wrong if you try to avoid trades lead by emotions; as a trader; you should be neutral in your mind and very realistic with yourself not optimistic; the moment you second guess while trading; then it is no longer on probability but gambling. Emotions can be in form of greed, fear or panic; you need to overcome totally so that your trades can bring profits and you can be unbothered with hypes or fomo around you. Once again; do you have the right mindset to trade ?

[MIner1448]

For a trader, the most important thing is correct positive thinking, namely positive, because many people withdraw into themselves if they leave the market in the red and abandon the trade for many years, the market is not without defeats. Therefore, you must always think positively, even with a minus, each unsuccessful deal will teach you not to make such mistakes in the future.

[Travel Standard]

Yesterday I read post describing if a coin has more circulating supply don't buy that, I've little concerns over it.

It is not what's the price is, what matters is for how much time you hold the coin.

Let's say:

If you have purchased bitcoin at

7000$ and now it is 47000$ means 7x

The same you could earn with doge if you have accumulated earlier although doge is a meme coin having no fundamentals so leave doge for now

Let say you have bought ada at .10$ (when btc was 7000$ ada used to be even lower .10$)  now recently it touched .99$ so almost 10x. So you got 10 times profit of your initial investment. So circulating supply doesn't has so much impact.

Yes there could be a minor difference as BTC is king and will always be as it came earlier than others so has more hype but if put btc aside and compare other coins with limited supply you can get 10x with any good coin having more circulating supply.