7 Things have to do to become a Good Crypto Trader

[UrEspasito]

Hello Everyone !!

So, Here are the Few Tips or Say Rules that Which i would like to share with you !

I know many of you might be knowing it already for sure , but I don't know how much of you guys are following it !!😄

1 ) Never Go With Full Amount in Single trade ! We can never be full Sure, Whatever the TA/FA is, it doesn't matter !!! Never invest More than 10-15% of your total Portfolio in Single trade ‼️

2 ) Accept Losses ! Yeah it's a part of Game Man ! Many of us don't accept small losses & then it becomes so fucking Huge that they can't even think sensibly further & then just Starts Gambling !!✅

3 ) Never Go for Revenge Trading : I have seen many times that when Even a Small loss happens, many of us will just go with double Amount in next trade just because we can't accept loss & wanted to recover that with injecting double Amount ! It's really Silly Boys !! How you can be sure that your that trade will go on perfect way 100%

4 ) Don't Try to get Rich Quick !! You will get REKT FOR SURE !! U can takeit in written from me !!  So Just STOP GAMBLING, If your really Want to just Try your luck, better go For the Casino !! 🎲

5 ) Apply Stoploss & Trail it whenever coin goes up ! I will advise you that whenever any of our call / your trade goes 4-6% Up bring your stop at Entry & Secure some Profit then keep raising Your Stoploss with Raise In Price of that Coin !✅

6 ) STOP DIGGING IF YOU FOUND YOUR SELF IN A HOLE ! It means Don't just keep adding your funds On losing Position Just with a hope that It Will Turn Around & you will become a Fucking Rich !🚫

7 ) Go with Flow !! Don't Trade against trend !! You Can't Just Go LONG because it DUMPED & can't go For SHORT Just because it PUMPED !!📈📉

So Guys, This is all i wanted to tell you !! This aren't just lines, but this is what I have Experienced Myself In Years of trading !! I Hope At least few of you Will Follow this !! So At least my Time for Writing this All will Not Go in Vain !!😅

Wish You All The Very Best !!

Common Mistakes to Avoid while Trading: https://bitcointalk.org/index.php?topic=5246443

[GreatArkansas]

Very well said, especially the number 4 and number 5. They really important, especially the stop-loss for our every trade, because I believe there is no trade 100% every time, so it will always safe to set our stop-losses for every trade we do. Risk Management is important and being greedy is very no for me.

[maxreish]

Those all tips were useful and have a sense for a trader. But i am just kinda hesitant to agree to that last tip you had mentioned;
 
 

7 ) Go with Flow !! Don't Trade against trend !! You Can't Just Go LONG because it DUMPED & can't go For SHORT Just because it PUMPED !!
 

 We just don't go with the flow. What i mean is we are using technical analysis to know whether to ride on the trend or is it just a bait or a trap to go out with that trend. I hope you know what I mean.
 Sometimes, following the trend is not advisable especially in margin trading where liquidation is around the corner.
 
 On the other hand,  all of those tips shall always be remembered as I will admit I have wrong actions in trading, too. Trading is hard to handel, but if you don't experienced losing, we must accept breakthroughs so we maybe able to bounce back with confidence to become a good trader.

[Kemarit]

Probably the OP can add having a entry and exit plan, some sort of plan of action. So if you are like going to go war, you need to understand when you are going to enter and when to exit, timing is everything here in crypto. You might see some dips and observed it and if you see that there is a lot of pressure already and the next break out run will be an uptrend they go enter. And then after sometime, when it is on top, then better exit and then some profits, rinse and repeat. So you need to understand where is potential retracement and upside levels.

[Ifemini]

7 ) Go with Flow !! Don't Trade against trend !! You Can't Just Go LONG because it DUMPED & can't go For SHORT Just because it PUMPED !!📈📉
 

There is something about understanding the emotions of the market; and also learning how to identify a market trend.
Before you can prevent trading against a trend, you must learn what a trend is.

I will summarize a trend to be the emotions of the traders on a particular trading pair chart; you need to be able to understand a stable and panic trends on the market; to guide your entry and exits points in a trade.

Also, you need to have it in mind that losing a trade is not a big deal, but getting more   profit is the goal and most important.

[Aaroenz0r]

Very few people are profitable and most of them fail and lose a lot of money. So if you are serious about this job, I recommend that you carefully study the knowledge before trading large amounts of money. and of course the house will usually have a lot more advantages You are a trader and you must follow the rules of exchange to join the game. Therefore, the possibility of new losers is very high and mainly due to psychology.
So my advice to newcomers who are curious about day trading, should choose the amount you accept to lose without affecting your life. That's how you can learn the most from financial markets.

[cafetools]

One thing will make you a "pro" trader:

A professional is defined by devoting 10k hours to his passion. Time, and study, and practice will make you suceed.

[carter34]

1 ) Never Go With Full Amount in Single trade !

2 ) Accept Losses !


4 ) Don't Try to get Rich Quick !!

5 ) Apply Stoploss & Trail it whenever coin goes up !

These are important for a trader. I see two points all together here as number one and four are saying the same thing. Also number two and five are same two.

Before a trader becomes successful, he or she needs to understand the above points stop loss helps to get you back to trade when you lose the first call order. And if you don't try to get rich faster, then you won't go in with your full amount in a single trade.

[sandra_x]

One has to remove emotions away from trade as with every investments.Emotions can blurr your sense of judgement. The best trade strategy can be marred when the trader is all hyped emotionally. It is helps to create an exit strategy for every trade and cut loss early.

[davis196]

Great tips,OP.I'm sure that you copy pasted them from somewhere.
What the hell is "revenge trading"?I've never heard that term.Is it when you lose a big amount of money on a price crash and then you buy lots of the same coin,in order to have your "revenge" over the market?
Most of the tips are just common sense,but I can't agree with the "go with the flow" tip.If you go with the flow and you follow the crowd,you will always have average results.When the crowd starts panic selling,are you gonna "go with the flow" then?

[Sadlife]

Inexperienced is one big factor in making mistakes especially when getting FOMO and entering to a wrong position which would dump after.
A good tip from the OP is to diversify your portfolio and never go all in, it's nice to wait for a confirmation and to buy the currencies that could potentially pump that you've throughly researched.

[maydna]

Don't chase the price if the situations are not possible because that can lead you to buy at a high price, and you will be hard to sell in a short time. Always to analyze the market before you buy or sell, and try to figure out where the market wants to go because the market will always move from time to time. Those 7 things are recommended for every people who want to be a good trader, but they need to have good control for themselves because we know that many traders have lost their mind when the market moves to the unexpected range that we don't know.

We will panic if that happens, so in this case, you need to have control to calm down for a while so you can arrange or make another strategy that will match with the current situations.

[Lorokan]

You have just listed out the sumary of the basics of tasks that a newbie or pro need to become good and conquer trading.
But do not forget that in trading, there are losses in profits, and profits in losses; having more profits and earning should be core watchword.

I have a typical  educative topic here. The right mindset needed for all traders

[rexxarofmoknathal]

I agree with similar comments which highlight how these points are the obvious ones a trader irrespective of the level they're at should be mindful off. However, just by respecting these points doesn't mean that you'll always get profit since reading the trends accurately is all base don practice & experience.
This is especially applicable for new people looking to start trading but without any prior knowledge.

[Zemomtum]

I do really agree with most of your inputs and in addition, one thing that is worth adding is that traders should not be too greedy, take profits before the market goes against you.

[CASTIEL05]

Yes, those are good strategy or techniques to become a good trader. But if you are already in the situation, I cannot guarantee that you will make that all. Since people are also affected not only by price but also by their loses. I can say that we can follow some rules but not totally at all. However, those can help a trader not to be affected by emotion when it comes in trading.

[Twinkledoe]

I do really agree with most of your inputs and in addition, one thing that is worth adding is that traders should not be too greedy, take profits before the market goes against you.

Even if the OP is newbie, seems that he already learned a lot in crypto trading. And being greedy is the most common reason why a lot of traders end up badly in trading. Aiming for more and not being contented results to bad results. Guess that's because it's human nature.

[Oilacris]

Don't chase the price if the situations are not possible because that can lead you to buy at a high price, and you will be hard to sell in a short time. Always to analyze the market before you buy or sell, and try to figure out where the market wants to go because the market will always move from time to time. Those 7 things are recommended for every people who want to be a good trader, but they need to have good control for themselves because we know that many traders have lost their mind when the market moves to the unexpected range that we don't know.

We will panic if that happens, so in this case, you need to have control to calm down for a while so you can arrange or make another strategy that will match with the current situations.

This do shows how impatient a person is when it comes to these kind of decision making.Never chase up and trying to recover your losses.
Always find an entry point and exit point everytime you do make such decision by your means of analysis.If you cant see any opportunity then
dont make such step because you are just simply doing gambling. Greed is one of the enemies or problems when trading. Set out a specific
goal profit on a certain day and dont ask for more if you cant find any opportunities.

[Latviand]

Hello Everyone !!

2 ) Accept Losses ! Yeah it's a part of Game Man ! Many of us don't accept small losses & then it becomes so fucking Huge that they can't even think sensibly further & then just Starts Gambling !!✅

If you already know how to accept defeat and failure, that's when you will get more stronger and aware about trading and gambling. Losses are the key to open our hearts and mind about the reality of risking our money just to earn a profit or lose it. There's no certainty in gambling and trading that's why as much as possible, all transactions should be your best shot.

But I know that huge losses can be really upsetting and that's where your self-discipline is needed so that you prevent having long-term problems about trading. Gambling will also bring you much larger losses compared to trading so think carefully what you should prioritize and focused on.

[pakhitheboss]

It seems you have covered all the major points in this post to become a good trader. I liked mostly liked the 4th and 7th points. Most of us someday or another has committed the mistake mentioned on the 7th point. Trying to trade against the flow and realizing after getting rekt what a big mistake it was. For newbies the 4th topic is important do not enter if you believe that you will become rich quickly or even become rich.