7 Things have to do to become a Good Crypto Trader

[lienfaye]

Im aware about these tips but its good that once in a while we remind ourselves with the things to keep in mind if we trade.

Accept losses and dont try to get rich quick are the best part for me to apply if I trade. Sometimes losing is inevitable even how hard you try to have a strategy and doing analysis. On the other side there's no such thing like getting rich quick in trading, if you want to succeed its step by step and no shortcut. The longer you stay here, the chances to become a successful trader through your experience and knowledge.

[DoublerHunter]

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.

^ Definitely right, these are all useful tips and I appreciate it because it reminds me of what I am not before. Every single move can really be a make or break to yourself so always take precautionary measures every time you join trading as if pro traders also lose at times. Always bear in mind that luck can be our ally or it can be an enemy that will possibly break us in the end, better to hold on all these tips for it can be your tools to minimize the loss in this game. Nevertheless, good tips OP, you did a good job.

[maydna]

~snip~

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.

Yeah, we already see that many times. In the first time they enter the market, they can control themselves, but then after the price start rally, the traders become greedy, and they want to chase another profit. Some traders can not see the exit point because they hunger for making another profit so that they can make a wrong analysis. We need to hold the greediness before it ruins ourselves in trading, and we can miss the chance to take the profit. It's better to get a small profit, but we can get it for more than 5 times than to chase the bigger profit, but we don't know when it will happen.

[BitcoinTurk]

I think that everyone who wants to trade not only in cryptocurrency trading, but actually in every market in economical terms should comply with these rules. By spending all our capital in one transaction, we should not use our entire arsenal for a single battle, accept certain levels of losses, and especially dream of becoming rich in a short time. Also, as you mentioned, we must definitely use the stop loss feature to prevent major losses. Although there are users who make bad evaluations to the stop loss feature, it should not be forgotten that using stop loss saves lives. In particular, everyone should read and apply factor 4 and 5.

[TheGreatPython]

Well, even if you decide to trade all the money in your account at once in Bitcoin, I don't think you will lose everything, just a certain percentage. How much you're trading all depends on how much you have in your main account. The highest you can trade is the lowest for another person.

As for the number four point you made, you're right about that in a way, but I think over 80% of people here are just here to make money. I don't see anything wrong with trying to make money, except when you want it quick. If you keep trying to make money quick, then you wouldn't make it, because you will keep lacking the patience it takes to achieve what you want. Having patience in everything we do is very important.

[BitcoinTurk]

Well, even if you decide to trade all the money in your account at once in Bitcoin, I don't think you will lose everything, just a certain percentage. How much you're trading all depends on how much you have in your main account. The highest you can trade is the lowest for another person.

If spot trading is done, yes, if you buy Bitcoin with all capital at a single price, all capital will not end, but there is such a risk if margin transactions are made. Also, a successful trader knows that he should not be trading at a single price because the crypto markets are quite volatile. Certainly everyone can have a different budget due to their financial situation, but the aim is to grow that budget and earn money by trading. For this reason, the student who lost his $ 100 accumulation at once and the business person who lost his $ 100,000 accumulation at once is also a faulty trader.

[CryptopreneurBrainboss]

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.

Technically, a newbie accounts on the forum doesn't automatically mean the user is new to the industry. Most newbie are even more experience than the high ranked account that mostly spammed their way to the top during the era of less requirement to rank up.

What the OP has highlighted isn't unfamiliar or new as it must have been discussed severally on the forum guess that'll the user hasn't recieve some merit for his contributions because to some of us that have spend enough time on the trading board, discussion like this aren't new.

My direct contribution to the topic at hand, I'll just have to support what the above users (those I qouted) have said with an addition of, it's better to sell in profit and probably miss future profit then sell at loss. When you sell in profit, even though the coin rise 10x higher you didn't lose but only miss to profit more.

[bitbunnny]

Im aware about these tips but its good that once in a while we remind ourselves with the things to keep in mind if we trade.

Accept losses and dont try to get rich quick are the best part for me to apply if I trade. Sometimes losing is inevitable even how hard you try to have a strategy and doing analysis. On the other side there's no such thing like getting rich quick in trading, if you want to succeed its step by step and no shortcut. The longer you stay here, the chances to become a successful trader through your experience and knowledge.

Loss in trading is something that we all accept very hard. Unfortunately, this is something that can't be avoided but it can be handled on.a way that is acceptable and with recovering plan.
You can stick to trading tips that someone gave to you and they might or might not work but to my opinion everyone of us will develope some of his own rules according to own experiences, knowledge and risk apetite. Your own experience is the most important and from that you will learn the most.

[MCobian]

I agree with 7 things mentioned in the opening post, indeed to be a good crypto trader is not easy. But if 7 things are done correctly
it is probable that you can become a good crypto trader. To be a good trader it is also necessary to improve our abilities, in order to
use trading tools and be able to read market movements. And last but not least, avoid following other people's trading signals which is
not necessarily accurate, just do your own analysis in order to get an accurate signal.

[Ridwan Fauzi]

Good points OP, those points can help a lot of trader especially newbie trader. I just thinking that if someone who just new and he has intention to trade that should find the knowledge first and some people's experience because most problem of the trader will have a similiarities. At least they will know the situation of the market so as they can avoid small mistakes and finally they can minimize losses. Also I've two points that I think ut will be usefull for new trader, one the trader should make an evaluation when they have traded and two don't be afraid and optimistic to your strategy.

[Darktongue]

You deserve some merit from who are new in trade. You bring perfect point to us, now anyone can follow it. Some points will be change if crypto market is in bullrun. I mean your 5 point, you should take advantage of bullrun market, don't sell only in 4-6 percent profits. Yeah you can secure some profits if market goes up. Long time trade is always profitable.

[Kasabus]

I agree with 7 things mentioned in the opening post, indeed to be a good crypto trader is not easy. But if 7 things are done correctly
it is probable that you can become a good crypto trader. To be a good trader it is also necessary to improve our abilities, in order to
use trading tools and be able to read market movements. And last but not least, avoid following other people's trading signals which is
not necessarily accurate, just do your own analysis in order to get an accurate signal.

Every trader has different strategies so chances are other trader's strategies who is currently working for him might not work for you and this is the reason why you should develop your own. To be a good trader does not mean you do profits all the time. Mistakes are still there but as a good trader, you already know how to balance and minimize your losses while trying to maximize the profits.

[jessikafrey]

What is written in number 4, this is truly the best experience, my friend once did this when he got a big loss and wanted to recover it quickly, but unfortunately it was not the recovery he got but all the assets disappeared in an instant.

[EdvinZ]

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 !!📈📉

  I think that the trend trading advice is relevant for highly capitalized cryptocurrencies whose price has been going in some direction for a long time. Although these days, even the price of Bitcoin changes abruptly, so trading on the trend in this case is quite problematic. But this is a good strategy when some highly capitalized cryptocurrency has started to grow on strong positive favorable news.

[Negotiation]

What is written in number 4, this is truly the best experience, my friend once did this when he got a big loss and wanted to recover it quickly, but unfortunately it was not the recovery he got but all the assets disappeared in an instant.

I agree with you that you can't try to get rich quick It always hurts This is why it takes time to become a good crypto trader I don't like gambling at all It depends entirely on luck and gambling owners make more profit. By doing business we can reduce the amount of loss but gambling is not possible Therefore it is important to do research over time without trying to recover quickly.

[AniviaBtc]

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.

The first rule in crypto trading is take it easy day by day, you don't need to rush things and become rich quickly. You just need to take it slowly but surely, you will never attain anything in your life if you just keep on hurrying up. It is necessary for you to think critically and evaluate the market so you don't experience losses and sudden shrinking in your investments.

You just need to take your time and spend your time thinking of possible strategies that will become more effective depending on the market circumstances. Also, you should learn to accept failures and losses because in that way, you will learn and realize your mistakes so that you will grow more and avoid those mistakes to occur again.

Also you need to evaluate risk and practice risk management, we all know that cryptocurrency is risky to invest but it will really give you reasonable and huge amount of profit compared to other investments. You just need to comprehend that nothing is instant and you need to deal with the reality of the market and investments.

[Assface16678]

Base on my experience and mistakes in trading one of the most essential things I need to have is the knowledge because this is one of the most powerful things you may have. These are the things I encounter first before I take trading first to learn more about the basic concept of trading and read a lot of experience by other people because you can get a lot of ideas by that so if you encountered this too you can now make a good decision making. Next, find the platform that is suitable for your trading because not all the time they give a good market cap to their users also there is a proficiency level on trading like for beginners and pros this is the good trading tools for you so you can now make adoption if you already know how it works. One of the best ideas I learned in trading is always to make sure you are updated about the market news and price of the coins because there is a higher chance of possibility that the coin may go pump or dump sooner or later.

[bearexin]

You are so damn right about that, a good trader should always learn to control themselves and not be controlled by impulse. When they lose their trade they should simply accept it and not try to go for a revenge trade. There are some days that are not so good and you can't do anything about it, just give up and relax till the next day and you can continue your trading with a focused mind.

You don't rush things when it comes to trading cryptocurrency, because if you do, then you're going to keep failing. Just relax and do your calculations and know what's right for you to do. Have a plan and being disciplined while trading to follow those plan will help. Emotion control and good money management will fine tune your level of success in trading.

[mornb]

I think we don't need to apply stop-loss. we just need to wait a little more.

[palle11]

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.

Fairly good advise and short. Greed in trading leads to regret. Regret happens because there has been a loss. Therefore to avoid such, all platforms of trading provides for take profit which can just be activated to help trader in exiting the market with profit even in their absence.