7 Things have to do to become a Good Crypto Trader

[sebr1ng]

Well said! I've been in crypto trading for more than 5 years now, and the the most most MOST important thing is acceptance of loss and revenge trading. It requires long time training to get the most emotional response out of the picture. Even now, that I've developed a technical strategy that gets me 25:3 chance of winning a trade, I find myself succoming to emotions. Just today I lost 2 trades, and went in revenge trading, ending in more loss.

To sum up - removing emotions and long training will yield results in the long run.

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

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[Oasisman]

A good trader should have enough idea about these indicators.

Exactly the real thing to become good in crypto trading. All these indicators work really good to help in getting profit but how to manipulate them to best produce good profit. Some best gives you nice position if they are combined together. I therefore prefer strategy first before emotion. A working strategy can give you good emotion.

These generic advices about emotions in trading doesn't really work without the expertise in trading signal or indicators. Successful traders usually doesn't want to waste their time to give advices in any community for free, much better If they could also monetize the knowledge they acquire in trading. Nevertheless, these advices from the OP may somehow help you overcome the trading difficulty, but there is always an advance course in trading which plays the very important role when trading.

[sebr1ng]

I agree - actually after few years of hard work I have developed a successful strategy, that gives profit - I will share it to my closest community to enable them to gain profits - but at the same time, I'll keep an eye out to see  how it's working for them - for their mindset and to gain insight into further improvement.

Maybe later on I'll write a book 

[nelson4lov]

~Snipped~
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 !✅

I found tip #5 to be very useful. Continously updating my stop and trailing-stop orders has helped my trading in recent time. Immediately I open a trade, I put 2 orders – stop loss & limit order (yes, on the same trade) thanks to Binance's OCO feature. Then I setup alerts and adjust my stop loss and limit orders depending on how the  market moves from the time I entered the trade. This way, I have managed my risks better as my stop loss are no longer static or fixed.

[rexxarofmoknathal]

The first thing you need to be a good trader is patience, if you don't have enough patience then you will never be a good crypto trader. You have to be patient as well as far-sighted, you have to try to be aware of every event in the world. While trading you need to have good idea about trading indicators, most of the time I use two indicators in trading "Moving Average Convergence Divergence" & "Relative Strength Index", there are many more trading indicators. A good trader should have enough idea about these indicators.

Yh, I couldn't agree more with what @Swordsoffreedom  regarding trading and patience. It is vital to be patient and I think that's a virtue applicable to all investments. However, I'd argue that there's no point in being patient if you haven't chosen the right crypto coin so having knowledge and assimilating market changes is the mot important aspect of a successful trade/r.

[Best Dreams]

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 !!😄

I only have on these 7 advises to comment for because it is important to be imposed and tackled .

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 ‼️

i don't think that there are still stupid trader that Putting all their money in single currency?because diversifying or at least saving other amount to make trade in the next days.

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%

Nope that is a gamblers attitude.

I have some friends that doing that but majority never chase losses because this is more than risky to do.

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 !✅

Lol stop loss is not applicable at any time,because there comes a instances that we cannot apply this when we are doing other strategy like artbitrage .

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 !🚫

this is like chasing losses,we must not do such a thing if we want to be successful in trading.

You are right we should not chase our lose in trading because it is a risky thing to do I you once Los some money to un can not get it back but try with new strategies and don't follow other people way of trading as everyone has their own rules and own business to get the best in trading. Never panic better trade for the long term when you start teasing at once as time will make things better you get more profit.

[tbterryboy]

Your second point – accepting losses is very important. In fact that is the very first thing that people should learn to do here. I’m starting to notice that a lot of newbies don’t know about the risk.

I can remember a young guy chatting me on WhatsApp, he got my number from someone and was asking me about trading cryptocurrency. He was so in a hurry to make money and get rich from trading and kept asking me how much he would make and when he will get rich. Lol, he was really annoying, and I was trying to let him know that even by just investing in cryptocurrency as HODL, you will be taking risk, and he still seem like he’s not understanding.

[Shasha80]

Very good topic, 7 points you mentioned are indeed mandatory if you want to become a good crypto trader. Especially point number 5,
i.e. apply stop-loss, this is what traders should use. Without stop-loss our capital will run out, after I use stop-loss when trading, proved
my capital was safer. And the most important thing with stop-loss, we can get up after experiencing losses. I confess to being a good
crypto trader cannot be instant, we have to go through several processes. Therefore never stop to learn trading.

[AmoreJaz]

Very good topic, 7 points you mentioned are indeed mandatory if you want to become a good crypto trader. Especially point number 5,
i.e. apply stop-loss, this is what traders should use. Without stop-loss our capital will run out, after I use stop-loss when trading, proved
my capital was safer. And the most important thing with stop-loss, we can get up after experiencing losses. I confess to being a good
crypto trader cannot be instant, we have to go through several processes. Therefore never stop to learn trading.

lots of lots of experience will help you in this very risky investment. and if you are talking about trading different alts, experience will help you spot potential pumpndump coins. this will help you exit early and get your profit. dont look back. just move on. it will mess your head if you go back once you finished your trading.

[AakZaki]

And those traders who are consistent in following these things will absolutely be becoming successful but of course, it all comes into the hard work and controlling our emotions as all of these will be affected once we lose it(emotions).
How could this work perfectly? It should be put into our mindset and keeping it always. 

Controlling emotions is very important for trading. When emotions are out of control, all trading plans will be chaotic. Trading must also be consistent with the implementation of the strategies that have been determined. In addition, capital management for each trade will determine the profit and loss that will be obtained later.

[alan2here]

Your second point – accepting losses is very important. In fact that is the very first thing that people should learn to do here. I’m starting to notice that a lot of newbies don’t know about the risk.

I can remember a young guy chatting me on WhatsApp, he got my number from someone and was asking me about trading cryptocurrency. He was so in a hurry to make money and get rich from trading and kept asking me how much he would make and when he will get rich. Lol, he was really annoying, and I was trying to let him know that even by just investing in cryptocurrency as HODL, you will be taking risk, and he still seem like he’s not understanding.

They often ignore the basic rules when trading and without good knowledge, surely those investors will face a lot of great risks. Anyone wants to get rich from this market, but if you do not have the investment knowledge, it will certainly make you more frustrated.

Also, if you still do not feel good, you should choose to trade with a demo account to know whether you can make a profit in this market or not.

[sebr1ng]

Also newbies do not understand that trading is a skill that a person who's trading develops over many years of trading - and not all of those years are easy. I see people coming to as one said before me and ask how to get rich by starting trading with 30 EUR and how soon. That's like you'd be watching a brain surgeon and want to become one by a few tips from him and watching a few Youtube videos.

[jrrsparkles]

Also newbies do not understand that trading is a skill that a person who's trading develops over many years of trading - and not all of those years are easy. I see people coming to as one said before me and ask how to get rich by starting trading with 30 EUR and how soon. That's like you'd be watching a brain surgeon and want to become one by a few tips from him and watching a few Youtube videos.

Nice comparision though.

Yes we cannot rich with small capital in trading soon but its highly possible if we are day trading with more profitable trades than losses but its like how much luck we need to win a lottery to become rich with very low capital.

[cytpoway121]

Truth is you have a very good steps that you follow. I will advice that you keep up with the steps. Develop new skills, be open to new teachings and understand very well your best strategy to trade.

[kakalot12]

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

[sebr1ng]

Also newbies do not understand that trading is a skill that a person who's trading develops over many years of trading - and not all of those years are easy. I see people coming to as one said before me and ask how to get rich by starting trading with 30 EUR and how soon. That's like you'd be watching a brain surgeon and want to become one by a few tips from him and watching a few Youtube videos.

Nice comparision though.

Yes we cannot rich with small capital in trading soon but its highly possible if we are day trading with more profitable trades than losses but its like how much luck we need to win a lottery to become rich with very low capital.

Thanks!

Yes - my advice would be the following:
1. Develop a strategy and test in on some trading testnets with fake money
2. Start trading with real money but small amounts, because as said, it's important to maintain a good win/lose ratio and consistent profit %
3. Once you're getting good ratios, put more money in
4. Use leverage on derivatives to increase your earnings. In this point you can consider getting rich

But this plan can take many years, not days!

[olamidey]

These seven points are just suggestions, they are not guiding principles. Just like i will always state, "there is no rule guiding crypto trade". All you need to do is learn how to trade and follow your guts. However, let us not discard the points your seven points.

My favorite among your points is the third, revenge trading isn't a smart move because, trying to revenge after  a loss is tricky, at that point, your decisions would be clouded by emotions.

It might be a smart move not to go with full amount because it minimizes your loss, but it also minimizes your profit.

[Janation]

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%

I once was proud with betting like this in the past.

I thought that it is a good idea to try Martingale in investing or trading but most of them led to my bad trades and investments. It is really hard to adjust in this market at first but when you are used to it, even losses are just a norm. I keep on saying this to some of the people that ask me about investing and trading cryptocurrency, keep on reading. Knowledge is power.