Tips for good trading

[Alucard1]

I have seen many questions about how they are going to be a professional trader, so I just wanna share my experience, I am not a professional trader but I just wanna share some of my experiences and way of thinking in trading.

1. Trade at your own risk - You should know that investing, gambling and trading is somehow the same because you are not sure that you could win the prize, so expect that you could win and you could lose your money.
2. Limit your budget - always limit your budget for trading, you should use only those extra money you have, instead of spending it on some other things, you may use it for trading, at least you made something to make it profitable.
3. Do not be greedy - There are many people who suffered from being greedy, they tend to spend all their money because of thinking that they could still make more money but instead of earning they have lost their money. ALWAYS KNOW WHEN TO STOP AND CONTINUE TO TRADE.
4. Learn from your own mistake - Instead of being sad because of losing try to think on some other thing why you get lost and think some good strategies to overcome those mistakes.

Some good tips from google:
5. Check the ticker symbol - Ticker symbols are not universal and may vary from exchange to exchange in rare cases. Those cases, though, can come back to bite you. For example, Bitcoin Cash trades on some exchanges as BCH, while it trades on others as BCC. BCC is also the ticker symbol for BitConnect, which was recently outed as a Ponzi Scheme. If you bought BCC under the impression was Bitcoin Cash, you would’ve lost a lot of money.
6. Pay attention to the bitcoin - Most altcoins (every cryptocurrency except Bitcoin) are pegged more closely to Bitcoin than Asian currencies were to the USD during the Asian Financial Crisis. If Bitcoin price pump drastically, altcoins price can go down as people try to exit altcoins to ride the BTC profits; inversely, if Bitcoin prices dump drastically, altcoin prices can go down, too, as people exit altcoins to exchange back into fiat. The best times for altcoin growth appear when Bitcoin shows organic growth or decline or remains stagnant in price.

Trading is really profitable ways of earning money and having skills and knowledge about it would be a great advantage for you.

[KrisAlex18]

Nice thread buddy, thanks for sharing some of your tips, trading is really hard especially if you are a beginner only, so you shouldn't try this if you don't have any knowledge about it. You should make some research first and acquire some useful skills before you try it. It doesn't mean that if you have skills in trading you can now win 100%, that is not like that having a 100% chance of winning in trading is really impossible because there are no people who can predict the movement of the graph.

Learning from your own mistake is really the virtue in trading, not because you have lost your money from it, you will quit, that is not the good thing to do, do not let the one lost of your life let the chance of earning money away from you. Losing is part of our life, we should not take it as negative but make it as motivation for the next trial.

[pakhitheboss]

Very informative thread, you have covered most common tips that everyone needs to inculcate themselves before starting to trade. There is another one that you can add to your list of tips. Start with Small

In my opinion that tip is the most important of all the others.

[binhvo1505]

Yes, thank you for sharing your knowledge and experience. But these things have been conveyed by so many people and now I'm feeling that it doesn't work for newbies. I think we should give them a direction.
In my experience, successful traders often work in teams. Each will point out the mistake of the team and grow together. I used to trade alone and I was very lonely and even often suffered losses in depression. but when we met like-minded people, we formed a group of 6 people and from there traded very successfully. We open the office and work very professionally. So I think any one of us needs a team.

[Alucard1]

Thanks for all the well appreciation guys, it feels so great reading those replies, it seems like I created a good one

[sheenshane]

Thank you for your effort in making these tips but I think there are tons of tips here that already discussed you use the search bar engine of this forum.
Don't be greedy is the most important in trading because it makes you turn in the wrong direction in trading because you are thinking too much of profit instead of having perfect timing of executing in buy and sell.

Next is emotion, don't trade if you are in negative emotion. Sometimes people making the wrong decision and can't focus on trading because of negative side emotion. Because stop control lose is very difficult and it needs to clear up your mind from those negative emotions.

As I said above that there are tons of threads regarding good tips in trading and here is a good example.

• Tips to actually start earning from Trading & END LOSES
• Crypto trading tips based on years of experience --- by Raja

[Yamifoud]

A painful thing to see is that people aren't learning their mistakes. That is a common failure of most traders. They keep blinded even though they know it is not working well. It is the emotion driving them to feel it. If we could correct this earlier, there is no doubt we can be reaching our goal.

I have seen many questions about how they are going to be a professional trader, so I just wanna share my experience, I am not a professional trader but I just wanna share some of my experiences and way of thinking in trading.

1. Trade at your own risk - Y

3. Do not be greedy -
4. Learn from your own mistake -

I don't feel about greedy because all of us wanting more. Besides, that is the reason why we come into trading and why we are risking here because we want to gain more profit than usual things/jobs we do.

[taufik123]

-snip-
I don't feel about greedy because all of us wanting more. Besides, that is the reason why we come into trading and why we are risking here because we want to gain more profit than usual things/jobs we do.

Wanting more but not with control and good fund management will continue to mislead you and make you lose. Taking risks when trading is already an option, but at least we must minimize the risk even if we can avoid it.
I know you want to take more profit, but there must still be limits that you must obey.

[bitgolden]

Unfortunately no tips will be helping you to become a good trader but only your experience. I mean if you are not capable of simultaneously doing both learning and trading then you cannot be a good trader forever. You may learn lot of tips and strategies but you may not follow all of them while trading. But you will follow what you learn from your own experience because only those things are usually learned by us full heartedly. Your experience must be the true tutor for making yourself grooming as a good trader.

Good trading and good trader are completely different things but all good traders are not making their trades good. It means you may face losses at any time but we can avoid such situations only when you are experienced enough. But, you must grow as a good trader for making good trades; it will be consistently possible when you are learning from your experience and not definitely from books/videos.

[Wafilian]

Information is very valuable and applying the right information is the most important thing as much as we know in trading. But most of the time we do the opposite and then we are worried about these mistakes. In order to trade crypto, one must consider the nature of Bitcoin, otherwise, he will be considered as a loser.

[K4C]

Day trading is the act of buying and selling a financial instrument within the same day or even multiple times over the course of a day. Taking advantage of small price moves can be a lucrative game. The first thing to note is yes, making a living on day trading is a perfectly viable career, but it's not necessarily easier or less work than a regular daytime job. The benefits are rather that you are your own boss, and can plan your work hours any way you want.

[maxreish]

Well said but in reality, it is hard to implement.
 It is easy to say not to be greedy but some still find it hard to control greediness. So putting some target goal and limit will be the reason to manage greed.
 
 Also, trading is not an easy and quick money return like others thought. We tend to experience zigzag moments where we can be liquidated or be at profit. But those will be our guide to become an experienced and better trader.

[Lorence.xD]

Well said but in reality, it is hard to implement.
 It is easy to say not to be greedy but some still find it hard to control greediness. So putting some target goal and limit will be the reason to manage greed.

I want to disagree with that, if you feel like that the tips are not helping you then that is an individual problem, it can work if you have the knowledge and patience to endure the hardships that you will face at the beginning of your trading journey. I think being greedy is a mindset by the person, if you want to find greediness then set a goal as small as possible.

Also, trading is not an easy and quick money return like others thought. We tend to experience zigzag moments where we can be liquidated or be at profit. But those will be our guide to become an experienced and better trader.

I can agree that there is no quick returns when trading but there are lucky people that happen to invest in the right stock. We should not be clouded by glitters of the promised riches of trading but instead focus on our ambition and always remember that there is no nobility in being poor.

[Wexnident]

Tip #6 was pretty nice considering we are trading and investing on cryptocurrencies. Most trading tips actually miss such a fact even though we are discussing cryptos, even I miss it sometimes. Though tips are nice and helpful, the experience still is the best teaching material imo. Trading isn't all about winning, it's also about losing. It's like how you won the battle but lost the war kind of thing. If you keep winning cause of a foreign factor, you aren't really a trader and you've probably lost already as one by using some third party influence. Don't be afraid to lose, just be careful about what you can lose. It doesn't really matter what precautions you use when winning since winning is always a positive thing, but precautions about losing should always be noticed and should always be carefully thought of.

[tbterryboy]

1. Trade at your own risk - You should know that investing, gambling and trading is somehow the same because you are not sure that you could win the prize, so expect that you could win and you could lose your money.
2. Limit your budget - always limit your budget for trading, you should use only those extra money you have, instead of spending it on some other things, you may use it for trading, at least you made something to make it profitable.
3. Do not be greedy - There are many people who suffered from being greedy, they tend to spend all their money because of thinking that they could still make more money but instead of earning they have lost their money. ALWAYS KNOW WHEN TO STOP AND CONTINUE TO TRADE.
4. Learn from your own mistake - Instead of being sad because of losing try to think on some other thing why you get lost and think some good strategies to overcome those mistakes.

1. We should trade by our own signal. Some traders here are sharing like they do get signal from telegram or some other group. I guess they will never become a pro trader if they keep depending on others. When you start doing your own analysis then you will slowly becoming more responsible.

2. Having definite budget will always help. Your budget is directly linked to your profit and losses. But traders calculate only profits and rush into trading with big capital but end up in big losses. Keep increasing your capital along with your skill development and experience. Only high experienced traders need more capital and others should trader with least possible capital.

3. Do not be greedy and do not be panic at the same time. Trade always with stable mindset. Your calm and peaceful mindset will maximize your profits.

4. Making use of experience is more important for not repeating same mistakes. When we are good in avoiding mistakes then we can slowly become pro traders. If you are good in avoiding mistakes then you mean you are next to pro trader or pro trader over the time.

[maydna]

I think you forget to add about Learn about Trading because without learning about trading, you cannot know how to trade with the right. Then you can add the next tips in below of that

I agree with all of your tips, and the tips are not just for a beginner, but it is for every people who want to trade, and they want to be a good trader. Number 2 and 3 is a must thing that we always remember because that will prevent us from getting a big loss in trading. So if you are a beginner, don't forget the tips, and you will be okay. With practice from the lesson, you will find your way to be a good trader, and you will have a chance to be a pro trader in the future.

[Cootie]

Very informative thread, you have covered most common tips that everyone needs to inculcate themselves before starting to trade. There is another one that you can add to your list of tips. Start with Small

In my opinion that tip is the most important of all the others.

I think it should be start with the amount you can afford to lose. It can be small or large. Depends on how much you are willing to risk. That way, you are not limiting yourself on the possibility of getting great results, instead you are giving yourself enough possibility to it. This way, It is much better. This perspective gives more chance for a newbie to succeed for the are not bounded by small amount, but with amount they wanted to.

[Smitty Werben Man Jensen]

very helpful tips, indeed for trading we cannot be carelessly, before that there are tips and knowledge for trading, I will discuss one of the Tips, that is "Pay attention to the bitcoin", indeed the direction of the price of Bitcoin in trading must be observed, if you altcoin trading, because if the price of Bitcoin experiences DUMP then altcoin will dump, that's what usually happens, so it's true observing Bitcoin is important

[el kaka22]

Technical analysis is always in these lists, without TA you are not going to be able to start trading properly, you are going to be able to learn from your mistakes and see where you did wrong and thats cool, but you can utilize those mistakes and those lessons properly without TA.

I am in no way or shape saying that TA is the way to make money, but this is more like "all thumbs are fingers but not all fingers are thumbs" situation. Like if you use TA you may still lose money, but you could make money, if you do not use TA you are probably not going to make money for sure (unless you get super lucky). Long term destroys all of this though, if you buy bitcoin to sell 5 years later, that doesn't affect neither TA nor no TA, just become a long term investor and let your mind be at ease.

[Sanugarid]

Technical analysis is always in these lists, without TA you are not going to be able to start trading properly, you are going to be able to learn from your mistakes and see where you did wrong and thats cool, but you can utilize those mistakes and those lessons properly without TA.

With such a volatile market I don't think technical analysis will matter anymore in trading, we are moving in a complete dark room in trading. How many people in here believed in technical analysis of "expert" that has been come true til now? How many of us expected the price of bitcoin to skyrocket just before the halving? I don't think that TA matters anymore, I just don't.

I am in no way or shape saying that TA is the way to make money, but this is more like "all thumbs are fingers but not all fingers are thumbs" situation. Like if you use TA you may still lose money, but you could make money, if you do not use TA you are probably not going to make money for sure (unless you get super lucky). Long term destroys all of this though, if you buy bitcoin to sell 5 years later, that doesn't affect neither TA nor no TA, just become a long term investor and let your mind be at ease.

What I can suggests now which style to secure your profit in the future is to hold, no more no less that way you can guarantee a profit in the future but make sure that you are not going to need your injected funds just in case the market is not ideal to pull out.