Which is the secret to success in trading?

[Insanerman]

investigate and have knowledge of the company that we are going to buy, its stock or currency that you are going to trade

Actually, stock market is the only market where you can investigate a company. Fiat currencies ofcourse depends on the economy of a country and how they manage to have a good import and export that would affect their fiat. Meanwhile, cryptocurrencies are often decentralized, in which no one can even speculate if such currency can be good for a longterm or not. Some companies are having their own crypto, but mostly for a purpose that wouldn't affect their shares nor them having any control of it (IF decentralized). Hence, trading success can only be measured by experience of how often you lost and how often you stood up from such loss.

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[Shasha80]

Some of the advice you give in the opening post can indeed make us successful in the world of trading. So a strong commitment is
needed in order to carry out all the advice that has been mentioned in the opening post properly. Especially having fixed paying
jobs is a very important point in order to have money to invest according to our ability. So we can use the money that we can afford
to lose, and can avoid using borrowed money for trading capital. Because the risk of trading is quite large, we should not use all our
money for trading, if we don't want to lose everything.

[Janation]

have continuous monitoring of price values.

I think this depends.

It is true that there are a lot of people that wanted to see the price changes of Bitcoin but there are some, usually, the ones with weak hands, that I think have anxiety might make wrong choices. If you wanted to hold your investments for a long time, I think you don't need to check sites every now and then, it might just give you some scares that would lead you to wrong decisions.

[fishbonez11]

In my sense, the secret of success in trading is the observation of market conditions. It includes risk management, experiment on price index, portfolio management, Keep patience, having the power of taking a loss, strong determination, be strategic, etc. This all will help to be successful.

Trading can be strategically executed, I've seen offers and been offered by someone to study the trends and the common patterns of trading. Obviously, this could not be true all the time but I think it can help. Since the price is made by human, it can be studied; there is always a natural behaviour in us and this may reflect on the price. The price reflects how trader behave when seeing a price thus we can really study and make a wise prediction on where the price will go.

[Distinctin]

I've found nothing but just our knowledge and skills.
Coz anyone that will go into trading without these formulas will surely end up losing. Learning from our mistakes, expose trading experience are also ways to enhance our knowledge and develop skills.

There is no instant way of learning to trade and there is no instant way to succeed. It only comes to us if we wanted to pursue our goal and willing to learn despite the challenge we meet along the way.

[LUCKMCFLY]

I recommend that you mainly read books by large market speculators, for example: Richard Wyckoff, Jesse Livermore, they have helped me a lot, they are focused on the stock market, but their theories are totally applicable to the Bitcoin market, their advice is unique I also recommend using the tools of the exchanges very well, medium and long-term trading is usually the most recommended because it gives you the opportunity to react to market movements.

Always follow your plan, do not mess up, do not gambling in trading.

[tbterryboy]

There is nothing that could be considered a "secret" in trading anymore, everyone who knows a bit of trading already started to give their tips and tricks on how to trade, all the basics and fundamentals of trading has been shared, thousands of books written, millions of courses created, countless videos shared so far about it.

So, I can tell you that whatever you want to know about trading has been already published and shared and you could get them with few clicks of your finger. Obviously even with that much knowledge, people could still lose money, everyone could lose money in a market, it is not about losing but more about profiting more than you lose. You could buy Acoin and make 100 dollar profit while buy Bcoin and lose 50 bucks, that is fine, just don't do the opposite.

[death69]

It is easy to conclude something from our own experience. But achieving it is a much harder mission. You can not be patient or have a cold heart after a few trading. We are human and we all have emotions which drive us crazy from the inside. I mean, being a trader does not easy like it seems to be. You have to be your own boss, your own master, there will be no mentor or leader to guide what to do and where to sell/buy. It likes having a company with one employee: yourself

Despite trading for more than 1 years, I often feel frustrated with trading. I always daydream being self-disciplined and become a successful trader. But it seems that the task is taking more efforts that what I imagined. Though, I will not quit gambling. It is an escape from my normal life, normal job and become an extraordinary person. 

[chanler]

I don't think what you explained above is the secret thing to success but a common thing that people do in trading. If you want to succeed in trading, sure you need to do complex analysis, continue to learn, update information every time, use proper strategies, and do other serious efforts. It applies to all traders, not only the beginners or newcomers, even experienced traders must do all the efforts as well.

[boyptc]

I don't think what you explained above is the secret thing to success but a common thing that people do in trading. If you want to succeed in trading, sure you need to do complex analysis, continue to learn, update information every time, use proper strategies, and do other serious efforts. It applies to all traders, not only the beginners or newcomers, even experienced traders must do all the efforts as well.

Experienced traders know what they do. Even the most complez strategy, they might have tried and experienced it.

While the new traders, if they are impatient enough to gather experience. It will take time for them to succeed.

[justdimin]

This is what I learned from my experience, I hope these things will help you because it has helped me to know what to do in each situation.

It will help any trader for sure but I am just curious how deeply these experience and knowledge have helped you so far? Because, you have mentioned about your experience on trading which makes me to assume these points are from your experience and NOT just from books and videos. Hence, it would be more helpful to this community if you share your real time success story out of making use of those "secrets".

I always daydream being self-disciplined and become a successful trader. But it seems that the task is taking more efforts that what I imagined.

Your patients will pay you for sure. Keep dreaming and keep working on finding solutions to achieve your dream. Being disciplined and sticking with predetermined trading plans is always a wish from every trader but only pro traders are making it possible. If you keep working hard, you will be a pro trader one day or other .

[lkjhg]

You have to be patient if you want to be successful in trading, trading is not something easy,
even though you are an expert, you also have to still learn, one of which is to learn from mistakes,
and that's the key to success.

[KnightElite]

The secret is just grinding 7 days a week while working vert hard, I'm obsessed with learning and it is the reason why I keep studying more than 5 hours a day. For many people thinks it is hard but for me it is not because I love what I'm doing. You can never become successful in trading if you will not become excited and obsessed to the new information that you can get. Learning is a process and you cannot learn trading by just spending 1 night studying. It take a lot of time before you master a certain setups. Do not skip learning process and you can become successful in trading bland also by becoming obsessed in new information.

[cheezcarls]

This is my opinion, from my own experience and knowledge of the subject from executing many operations.

 

investigate and have knowledge of the company that we are going to buy, its stock or currency that you are going to trade
be analysis of graphs and know how to read trends.
trust yourself and do not copy others, because the other can be wrong.
be patient not everything is now, sometimes you have to endure so that you can reward it.
have continuous monitoring of price values.
have a strategy, not everything is crazy, the best things is to take things slowly and think before acting.
not having emotion and having a cold and calculating mind, everything is going to happen only is to be a calculating person.
always be aware of everything new, news, technology and more. the more updated the better.
have variety, not commercial with only one I recommend having a portfolio of investment variety.
the most important thing to have a fixed-paying job to invest, do not put all your money because you can risk losing everything.
 

 

This is what I learned from my experience, I hope these things will help you because it has helped me to know what to do in each situation.

For me, the real secret of success in trading are both knowledge and risk management. Despite that the cryptocurrency market is unpredictable, we must have knowledge to learn about the basics of trading such as analyzing the support and resistance levels, movement of chart, candlesticks and so on. And of course, you can’t be successful in trading without equipping yourself with proper risk management. You need to acknowledge that once you’ve engaged in trading, accept that there will be risk of losing money. Just invest and trade what you can afford to lose.

[LimLims]

In my sense, the secret of success in trading is the observation of market conditions. It includes risk management, experiment on price index, portfolio management, Keep patience, having the power of taking a loss, strong determination, be strategic, etc. This all will help to be successful.

Trading is neither planned.
It's always predicted, yes proper and calculated predictions can help you to earn more or if your luck is not good, then can help you to face only small loss.

So the secret of success in trading is observation and market analysis.
If you learn both then no one can stop you from winning.
Just make sure don't be greedy and always watch the market whenever it's possible.

[bittraffic]

It's no secret anymore you just revealed your secret.

One thing I learned from someone who did it well since 2017 was to just trade on a long term like weekly chart and see the RSI before buying. It's always easy to just learn the overbought and oversold and then trade, nothing else to learn when you invest for long-term.

[wxa7115]

Knowledge in trading can definitely mitigate your losses, but I find experience as the essential formula to a successful trading career.

You can always read books, watch videos, and listen to people about learning to drive but you will never learn to drive one until you actually experience it first hand. Same as trading- you will better understand it more once you have actually tried and started trading your cryptocurrencies. I also advise to have a mentor (if possible) so he can monitor your progress as time passes by.

Lastly, try to allocate your resources by both short and long-term goals for a clearer goal to reach. Trading can be relatively difficult but if you exert tremendous effort, it will all be worth it in the long-run!

This is a very good analogy and one that I think holds true, it is precisely because of this that I think that as a newbie the first thing that you need to learn is money management skills, this way in the case you make a mistake, and as a newbie you are going to make a lot of mistakes, the mistakes are not going to be big enough to wipe out your account, you will lose money of course but not that much and once you begin to get experience and you keep getting more knowledge then you will finally begin to see success as a trader.

But this is a long process and very few people have the patience to wait for months or even a year in order to begin to see any kind of results and that is when they try a risky strategy and lose it all in the blink of an eye.

[ShowOff]

The secret to success in any activity is determination. In bitcoin investing, of course, you agree that buying low and selling high are successful ways of making a profit. Now to determine when we should start buying, we need knowledge and without a strong determination, of course we cannot determine when it is.

But this is a long process and very few people have the patience to wait for months or even a year in order to begin to see any kind of results and that is when they try a risky strategy and lose it all in the blink of an eye.

A friend told me that he had lost a $1K trade in just 3 days because he couldn't hold on when the price dropped. Though volatility is commonplace and will soon recover.

[Yatsan]

If you really wanted to gain success on doing trading, of course you must be able first to make yourself be knowledgeable enough and do not let yourself be ignorant or left behind into certain information you must know before starting off on doing trading. Trading is a serious matter for you are aiming to gain profit while lessening the probability of gaining loss through basic knowledge and strategies that are suited for that specific situation. Loss is the most common thing present upon doing trading most specially at this kind of industry that we are currently in with. Loss can be handled if you certainly know your asset or the currency where you have decided to do trade with. Upon assessing and analysing how things work, you can be able to strategize on dealing with circumstances. Also, as a responsible trader, you must always be updated on the current trends for it somehow affects the behavior of the prices which can also be another contributing factor on the price change.

[seleme]

Losing everything means the trader has no capacity to control his emotions because going all in a single trade is equal to a lack of risk management. The perfect trading strategy doesn't exist and finding the strategy that suits the personal trading style of traders can give a better ROI in the long term. Buying the trading mechanism or bots from other traders can be another loss for the trader if he has no idea how to manage the risks with proper money management.