Which is the secret to success in trading?

[XZERO1]

have a strategy, not everything is crazy, the best things is to take things slowly and think before acting.

That's absolutely true, there are tons of people that jump into different trades without having any strategy whatsoever and they don't even know when they want to take profit or take loss, and there's no surprise there that because of this it is very likely that they lose money in trading because they what their target/goal is at all, unless you really don't care about the money that you are trading with you should have a specific strategy for every single trade that you take.

not having emotion and having a cold and calculating mind, everything is going to happen only is to be a calculating person.

It all depends on how you handle your emotions while trading and that will be the deciding factor on whether you're going to make reasonable decisions based on facts or just choose what to do randomly based on your emotions and feeling at that time, unfortunately most people by default fall into the second category and only practice and trading more can make them more calm and put together when the time comes and they should make important decisions in their trades, one of those difficult decisions that you should make eventually when you're trading is that: whether you should take profit now or wait?, or the other one would be: should you cut losses or wait more, and without having total control over yourself and your emotions you'd make mistakes many times.

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[D ltr]

I prefer not to trade in just one coin, but trade multiple coins to minimize losses,
while the funds you have must be divided into two parts, first is the trading fund and second is the anticipation fund, the anticipated fund is useful for buying gradually when the market suddenly falls very deep.

[sarmrakib]

To succeed in trading we must have patience, do not rush to make profits when trading. Because chasing instant profit in trading
will only lead to losses, a lot to consider in order to determine the right purchase price. Do everything according to the basic rules of
trading, do market analysis first. After that we can determine the right strategy to be able to generate profits when trading. If the price
drops suddenly, don't panic, stay patient and wait until the price goes up again.

You are right, we should always analyze the market situation and also on which coin we are investing. Yes, we should be very patient in trading because without patient it is impossible to make a profit, day trading will work only to those who have trading skills and inexperience trader will lose their money in day trading and we should be cautious.

Both were saying my words what i have said many times on forum .We have to be patient when you are doing a trade .Don't sell it hurry and even buy as well .One more thing i wanna add which is you need to give up your greediness to make your profit ratio high .This is the mostly reason  to loose .So we have to careful on this .

[Dorodha]

Many people think about their own ideas and opportunities before starting a business. But before that they need to be mentally prepared to become entrepreneurs. Success as well as failure is a part of business and you have to accept this. In business you have to learn from this failure we have to be careful so that failure does not come later. In order to be successful in business you need to apply your knowledge and skills as well as work according to the plan. Any task will become easier if you plan before work.

[Kahoy01]

The holy grail is you! the way in order to successful is by developing our skills and improving our knowledge. We cannot develop our trading skills if we do not give ourselves to have a time to study a lot of ideas that we can use in order to become a profitable trader. The success comes to our inner selves first wherein we are prepared to sacrifice unnecessary things in order to become a better trader. We should also become a humble if we are new in the market in order for us to become aware to our mistakes and to know where area that we should improve.

[imstillthebest]

Trading is skill based, right? So the secret is to develop all possible skills that have a positive effect on trading.
To develop these skills you need perseverance and patience, which means that this is the secret. Move towards your goal step by step and you will certainly achieve the result.

it can be luck too or vice versa depending on the person that are doing a trade because there are those traders that randomly pick up a coin and hoping for the best of it but there are also those traders that are going for coins that are already recomended in trading .

 if skills was the basis to succeed in trading , it was easy because we can craft it but if its luck , that would be too hard  .

there is no secret in trading because the recipe to achieve success in trading was too common but its the effort that you are gonna put in it

[deandree]

Practice is the secret. Practice makes perfect. Practice with https://tradinggym.app

[Rebisco]

Knowing and able to understand the technical analysis is the most important in trading and for me a trader should focus on knowing and improving technical analysis skill. If you can able to read the chart where you know how to identify a trend, how to plot important levels and mastering some indicators can give you an edge in trading. A lot of traders do not  really have technical analysis skills wherein they are just entering without plan and it causes them to suffer in huge losses, if we have basic knowledge in Technical analysis then we can able to create a plan that can help us when it comes to executing our trades.

[k@suy]

To succeed in trading we must have patience, do not rush to make profits when trading. Because chasing instant profit in trading
will only lead to losses, a lot to consider in order to determine the right purchase price. Do everything according to the basic rules of
trading, do market analysis first. After that we can determine the right strategy to be able to generate profits when trading. If the price
drops suddenly, don't panic, stay patient and wait until the price goes up again.

But sometimes those learned skills of ours through our own experiences do not applicable at all times in our trading journey. I'd still believe in the power of luck which i bet matters sometimes as a winner. Though its a big advantage to take of having your own kind of strategies and techniques applying it in your trading journey but sometimes it doesn't worked the way we think it should be, and sometimes those are not enough to make sure that we will surely win this trading.

[matchi2011]

Knowing and able to understand the technical analysis is the most important in trading and for me a trader should focus on knowing and improving technical analysis skill. If you can able to read the chart where you know how to identify a trend, how to plot important levels and mastering some indicators can give you an edge in trading. A lot of traders do not  really have technical analysis skills wherein they are just entering without plan and it causes them to suffer in huge losses, if we have basic knowledge in Technical analysis then we can able to create a plan that can help us when it comes to executing our trades.

Good point. If you have this qualification and you keep enhancing your skills the edge is really high compared to those who doesn't have.
Simply being prepared and well organized will allow you to get good compensations.

Trading should be more on skills and not just like doing some gamble where you are risking your money in hope that luck will allow you
to know what's the winning pairs to invest in.

[hridoyb]

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.

Yes,I agree with you. Everyone has their own secret tricks so we just reveled this. Trading is the art of crypto so always follow your mind. Control emotion is the most important secret of success in trading.The maximum time we do not analyze project just follow other as result loss money.A trader must behave positively,don't panic easily.

[pankowri]

In my opinion and experience, I can quote something that should be needed to be successful in trading.
- Have patience.
- Set your goal
- Enough trading knowledge.
- Fund management system
- Available time to research
There are more but those mentioned are special to me and hopefully, those can work for you too.

[Lanatsa]

The secret of success in trading is to experience failure. Because that is a reason that you'll need to grow up, add some more knowledge, and to find strategies that will work with us together. Even in the stock market or any business, losing is a part of it, and by that mistakes, we are able to learn, a thing that helps us to think another in order to prevent the recurrence of such mistake.

Upon reading all comments this one caught my attention. I believe if there is any secret in trading it is definitely the experience of being a failure. Failure not only gives you a lesson and experience but makes you strong as well. I bet even those successful ones had this experience before and experiencing the failure makes them grow to what they are now. Being a failure implies that you are bad yet it makes you better. Heard the quote "Failure is the best teacher"? I think that will sum it all up.

You wouldn't learn if you wont accept and learn from those mistakes and if you are a type that do hate or being too perfectionist then you would most likely avoid this kind of situation

or would tend to leave without even trying hard to make improvements just because you are afraid to lose money.When it comes to secret to success then there are lots of factors

that should be considered and actively engagement with it will be one of the fastest route plus having those lots of trials and errors will really make you learn along the way
and of course mistakes and losses are part of it and that should really be accepted.

The dangerous phrase that we should avoid is "I know that" it doesn't matter if you are a beginner or professional because that phrase is a threat in your trading journey wherein you can become boastful even though you do not really understand what it is. As a trader, I able to understand why I keep making mistakes and why losses are inevitable. There is no really sure profit in trading where a certain strategy have 100% win rate. It is all about probability wherein if our bias didn't materialize, we have a plan in our risk management in order for us to not experience huge losses. Actually, it is good to make mistakes in our beginning journey because in that way we can understand that trading is not just about luck and skill. Managing risks are very important where we prevent ourselves to incur huge losses even though we commit mistakes in our execution.

Trading is an endless journey yet even veterans into this field does still continue to learn even if they had been engaging into the market for a while now.

There are still lots of things that should needed to be learn because due to unpredictability characteristic where it does mean that we will need sufficient knowledge.

On this world theres no such thing about absolute knowledge that you can know everything and this would really be a continuous journey that you do need
to learn every now and then to enhance yourself even more.

[doomloop]

I don’t think there is anything such as secret when it comes to trading, it is open and clear and anyone can do it . There are no secrets you just need to have the knowledge, if you have no knowledge on how you’re going to do it, then tell me how you’re going to be successful.

Technical analysis should be something that you’re pretty good at. And secondly I don see anything wrong with copying other traders, it’s becoming a normal thing these days and people are benefiting from it. That you’re copying someone else in trading doesn’t mean you’re going to be winning all the time or lose all the time, trading will always be risky and unpredictable at most. But copy trading is still good

[barbara44]

If you have this qualification and you keep enhancing your skills the edge is really high compared to those who doesn't have.
Simply being prepared and well organized will allow you to get good compensations.

Actually one must consider trading as a no-edge sports gambling so basically the better you analyze teams, the conditions and how many units you want to bet. Similarly in trading you determine which coin/token you want to invest, analyze everything about it and then do a technical analysis of the token along with fundamental analysis if you are aware and able to do that. The better you consider each point in depth the higher your chances are for having profits.

Trading should be more on skills and not just like doing some gamble where you are risking your money in hope that luck will allow you to know what's the winning pairs to invest in.

Gambling is bad when you are making bets on casino because you cannot use your skills and there is an house edge, imagine how easy and possible it would be for us gamblers if there was a sportsbook running without any house edge. Also sports betting has the element of analysis hence the house edge is much higher in sports betting as compared to other casinos' games.

[shide2020]

I think the first secret to successful trading is ''Passion'' many people failed in their businesses because they lack passion that will motivate them to carry out the business, even thou they lose and the ability of you introducing brand idea. It's all about risk, died or survive in trading.

[AakZaki]

The power of luck will not always be on your side. There will be places where you lose because you are not lucky. don't just rely on luck, because it can't be waited for and sought. The success and success of a trader lies in how smart they are to do TA and FA analysis and determine trading strategies. If you master all of them then trading will go well and give you lots of profits. Everyone has their own portion of luck.

[Majharul Saiif]

Anyone performs his or her work according to his or her style. That is why the matter of some secrets remains. However, there are not too many secrets. In my opinion, those who are patient are successful in any endeavor. Patience is included as well as a few more things. You have to the mentality of trading for a long time, you have to do an adequate analysis of the market, you have to a lot of knowledge, you have to watch all the news about trading. Lastly, those who are already successful in their trading life need to take dedication or motivation from them. All in all, maybe success is possible.

[SirLancelot]

I don’t think there is anything such as secret when it comes to trading, it is open and clear and anyone can do it . There are no secrets you just need to have the knowledge, if you have no knowledge on how you’re going to do it, then tell me how you’re going to be successful.

I can give an example how people who had no knowledge still became successful just because they trusted their decisions.

People who held their bitcoins when market was down, they might have no knowledge but they held their coins and their patience paid off as now they can easily sell their bitcoins at a huge price as compared to something they would have sold in March. Everyone was talking shit when Bitcoin was going down in March month and even the most knowledgeable guys sold their coins or part of the coins because the market was showing horrible signs so sometimes it is better to have no knowledge of the market and just back your decisions.

But I agree for a regular trader it is important to have the knowledge of what you are doing and how you are going to approach your trading, not everyone has the capacity to hold long term and not everyone has the brain to reap profits in short term buy/sell.

[Mahanton]

Success would particular talk about;

• Hardwork, patience, effort, mistake acceptance, doesnt chase up losses, always stick to plan.

When it comes on secret then theres no secret but there are characteristic on which someone should have because you wont survive into this market
if you do lack these kind of mindset or qualities then expect yourself to fail.