Tips for Trading

[Hobo66]

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

[Sterbens]

not only for new traders, because we often get caught with these mistakes. I think this also applies to those of us who have been trading crypto for a long time since 2015.
thank you this seems to give me a warning, that both new and old traders, in trading still have to be careful in taking action and always control emotions.

[palle11]

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

I also support this points my friend  These points that I have quote will help even a newbie trader to have a successful trade. Stoploss is important to include in trading because it gives the assurance that you still have balance left. And I like you saying not loosing money is more important than making profits. I will drop my smerit.

[Issa56]

I really agree with your write up some people think trading is just all about buy and selling a coin that's why must people endup losing there funds. There are lot's of things you have to know first before going into trading and must of them are already listed above. The first thing you should avoid in Cryptocurrency is borrowing money to trade never borrow money to trade and always invest what you can afford to lose.

[carlfebz2]

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

This isnt something that you can do it directly with just your first try out in dealing with the market.Your experience will be the once will be teaching you out and realize off
things along the way.

and this common line you bolded. Not Loosing Money is more Important than Making Profits.
When you are dealing with this market then its just normal you do make your best on not to lose money but some are way too perfectionist.

[nelson4lov]

~

These are really good thing that applies to traders at any levels and not just to newbies. The only difference is veteran traders know this already and applies them to their trading plans and setup. Learning how to properly manage one's trade when faced with an uneasy situation. For instance, after all the TA and price prediction, your trade starts going in the opposite direction and you panicked, closing the trade abruptly. Afterwards, the price moved up in the direction you originally instead for it to happen. Now, you lost money and what's worse is that you were right.

Trading is an easy profession. I see a lot of newbie users skipping lessons and go ahead to take up high risk trades. Trading doesn't have to be a gamble. You just have to understand how the market works, enough to make money from it.

Btw, @OP great tips you got there. Kudos for sharing.

[sheenshane]

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

I tend to agree and if everyone doing this, I don't think who will be the loser after all.  If this is will easy to apply, well I don't think the same easy to get profit.  In the world of trading, there will be always a loser, as they say, when there is prey there should be a predator and it seems bad with this cycle if our path in trading will turn out as a predator and it is also impossible if everyone will become prey.

In addition to your suggestion tips, OP here is mine.
- Stick to the plan and use trading chart and patterns-

All of these are pretty common to hear on this forum, I always repeatedly seen tips like these but it really hard to acquire even on your own.

[Twinkledoe]

Pretty basic things and common suggestions when it comes to trading tips but the hardest part is on how to imply or apply it on oneself.

I tend to agree and if everyone doing this, I don't think who will be the loser after all.  If this is will easy to apply, well I don't think the same easy to get profit.  In the world of trading, there will be always a loser, as they say, when there is prey there should be a predator and it seems bad with this cycle if our path in trading will turn out as a predator and it is also impossible if everyone will become prey.

In addition to your suggestion tips, OP here is mine.
- Stick to the plan and use trading chart and patterns-

All of these are pretty common to hear on this forum, I always repeatedly seen tips like these but it really hard to acquire even on your own.

Common tips but when you are facing the actual situation, you tend to have a different decision. As it depends on your feelings at the moment. You can't really follow those tips when you are already in the situation. Ask those tipsters, and guess, they are also making the same mistakes over and over again. As a trader, I guess we need to experience those mistakes before we can make up our minds to do what is necessary.

[GreatArkansas]

- Don't trade more than you can afford to loose (Specially Bitmex).
(....)

Why you mentioned Bitmex? You can lose money in any exchange even in spot trading or futures trading, risks are don't depend on an exchange.

Additional for the best tip is having a risk management, controlling position size, based on the risk and reward. You can't be a billionaire in just one night, it takes time!

I am super agree on the second to the last tip by OP, it is reality and the best thing to do when you are trading..

[crwth]

One in particular that I have something against the "trading against the trend" is how you will determine the trend. Most of the time, people are not aware or knowledgeable towards determining what market we are in now and what steps there are for trends. And then some people don't understand the necessity of it too.

A better approach to trading is to make sure you aren't going to be washed up by the waves and stay as long as you can towards the finish line (if you ever set it). Stay consistent and be emotionless.

[maxreish]

Having a goal profit is most likely be effective. Of course, greedy attacks and we can't deny the fact that we wanted more profits  but if we stick on the set % profit then we can atleast be safe on unexpected losses.

Stop loss is also important, though I sometimes forget to set up stop loss but this is a big help to minimize the whole liquidation. Let me also add that "[bChasing losses isn't good][/b]". You can recover losses not by chasing it right away but by acquiring profits slowly.

[Reid]

It's the basics but should not be forgotten even by veterans.
There are times we tend to forget to use the same basics over and over again because we want more. (Greed)
It happens mostly to those who think they knew a lot already.
I admit I am also guilty of that.
Thanks to this forum though it reminds me to go back to basics. Be a newbie again. Protect your capital.

[tranthidung]

• Don't make loans for trades if you are not professional as the pressure of loan interests and expiration might cause wrong and terrible decisions.
• Use Stop limit orders to trigger your stop loss orders
• Use Positive Stop Loss orders to prevent any Profit Steals. If the market crashes, you will manage to earn profits. 5% or 2% is still profit, not loss.
• Some good topics
  
  • One of the Best Weapons in Trading
  • Bitcoin Support and Resistance for dummies
  • Fibonacci Retracement for dummies

[maydna]

That tips will be for all traders and not for new traders because if they don't follow those tips, I think they can't make a profit and hard to trade. You need always to manage your emotion in trading because that can trigger you to get greedy to chase profit. If you still try to chase profit, you better analyze deeper to find if there is a chance for you to trade more or stop for a while because that will depend on the market movements. That tip is the basic tip for all traders, but unfortunately, we always forgot about that because we want to make a bigger profit.

[Wind_FURY]

OP, my golden rule, when confused, and in doubt, zoom out. See that Bitcoin has always been on a path of price discovery higher. How high? I have always said a 6-digit valuation per coin.

[ice18]

"- Never Trade against the Trend"  This is the most difficult part to analyze in the world of trading especially if you enter any trades without enough knowledge the most common mistakes of new traders thats why a basic understanding for TA/FA is really needed before entering trades this may saves a lot of money to new traders who wants to earn thousands in just a day of trading activity.

[Joyawan13]

For new trader i want to share my experience. Follow and hope you will enjoy it.

- Don't trade more than you can afford to loose (Specially Bitmex).

- Do not FOMO buy. (Fear of Missing Opportunity)

- Do not FUD Sell. (Fear Uncertainty Doubt)

- Take Profits Out Often, Don't be Greedy. (Put Stop loss in Profits to book it with steps.)

- Accept Stop Losses. (-7% is better then -30%)

- Never Trade against the Trend.

Not Loosing Money is more Important than Making Profits.

but most of them as day traders, of course, will not be separated from their greed disease which of course in the end they certainly get a loss, someone is not satisfied of course when they get a profit of 2/3% of their trade, but on the contrary suppose there will be a decline and they - 7/15% of the trades they do they don't want to stop / selling and allow a little loss, because they certainly hope that there will be even higher gains soon, but their speculations and predictions are just the opposite, suddenly experiencing a very rapid decline and resulting they panic and just sell even though they will suffer a lot of losses.

[passwordnow]

- Do not FUD Sell. (Fear Uncertainty Doubt)

Most difficult adversary for most traders and holders. When I was new, I used to sell out of FUD. The news comes to bring FUD, I'd sell because it brings out my emotion to be fearing that it'll go to zero soon. But it tends to be a false feeling and just being hype because of those articles. It really moves us and it's hard to remove it from the beginning until you get to experience many of it and overcoming it through remaining strong to the market and avoiding selling, this is the same as panic selling.

[Oasisman]

I've heard and read a lot like a million times of this common tips to avoid lossing a lot of money while trading. That's actually easier said than done.
Well, I guess it's still an essential part for the traders even If they're lossing money while on the process of mastering the art of crypto trading, experience is the greatest teacher they say, which also does make sense.
What's really effective to avoid lossing excessive amount of money while trading is learn how to use a stop loss function, and of course trade what you can afford to lose.

[youdacapt]

For new trader i want to share my experience. Follow and hope you will enjoy it.

Not Loosing Money is more Important than Making Profits.

A regards this, i think as a trader you should not be scared of loosing money; because how can you trade every day without a record of loss? Instead a trader should realize that making more profits than losses is vital; and this is were emotional balance and stop loss comes into play, Always do your researches too; and take a loss in trading as a lesson instead of a loss.