Don't stay on with a wrong trade

[Atek33]

I think every good deed has a bad deed in the same way if you are trained and if you are a good trader you can have a good income but of course in trading you can have some mistakes every trader  Making small mistakes, of course, I think trading can be a block for you, but you should not pay too much attention to it.  Think about how you can make a profit in the future

[Yatsan]

We must do always set limitations on how long can we wait and endure seeing the coin we believe to make a come back can really make it a point to regain from its loss. It will not always work on dealing with a coin that have no hope at all. Better to keep on going by letting go such kind of coin and find other potential coin so you will not already be wasting your time waiting for that coin to make a come back. If it is really meant to be, then it would be. But always do consider to keep moving forward no matter what for the reason that your aim on trading must gain profit and not to earn losses. You must cut your losses by the time you see no progress after a long period of time just to be able to save and make use of your remaining fund in that coin into much worthy trade.

[Clement Kaliyar]

No one is perfect! You can have a high success rate, but there's no 100% I believe!
I think cutting losses is alright, but not with Bitcoin... simply Bitcoin always recovers and makes new ATH! Sometimes you need to wait a bit longer for that, but that happens!

There is no method that is having hundred percent success rate but you can make the decision on not to sell at a loss.
You can cut losses if you are in any other market but with bitcoin you can hold them if you are at a loss but that cannot be said with any other coin in the market.

When you cut losses, it can be a wrong thing sometimes, you sell it but the price bounces back, and what did you do?! You are short!
So any trading strategy can be good if you use it at the right time! I guess you just need to keep it simple as you can and don't overthink it, it will cause more troubles than benefits!

I am not a day trader and if i am selling the coins i will make sure that i will get the maximum profit and i will never keep a stop loss now, but a few months from now or at the end of the year i might put a stop loss to book my profit as we expect a major correction but not any other time simply because of the high volatility.

[Julien_Olynpic]

I think that the rules given by the author are good only so as not to quickly lose your deposit. But with such rules, you can only earn by chance. Why? They offer too few benefits to the trader.
    There is such a thing as a long series of failed trades. How to be in this case? Exiting the trade by stop loss will lead to a slow loss of the deposit. Often, the stop loss does not provide an opportunity to wait out the position drawdown. And often, after exiting a position by stop-loss, the price moves in the direction you need, but without you.

[cyriljundos]

actually traders are in wrong technique sometimes when the coin is slowly pumping they sold their coin with the least percentage and sometimes many traders buy a wrong coin and starting to lose their investment, short trades and cant hodl most of the time common error of trader

[palle11]

And the most important thing
in crypto trading is to maintain patience, because sometimes the market does not go according to our predictions.

I don't think patience is the most important thing in trading, patience IMO has always been a great attribute of holders and they should have it at all times. Investing is when been patience should come into the picture, a trader should be smart since his profession revolves around trying to outsmart the market.

While been patience can also help in trading but it shouldn't be emphasis on since it can cost you big time, remember you're not investing into the project you're just trading it. A trader should never get attached to the project they're trading, all you should be concerned about is profiting from that particular trade which is why if the trade isn't going your way, you can option out like what the OP is suggesting.

Thank you here. Talking about patient, it won't get you anywhere if you are already in a market that is losing and you are being patient for you to regain your losses. You may keep losing and lose all.
Like @CryptopreneurBrainboss said we need to remember this is about trading not hodling. These are different systems and are handled differently. Patient can be good before filling your orders, you can be patient till you get the best signal to go in and if you go in, patient becomes replaced by decision to continue staying or exiting. Use stoploss instead of patient in trading.

[Inkdatar]

Lack of knowledge and also not wanting to learn makes so many people who want to become traders have to lose money. it takes time to be able to trade optimally. this is not an easy job because here we are risking money. if without analysis we are only gambling on the market without having definite knowledge. Especially with the current price increase, I think many people are starting to buy for investment.

This is why others loss their money because of lack of knowledge. When we want to achieve something in crypto or we want to be successful we have to learn the process in order for us to earn. Yes trading is not an easy job because of the risks that price are volatile so above steps is imporant to apply a stop loss to avoid loss.

[tvplus006]

...3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.

Using a stop loss does not always lead to the correct result. Very often, after a sharp movement, the price instantly recovers to the previous one. In such cases, if you use a stop loss, your order will be closed and you will record a loss. My opinion is that it would be more correct to close the order yourself, after the price is fixed below the support level or above the resistance level.

[redsun114]

Lack of knowledge and also not wanting to learn makes so many people who want to become traders have to lose money. it takes time to be able to trade optimally. this is not an easy job because here we are risking money. if without analysis we are only gambling on the market without having definite knowledge. Especially with the current price increase, I think many people are starting to buy for investment.

And another important thing is that they think it is so easy to make money, like they "found something that will 10x and make them rich" and invest all-in and think they will get away from every problem in life regarding economy. If it was that simple, don't you think that everyone would be rich right now, if the path to success and wealth was that simple, don't you think all 7+ billion people in the world would do that same thing?

I mean what do you think other people do "oh no thanks I do not want to be rich" and just deny it? It is not that simple, and those people who do not want to learn, study, get better, train and practice for years just think that it is that simple. The path for being a good trader comes from years of expertise and only after that you start to make some money from trading, if you are looking for a shortcut you are not making any sense at all.

[imstillthebest]

but why will we stay if its wrong  .
if i know that its wrong i will correct my mistakes imediately because im not rich to afford to loose big by staying on a wrong situation for a long time but for a new trader that isnt aware that his trades are wrong i guess that was okay at first but eventually he need to get aware of it because if he experience it again and again ,
i guess that is not acceptable anymore for him because he is the one that is loosing and also for the people around him that sees it because they can also feel bad about it

[wxa7115]

It seems that even the more knowledgable people can find themselves at a cross road with their investments. And I start seeing this more often now, people, get attached to the coin or have the hope that it will turn green and wait.
Meanwhile everything else is pumping...

It's a difficult one to sit on, because nobody likes losses or going out with barely any profit but these are hard decisions we must take, and as OP suggested there are a few ways to minimise these but also their timing is just as important.

One thing that I have notice is that a great deal of traders are somehow obsessed with being right instead of being obsessed with making profits, which is somewhat surprising if you ask me, instead of focusing on how much money they have made they concentrate on whether they are right all the time when predicting the market and this is a dangerous attitude to have.

And this is because as we know we all make mistakes so once the markets goes against you instead of simply accepting the mistake they made and move on they try to prove the market wrong and demonstrate the market they were right all along, and once that attitude takes hold it is just a matter of time until the trader losses a lot of money as there is no way a single trader can oppose the whole market.

[lixer]

I think every good deed has a bad deed in the same way if you are trained and if you are a good trader you can have a good income but of course in trading you can have some mistakes every trader  Making small mistakes, of course, I think trading can be a block for you, but you should not pay too much attention to it.  Think about how you can make a profit in the future

The truth is that even the experienced traders fail to make money consistently, not all but some. Being a passionate trader, I have always been in touch with a lot of traders on telegram and joined many groups, half of which were scam but one thing I learned from all my experience is that even the best traders suffocate when the market is down and when the market is bullish then even the worst ones make easy money. It more depends on what time you are trading then how experienced you are with trading.

Of course having experience helps because it makes you stand strong in times when others would panic but having experience doesn't really guarantee you success at all.

Holding for too long a coin that's useless might look foolish but ask doge coin holders, they kept the faith and Musk paid off.

[redsun114]

Lack of knowledge and also not wanting to learn makes so many people who want to become traders have to lose money. it takes time to be able to trade optimally. this is not an easy job because here we are risking money.

Everyone wants to learn, there would be hardly a single guy who is trading for years but denies to learn. Yes some are slow learners while others are fast learners but everyone wants to and ultimately learns when trading for years.

I have done what you wrote, I always apply stop loss and it becomes a profit barometer in my trading. so it can help to reduce losses and can also help to start a healthy trading start. very useful stop loss site

Stop loss can help you minimize loss, but it might also snatch away any chances of recovery and there is always a debate whether we should hold a coin and wait for the price to recover or we should sell it without being too greedy, I always think if there is even a slight glimmer of hope, then just wait and sell your coins for the best possible price.

[LUCKMCFLY]

Lack of knowledge and also not wanting to learn makes so many people who want to become traders have to lose money. it takes time to be able to trade optimally. this is not an easy job because here we are risking money.

Everyone wants to learn, there would be hardly a single guy who is trading for years but denies to learn. Yes some are slow learners while others are fast learners but everyone wants to and ultimately learns when trading for years.

I have done what you wrote, I always apply stop loss and it becomes a profit barometer in my trading. so it can help to reduce losses and can also help to start a healthy trading start. very useful stop loss site

Stop loss can help you minimize loss, but it might also snatch away any chances of recovery and there is always a debate whether we should hold a coin and wait for the price to recover or we should sell it without being too greedy, I always think if there is even a slight glimmer of hope, then just wait and sell your coins for the best possible price.

The last thing I have learned is that great traders and investors never use stops or take profits, they are always in the market, of course, they position themselves in the only two ways to take advantage of the market, one long and the other short leveraged, it is a risky technique but it always allows you to be in constant movement of money and you never miss market movements, even to take profits they do it at any time. This is already something more professional and I have no idea very well how it is done, but this is a total reality.

[Xinarae*]

A wrong trade puts the trader at risk if they trade without knowing anything about the market they lose everything and spend the day. A successful trader will never trade without a good market analysis they are at a loss but try to minimize the damage in the next step holds are not limited to one place by constantly analyzing the market the business trades and increases the amount of its own capital. They learn slowly and move forward using their experience wherever the market goes successful traders can take risks.

[TheUltraElite]

actually traders are in wrong technique sometimes when the coin is slowly pumping they sold their coin with the least percentage and sometimes many traders buy a wrong coin and starting to lose their investment, short trades and cant hodl most of the time common error of trader

The terms "wrong technique" "wrong coin" are subjective.

How a person wants to sell to make profit is their personal choice. I would prefer to sell in fractions as the price keep going up so I can milk out every part of the wave but someone might not be willing to follow that, does not make them wrong.

Coins though, I would say other than bitcoin anything else is a waste of effort and money. Still some altcoin trader might make more profits than bitcoin maximalists. So you cant argue there about their foresight.

It needs to be a mix between hodling and trading actively. Buying at the wrong time is the most common mistake done by many traders.

[Pamadar]

actually traders are in wrong technique sometimes when the coin is slowly pumping they sold their coin with the least percentage and sometimes many traders buy a wrong coin and starting to lose their investment, short trades and cant hodl most of the time common error of trader

The terms "wrong technique" "wrong coin" are subjective.

How a person wants to sell to make profit is their personal choice. I would prefer to sell in fractions as the price keep going up so I can milk out every part of the wave but someone might not be willing to follow that, does not make them wrong.

Coins though, I would say other than bitcoin anything else is a waste of effort and money. Still some altcoin trader might make more profits than bitcoin maximalists. So you cant argue there about their foresight.

It needs to be a mix between hodling and trading actively. Buying at the wrong time is the most common mistake done by many traders.

In times where the market is not moving according to how you percept things.

There's always incident that you encounter wrong position, timing is  very important making small mistake affects the entire process. it's not an easy task as experienced plays a big role each time you assess and take your position. This volatile nature nature around can either be your friend or nighmare once you mistakenly place your investment to the wrong projects.

[tvplus006]

The biggest mistake in trading is to re-enter the trade after a closed stop loss. This usually happens for the sole purpose of recovering what was lost on the previous deal, and it is most similar to a casino when the loser tries to win back. Before opening a new deal, you need to analyze the reasons why you lost your money.

[Kasabus]

A wrong trade puts the trader at risk if they trade without knowing anything about the market they lose everything and spend the day. A successful trader will never trade without a good market analysis they are at a loss but try to minimize the damage in the next step holds are not limited to one place by constantly analyzing the market the business trades and increases the amount of its own capital. They learn slowly and move forward using their experience wherever the market goes successful traders can take risks. It can't be perfect but at least, we are near to that.

We must have to prepare ourselves before then. Many traders come into crypto trading knowing nothing, they simply know how to buy and sell but the most important is to know when will be the best time to do those things.

1. Stop the trade:

This is the best option to do. We should not force ourselves if we know that we can't able to perform well in trading. Because the more we got into trading, the chance is also big that we still at lose. Maybe it was common-sense for everyone (and I hope so). May learning will help but we can't imagine how much money we lose before we correct our mistakes.

[geegaw]

Some trades we take are in wrong direction but because we want to be hopeful that it will come back to profit, we allow it and it close against us. If we keep doing this, it is the exact opposite attitude of someone that wants to keep their initial capital.

There are steps you can take to reduce the loss before you lose every thing or it get to your stop loss and such is

1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.

2. Use of stoploss all the time: This help your losses to be minimal.

3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.

If you find some coin which you had invested is not a potential one.Kindly get back your step.Take decision was a important one in the trading.Some less potential coin get drain all your money.So it's better to convert your coin to bitcoin or USDT ,when you come to know it's not a worthy for your money. Setting back is not a cowardness.Sometimes it's essential one.

I very much agree with you when in the past I was very obsessive about holding, I almost always maintain a maximum patience with the tokens I choose even if someone else has said it is not potential, even in leverage trading, the same mistakes come to me very often, always hold until that token is forced to liquidate and the account burns out hard on a very nice day. Setting stop loss and turning back, even accepting we were wrong is never the plan of the cowardly, cowardice is when we are wrong, but we continue to follow that path to prove we are not wrong