Don't stay on with a wrong trade

[maxreish]

I somehow wait for that little hope that my entry will still be at profit. But, many times I failes that part. That is why I strongly agree on this part.

1. Stop the trade:

Since stop loss was need to be triggered on my entry there is one scenario that Ive waited and readjust my stop loss price so it will go bounce back. But that's if only our TA shows that our entry is right. But things are still complicated and what I do now is to confirm it in different Tf and in different indicator. If obviously trap in a wrong market price, stop the trade and reentry is a good choice.

[XZERO1]

It really depends on the condition of the market at the time and the fundamental of that coin, for example right now you could throw a dart at a dartboard that includes coins/tokens name and buy whatever it hit and wait for a while and make profit out of it, but it gets harder as the market get more bearish.

In my opinion you should obviously use stop-market at all times, but the question is where you put your stop-loss order, in a bullish market it's better to not use tight stop losses and place them where if that price hits that uptrend is pretty much is done for, but in a bearish or neutral market it's better to place them closer to your original entry price, in other words the more you're positive about that coin/token future price, the lower you can place your stop-loss, but don't ever get too positive about the market that it influences your decision on whether you should put a stop-loss or not.

[Sebas.tian]

Here are some of the things you need to understand  not to trade wrongly:
• Information: As a trader who want to remain efficiently in profit making must try to know how to access the right information from the right sources before trading. With good information you heard can make you far from wrong trade.

• Planning: planning will help you as a trader to always monitor the market price, so that you will not trade in the wrong time that will lead you to failure.

• Season: It is good you really understand the season of the market before trading, for you not to experience negative things in your trading.

[isaac_clarke22]

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.

I just did #1 and never went back. My first day trading experience was hella emotional rollercoaster and I wouldn't forget that crap really happened to me and I have no means of recovering my trade because of my panic reaction back then.
I guess I should've learned sooner the stop-loss strategy.
Oh well, another journal entry for my Trading Diary .

[Innerpumper]

I think besides that the channel and also the news can be petrified. Some of this time I traded by looking at the good news and a little technical it really went up. And there haven't been any big losses at the moment. because trading must be properly patient and thorough when entering. If we have analyzed correctly only a little potential loss and will be more profit.

[redsun114]

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.

This is actually very important and I learned this the hard way by facing quite significant loss when I just kept a coin for too long in hope that the market will recover and I can at least get the value for which I bought them. But I was new that time and failed to analyze that the project was dead and nothing was being done to improve the value or pricing of the coin and all the promises being made in their telegram group were fake and empty.

For anyone who by mistake purchases any such coin or token which you think is not going to develop into anything and the value will keep dropping, in that case sell the coin as soon as possible. But yes at times there will be a pump before the coin ultimately dies, so if there are chances of that happening, just use that opportunity and come out of the market.

[Lanatsa]

I think besides that the channel and also the news can be petrified. Some of this time I traded by looking at the good news and a little technical it really went up. And there haven't been any big losses at the moment. because trading must be properly patient and thorough when entering. If we have analyzed correctly only a little potential loss and will be more profit.

When doing trades then using up some fundamentals and with some mix of technical is much more better rather than on using pure technical alone.

It depends on which one would be effective or you do seem that it is most likely to happen. Profitability does really depend on how well you do deal with the market.

When you commit out mistake or make yourself caught on a hard situation then these will depend on how decisions you would take.
It all matters on risk management and making out decisions.

[livingfree]

Avoid applying emotions on your trade.

This is my biggest mistake when I was a newbie in trading, I became greedy and always hurt whenever I lose money, i got hype before and that’s not good in trading as you realize after losing money. There’s no such thing that you’ll always win in trading, you have to accept that you’ll lose some and you’ll earn some. Keep learning, have your best strategies always and stay consistent.

It happens to all of us.

Good, expert, new traders.

That's part of trading when we're looking to our trades because we are mostly thinking that it's going to be worthy if we wait a little bit longer and become greedy.

We're looking for a better gains but that's a proven wrong decision sometimes. It depends to the cryptos we trade and we buy and how long we're going to drop it out of our stash for profits.

[DarkDays]

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.

[lienfaye]

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

This one is a must to save yourself from losing your money. Dont be greedy to earn more, make an analysis and timing the market. Sometimes we tend to forget the basic rules because we want to go with the flow and enjoy the ride, but its also important that we have plan to follow from the very start.

Set aside your emotion as well because it can affect our decisions everytime.

[palle11]

I somehow wait for that little hope that my entry will still be at profit. But, many times I failes that part. That is why I strongly agree on this part.

1. Stop the trade:

Yes you fail because you hesitate to stop your trade lol. It is difficult to do however because it is your money like wasted but it is also a bitter truth to take the option of stopping the trade. Okay you need to see the advantages you have when you stop it :

1. You stop it, you cut or reduce your losses.

2. If you reduce your losses, y have another chance tovtake another good order with more capital that you didn't lose with the initially losing trade.

3. It helps you to correct your mistakes. It is a learning process for you to adjust towards your mistakes.

Since stop loss was need to be triggered on my entry there is one scenario that Ive waited and readjust my stop loss price so it will go bounce back. But that's if only our TA shows that our entry is right. But things are still complicated and what I do now is to confirm it in different Tf and in different indicator. If obviously trap in a wrong market price, stop the trade and reentry is a good choice.

If you have the habit to readjusting your stop loss to high levels, you need to stop it because you will be losing more.

A losing market will keep you losing for that day, so why readjusting  your stoploss above or higher. This is saying instead of readjusting stop lose because of fear of being hit, you increase it and do yourself no good because the price may still take off your stoploss at such a high level of adjustment. Instead of increasing in adjustment, you can decrease in adjustment and this can be like a strategy for stopping a losing trade.

[crzy]

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

This one is a must to save yourself from losing your money. Dont be greedy to earn more, make an analysis and timing the market. Sometimes we tend to forget the basic rules because we want to go with the flow and enjoy the ride, but its also important that we have plan to follow from the very start.

Set aside your emotion as well because it can affect our decisions everytime.

Setting up your cur loss price can really help you from losing big money. If you want to become more successful in trading, have this one always. I don’t know why many are not setting up their cut loss price, they tend to hold more even if they see the project is dumping that much, that’s a losing strategy.

[MCobian]

If the coin price movement does not match what we predict, it is better not to continue trading, we must exit immediately. In order not to deplete
our capital, therefore every time I trade I rely on stop-losses to save the capital that I have. Actually what causes us to often lose in trading,
because it involves too much emotion. If we want to be successful in trading, we must be able to control our emotions.

[Kelvinid]

If the coin price movement does not match what we predict, it is better not to continue trading, we must exit immediately. In order not to deplete
our capital, therefore every time I trade I rely on stop-losses to save the capital that I have. Actually what causes us to often lose in trading,
because it involves too much emotion. If we want to be successful in trading, we must be able to control our emotions.

No, it doesn't work like that. As a trader, you must have to be patient always, if the price dump, we have to wait to rise back and sell. That is why we should have to analyze first the trend on a particular coin before buying and must be preferred buying during the downside coz is surely pump in the next days.

Well, that stop-loss strategy is great and helpful but not a thing we should have to do always. If we can wait for the market to recover, better not to use that.

[adzino]

If the coin price movement does not match what we predict, it is better not to continue trading, we must exit immediately.

The market is unpredictable. You should not stop trading it if does not match your "prediction". This is not how trading is supposed to work. Unless you really trust yourself and you are not willing to take any risk at all, you should continue trading even if your expectations don't meet. You should always be prepared for the worst. Sometimes being prepared may help you take advantage of unknown/unpredictable situations!

Actually what causes us to often lose in trading,
because it involves too much emotion. If we want to be successful in trading, we must be able to control our emotions.

Unless you are some sort of machine, every human has emotions that they cannot control. Easy to say, hard to execute.

[TheUltraElite]

Once traded in the wrong direction it is done forever and there is no going back. Using a stop loss might have prevented that but once the event has occurred you cant reverse it.

Accepting the loss and moving on from it is the best and most mature way to tackling such a case. Those in hindsight having done a better work at researching the trend might have reduced the impact.

Bad case you end up with a shitcoin that is not going up - just sell it at any point and accept the loss. But the worst case is in margin trading where you get liquidated and lose your position.

[doctor877]

sometimes its good to reduce your loss especially if you do not have enough capital or good stop loss. at times a trade will hunt for stop losses before moving to the direction that you predicted. so a trader needs to have a good stop position, and then wait for events to play out , accept loses if it happens and profits if it comes. not all trades are good trades and not all good trades favour your prediction at first.

[matchi2011]

sometimes its good to reduce your loss especially if you do not have enough capital or good stop loss. at times a trade will hunt for stop losses before moving to the direction that you predicted. so a trader needs to have a good stop position, and then wait for events to play out , accept loses if it happens and profits if it comes. not all trades are good trades and not all good trades favour your prediction at first.

You need to accept those facts that not everytime your trade will favor your side, there are times that market will turned against you
and will let you lose your investment.

But you have to face things out if you are aiming for much better success, moving forward and analyze much deeper, learn from your
mistake and use it as basis in your future position.

[GreatArkansas]

sometimes its good to reduce your loss especially if you do not have enough capital or good stop loss. at times a trade will hunt for stop losses before moving to the direction that you predicted. (.....)

Are you entering a trade at first without a stop loss?
I think the best idea is to plan first before entering a trade, you identify your 1.) Entry price, 2.) Price Target, and 3.) Stop-loss.
Speaking of the stop-loss and price target, the best is also to measure the risk-reward ratio.
Where, how much you are willing to risk for this x price target?
You will risk 5% of your position size for 15% of profits, risk-reward ratio is 3, which for me is quite good, 2.5 - 3.

[ethereumhunter]

If the coin price movement does not match what we predict, it is better not to continue trading, we must exit immediately. In order not to deplete
our capital, therefore every time I trade I rely on stop-losses to save the capital that I have. Actually what causes us to often lose in trading,
because it involves too much emotion. If we want to be successful in trading, we must be able to control our emotions.

Losing control because of our emotions can be fatal because we will not see when the exit sign from the market. We will not be able to trade better because we can panic if we see the price is not moving as we predict. It happens to me many times, but fortunately, I can get out of the market before the losses become bigger. Sometimes we can be patient, but we can lose patience the other time, and if that happens, we need to leave the market as fast as we can before the situation becomes worst.