Don't stay on with a wrong trade

[Benefactor]

I saw a ton of exchanging effective posted via web-based media and it makes publicity particularly on Futures exchanging, and that is the reason numerous novices began to do something very similar expecting to get tremendous benefit also, and think about what the vast majority of them lose a great deal of cash in prospects. It happens to me ordinarily, yet luckily, I can escape the market before the misfortunes become greater. Now and again we can be patient, however we can become annoyed the other time, and if that occurs, we need to leave the market as quick as possible before the circumstance turns out to be most exceedingly awful.

[djmixen]

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.

As individual traders, we must learn from every mistake that we made before. As you stated in the above mentioned if I am not mistaken,
these are the community who always came up to the point when the price value always get down in the market, isn't that right?
Just correct me if I am wrong. Thanks and have a good day.

[jaberwock]

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.

Unfortunately too many people make that mistake because they believe it will recover right away.

This is why it is important to know what resistance levels and support levels are, if I put a stop loss I put a stop loss just a small bit under the support line which means that if that support line is broken there is a 99% chance that price of bitcoin will go down until the next support line, for example when it was under 47k it was obvious that it would go to 44k as well, in that case what you should do is put a sell order at about 46.8k levels and when it is reached and you sold because of stop loss, put another buy order at around 44.2k level, if you do this you will profit obviously.

[goldade]

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.

Use of stop-loss at all times is practically one of the safest measures to take against losses. This is advisable not only to new traders but also expert traders. These expert traders, many times, depend on their ability to predict the market and forget to set stop loss only to discover they've lost all just because they took a short break.
Adjusting stop loss is a good way to minimize loss and to lock in profits. This is one thing I do in all the trades I have the time to monitor. I adjust my stop loss every time a significant amount of profit has come in and I get it locked in.
Stopping the trade when it's a loss position is one of the most difficult thing to do when trading. Many people believe there'll be turnaround and it will eventually end in profits. Sometimes, this happens and profits are made but many times, it ends in a loss.
So one should be able to know when to stop a trade and when to leave it.

[LUCKMCFLY]

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

This is the best way to succeed in crypto currency trades with minimum losses; always use stop loss, with the usage of stop loss you get to decide the percentage losses that you are able and willing to bear; and you stay safe 90% of the time. Trading without stop loss, is like driving a car without fuel, you would run out of funds. Always do your own research

The proper use of Stop Loss is excellent when you have control of what you are willing to spend, many times when trading is not fully determined how much the person is willing to lose, the person only has in mind how much he wants to win , and already out there is a mistake. If people before trading wondered how much they are willing to lose, things would work out differently.

The stop loss even serves to extend the win, when we are in a winning position many take 100% profit, but if we only take profit of 60% and let the other 40% run, we would be earning more, only the Stop Loss would be manipulated.

[XCANA]

Many traders Still find it difficult to know they are in wrong trade because they are lack of personal research. Always try to verify the information you got from the forums of investment to know if you will continue with that wrong trade or stop it before it lead you to failure.
Wrong trade has collapsed so many traders because they failed to discover that they are in the wrong direction by using the right channel to quit immediately. It is better to always check your trade to know, if the trade will bring good news or bad news before seeing the real result.

[pawanjain]

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.

That's the story for most of the traders I guess. No matter how good of a trader we are, we always hope to maximize our profits.
This is where many of us fail and wait a little longer in the hope to rake back profits but end up losing them.
This is why a dedicated strategy is a must and more than that, a strong will to follow the strategy is definitely needed.
As you said, we should always put the stop loss since it helps us many times to stop losing more.

Stopping the trade is something we should do when we have no idea what to do or what strategy we should use at that particular time.
Times like these do arrive but frequently stopping the trade might also make us lose the opportunities to gain from the market.

[Slow death]

for example when it was under 47k it was obvious that it would go to 44k as well, in that case what you should do is put a sell order at about 46.8k levels and when it is reached and you sold because of stop loss, put another buy order at around 44.2k level, if you do this you will profit obviously.

after $47000 the price when it falls to $46500 to $45000 tends to have a strong support and increases in price again, so putting a stop loss in 46800 $ can be a little risky and the person will be able to see the price fall and increase soon... the problem in this cryptocurrency market is that it is different from other markets, here when the person thinks that the price will fall the price increases and all because you never know when something unexpected will happen that could cause the price increase very suddenly

[TheUltraElite]

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

Definitely possible to counter such a time. The way to counter that is to wait it out till the dust settles. If you have done a wrong trade, minimize losses if you are certain that it is going the wrong way, but if you have a source of confidence behind your trade dont close that position yet. In most cases the trades are not backed by research and then these panic inducing situation pop up.

This volatile nature nature around can either be your friend or nighmare once you mistakenly place your investment to the wrong projects.

Its better to invest in bitcoin only to prevent any such "nightmares" in future. With a low buying price you will never have a problem selling at profit in bitcoin but for altcoins I cannot say the same. Hence without throwing money or time on newly popped up shitcoins, buy bitcoin when the price is low.

[Lordhermes]

Many traders Still find it difficult to know they are in wrong trade because they are lack of personal research. Always try to verify the information you got from the forums of investment to know if you will continue with that wrong trade or stop it before it lead you to failure.

Some coin doesn't really need to do proper research before regretting the heavy loss it gives on you. Some coin would need to experience some heavy corrections to start pumping again, I discovered there is a better way to go about such situation, the best way is to increase the amount of the token by trading and building the number of token you have even in the heavy loss on you. While holding in loss, you equally increasing quantity, this can only help when market recover.

[blockman]

Some coin doesn't really need to do proper research before regretting the heavy loss it gives on you. Some coin would need to experience some heavy corrections to start pumping again, I discovered there is a better way to go about such situation, the best way is to increase the amount of the token by trading and building the number of token you have even in the heavy loss on you. While holding in loss, you equally increasing quantity, this can only help when market recover.

That's really what happens. When it's going through a massive correction, you're just waiting for a little bit of time for its recovery and reversal. It's the cycle of most of the coins and that's what I've observed too. And I agree about buying if it's in the correction, that's the famous quote about buying low and selling high. Upon buying during corrections, the price gets cheaper and you'll be getting more tokens or coins that you're buying during that time.

[CryptocurencyKing]

I think the right thing here should be, how to identify a wrong trade.

Thats because,  if you don't have a means to knowing if this is a wrong trade, how then can you be so sure not to stay?

Knowing that the market is a highly volatile environment and that trends can change at anytime and at any point so, how then can you be so sure of living or of a trade being a bad trade if you've got nothing to red flag the trade or as a notation for such.

Well, it could be about the emotions that comes with it in most cases, I saw a tutorial once that spoke about, if your aren't comfortable with whats living then, its best you just stop at such points.

[AakZaki]

Its better to invest in bitcoin only to prevent any such "nightmares" in future. With a low buying price you will never have a problem selling at profit in bitcoin but for altcoins I cannot say the same. Hence without throwing money or time on newly popped up shitcoins, buy bitcoin when the price is low.

Buying bitcoins when the price is low or the price deep is the best option instead of buying obscure shitcoins. But to find out the lowest price of bitcoin requires analysis and analysis that you have to do yourself. learning technical analysis and fundamentals is very necessary and will help in maximizing trading to find out market conditions. There are also some people who follow other people's analysis to be able to buy bitcoin at a lower price and it doesn't matter as long as that person is an expert.

[fahmimajannat]

Yeah actually its better to take the decision when to quite.
There is a stop loss system which you can use while trading to avoide potential losses. But in this case you have to anlayse the market correctly and identify the price point where to actually sell.
So be careful while trading and learn how to use the stop loss System. 
So that you can minimize your risk

[sayaya17]

Wrong trading will indeed cause losses for many traders. Moreover, we know that crypto trading is very risky, so that is why many traders
take advantage of the stop loss function in their trades, so as to minimize the risk of loss. But what we should really avoid is buying in a high
price state. We can see this in the chart, whether the coin is trending down or trending up. Maybe this could help in the point of entry.

[palle11]

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.

Moreover in this choppy market there are too large wicks therefore the stop loss gets hit and markets reverts back to normal stage pretty quickly. Now what is the solution in such cases?

You don't have to look at the times your order hit stop loss but the times you also take profit.
The benefit of stop loss is that you have more opportunity to win back your lose because you have capital to make another order and not allowing your trade to blow you out by not using stoploss.

Trading with stoploss is a professional pattern. Price is fluctuating and no body can determine in actuality, the rate it can go that's the need for stoploss. To wedge your losses is better way to trade.

[btc-facebook]

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.

Stop the trade is not a bad decision, it's better to lose a little than to lose more because you force yourself to trade,
but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

[livingfree]

Stop the trade is not a bad decision, it's better to lose a little than to lose more because you force yourself to trade,

That's why stop loss has been invented.

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

[btc-facebook]

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

[livingfree]

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

Following trade signals isn't really a good idea.

I have never followed any of those because I know that they're not worth to follow and mostly a waste of them. Although some have said that it's perfect for them and did good.

And that's good if it had worked for some but not really recommended.