Everything you need to know about trading – the rest is up to you (blogpost)

[so98nn]

Good write up. Well, when you say that don't risk the 3% capital or put a stop-loss counter at 3%, does that apply to the crypto trading ? I mean the major difference between the normal trading (fiat, share, stock etc) and crypto currencies is that, the volatility. At any given point it may happen that crypto will start to dump itself; suddenly, and thus that 3% would be gone off the chart quickly. In crypto, the reverse is also true where it could be 10-15% up in single day. So we risk the 3% loss in the process and also the trade gets weaker when we see immediate up surge after this. I have seen losses due to this, fomo, panic sells etc.

May be one should keep all the options open while making the trades. & yes, as you stated, trading strategy is must.

[Kelvinid]

What OP has said is TRUE. All the results will matter to our decision-making.

If only we stick to what we have planned and applying our strategies, achieving our goal is very close to it. I said "it was close to it" because we are not sure that 100% we hit our target and not all the time we are lucky to our trade. When I do the trade, I ask also to have luck aside from those things mentioned by OP, I ask to have perfect timing when buying and selling. We can't ignore the volatility and that is why I have to do it.

[slaman29]

Then again, even McAfee's tweets stopped being profitable so it's a matter of time before Elon starts putting out losing calls.

There will be time for this but the difference is we are talking about a bigger popular guy than a mid average known personel. So it might or might not losing calls for those tweets.

So you're saying that the success or profitability of those tweets are directly attributed to "bigness" and popularity? I would say that at least McAfee was a true crypto adopter and early tech guy. Elon is now just a tech mogul with hair transplants and an ego to call people bad names and pump memecoins.

[cryptoaddictchie]

So you're saying that the success or profitability of those tweets are directly attributed to "bigness" and popularity? I would say that at least McAfee was a true crypto adopter and early tech guy. Elon is now just a tech mogul with hair transplants and an ego to call people bad names and pump memecoins.

Action can be seen and observed. Where does Mcafee put him from his obvious shill? They have difference and you can see which one is effective. As of this moment have you seen the latest tweet of Elon Musk, and how many percent does dogecoin increase? And will increase? I'm late to noticed the tweet but surely some have ride on it. Yeah bet on it, the popularity of Elon is much attributed to their difference plus haters not dislike it cause they benefited from it.

[kolbalish]

Yes, of course. If you want to be proficient in content, you must first do an investigation. You have to perform as much as you can to find out. Formerly you know when to start trading, the rest is up to you. People who trade in their technique. Not everyone has the identical technique. But everyone has to know. It is not probable to be successful without learning about the trade. Long-time trading instructs a lot of knowledge and patience. 

[trigger1975]

Most of the newbie traders common mistake is the Risk and Money Management.
They just trade and trade at first, they really not into risk management, that's why before anything else before you put a sell/buy order on an exchange, PLAN first, do risk management such as identify the target, stop loss, and entry price, risk: reward ratio.
Most of the newbies are ignoring that's why they ended up quitting in just after short period of time.

And they start with a wrong expectation: get rich quick.  Too many beginners think, they start trading today and they'll be rich by the end of the week. Trading is a steady process of winning and losing but winning more than losing.  This is not a get quick rich business – if one thinks so, he'll better get a ticket in Vegas.

It's all up to consistency, responsibility, discipline, patience and knowledge.  First goal should be to break even for some months, then maybe 1 or 2R per month and so on.  And returning 2R per month means if risking 20$ per trade, the overall profit in that month is 40$.  Sounds little right …

But think in the long run rather aiming for a 20R trade but closing it out at .7R out of fear and then losing 2R in the next trade as the beginner has moved the stop while hoping for the big winner, steadily profiting 2R per month are 24R in 12 months and 120R in 5 years → risking 20$ make 480$ per year or 2400$ in 5 years.

Sounds still little?  But if one gets better and he's more consistent he might return some 6R or 7R per month in future.  And with growing capital the position size increases as well meaning higher results.

[doomloop]

What OP has said is TRUE. All the results will matter to our decision-making.

Right and the decision making is influenced by our knowledge and our risk appetite hence more than what we do, we must focus and emphasize on learning about all the possible outcomes in trading and how much risk we should take because being too conservative is not going to work in the crypto markets while being careless might wipe our bankroll within a few days.

If only we stick to what we have planned and applying our strategies, achieving our goal is very close to it. I said "it was close to it" because we are not sure that 100% we hit our target and not all the time we are lucky to our trade. When I do the trade, I ask also to have luck aside from those things mentioned by OP, I ask to have perfect timing when buying and selling. We can't ignore the volatility and that is why I have to do it.

Knowing the perfect timing to buy and sell for BTC might be near impossible because honestly, I have failed to ever predict it correctly but that said, I can easily say it is going to rise only in coming time. The easier thing to do is, to buy altcoins that you deem have good potential like now the ETH blockchain is slow and costly, it was obvious that people would move to other chains and people who realized this invested in BNB. You just need to keep a keen eye on the market and react quickly.

[goldade]

I love how you made a comprehensive write up concerning trading and I must commend you because you have taken the time and patience to come up with this.
You highlighted the three most important things necessary for trading. Risk management is something every successful trader didn't joke with. One could practically lose all if you don't manage your risks well enough.
The same comes with trading with emotions. There are times one ought to have closed a losing trade but emotions would cause one to hold resulting in a loss.
The last one which is trading strategy. Well, that speaks for itself. Find a strategy that works best for you and stick to it