If you aren't reading you shouldn't be trading

[Distinctin]

Time and time again, we see people alwayys asking for advice but what they don't understand is that they don't even have the knowledge first and foremost about trading and they want to just jump right in. Newbies should read and DYOR before anything else when they want to make a career out of trading, you won't get anywhere close to profit if you don't have the knowledge and even that is just part of being a good trader.

^ Because most of them thinking that trading is just an easy way of making money but in fact, that is not. Those kinds of people should not be in trading because they really don't know technically how trading worked for. OP here has a point because if you are a good trader and if you think you will pursue yourself on this as your profession, you should have further research first. Because there is no trial and error in trading that you can simply undo when you make mistakes, if you executed a wrong decision, that should a loss point on your side.

Trading is not just only that we are using money alone but also, we are investing knowledge and time. People who had come to trading must willing to spend more time on reading and do help to improve their knowledge and skill, not getting busy to calculate how much they earn. This is gonna be more technical and those who want success must endure learning how it works as there are no shortcuts in trading. And everyone should have to know their responsibility.

[jostorres]

What else do I do with my time if I can't devote atleast 8hours every week to refresh my memories on what it takes to keep the profit flowing knowing fully well that different approach works on different market conditions. Some times scalping might be the best and in some cases positional trading might be the best. But in all the sole aim is to make profit I total agree with you @Op we need to read and re-read to gain full mastery

Giving 8 hours for self-realization is a very wise idea actually and something I might consider giving myself because, during all these rush times in life, I feel we have forgotten how to reflect on ourselves and we might know what's going around the globe but we don't know what we are going through.

In trading too just like you and OP said, mastering the art is only possible if you give time and learn about things instead of just focusing on making money. It's often said that once you follow your dreams without actually thinking of making money with them, the money will follow you. Consider Elon for example, the guy wasn't fazed by the fact that he is now the richest guy in the world because he never worked for money, it's just a bi-product of his actions chasing his dreams.

[Kong Hey Pakboy]

I agree and I think that this is just half the battle because you also have the wisdom and experience besides the knowledge and we have to include common sense because some people nowadays lack these basic skill set. If you are knowledgeable you aren't yet good to go, experience can help you do decisions much faster compared to just being knowledgeable.

[semobo]

It's just as simple as the both goes hand in hand both for technical and fundamental analyst. Trading is one career that requires steady update on how the news could affect the direction of a trade or possibly how an indicator or a candle stick can direct a trader on where the market is heading. If there is no time for a consistent update on your previous knowledge as a trader I guess at some point some level of gambling sets in.

A successful trader isn't a trader who makes consistent profit without any loss but rather a trader who knows why his trade went the opposite direction and also a trader who understand risk management. Most traders makes massive profit in a single trade and blows everything down in the next trade as such there is no professional despite his initial achievements. To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.

Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.

Trading is simply buying and selling assets so it is very important to know about what you are buying and selling or else you are gambling not trading as you said. But different kind of trading needs different strategies so being a trader is not so simple as other think, it needs lot of efforts to analyse the market then only we can make decisions about buying and selling along with a bit of luck as well.

[CryptopreneurBrainboss]

Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.

Which is why you don't basically have to read but you need to stay informed. Information can be gotten by various means these days which reading is just one of them. You can learn through listening to audios or watching of videos which focus in those area you intend getting more knowledge about in regards to trading. When you put it in the way the title is written, it seems like trading has a direct relationship to reading and if you're not reading then you can't be good at trading but that's not true.

If the reading has to do with charts analysis then your statement can be justifiable but when it involves reading of trading material then that's not true anymore. Although this isn't a discouragement to those picking interest in reading trading material but since we're humans and not everyone has the same learning capabilities then it's quite important to note that learning can be achieved in different methods that doesn't have to do with reading.

[isaac_clarke22]

~

Back when I was day trading, I only watched videos in Youtube on how to do it. I gotta admit that I did not really earn anything because I was still newbie, but that alone helped me how to use indicators like Bollinger band and the RSI.

As you mentioned that I can relate, I did not read but I was informed to how to use it. Most likely these mediums of learning are personal preference, but sometimes it is situational like in mine where I won't be able to know which to click in Binance to let me do a buy/sell order.

[teosanru]

It's just as simple as the both goes hand in hand both for technical and fundamental analyst. Trading is one career that requires steady update on how the news could affect the direction of a trade or possibly how an indicator or a candle stick can direct a trader on where the market is heading. If there is no time for a consistent update on your previous knowledge as a trader I guess at some point some level of gambling sets in.

A successful trader isn't a trader who makes consistent profit without any loss but rather a trader who knows why his trade went the opposite direction and also a trader who understand risk management. Most traders makes massive profit in a single trade and blows everything down in the next trade as such there is no professional despite his initial achievements. To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.

Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.

A very valid point I have to agree, Trading requires constant learning, it's just like any other business,  you are operating in a very dynamic environment where variables around you are changing every day, if you are able to make a habit of continuous learning about these variables, only then you can actually win at trading, otherwise, even a monkey would be able to make excellent returns in a bull run market because the price of almost each and everything is shooting up. I feel it's not just about new indicators and new strategies, it's also about learning from your experiences, especially the losses that you made. These could be really helpful in tweaking your strategies.

[SquallLeonhart]

Trade will usually depend on your skills and experience trading is never possible without reading about trade. When you get a trade in your trading system you have the rules to trade in your trading system if you read the rules then you trade according to those rules then you will see that you can make more profit in the market than before. Being low so before you have to take a trade, starting from market observation and judging by the types of analysis you have because this is the right method that you have to follow all the time.

Setting yourself a great path to keep following constantly is the biggest thing. If you can do that, if you can get yourself a good system that should work in theory (and you can test it to see if it really works) that means you could end up actually profiting a ton of money from it. After you have your system, the "reading" part becomes the thing that you should do to see if your system requires you to do anything, so let's say when X happens you buy, then you should keep reading the market to see if X happened or not, and that requires constant checking and it will require you to spend some time.

I personally believe that there is nothing that could be more important than reading and seeing where the market situation is, it takes time to learn how to read as well, you literally need to read in order to learn how to read the market as well.

[Woodie]

As much as there is some truth in the op I disagree with some of the information included.
You don't really need news or indicators to know how to trade, most of my friends including myself prefer to trade using a naked chart and I find myself making a bit of steady profit because you also need to apply proper risk management which most traders lack.

[Rruchi man]

It is not just about reading, you can be a trader and a reader, but it so happens that you are reading the wrong thing and absorbing information that though not completely useless is not useful in trading, imagine i am a trader that reads a lot but it is mostly the romantic novels.

I believe the proper narrative should be "if you aren't keen on information, you shouldn't be trading" because reading the right materials, listening to right channels and news outlets and even discussions and conversations with the right people on the subject of trading are all useful ways of staying informed which is very necessary in trading.

[Yatsan]

In trading you must be able to understand and be able to interpret the casting of the candles and the graphs to better have an understanding on what you supposed to do either adjustments or pull outs on your trading strategy. Trading is not that easy as you think it is all due because interpreting the presented data is already a challenging part most specially in the case of crypto market that it is highly volatile wherein you needed helpful tools like technical analysis or even bots if you wanted to. Reading and interpreting is a needed skill in trading so you can be able to identify what actions must be done to turn odds into your favor to prevent too much loss and make a pull back of turning it into gains.

[MIner1448]

I agree with your statement, because cryptocurrency technologies are growing every day, and the mechanics of trading are also changing, if you do not read and analyze the market, you risk losing everything.
Every day a lot of events happen in the world, all this information dramatically affects the approach of a cryptocurrency trader.

[SquallLeonhart]

There are reasons why some traders just go and trade without any constraints and just treat trading like gambling. It's almost always because of the envy of other traders that they see and want to imitate their gains and don't want to go through the process of learning. I recently read something about maturity when it comes to trading, that you need to be mature enough to know when to trade and not just risking your capital every time.

Exactly, those people do not understand that even if they are performing the same activity the risks they are taking are completely different, it is like driving a car, the ones that took a course and took the activity seriously can drive safely and will rarely suffer a car accident, while the one that just saw that person driving and wanted to do the same will take all kind of risks and sooner or later it will be in a huge accident, and this same kind of thinking applies to trading as well.

The problem with that is the fact that they may hurt the other people as well. Going with your analogy I can say that I could be the best driver in the world, I could be Lewis Hamilton but if someone else crashes into me then I am still in a car accident. So that means it doesn't matter how good you are, because if you are bad then you are hurting not just yourself but to everyone around you and that is the problem with trading as well.

Individually it is not possible for people to hurt others to be honest, but when you have thousands upon thousands of people trading badly then the price goes opposite of where it should, charts says it should go down and then some bad traders come up and do something wrong and end up losing money, they end up buying something that should go down, and then when they lose money they go around and say that bitcoin is a "scam", so that is why it is still dangerous for good traders even if they know what they are doing, since bad traders could crash into them as well.

[jaberwock]

It's a must for everyone to do your own research before you jump inside to whatever investment you want to engaged yourself.

it helps a lot to maintain your chances to earn and survive within the business you choose, never ever to rely with someone since

the level of your knowledge is not the same, you can use it as basis but not an assurance that it will bring the same outcome.

I have a slightly different perception of this idea of learning everything ourselves. Look we all are good at something but we cannot be good at everything. If you are trading for instance and new to the market then if you spend all the time learning things yourself, you might end up wasting 5-10 years and the market might have moved ahead by that time. It's always better to learn from others who are experts of the field and move on.

It's similar to why people prefer a light bitcoin wallet over a core wallet because while the core one is much better, it takes a long time to synchronize all the blocks and data from starting. Isn't it a smarter idea to just start from the current block and move forward learning new techniques because to learn the past, you have the best guides and videos in the market.

[Ziskinberg]

Time and time again, we see people alwayys asking for advice but what they don't understand is that they don't even have the knowledge first and foremost about trading and they want to just jump right in. Newbies should read and DYOR before anything else when they want to make a career out of trading, you won't get anywhere close to profit if you don't have the knowledge and even that is just part of being a good trader.

It's a must for everyone to do your own research before you jump inside to whatever investment you want to engaged yourself.

it helps a lot to maintain your chances to earn and survive within the business you choose, never ever to rely with someone since

the level of your knowledge is not the same, you can use it as basis but not an assurance that it will bring the same outcome.

With all our differences, it is a need to trust ourselves than the other when making a decision for our money. Make help to prepare ourselves for a better result from trading it is because we work on it. Reading, searching, watching tutorials, and etc...we are doing this for one reason and that is we wanted to reach our goal. That only if we are too lazy to do this, I could say that we better not to try as we are going to nowhere.

And if you are investing your funds to alts, you should keep up with the updates of those alts - developments or follow their social media channels. You can get a hint or insights what's happening with their platform. Because if you feel they are not active anymore and about to abandon, better sell your coins while it has still value. Don't wait too long because you may end up bag holder of worthless coins.

Well said because if you just get lazy and treat your altcoins like bitcoin, one day you'll wake up your holdings has no value anymore because the devs decided to announce a swap for a different blockchain. It happened to me one time and I just learn from that mistake, the lesser the coins we hold, the easier we monitor it, it's a smart way of investment IMO.

[Cherylstar86]

I agree with your statement, because cryptocurrency technologies are growing every day, and the mechanics of trading are also changing, if you do not read and analyze the market, you risk losing everything.
Every day a lot of events happen in the world, all this information dramatically affects the approach of a cryptocurrency trader.

Even you don't analyze, bear market will exist and you tend to worry in times of no assurance because of unpredictability of cryptocurrency market. Growth of cryptocurrency affects our daily living, specially if your income relies on it. It's very hard to handle, and you can't afford to lose bigger amount in order to keep profit sustain in the long periods of time.

[lixer]

Giving 8 hours for self-realization is a very wise idea actually and something I might consider giving myself because, during all these rush times in life, I feel we have forgotten how to reflect on ourselves and we might know what's going around the globe but we don't know what we are going through.

In trading too just like you and OP said, mastering the art is only possible if you give time and learn about things instead of just focusing on making money. It's often said that once you follow your dreams without actually thinking of making money with them, the money will follow you. Consider Elon for example, the guy wasn't fazed by the fact that he is now the richest guy in the world because he never worked for money, it's just a bi-product of his actions chasing his dreams.

I used to go to a psychologist 10 years ago, it was for about 2 years. The best advice I got from her was to reflect on myself and how I feel at least once a week, just sit down, doesn't matter how long it takes but simply just talk to yourself, talk about how you are feeling talk about the first thing that comes to your mind, just imagine you are sitting in front of you and chat with yourself, you will realize how great it will feel eventually and ever since then I do that.

This is same level of advice, spend 8 hours every week to improve yourself, this could be about trading but if you do not want to do it for trading, then study history, or read a book, or do whatever that will improve you, it is really good advice. So far I have unintentionally done this since I can remember, not because I knew this advice but because I love to learn new things, so I spend sundays on learning new things, each week is a new topic and I really love it.

[dimonstration]

I used to go to a psychologist 10 years ago, it was for about 2 years. The best advice I got from her was to reflect on myself and how I feel at least once a week, just sit down, doesn't matter how long it takes but simply just talk to yourself, talk about how you are feeling talk about the first thing that comes to your mind, just imagine you are sitting in front of you and chat with yourself, you will realize how great it will feel eventually and ever since then I do that.

This is same level of advice, spend 8 hours every week to improve yourself, this could be about trading but if you do not want to do it for trading, then study history, or read a book, or do whatever that will improve you, it is really good advice. So far I have unintentionally done this since I can remember, not because I knew this advice but because I love to learn new things, so I spend sundays on learning new things, each week is a new topic and I really love it.

Once motivated, being able to explore and learn something new every week is relaxing. Many recommend reading a book to gasps new challenge and some discover something in themselves while reading. We all have different activities that can help to improve ourselves but reading is a must since researching and studying is needed in trading.

[DarkDays]

I used to go to a psychologist 10 years ago, it was for about 2 years. The best advice I got from her was to reflect on myself and how I feel at least once a week, just sit down, doesn't matter how long it takes but simply just talk to yourself, talk about how you are feeling talk about the first thing that comes to your mind, just imagine you are sitting in front of you and chat with yourself, you will realize how great it will feel eventually and ever since then I do that.

This is same level of advice, spend 8 hours every week to improve yourself, this could be about trading but if you do not want to do it for trading, then study history, or read a book, or do whatever that will improve you, it is really good advice. So far I have unintentionally done this since I can remember, not because I knew this advice but because I love to learn new things, so I spend sundays on learning new things, each week is a new topic and I really love it.

Once motivated, being able to explore and learn something new every week is relaxing. Many recommend reading a book to gasps new challenge and some discover something in themselves while reading. We all have different activities that can help to improve ourselves but reading is a must since researching and studying is needed in trading.

You're right, studying and improving is much needed in any specialty type role, including trading, and I find that reading is not the only way to get yourself up to speed with new methods and techniques audio books, tutorials and videos are equally important and relevant material.

Though, for sure keeping up with your day to day investments and trading does require the you to learn from time to time but I always see this as personal development and growth, and when you get to it you may even find it enjoyable

[milewilda]

I used to go to a psychologist 10 years ago, it was for about 2 years. The best advice I got from her was to reflect on myself and how I feel at least once a week, just sit down, doesn't matter how long it takes but simply just talk to yourself, talk about how you are feeling talk about the first thing that comes to your mind, just imagine you are sitting in front of you and chat with yourself, you will realize how great it will feel eventually and ever since then I do that.

This is same level of advice, spend 8 hours every week to improve yourself, this could be about trading but if you do not want to do it for trading, then study history, or read a book, or do whatever that will improve you, it is really good advice. So far I have unintentionally done this since I can remember, not because I knew this advice but because I love to learn new things, so I spend sundays on learning new things, each week is a new topic and I really love it.

Once motivated, being able to explore and learn something new every week is relaxing. Many recommend reading a book to gasps new challenge and some discover something in themselves while reading. We all have different activities that can help to improve ourselves but reading is a must since researching and studying is needed in trading.

Im always that mindful about real experience rather than on reading books or reading up theories but doesnt mean that they are worthless because they wont be created on the first place
if those things arent that relevant.It is just depending on someone on how they do gain up their knowledge into different sort of things neither in terms of reading books or other references
or would directly involve with real experience for them to learn up directly.There are various ways its up to someone on how they would gonna deal with it.