firmino10 (OP)
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September 20, 2021, 09:33:46 PM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way.
When I follow my strategy and I lose, I see it a the price I have to pay to get it right, because there is no 100% strategy and since I don't know which trade would be a winner or loser, I detach myself from every trade and execute my strategy flawlessly regardly of the outcome.
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Scripture
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September 20, 2021, 09:48:15 PM |
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Trading is like a business, you put up a capital and you work on it until you make profit so if you failed to prepare before doing any trades, don’t expect to succeed. Trading is not about making profit, sometimes its about having the right knowledge knowing when to buy and sell, and in this market losing is very normal just know how much risk you can take.
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Twinkledoe
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September 20, 2021, 09:51:09 PM |
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The OP's mentality is great as it will not give him too much stress. Because some people who are into trading are losing themselves, to the point that they are forgetting their mental health as well as their physical health. Don't get too attached. Once you executed your trade, move on. Learn your lessons and not dwell too much with your losses. Once you learned from your mistakes, you can do better the next time you trade.
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Zilon
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September 20, 2021, 10:08:27 PM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way.
When I follow my strategy and I lose, I see it a the price I have to pay to get it right, because there is no 100% strategy and since I don't know which trade would be a winner or loser, I detach myself from every trade and execute my strategy flawlessly regardly of the outcome.
I love this analysis. You have given me a perfect definition for losses in trading. "Business expenses" sounds like what it really means, I think this would also change my approach with my trades especially when ever I see a loss all I would just do is take it as an expense I made in purchase of a technique I should try to avoid in trading
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DarkDays
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September 20, 2021, 10:45:50 PM |
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As far as I'm aware, most countries will allow trading losses to be written off as an operating loss. They can't be claimed as a business expense though (they are two different things).
If this is the first year you started trading, you may be able to carry the losses forward, or use it to offset tax owed in previous years. Again, it really depends on your country and how complete its rules are re. cryptocurrencies. If your country is like mine, then cryptocurrency gains are considered capital gains and you can definitely factor in your losses to work out your tax liability.
However, if you live in a country where these gains are not taxable, you won't get tax relief for any losses.
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Bitcoin_Arena
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September 20, 2021, 11:57:18 PM |
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When I was a newbie in trading. I always thought winning 100% if my trades was the way to go and boy did i lose a lot of money trying to make sure all the trades are wins ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I came to realize that a successful trader doesn't have to win 100% of his trades. What is very important is to keep the win rate at least above 50% with a good risk reward ratio of more than 1 After realizing that, I started making progress in growing my account. So, yeah, losses are part of trading. Make sure you learn from the mistakes and keep them as few as possible.
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adaseb
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September 21, 2021, 03:16:33 AM |
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I would say a business expense is more like transaction fees or trading fees. If you are saying you need to lose like $10k which is considered a learning expense then you are doing it wrong. Sure you need to trade with real money instead of demo to feel emotions but you should try and trade with smaller positions.
Whether you have a $1000 account or a $100000 account. You can take a trade on both and your emotions will be similar on both. But it’s better losing $1K instead of $100K. If you are trading with a $10 account then it’s different because it’s not much and you won’t feel fear and greed. Needs to be an amount not too small and not too big. It’s different for everyone.
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mk4
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September 21, 2021, 03:54:02 AM |
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"Don’t be afraid to start over again. this time you’re not starting from scratch, you’re starting from experience"
^a quote that's in play when it comes to business, entrepreneurship, trading, investing, or pretty much almost anything in life.
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TheUltraElite
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September 21, 2021, 06:17:56 AM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way. Sounds good, provided you can cope up with the losses and not allow the "expenses" to get over your head. I have always felt the term "Loss" being misused a lot in trading. You dont lose money if you are spot trading crypto - you have just converted the more safer asset in something more risky. It can give you a profit but will probably take time. Either way you have not lost your money unless you sell at the loss. I tend to look at Spot to be the thing in trading but there exists a margin trading too, where a loss is really a loss of money because it is a type of gambling. In either case, looking at failures as learning points for future reference makes the trader learn a lot more than brooding over a loss. So keep it going.
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wajik-tempe
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September 21, 2021, 06:22:54 AM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way.
When I follow my strategy and I lose, I see it a the price I have to pay to get it right, because there is no 100% strategy and since I don't know which trade would be a winner or loser, I detach myself from every trade and execute my strategy flawlessly regardly of the outcome.
Yes no matter how good our strategy we used, we always have time lose because the dynamic of the market or the pattern are changing every time, the only thing that we could repeat is strong mentality to enter the market again and take lesson from previous losses. Rich people who have big business is also having the same experience i'm sure, they already through a lot of losses and come back with a better solution and if we have persistence of what we doing, we will reach success in the future
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Victorycoin
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September 21, 2021, 07:19:56 AM |
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Trading will usually depend on the mindset of the individual it is not right to take too much pressure too much stress will cause damage and worsen from both mental and physical side therefore we have to understand the pace of the market technical analysis is very important for trading. Technology will make it easier to trade in the market by past analysis learn better when you're at a loss then move on.
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JooBra
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September 21, 2021, 08:50:50 AM |
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Trading will usually depend on the mindset of the individual it is not right to take too much pressure too much stress will cause damage and worsen from both mental and physical side therefore we have to understand the pace of the market technical analysis is very important for trading. Technology will make it easier to trade in the market by past analysis learn better when you're at a loss then move on.
The golden rule is play with money you are okey to lose. That lowers the stress lvl and will be able to think rational in the trades. Me personally play with 200$ on 10x margin and with that I'm fine if i lose it.
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Kong Hey Pakboy
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September 21, 2021, 08:59:42 AM |
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Nope, losses is losses no matter what, what would it do if you were to say that those losses are just business expenses? Would it make things much easier to accept the losses? I don't think so because it adds stress in you because you're classifying losses as a different thing when in reality and in the end, it's just losses.
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justdimin
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September 21, 2021, 01:16:52 PM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way.
When I follow my strategy and I lose, I see it a the price I have to pay to get it right, because there is no 100% strategy and since I don't know which trade would be a winner or loser, I detach myself from every trade and execute my strategy flawlessly regardly of the outcome.
Yes you are right, but if a business should continue with mainly expenses, then it is going to be affected in future. So it is very important don’t you fix the issues you’re having. When you lose in trading you have to take a break and take a new strategy or approach to it. That’s why you’re cutting down on your expenses. Another mistake that a lot of newbie traders the usually make is that they don't make use of tools that will be of help to them. There are so many tools in the market that you can make use of such as the stop loss tools to at least help you when you are losing. So, they should consider looking for all these things and preparing for themselves. Maybe when you become so good in it you can then stop bothering about all those things, but it’s still up to you.
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GreatArkansas
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September 21, 2021, 01:19:27 PM |
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If you didn't learn from your losses, I can't consider it as business expenses. A lot of people telling that losing is part of trading, yeah I believe in it, but if you lost every time and not gaining profits, something is wrong for sure. If you consider it as business, maximizing profits and minimizing losses is always a better move, so it takes time and effort to be able to do that. As business too got some risk.
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crwth
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September 21, 2021, 01:23:59 PM |
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That's the initial mindset of people. You can't change that because something ingrained in our brains and cells gives us that automatic reaction when we lose something. Maybe they don't understand it in the first place. That's why it has been seen as something as "easy," but in reality, it's not. I agree that it should be treated as a business and know when to cut losses or strive on. There is no 100% strategy, and the best way is to look for ways to make it easier, like tools like Gunbot. It's making trading easy. Management is key.
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Maus0728
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September 21, 2021, 01:36:36 PM |
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However, if you live in a country where these gains are not taxable, you won't get tax relief for any losses.
Can you please clarify this to me like I am five? If I understood it correctly, a "tax relief" is technically a cash back for losses that you have committed during that particulat year of trading and that cashback is deducted from the previous years of your trading career where you have paid capital gains? So if ever there I have lost during this year, that loss can be carried back from the tax I have paid the previous years?
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Ararbermas
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September 21, 2021, 01:47:11 PM |
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Losses is normal in trading wherein even experts still can experience such situations, but of course because of being knowledgeable they can always makes a way how to reduce loss everytime when they're trading,. So let's make ways as well by making new strategies every time when we see it's not working properly and let's practice our skills every time and educate our self more, because that's the only key to become successful in trading, lastly don't give up because of your mistakes, keep it as a lesson so that you can avoid doing the same mistakes in the future.
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taufik123
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September 21, 2021, 02:47:08 PM |
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Losses is normal in trading wherein even experts still can experience such situations, but of course because of being knowledgeable they can always makes a way how to reduce loss everytime when they're trading,. So let's make ways as well by making new strategies every time when we see it's not working properly and let's practice our skills every time and educate our self more, because that's the only key to become successful in trading, lastly don't give up because of your mistakes, keep it as a lesson so that you can avoid doing the same mistakes in the future.
awareness and trading experience is really needed to form a strong mentality in trading. and the strategies used will really help and provide benefits. Learning trading knowledge starting from the basics is very necessary to do. Losses and gains will inevitably occur. using money wisely when trading will provide convenience, capital management will be very helpful as the main strategy that must be done.
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September 22, 2021, 08:35:24 AM |
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New traders always try to eliminate losses and see losses as something bad. My breakthrough in trading came when I started seeing losses as expenses (business expenses). Trading is a business and you should see it that way. So, if you consider losses as business expenses, then you must know exactly how much your business expenses are, because if you consider all losses as business expenses, you can very easily forget about the loss without analyzing what made it a loss. Actually this is quite an interesting thought but it can be a trap if you take a loss too lightly, and you finally realize that your business expenses are greater than the profits you get, then it is no longer a good business.
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