Traders always learn to leave when the ovation is loudest

[justdimin]

A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.

Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.

I would say that day traders and long term traders are exactly the opposite and character analysis of both of them are opposites as well. If you are a good day trader and hold something because you want to profit and can't give up then you are making a mistake, if you are long term and it drops and you are worried so you want to sell then you are a bad holder.

There is a good case that we should not be doing something only based on how we are, if you are a day trader and bought some coins and they all went low, then you could literally turn to a long term investor and hold things and suddenly you are not making a mistake. On the other side of the isle you could be a long term investor and you could have some bad investments and they could drop and you could buy/sell multiple times and make a profit there as well. So all in all what you do is not the problem, how you approach things make it a problem.

[TheUltraElite]

This is indeed the joy in trading if one can leave with profit as soon as the profit comes so as not to wait for price  dump. But sometimes we traders are always greed, and that greediness make us always loose the little profit we have, so we have to learn how to love happily.

If there was no greed, there would be no speculative market, like I said in my previous post.

These problems are basics of trading, you dump when the market rise and you buy when the market dumps. That is if you have belief in your asset and that is very easy for bitcoin compared to any altcoin or any fiat stock for instance - Bitcoin is not going bankrupt anytime.

But choosing when you exit is an important step too. You should reduce how much you are going FOMO, not buy when others are buying and exit at the top or near-top.

This is not difficult, you need some practice to keep emotions under control and in a few months you get the hang of it - if you dont, then trading is probably not for you. Not everybody has the mindset for trading and you should not blame yourself for it.

[palle11]

These problems are basics of trading, you dump when the market rise and you buy when the market dumps. That is if you have belief in your asset and that is very easy for bitcoin compared to any altcoin or any fiat stock for instance - Bitcoin is not going bankrupt anytime.

But choosing when you exit is an important step too. You should reduce how much you are going FOMO, not buy when others are buying and exit at the top or near-top.

This is not difficult, you need some practice to keep emotions under control and in a few months you get the hang of it - if you dont, then trading is probably not for you. Not everybody has the mindset for trading and you should not blame yourself for it.

This is exactly the point about the analysis of the thread topic, leaving when the ovation is loudest and it takes practice to understand that there is ovation and that it is loudest. If you have a trading pattern that helps or shows you tops and lows then you have a good trading pattern because exiting time and entering times are important. If a trader don't understand those, the traders profit will keep getting eaten up.

[LUCKMCFLY]

A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.

Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.

I would say that day traders and long term traders are exactly the opposite and character analysis of both of them are opposites as well. If you are a good day trader and hold something because you want to profit and can't give up then you are making a mistake, if you are long term and it drops and you are worried so you want to sell then you are a bad holder.

There is a good case that we should not be doing something only based on how we are, if you are a day trader and bought some coins and they all went low, then you could literally turn to a long term investor and hold things and suddenly you are not making a mistake. On the other side of the isle you could be a long term investor and you could have some bad investments and they could drop and you could buy/sell multiple times and make a profit there as well. So all in all what you do is not the problem, how you approach things make it a problem.

You are absolutely right, in my case I consider myself to be a medium and long-term trader, the reason is simple, because I am not in the market all day, I just place my positions and do my normal, ordinary life, just I check the movements at night, and if the market goes against me I have time to react and remove orders, or maybe the stop loss will be activated, which is not bad, otherwise what I do is take profits or move the stop loss to guarantee my profit, in this case I always extend the stop loss when I am in profit, when I am in a loss I usually close the trade quickly, I am in favor that losses should be closed quickly and not extended.