Traders always learn to leave when the ovation is loudest

[so98nn]

Oh my God, this is just best explanation for my current situation too. I was so confused until today that whether bitcoin is going to burst the next upward signal or not and made me think whether to sell and book the profits or wait for even more. Considering this is my greed it can end up pretty badly and I think it's really time I should be on the way to sell my coins.

Your expression of comedian with the trader is pretty similar and understandable to me. Makes my mind more clearer tbh. I think its better to understand the proper exit strategy in this market.

On top of this, one should always think of, how much applause we want? Or whether we are capable enough to face the criticism of down turn!

[Botnake]

Oh my God, this is just best explanation for my current situation too. I was so confused until today that whether bitcoin is going to burst the next upward signal or not and made me think whether to sell and book the profits or wait for even more. Considering this is my greed it can end up pretty badly and I think it's really time I should be on the way to sell my coins.

Your expression of comedian with the trader is pretty similar and understandable to me. Makes my mind more clearer tbh. I think its better to understand the proper exit strategy in this market.

On top of this, one should always think of, how much applause we want? Or whether we are capable enough to face the criticism of down turn!

Probably, i would love to suggest to hold your bitcoin even more because it will still end up into another peak. But i guess you're right, if you think you are already in profits already, then start selling your coins. Maybe, just leave a portion of your bitcoin into your wallet and continue holding it because it has still bigger chances that it will be more valuable in the future. Greed can sometimes help you to be more profitable, but sometimes it could also be misleading.

[jaberwock]

when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash

I guess most traders are not into such a practice due to various reasons still being greedy must be one of them. Taking profits or specifically accepting small profits must be an heartfelt art but unfortunately it cannot come into practice from the beginning; probably only after lots of bitter experiences of losing up to the level of entire capital in single trade.

I compare profit booking to art as it needs lots of discipline and scientific approach. If you are too good in skills then you may simply go as per your TA to book profits and also you exit at SL but when you rely on moderate TA and emotions also comes into play time to time then you need to make yourself ready to accept small profits and this way I feel accepting small profits must be an art.

[Kasabus]

This is important to a day trader. I like to relate this to comedians. In comedy , I see that the comedians usually leave the stage when they have made a hit joke that cracked audience up real good and they just tell you there time is up and at this time the applause is higher the more. This leaves the comedian happy in his closest while the audience too enjoy the feel of their money.

In relation ton trading too , when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe" 

yup its always good to make exit than  expecting too much because market is so volatile wherein without knowing there's a chance of losing instead of obtaining profits, actually it always happened to me when i was new in day trading.. And it really pissing me off every time the growth rate change because i always end up waiting for the recovery in order to recover my losses as well. That's my common mistake, so better to leave happy and take the profits instead of expecting too much when it comes day trade.

If you are in day trading, the risk is definitely higher than long term trading so you need to monitor the market 24/7 so you'll not end up losing.

Well, it's a good thing really that at least you know when to make an exit from a day trading after you have made profits than keep on chasing for more profits because you think the market will be more positive, and yet the price suddenly drops, that means you end up losing instead. Set your own happiness and when you think you're already there, claim it. Otherwise, you'll end up frustrated while leaving the market.

[SquallLeonhart]

Oh my God, this is just best explanation for my current situation too. I was so confused until today that whether bitcoin is going to burst the next upward signal or not and made me think whether to sell and book the profits or wait for even more. Considering this is my greed it can end up pretty badly and I think it's really time I should be on the way to sell my coins.

Your expression of comedian with the trader is pretty similar and understandable to me. Makes my mind more clearer tbh. I think its better to understand the proper exit strategy in this market.

On top of this, one should always think of, how much applause we want? Or whether we are capable enough to face the criticism of down turn!

You are not alone, there are way too many people who are doing the same thing, literally exactly the same thing. It is clear to me that there is really nothing that people do right when it comes to using their emotions, and trading while everyone is hyped is something that not many people can stop, there are way too many people already, that is why it is called "hyped" and/or "ovation is the loudest", the default version of it already includes a lot of people to make it exist, without people then how could the ovation be loudest? So feel good about yourself, you are not alone and we are all there with you which is why making these kind of trades are very normal right now.

I personally believe that we are in a situation where everything will be alright in the long game, as long as you do not sell when the ovation is the most silent then you are going to be fine.

[Finestream]

In relation ton trading too , when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe" 

If you were are a smart trader, you will probably be making some breaks. Trading is not all about risk-taking, we should also have to think that there is a time the market will dump and before it happens, we have to anticipate it. We should have to control our greediness because it was usual behavior that most people are getting not contented and not know the word enough. This is the reason why many traders just fail because of aiming too high and then, they blame the market for their fault.

As long as you are human, greed will always there and its up to us how we will control it so that it won't cause a huge loss on our part. But how can we really control our greed if the market always shows that the value of such coins will always lead into a more valuable one? I guess its easy to answer this question but definitely, hard to perform.

For me, as long as we know the meaning of enough, and we learn to be contented in small profits, then we will leave trading with happy faces and positive feedbacks.

[Stedsm]

@OP, I see the opposite of it, not for a day trader but for a long time hodler. It's like we see waves working in trading and crypto also experiences the same in terms of price spikes. When a 200% is seen, a day trader would normally be much happier and quickly square up his position and take out his profits as well as capital, but a wise trader would either let the whole position run or just remove 50% of the total (which means 100% capital after reaching 200%) and make the profits become the capital, let the position run till the reach of the vision of that wise trader goes.

[Ziskinberg]

@OP, I see the opposite of it, not for a day trader but for a long time hodler. It's like we see waves working in trading and crypto also experiences the same in terms of price spikes. When a 200% is seen, a day trader would normally be much happier and quickly square up his position and take out his profits as well as capital, but a wise trader would either let the whole position run or just remove 50% of the total (which means 100% capital after reaching 200%) and make the profits become the capital, let the position run till the reach of the vision of that wise trader goes.

That is the thing we should have to do or else, we miss it.
Traders who had come so aggressive and always think more and more and become more greedy surely ended up selling their coins at a lower price.

Learning how to make a good exit and stop being emotional gives us the chance to get what we wanted. Like to have a profit of 100%, for me, I couldn't hold more but to sell them right away. Honestly, it was a giveaway for us and we have to that this is enough. We should have to think wisely and never underestimate the volatility of the market that anytime dumps come to happen.

[adaseb]

I don’t think in trading it’s good to follow this rule. If you do you will be missing out on many great trades especially if you are trading crypto.

There are times like right now when it’s very easy to trade. Many coins are only going up, many meme coins are providing great gains. If you have 1 good trade and quit then you will miss out on many other opportunities.

It’s best to quit trading for a day or week if you are having a horrible week and get tons of losses in a row. Then you should step away before you go full tilt and lose all your trading capital.

[Victorycoin]

If there is a risk in the right trade it is better to keep it closed for now but this does not mean that everyone can earn especially consistently profitability depends on the willingness to take risks the ability to manage capital experience and the quality of the system. Sergei believes that 1-3% profit per month is a good indicator for transactions with moderate risk and maximum 5% reduction the higher the potential profit the greater the risk of leaving without it follow the rules of risk and money management. Then even a lost system will not be able to quickly dispose of your deposit.

[danherbias07]

Wow! What a good comparison. Are you a comic? I mean, it's difficult to put it that way if you are not on the circle of those guys or a fan of live comics.
Yes, that's true but when will you know the loudest cheer of all in trading? There is none.
That's why if you see profit then take it. Pausing at a time might change the flow of the market and you will regret it. One thing I am sure about, trading is not really for fragile hearts. It could break you with a single error and rekt your remaining wallet funds.

[michellee]

To be a good trader, you need to know when to get out from the market before the situation change drastically as we do not know when the market moves. We do not have to follow the market if that will make us feel difficult and give a loss to us when we can become wise in trading and not just chase the profit in the unpredictable situation.

But it is hard to become a good trader as the temptation from many coins will be there and always tempt us to buy and sell in the market. It is wiser if we can control ourselves in trading and only trade when we feel the situation is good for entering the market.

[TheUltraElite]

Exiting the market at the high is possible though whether they hit the exact tip just a bit offset from the tip is more theoritical.

I agree that it is probably the best to exit at such a time but this would not be similar to the comedian's exit because the comedian would probably have ended their show there but the trader is just waiting for the next cycle.

Again some traders do not sell all at the top. It is a common tactic to "milk" the tip () - meaning you sell fractions as the tip approaches and then as it recedes. It is always good to keep reserve cash vs crypto for the opposite side.

However I do appreciate the simile though, because it is not everyday you get to hear a good real-life one.

[palle11]

I agree that it is probably the best to exit at such a time but this would not be similar to the comedian's exit because the comedian would probably have ended their show there but the trader is just waiting for the next cycle.

For that particular trade it can be similar and just the same to the comedic scene because at that point of the trade, it is considered as one chance shot to the market just like the comedian too. If after exiting the particular trade that is a singular action as that of the comedian. Another entering to the market is considered separate from the first just like the comedian having and performing another show somewhere or same day. Yes this is how to judge our trade for good performance and profit, every trade enter should be independent and judged independently. We need an exit strategy when the ovation is still high.

[SirLancelot]

This is important to a day trader. I like to relate this to comedians. In comedy , I see that the comedians usually leave the stage when they have made a hit joke that cracked audience up real good and they just tell you there time is up and at this time the applause is higher the more. This leaves the comedian happy in his closest while the audience too enjoy the feel of their money.

In relation ton trading too , when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe"  

This is right , but some traders will never leave because of their greed and they want to make even more money. They always feel like if they should leave the market that the market might continue to increase and then they will miss out on more profit that they would have made if they continue to hold.

Although some of them might end up lucky and the market will go further and they also make extra profit, but for others it doesn’t really end well ‘cause they usually lose money because they’re waiting for the market to go further but instead the market plummets. I usually do this, whenever I have made enough profit that I’m OK with and I’m sure that I have gotten to my target, I just leave the market immediately.

[cheezcarls]

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

[Swordsoffreedom]

I can hardly relate to this as I have been greedy to wait for more profits rather than being happy to win even if at least x2 or more. As a result, I lost a lot of money in my bad trading decisions in various coins and tokens. Profit is profit no matter if it’s just a little, so be happy with it. We can’t predict the market, so only trade what we can afford to lose.

Excessive greed is a very scary thing, especially when it comes to trading. I have seen many traders prefer emotion over market strategy when it comes to choosing coins, so they have to pay a lot for their mistakes. There is a big difference between long-term holding and day trading. In the case of day trading, it is better not to expect a huge profit, if there is limited profit then you should leave the market before crushing down.

[gabbie2010]

This is important to a day trader. I like to relate this to comedians. In comedy , I see that the comedians usually leave the stage when they have made a hit joke that cracked audience up real good and they just tell you there time is up and at this time the applause is higher the more. This leaves the comedian happy in his closest while the audience too enjoy the feel of their money.

In relation ton trading too , when you are at the top of your profit and you are not sure or certain of the next market spike or movement, instead you waiting for take profit you can exit the market and go with happiness with what you made already before price crash because most times when ovaction is laudest, some audience might start "criticizing and you get a wipe"  

This is right , but some traders will never leave because of their greed and they want to make even more money. They always feel like if they should leave the market that the market might continue to increase and then they will miss out on more profit that they would have made if they continue to hold.

Although some of them might end up lucky and the market will go further and they also make extra profit, but for others it doesn’t really end well ‘cause they usually lose money because they’re waiting for the market to go further but instead the market plummets. I usually do this, whenever I have made enough profit that I’m OK with and I’m sure that I have gotten to my target, I just leave the market immediately.

Not taking profit and leave the market at the appropriate time has once hunted my trading, that was my first experience in trading, I had learnt in a hard way then, however I had learnt my lesson now, I ensured that I take my profit once the price moved at a certain percentage in my favor a leave bearing in mind that another opportunity will be unveil, I ensured that I avoided greediness in my trading no matter how small the profit is, if the price has reach a certain level like support and resistance or overbought and oversold using a RSI indicator I quickly take profit.

[zaesvlas]

Traders can go into the shadows, but if they are worthy of applause, they are unlikely to leave the market.

[Beparanf]

Try to use OCO(One-Cancels-the-Other Order) order type to mitigate risk and enter the market in case you are confused on the direction of the market. OCO let you create 2 opposite order which in your case a break out order and a stop loss so that you can be safe and ride the hype at the same time whatever comes first. Many newbie traders didn't know this that's why they always early sell during the break out because they are afraid of a sudden dump.

OCO is perfect order types for newbie traders that can't decide on his next move whenever the price is sideways. You can learn more about OCO order type on the link provided below.

https://bit.ly/3mWjgAm _{(Note: I just shorten the link, it's not a referral link. )}