Don't be wiser than the market

[ItsCrafty]

The desire for more profit is human. Greed does bring bad luck to us in trading, I agree with your policy to take a little profit then go trade on other market conditions. this minimizes the risk of retaliation for the downtrend. I prefer short-term trading than having to take a big risk of going upside down.

I do this and proved very bad for me. I buy Gmt at 0.29 and sold at 0.38 and made profit of 150$ . after that I changed my coin and Buy Pols coin but it down and not returned to my buying price and i lost 150$ there but Thanks God again i buy Gmt and made handsome profit.
I have bought Dot for long term and now use only day trading

[1715269270]

1715269270

[1715269270]

1715269270

[lixer]

To be successful in trading, of course, it takes time and a definite process.
so the more we try and experience failure it will be good for us to find out where the error is and evaluate it,
Trading is full of challenges so mentally preparing is also important

One other thing that people really have to know is that capital is required. If you don’t have enough capital then it is not advisable for you to do trading. It is best that you look for something else and not to be a day trader, because you are going to require capital.

Trading is something that is capital intensive and most people do not know this because they feel that it is easy and doesn’t require much, and with just any amount of money they will be able to get in and become rich at any time. But, it doesn't work like that, you need enough capital and you also need sound knowledge about trading for you to be successful.

[tygeade]

I liken trading to gambling they are both highly risky and if you must make profits in them you need to practice some level of patience and never let greed take over your sense of judgment, I don't see anything wrong in expecting/predicting the direction the market will go but while doing that one need to understand the volatility of the market that is, the market can swing in whichever direction at any time. But if a trader can manage their risk factors properly and learning not to be too greedy that will help earn some profits and minimize losses.

If you see trading similar to gambling then there is a bit of a problem that you should solve before you could actually make profit. I mean trading is something that you do against other people, and gambling is usually what you do against the house, and it has house edge and you are guaranteed to lose there.

It means if you see them similar, you will always lose during trading as well, and since you won't, and there will be good days, you should not see them as similar. A good trader would be able to sniff out the market and know what to do and even though it won't be all the time, at the very least they could profit in the long term most of the time.

[wozzek23]

I liken trading to gambling they are both highly risky and if you must make profits in them you need to practice some level of patience and never let greed take over your sense of judgment, I don't see anything wrong in expecting/predicting the direction the market will go but while doing that one need to understand the volatility of the market that is, the market can swing in whichever direction at any time. But if a trader can manage their risk factors properly and learning not to be too greedy that will help earn some profits and minimize losses.

If we talk about risk, it is true that both trading and gambling have the same risk but regarding whether they are the same, of course it is clearly different,
in trading at least we can do analysis and that is useful but it is different in gambling because it only relies on speculative,
it is very important indeed to manage risk because the crypto market is volatile and difficult to predict at least it can minimize the risk as you say

I would not say that trading and gambling even have the same level of risk. In one of them you are guaranteed to lose your money in the long term (even if you win in the short term) whereas in trading it usually keeps getting better and better because we are talking about making money by learning how to do it better.

Obviously it isn't really different in the sense that when you invest, there is a chance to make money or lose money and when you gamble there is a chance to win money or lose money. But that is where the similarities end for me, anything else that goes on is terribly different and the outcome of doing them would be different as well.

[Wiwo]

I liken trading to gambling they are both highly risky and if you must make profits in them you need to practice some level of patience and never let greed take over your sense of judgment, I don't see anything wrong in expecting/predicting the direction the market will go but while doing that one need to understand the volatility of the market that is, the market can swing in whichever direction at any time. But if a trader can manage their risk factors properly and learning not to be too greedy that will help earn some profits and minimize losses.

If we talk about risk, it is true that both trading and gambling have the same risk but regarding whether they are the same, of course, it is different,
in trading at least we can do analysis and that is useful but it is different in gambling because it only relies on speculative,
it is very important indeed to manage risk because the crypto market is volatile and difficult to predict at least it can minimize the risk as you say

Thanks for that extra clarification on my classification of trading under gambling because of the risk associated with both, I know gambling is riskier than trading since in gambling the house will always have an advantage over players but in trading, the market is between two individuals but not in all cases anyway. I understand your point clearly.

[henmark]

One of the best advice so far. Some people are fond of chasing losses. They hardly know when it is right for them to take a break and call it a day, rather they will just keep on pushing even when they are losing money in the market.At the end of the day, they stand to gain nothing and lose almost all their trading capital.

Traders should learn how to not be greedy in the market and also be focused. Know when things are not going the right way.

There are some times that you would feel some kind of negative energy and your trading for the day wouldn’t just be quiet as good as you expect. It is not good to just keep chasing losses. It is best that you just take a break and go for it another day when your mind is positive.

[fuguebtc]

I liken trading to gambling they are both highly risky and if you must make profits in them you need to practice some level of patience and never let greed take over your sense of judgment, I don't see anything wrong in expecting/predicting the direction the market will go but while doing that one need to understand the volatility of the market that is, the market can swing in whichever direction at any time. But if a trader can manage their risk factors properly and learning not to be too greedy that will help earn some profits and minimize losses.

If you see trading similar to gambling then there is a bit of a problem that you should solve before you could actually make profit. I mean trading is something that you do against other people, and gambling is usually what you do against the house, and it has house edge and you are guaranteed to lose there.

It means if you see them similar, you will always lose during trading as well, and since you won't, and there will be good days, you should not see them as similar. A good trader would be able to sniff out the market and know what to do and even though it won't be all the time, at the very least they could profit in the long term most of the time.

Trading is a place for us to analyze and evaluate the supply and demand of the market and then decide to buy or sell to make a profit. It requires a lot of knowledge, skills to read charts and analyze trends, the accumulated experience of each trader.

As for gambling, we just play with the hope that luck will come to us. We don't have any viable basis for analysis in gambling, everything in gambling is just luck and bad luck.

[Ryker1]

The desire for more profit is human. Greed does bring bad luck to us in trading, I agree with your policy to take a little profit then go trade on other market conditions. this minimizes the risk of retaliation for the downtrend. I prefer short-term trading than having to take a big risk of going upside down.

I do this and proved very bad for me. I buy Gmt at 0.29 and sold at 0.38 and made profit of 150$ . after that I changed my coin and Buy Pols coin but it down and not returned to my buying price and i lost 150$ there but Thanks God again i buy Gmt and made handsome profit.
I have bought Dot for long term and now use only day trading

Well that is how we deal with our luck when we are so lucky that we have bought a coin that has a chance to multiply our investment.
Traders should understand of making a profit and extend our patience while waiting a right time, dont be greedy upon making a profit and if you see you have made 10-20% profit, that is good enough and I think, if you wish to have a 100%, it is most likely will not happen. Dont be wiser and dont be greedy, that should be the partner when you are in trading.