Don't encourage multiple trading!

[Hamphser]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Maybe he's into futures.

Because he wouldn't lose that immediately if he's on the spot but as you've said that when the price dropped again, he's at total loss. Well, if your friend is a long time trader, he probably know what he's doing.

That's why for him it should be enough to understand that the risk he's taking shouldn't be ignored. Otherwise, he should quit futures and stay on the spot trading.

Pretty sure he's been dealing off with futures considering that being liquidated or total loss had happened because if we do talk about spot then you cant lose something since you would really be just simply having

that paper loss but not something being realized, unless you do cut loss or you have set some stop loss and been triggered or touched out but if not and its still hanging then just let it be, we do know that price would really be that able to recover but if this one talks about futures  then its over.The only thing you do need to cope up with those losses is to trade up with another position but of course it would be something
that much better. Multiple positions into different coins is really something that mind boggling or something that not all could be able to pull through, on just thinking with charting then it is
really that something you would be making your head ache.

[1715496410]

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[jossiel]

Maybe he's into futures.

Because he wouldn't lose that immediately if he's on the spot but as you've said that when the price dropped again, he's at total loss. Well, if your friend is a long time trader, he probably know what he's doing.

That's why for him it should be enough to understand that the risk he's taking shouldn't be ignored. Otherwise, he should quit futures and stay on the spot trading.

Pretty sure he's been dealing off with futures considering that being liquidated or total loss had happened because if we do talk about spot then you cant lose something since you would really be just simply having

that paper loss but not something being realized, unless you do cut loss or you have set some stop loss and been triggered or touched out but if not and its still hanging then just let it be, we do know that price would really be that able to recover but if this one talks about futures  then its over.The only thing you do need to cope up with those losses is to trade up with another position but of course it would be something
that much better. Multiple positions into different coins is really something that mind boggling or something that not all could be able to pull through, on just thinking with charting then it is
really that something you would be making your head ache.

Trading up and doing another position might just lead him to another loss if it's the same futures. Doing some spot will make him more patient and also going to lose that greediness that he probably has.

He'll learn there that profit is already profit regardless of the position and amount of it.

That's going to teach him a lot if he jumps over there from the current position where he's in that has made him a lot of losses.

[Strongkored]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Because you say "loves" it means that he has often done it so he loves the strategy that is applied and of course, it has also given him many advantages so he continues to apply it. Multiple trades are indeed risky and riskier if you don't have good technical analysis but also when it goes according to predictions it will definitely give you big profits because in trading there is always the possibility of losing the same as the possibility of profit so what your friend is experiencing is a very reasonable thing, unless he always loses in multiple trades but continues to do so means he is quite unwise to continue to do so.

[Questat]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

I don't have any idea what he thinks of having that strategy. With his losing experience, I think it was enough for your friend to realize that it was a wrong strategy and stop it otherwise, he will lose more if he continues doing that until such time he got empty. Well, it usually happens that our thinking went wrong, and we can never find it early. Your friend has to open his eyes and look at what happened to his trade as it is no longer profitable anymore.
In fact, even pro-traders never use this way as it was not easy to manage.

[KingsDen]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Opening multiple trades during the day trading is not the problem. If the trader can actually control the trade with the stop-loss he can as well manage the situation. Where it will be a little bit difficult to control is when you are trading futures.

King bitcoin drives the market, this means on a normal circumstance when one coin is moving up the others should indirectly follow suit.
So with this analogy, it will not be difficult to control all the trades unless in a certain situation whereby a particular coin is unduly pumped and dumped.

If your friend wants to open multiple trades, he should endeavour to get a bot that he will manipulate and it will handle multiple threads for him. This will enable him have some time for himself and do other things

[Wind_FURY]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Multiple trading may be represented like martingale and nothing wrong with that if you are experienced with such to be able to control it and monitor appropriately or use your stop loss intact. Multiple trading is for you to use your money management skills appropriately, lower your leverage, use stop loss and you must have sufficient fund to carry the waves of the market.

We as plebs who are generally under-capitalized should never over-complicate things regarding how we invest in Bitcoin. Plebs should not  treat it like we have seven figures in capital, just keep it simple and buy the DIP and HODL. I could ask myself if I have more profit in buying the DIP and HODLing compared to "trading", and the answer would always be a YES. I believe 90% of plebs would have the same answer.

[gunhell16]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

You must be telling your friend that cryptocurrency trading is not easy to understand, and you know it. Then you should also teach him the right thing to do,...

You know that the percentage of risk is high for beginners entering the Bitcoin industry. It's even better that you encouraged him to learn it first before jumping into trading so that at least he has knowledge of how to lose or win.

[Chainsmokers]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

I don't have any idea what he thinks of having that strategy. With his losing experience, I think it was enough for your friend to realize that it was a wrong strategy and stop it otherwise, he will lose more if he continues doing that until such time he got empty. Well, it usually happens that our thinking went wrong, and we can never find it early. Your friend has to open his eyes and look at what happened to his trade as it is no longer profitable anymore.
In fact, even pro-traders never use this way as it was not easy to manage.

If it continues, of course it will only be a waste of time and will make a loss,
the wrong strategy is as soon as possible to stop and look for other alternative strategies,
Again, it all depends on each other's decisions.

[LastKiss]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Sounds like your friend doing future trades with high leverage which can make his four trades gone in a moment, it's not advised to be greedy since greediness can make our money disappear in an instant, if he wants to try more risks try with a little amount of money or using money that you can afford to lose so when you're losing it, it won't be pressure in your mind. 

[tvplus006]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be...

If, in the end, such a trading strategy brings profit, then he does not need to change anything. Losing trades will haunt you from the time you first started learning trading until you became an experienced trader. The main thing is that there should be more profitable trades than unprofitable ones.

[jeraldskie11]

Personally I don't advise multiple trade especially when you're not familiar with trade

You are correct; it is not advisable to execute several trades if you are unfamiliar with them. But I want to emphasize that risk management is the best solution to this problem. It is not the fault of several trading pairs; it is simply required that your positions have a "stop loss" so that you may leave them alone, especially if you are using Cross-margin mode.

Sounds like your friend doing future trades with high leverage which can make his four trades gone in a moment, it's not advised to be greedy since greediness can make our money disappear in an instant, if he wants to try more risks try with a little amount of money or using money that you can afford to lose so when you're losing it, it won't be pressure in your mind. 

That's the way I see things. He had to have used futures trading to lose so quickly. It's also possible that he didn't establish a stop loss because he was in a rush. I just disagree that numerous trading pairs are not recommended in trading because many individuals use them and I see that it is possible to earn a lot. Simply execute everything correctly and then stick to the strategy no matter what happens, stop loss is just small, there's huge potential reward if the market goes with you.

[Flexystar]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

There is nothing wrong with the multiple positions and if a trader is professional then he knows what to expect from such multiple positions. Fun fact, you can actually make decent amount of money over such trades and also overcome the losses better way. Imagine in your friends case, if they would closed the positions at perfect time he could have saved his money. I am not able to guess it right but it does not seem that they are highly professional in the trading.

There are always pros and cons of the multiple positions. Imagine reverse situation here, and bitcoin pumped higher than his position then he could have 4x his profits in no time. That kind of risk you have to take all the time in the crypto world.

Perhaps, trying out new strategies is always good as long as you know what you are doing there.

[ethereumhunter]

Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

[el kaka22]

I think this is something veterans can do but newbies can't really do. I know people who have over a dozen open trades at the same time and they can follow them all. And I have to say that no real trader would need anything like 12 screens on their home to follow it up, this dude just uses his phone when he is out, and puts out orders before he even makes anything, and then when he has to do something just opens up his phone and does it and moves on with his life.

And this is a very rich person who has been making steady profit in bitcoin world for over 6 years now, so we are not talking about a newbie who got lucky, dude made profit in every part of crypto period and that is why I trust him more than anyone else.

[omgitsmehehe]

Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

Triggering analysis on multiple trades will only bring confusion and losses. The market fluctuating steadily and there's no definite time that it will make retracement back to it's usual spot. Trading should be understandable before crucial research is carried out. I don't open multiple trades because I've gotten some experience on it, trading it will gives more room for losses and I'm not ready to make such mistakes in the market. We do learn everyday, either from our colleagues mistakes or our personal mistakes, no one is perfect in trading, even top traders record losses because the market don't always go as planned.

[Johnyz]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

This could be more risky as he trade in futures, though you can do this better by analyzing the market and I can say that never go against the trend, since the price is still bullish trading short will be more risky as you go against the current momentum of Bitcoin. If your friend still lose the money in trading, better for him to learn more and analyze what is wrong with his strategy, being too greedy is not good in trading though you can have multiple positions with different cryptos.

[Fivestar4everMVP]

does your friend trade futures? for those familiar with day trading it is very easy to open multiple trades. of course, the risk is greater because the market may move not according to our plans and analysis.
I also sometimes open 2 or 3 futures trades. that's fine with that, sometimes it's all profit. but sometimes we also have to lose. because in trading that's how it works. we cannot force them to continue to benefit.

Opening 2 or 3 futures trades at a time is very fine, but anything more than 5 at a time is very risky and not advisable, but I know some people who open up to 7,8 or even 10 trades at a time, which is really childish if you ask me.

There was a time when I used to open up to 6 trade at the same time, but that was when I was still a newbie in crypto trading, right now, I do not open more than 1 or 2 trade at a time, most especially. When I am trading futures, but I can open as many trades as I want if  I am trading the spot market, since I can simply hold if the market goes against me.

[palle11]

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Multiple trading may be represented like martingale and nothing wrong with that if you are experienced with such to be able to control it and monitor appropriately or use your stop loss intact. Multiple trading is for you to use your money management skills appropriately, lower your leverage, use stop loss and you must have sufficient fund to carry the waves of the market.

We as plebs who are generally under-capitalized should never over-complicate things regarding how we invest in Bitcoin. Plebs should not  treat it like we have seven figures in capital, just keep it simple and buy the DIP and HODL. I could ask myself if I have more profit in buying the DIP and HODLing compared to "trading", and the answer would always be a YES. I believe 90% of plebs would have the same answer.

Buying the dip to hodl is cool but that is not regarded as trading, that is hodling and it should be the first level of bitcoin investment for the people wanting to know how to increase capital in bitcoin by hodling. Trading is not so easy to do, the risk is higher.. You can lose all your capital in trading but with hodling you can only have a reduced value but unit of coin still remains. Multiple trading is another level of course.

[adzino]

Multiple trading isn't actually a bad thing if you know what you are doing. Like, it depends on the person and their trading strategy. Some people actually make good money with multiple trades, as long as they manage it right. The key here is risk management and diversification. Just because friend did it wrong, doesn't mean everyone will do it wrong. You friend did some mistakes. If your friend could have set stop-loss orders and diversified his investments, he wouldn't had put all his money in one place. So, if one trade goes south, others might still be profitable. Your friend shouldn't go overboard and risk only what he can afford to lose. Your friend might be struggling, so he should cut down a bit.

[ethereumhunter]

Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

Triggering analysis on multiple trades will only bring confusion and losses. The market fluctuating steadily and there's no definite time that it will make retracement back to it's usual spot. Trading should be understandable before crucial research is carried out. I don't open multiple trades because I've gotten some experience on it, trading it will gives more room for losses and I'm not ready to make such mistakes in the market. We do learn everyday, either from our colleagues mistakes or our personal mistakes, no one is perfect in trading, even top traders record losses because the market don't always go as planned.

Before they can properly analyze and know how to anticipate or adapt to circumstances, they are better off trading only one pair. It can also spare us all kinds of feelings especially if the market changes direction suddenly. We cannot anticipate it, meaning we only think about closing the trades we make without thinking about anything else. That is why we need to learn more about trading to improve our ability to analyze the market.