Don't encourage multiple trading!

[gabbie2010]

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

Well opening multiple trades at a time is truly highly risky for a less experience traders, however there are some traders whose trading strategy work perfectly well with few A++ signals per week thus this will warrant opening multiple profitable positions at a time and well managed their position with money management should in case the market goes against them, this can only be accomplished or achieved if such a trader is highly skilled and experienced with a huge funded account while each of the position is open with a very small lots or leverages in multiple times personally this is what I had been learning presently to have an edge over the market.

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[crwth]

How are you going to lose that much knowing that you could wait before anything else happens? Like holding the position so you wouldn't get the losses you are getting when you close the position unless it's always going to the stop loss limit. That's going to be a problem when you are always experiencing that. You should be able to assess what you are going to do and make sure that you don't bleed too much money.

[tjtonmoy]

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

If someone is not familiar with trading, you should not suggest anything to them regarding trade. Multiple or single, that doesn't matter. Anyone with basic knowledge should start with a very small amount just to learn the concept of trading in a better way and sharpen his skills. Everything depends on your skill of analyzing the chart. If you can master the concept of the chart, you can become a good trader. Maybe the best (depends on your understanding).

And profit and loss are part of the process. If you don't have any experience on both, you can never get the full picture of trading.  Opening multiple trades on multiple crypto pair is kind of risky, not gonna lie. But as I said, if you know the market well, you can make good profits. And never forget to set up Stop Loss and Take Profit (SL & TP). That way, you will never face that huge amount of losses. It's all about techniques and strategy.

[AmoreJaz]

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

Well opening multiple trades at a time is truly highly risky for a less experience traders, however there are some traders whose trading strategy work perfectly well with few A++ signals per week thus this will warrant opening multiple profitable positions at a time and well managed their position with money management should in case the market goes against them, this can only be accomplished or achieved if such a trader is highly skilled and experienced with a huge funded account while each of the position is open with a very small lots or leverages in multiple times personally this is what I had been learning presently to have an edge over the market.

such strategy is not advisable to new traders. they can easily go bankrupt instead of earning profits. some are going in such path hoping that they will gain profits as fast as they can. some will get their luck applying such technique, but this route is not for all. especially those who have small bankroll and is only relying from their profits to continue their trading.

[molsewid]

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

Do you mean futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

[Oceat]

It seems like your friend didn't know what he/she was doing, perhaps it's a beginner's fault I guess. If he knows what he/she was doing then your friend most likely wanted to gamble instead of minimizing the risk to lose. Trading can be done in a manner that you only knew that would work but that time perhaps he/she didn't expect the drop would happen. It will be a valuable lesson to your friend if he/she has lost more than what he/she should.

[Peanutswar]

For me, it's not ideal to make a trade over three positions because there's a possibility you can't manage to watch those price movements unless you execute all trades according to the plan like having a take profit and stop loss already to make sure you can manage to have multiple trades. Just wondering if this is futures trading or just long-term trading if the long term you can hold as much as you want and you are heading for over a month and year, in the future that's quite hard to handle to have more than three trades open. Always manage your risk.

[wxa7115]

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

Do you mean futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

Opening several trades in a row was already risky but when you add leverage on top of that then the risk becomes too high for anyone to manage, as a trader could be the very best in the world with a strategy which wins 99% of the time with fantastic profits on each trade, and yet given enough time such a trader will go bankrupt anyway.

This show us that despite our level of skill, risk management is critical, and someone which disregards it will not last long on a market which is as volatile as this one.

[Bushdark]

I don't even encourage people to open multiple trades in the market if they are not having a big Capita to hold trades in case the market goes the other ways. It is only pro traders that can enter the market with multiple trades because they might have read the market and knows what the market is doing at anytime. Newbies entering the market with multiple trades can lead to disaster that could cause great loses of case is not taken properly.
We should not in any copy other traders to enter the market if we are not so sure the decision we are about to take and where it is going to lead us. Consciousness is of a big importance.

[Inwestour]

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 find it very difficult to keep track of many coins, it is even more difficult to trade all of them, especially if you are at an early stage. If you have the desire and confidence that you will be able to control everything qualitatively, then try, but remember the importance of using stop loss. When there is a rapid fall, then you simply will not have time to exit all trades without losses, and this happens quite often. After several such mistakes, your friend may simply not have a trading deposit left.

[Danydee72]

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 can't see the point. Why should one not open multiple trades? For me I often practice DCA in spot trading, when BTC moves. Up or Down. It's nothing special about opening 20 or more trades that way. Some get hit, some not. It's very easy to check them once a day and place new orders. Tools nowadays are good enough to handle this. Sometimes multiple trades are part of a strategy. If your friend has no strategy, he should not trade at all. If he run out of time, something is wrong about his strategy. Does he invest in futures? In spot trading you may place limit orders, trailing orders, stop losses and so on. With these instruments you may avoid stress and it's an easy instrument to keep emotions out. Beginners should not trade in future markets. I still avoid these kind of markets, even after years of trading.

[Issa56]

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

The first question I will be asking is if your friend is a newbie? If he is a newbie then I will advise him to stop opening multiple trades because you will easily get confused. Also I think your friend should have set stop lose in four trades he opened, incase if the trade goes against him, it will definitely reduce the amount of money he will be losing. Your friend shouldn't be in rush, you don't have to open four trades before you can make money, one trade is also enough, just make sure you do your analysis well before entering a trade.

[Oilacris]

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 mean multiple orders in one pair, yes it could be that possible but something that adds more risks into your entire capital considering you would really be having those huge losses.
Somewhat it would really be varying if you are neither dealing with Spot or futures which we know that on spot where you could really still able to hold up your negative position
unlike on futures which once your account been liquidated then there's no way on getting it back.

One position would be enough but since you do make out some multiple then you are really that somewhat sure in regarding into your position.

[Franctoshi]

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 trades up to 4-5 isn't that bad when you're a profitable trader, but what matters here mostly, is the leverage that you are using in trading. But multiple trades is highly discouraged for someone who is managing a small dollar account. so, if one is good in trading, you can use multiple trades at your own advantage because it gonna reduce the number of time you will trade by helping you reach your profit target with lesser amount of time.

For instance, let's assume you are a kind of trader that's wins 3-4 trades out of every 5 trades it will definitely be in your advantage. But for a newbie trader, it's always best to stick with maximum 2 trades at a time.

[GreatArkansas]

(....)
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 am not against this, especially if you found a good entry on other pairs, it's all good. It's just another strategy to potentially maximize gains while minimizing losses on cryptocurrency trading involves opening multiple trade positions.
But right now, most altcoins are just correlated with Bitcoin, so expect that altcoins will drop too once Bitcoin drop.

[Kelvinid]

For me, it's not ideal to make a trade over three positions because there's a possibility you can't manage to watch those price movements unless you execute all trades according to the plan like having a take profit and stop loss already to make sure you can manage to have multiple trades. Just wondering if this is futures trading or just long-term trading if the long term you can hold as much as you want and you are heading for over a month and year, in the future that's quite hard to handle to have more than three trades open. Always manage your risk.

Even if he does but can't be sure that it will work fine, some of them make a mess.
In order to avoid this possible scenario, we better focus on a single trade or maybe two traders together still okay but more than 2, we can't really imagine having passive results.

And even pro-traders and those who are in trading for several years never practiced this strategy as they know that it gives no benefits rather than just losses.

[CarnagexD]

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

It depends ono their trading methodology and strategy. Maybe he's a high-frequency trader or probably just an impulsive trading gambling on every kind of move and fluctuation in price.
If his risk management is aligned with his frequency of trading and most importantly he is not overtrading, then there is nothing to worry about.

Some just only need one instrument to trade and make profits in the market.
Some prefer to trade many instrument all at once.

But I would say be very careful, especially in trading crypto. It is very volatile and watching 3 positions and more all at the same time would be hard to manage and operate with.

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

Do you mean futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

Because in futures, you are trading with leverage. You can make money fast and lose money faster. Trade on spot if you're practicing many instruments.

[death69]

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

It depends ono their trading methodology and strategy. Maybe he's a high-frequency trader or probably just an impulsive trading gambling on every kind of move and fluctuation in price.
If his risk management is aligned with his frequency of trading and most importantly he is not overtrading, then there is nothing to worry about.

Some just only need one instrument to trade and make profits in the market.
Some prefer to trade many instrument all at once.

But I would say be very careful, especially in trading crypto. It is very volatile and watching 3 positions and more all at the same time would be hard to manage and operate with.

Well, my friend, their trading modus operandi and grand scheme could hold the answer. Perhaps they're a high-octane, frequency-obsessed trader or just a thrill-seeking gambler, riding the rollercoaster of price shifts. As long as their risk-management game is in sync with their trading tempo, and they're not drowning in overtrading quicksand, it's all good in the hood.

For some, a single instrument plays a sweet profit-making symphony, while others prefer a diverse trading orchestra. But let me tell you, proceed with caution in the wild crypto jungle. Volatility is its fierce predator, and juggling 3 or more positions simultaneously can be a Herculean task.

[Mpamaegbu]

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

The issue with your friend isn't that he placed multiple trades. What happened was that he didn't apply Money Management principle. Everyone who trades multiple pairs at the same time knows how to reduce and control their risk. He should determine whatever he's going to lose (in case it goes wrong) or it goes well in profit. The major issue in trading isn't the profit but the loss side of it.

[RealMalatesta]

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 find it very difficult to keep track of many coins, it is even more difficult to trade all of them, especially if you are at an early stage. If you have the desire and confidence that you will be able to control everything qualitatively, then try, but remember the importance of using stop loss. When there is a rapid fall, then you simply will not have time to exit all trades without losses, and this happens quite often. After several such mistakes, your friend may simply not have a trading deposit left.

Tracking them is easier when you use a portfolio app. I have one of them and I even connected it to my account in a way, it doesn't have any right to do anything but just read. This means that it can follow how much profit I made or how much loss I have.

This is how I keep track of it because anytime something goes down 5%, it sends me a notification and when that happens I take a look at it and make a decision. Either I sell it and get out, or I will keep holding it, and rarely even buy more if it is bitcoin because I love it when bitcoin price goes down, it means I can buy more when it is cheap. Long story short there are ways to trade 20+ different coins if you want, as long as you are willing to be a bit more careful about what you use to do that.