What traders must know

[Sophokles]

There are many things that a trader can improve on, but there are some that must be followed, like patience, emotion control, and discipline. Also some people say a bad plan is better than having no plan so for a trader he must have strategies for how he will run the trader and how he will manage the risk so that he can get high rewards while at the same time minimizing the risk ratio. This requires experience and knowledge about the market which many fail to achieve.

[1715358333]

1715358333

[WatChe]

There are many things that a trader can improve on, but there are some that must be followed, like patience, emotion control, and discipline. Also some people say a bad plan is better than having no plan so for a trader he must have strategies for how he will run the trader and how he will manage the risk so that he can get high rewards while at the same time minimizing the risk ratio. This requires experience and knowledge about the market which many fail to achieve.

Knowledge comes only if you use your mind to understand how market works. We can never get knowledge if we keep on running after people for ideas like following signalling groups. It doesn't matter whether you are winning or losing unless you are getting key fundamentals of market. Almost all of us lost money in the start but that loss gives us valuable lessons that help us in moving forward. If you are new to market then spend time in understanding it and build you knowledge bank.

[Mame89]

Am not much of a trader, but I do some occasional swapping between coins, with withdrawal or deposit or funding a wallet.
If there's one thing I have come to know that's imperative for one to be successful at trading, it is that there are times in the day when the market changes direction, it must be noted. These times often come with changes in network fees, changes in price pattern and congestion of network.
A trader must know at which time of the day is best to trade their coins, when it's best time to enter the market and when to exit as well as when new developments and innovative tools are created and the tech know how.

Yes that's right. every trader must have discipline that must be carried out as you have explained, every trader must have a goal or strategy in trading, so that we know when we enter the market and when we leave the market. As a result, we as traders are not confused later, and are not easily trapped in the market and self-confidence is very important. Apart from that, we must also have a complete trading strategy, starting from analysis techniques, money management and risk management.

Another important thing is not to underestimate the psychological aspect of trading. Because uncontrolled emotions can derail our trading. Moreover, the emotions of greed and fear greatly influence success in trading. There are many examples of beginners in trading who initially made a profit but ended up falling apart because of emotional factors.

[Questat]

There are many things that a trader can improve on, but there are some that must be followed, like patience, emotion control, and discipline. Also some people say a bad plan is better than having no plan so for a trader he must have strategies for how he will run the trader and how he will manage the risk so that he can get high rewards while at the same time minimizing the risk ratio. This requires experience and knowledge about the market which many fail to achieve.

I disagree, better not do trading anymore if you have this stuff - bad plan as it was just the same as having no plan.
In trading, you should have a concrete and positive plan because that will serve you as a guide. If we only have a bad plan, how can be motivated and patient?

Indeed, to become a successful trader must also have positivity in mind. Trade must be physically and mentally ready for the outcomes of their trader and never give up easily because of suffering minor losses but try to look for a way how to improve.

[Gormicsta]

Traders must comprehend the necessity of risk management; without a strong understanding of how to manage risk, it is possible to lose money quickly. Traders should also be aware of their risk tolerance, or the amount of money they are willing to lose on a given deal. They should also stop or take a break if they are losing, exit or know when to take profits, and always trade within their limits. Traders should be conscious of the emotional components of trading and strive to remain calm and reasonable under pressure. It is also crucial to know when to start, whether it is listening, staying current and up to date, or comprehending technical research.