In order to reach your target, don't rush!

[wiss19]

Especially those who are new to trade who do not have much knowledge about trade are not aware of the risk involved in trade. Gaining enough knowledge about trade before trading then we have to trade. In trading, we must have a long-term plan. Many times I see that we trade too hastily. If we trade in haste, our losses will increase. So we all must look at the long-term plan about the trade and check the market and trade patiently, surely we will get proper success through this trade in the future. Another important thing in the field of trade is patience. Many times even big traders lose patience, so we must be patient without losing patience. If we keep trading, we will definitely become successful traders one day.

There is no doubt that consistency is something that can make you successful in any field of life. People who give up easily and are afraid of failure fail to understand that failure is the first step to success.

Self-confidence is a good thing but overconfidence can hurt you. I have seen many people who say that trading is also a learning process. There is no such thing as learning and trading where you just go and buy some coins and wait for a while you will profit but this is the opposite of reality and because of such people, many people who start trading on believing what they hear also face failure.

So, it's important for people to know that learning comes first, and you should only start trading once you have learned everything necessary.

[EarnOnVictor]

That's thoughtful of you to bring this out from a different standpoint for people to understand better. I've iterated the same thing many times on this forum, especially for those who do not understand the rudiments of trading and investments but just forcing it. They often engage them anyhow, and maybe a standpoint like this will be an eye-opener for them to know what trading truly is and change their ways. Whether physical/offline or online, or risky or almost guaranteed dealings, we should all know that the same business sense is applicable to all of them. But the fact that the scope of trading and investment like cryptocurrency is so informal to the point that anyone can just decide today and start participating on that very day is the issue. This doesn't make many people appreciate it, learn it as they should and engage with it the right way.

Hence, this is the cause of the losses of the majority since they are not able to be patient, think and give it all it takes, which is why they need to change their ways. There is no need to be in a rush, and first, the buyer or seller must be experienced, smart and speculative in nature. You do not just buy any asset, you must first know it will rise or fall, and that is where the speculation comes. If you buy your crypto through investment or trading, you must ensure you have the right margin and managerial plans that will cater for your intention and never buy when the price is too expensive or at the peak unless it retraced. The same goes for the selling, you sell upon the right speculation and still resist the urge that states otherwise.

[bettercrypto]

How about this phrase "Desperate times calls for desperate measures" ? Don't you think it applies too?

That phrase usually works if it's a do or die.... if you completely have no choice. In trading, you always have a choice 

<...>

In other words, do not buy due to FOMO or panic sell if you are a long term hodler. Patience is key at times depending on your strategy. Above all i think the one of the biggest players in trading is risk management. Any form of trades we make are a huge risk. The question is how do we manage the risk if things go south.

So it is very important in trading that there is knowledge, it is not possible to know it, and if zero knowledge is good it is not good for a large capital to try to deposit in an exchange. Just start with the small amount first.

Then add to the profit you get from trading because of what you learned here as you study it. Just what you plan or target, you should go first. Just always be patience and vigilant too.

[Mpamaegbu]

Traders often click the panic sell in desperation when they see price falling...

Experience has taught me that behaving in such manner shows how inexperienced that person is. It's not as if it's a bad idea to manually close one's position but doing it in panic is what's bad. Every trader should define their risk level before pressing a trigger on trades and when that's done they should stick to their gun and wait it out. In this industry, patience is a virtue like they say.

[FanEagle]

This is a good approach and a good advice, a lot of people try to get rich as quick as possible and most of the time that is not a good idea, you should try to avoid that as much as you possibly could and what you do with the time you have is the best thing you could do, take your time.

I believe that a lot of people try to do their very best in most cases, but that usually ends up with them not realizing the mistake they are making, which is why it is smart to just avoid all of that, and try to be a lot more greedy. Don't be greedy, don't try to 10x your money in a week, that is usually something that will make you lose all your money and you should consider how you could do a lot better with some time, and that is how you should approach it.

[jrrsparkles]

Traders often click the panic sell in desperation when they see price falling...

Experience has taught me that behaving in such manner shows how inexperienced that person is. It's not as if it's a bad idea to manually close one's position but doing it in panic is what's bad. Every trader should define their risk level before pressing a trigger on trades and when that's done they should stick to their gun and wait it out. In this industry, patience is a virtue like they say.

With all the experience we actually can sense whether the fall is going to be deep or it's just a normal bump and dump even the value of 10% dump can be considered normal in the cryptocurrency. For a crypto trader that should be the minimum tolerance level cause that's kind of everyday volatile range and if they are going to be panic every time then I recommend not to trade at all.

[chigo]

How about this phrase "Desperate times calls for desperate measures" ? Don't you think it applies too?

That phrase usually works if it's a do or die.... if you completely have no choice. In trading, you always have a choice 

<...>

In other words, do not buy due to FOMO or panic sell if you are a long term hodler. Patience is key at times depending on your strategy. Above all i think the one of the biggest players in trading is risk management. Any form of trades we make are a huge risk. The question is how do we manage the risk if things go south.

So it is very important in trading that there is knowledge, it is not possible to know it, and if zero knowledge is good it is not good for a large capital to try to deposit in an exchange. Just start with the small amount first.

Then add to the profit you get from trading because of what you learned here as you study it. Just what you plan or target, you should go first. Just always be patience and vigilant too.

always have a short, medium and long term plan when trading because usually those who lose when trading are those who don't have a plan

I am not someone who is active in trading but I know that trading is something that has the potential to lose so it is very necessary to have a plan for every trading activity

[Pandu Geddon]

With all the experience we actually can sense whether the fall is going to be deep or it's just a normal bump and dump even the value of 10% dump can be considered normal in the cryptocurrency. For a crypto trader that should be the minimum tolerance level cause that's kind of everyday volatile range and if they are going to be panic every time then I recommend not to trade at all.

Tolerance of price fluctuations depends on the asset being traded. in fact, every trader has a target.
The thing that often makes traders fail to reach their targets is panic. only after traders have experience and skills in carrying out analysis can they provide confidence to remain calm and patient with the targets that have been determined.
in case of panic experienced by traders, more of course are inexperienced beginners. Information about not panicking has actually been obtained by novice traders. but they cannot consistently implement it. Again, it's the experience factor.

[milewilda]

With all the experience we actually can sense whether the fall is going to be deep or it's just a normal bump and dump even the value of 10% dump can be considered normal in the cryptocurrency. For a crypto trader that should be the minimum tolerance level cause that's kind of everyday volatile range and if they are going to be panic every time then I recommend not to trade at all.

Tolerance of price fluctuations depends on the asset being traded. in fact, every trader has a target.
The thing that often makes traders fail to reach their targets is panic. only after traders have experience and skills in carrying out analysis can they provide confidence to remain calm and patient with the targets that have been determined.
in case of panic experienced by traders, more of course are inexperienced beginners. Information about not panicking has actually been obtained by novice traders. but they cannot consistently implement it. Again, it's the experience factor.

You should really be having that target or goal so that you would really be having that kind of inspiration on the things that you've been dealing with and you cant really just that make out some trades without having that kind of goal on which of course it would really be better that you should really be doing this rather than on having nothing at all. The main issue for most people on here is that there are those individuals or traders who are really that rushing up on making money on which they would really be missing out on doing the basic or must done things before they would really be able to hover themselves well into this unpredictable space.

On the time that you would really be rushing up on things without any proper preparation then you are really just that putting up yourself into such potential condition on which loses would really be that more
compared into the moment that you are making money. Usually newbie would really be having that common approach specially when they are really just that new and doesnt have much idea.
But well sooner or later you would really be realizing about all of this on how you would be needing to deal up with.

[Mame89]

Anyway I just thought I might share this with you, because panicking and rushing to do something can be costly sometimes.

I remember during the pandemic when you compared crypto trading with business, at that time my friend took advantage of this opportunity by selling masks. because at that time masks were something that was really needed. However, because of his greed, he bought up all the masks without caring about the future price and soon the masks slowly became unnecessary and he lost money because he bought them at a high price and a few months later the price returned to normal. .

So I agree with you that trading and business psychology are the same because they refer to our mental and emotional state when making transactions. It will also cover the thoughts, character, and behavior that influence success in commerce and business.
 
In the context of trading, trading psychology is the ability to control emotions when facing price fluctuations.
We as investors have good trading psychology so that we will not rush in making decisions even though there is turmoil in the market, and because we will remain focused and consistent with our trading plan. On the other hand, those who are weak in trading psychology and are too hasty are often influenced by price movements, media issues, or analyst opinions, so that when making decisions they tend to be wrong and risky.

[tygeade]

This is a good approach and a good advice, a lot of people try to get rich as quick as possible and most of the time that is not a good idea, you should try to avoid that as much as you possibly could and what you do with the time you have is the best thing you could do, take your time.

I believe that a lot of people try to do their very best in most cases, but that usually ends up with them not realizing the mistake they are making, which is why it is smart to just avoid all of that, and try to be a lot more greedy. Don't be greedy, don't try to 10x your money in a week, that is usually something that will make you lose all your money and you should consider how you could do a lot better with some time, and that is how you should approach it.

This is true, we need to realize that it is not going to be a simple thing to make a profit, and if you end up rushing into profit you will lose. The reality is that a lot of people see others who made a lot of money online and they want the same thing, of course they do not get the same thing and this makes them super mad.

I think it would be quite good and understandable that we are going to get something bigger out of this and should be important in the end. We can't make it work any other way, we need to just focus on what we could do, and that is how we could get better eventually. Not a lot of people see this possibility and they are not willing to wait for it, if you are not willing to wait then you are going to end up losing.

[Hamza2424]

Rushing is one of the reasons people lose in trading. They want to rush in money making.

Hmm, rushing is not bad in my view, why? because you know sometimes people just keep pushing themselves in the thinking trauma and they don't put effort to grab the opportunity, TBH Rushing is necessary to obtain the desired results, i.e people who rushed in buying the great dips of last week made good short term profits and made good long term positions.

Haha I don't want to oppose everyone's views but people just start making recurrent posts if OP and someone else below OP agrees on Op's views, The rest of the people change words and start making the same comments, my target is this post is to mention that rushing can be good as well, just don't rush behind shit signals in greed.

[senyorito123]

That happened to me many times I've panicked and sold my most valuable asset ethereum last decade and suddenly I realized how painful it was seeing that the value right now has reached 3k.
Many what ifs came to my mind, and I might enjoy more profit these days if I value patience and time.
Regrets really hits harder after certain situations arise, so it's very important to hodle trusted asset instead of keeping shitcoins. It's because, literally my other holdings until now didn't gain a good value and in fact it became worthless. Hopefully I sold that first, maybe these days I didn't encounter challenges that affects my mental health and well being.

[Finestream]

The panic situation experienced by traders indicates that traders are not good at analyzing and planning. This panic can make wrong decisions in panic selling or panic buying.

It creates an adrenaline rush and makes no good in making decisions. No way to see success from a person who keeps rushing and panicking as this is not a behavior of being a successful person. Decision-making should be timely and analyzed, it is not just we draw and if we see no good, we just simply erase it and are still okay. But having into trading, every decision we make has results which could influence our target. That is why we should carefully make decisions and should not be done with desperation and rushing because this is usually the reason for making it wrong.

You nailed it. Having to make rush decisions and actions will bring no good, but only failure and losses at the end. Just take one step at a time, know that there is no competition to reach our goals, that’s why careful and long term planning should be encouraged. And as much as possible, always try to weigh things first and know its consequences or advantages so you won’t have to regret in the end. And most importantly, stick to your goal so you won’t end up doing the wrong things throughout the process.

[God bless u]

Advice which is not just financial but applies to everything business related and even outside business, but we are going to be looking at this from a business standpoint as opposed to just financial.

Let's say that you're selling something online, and you have a supply chain to get the product ready and assembled for you, when all of a sudden, one of the supplies you use is in short stock. Restocking it will be very expensive because its price has gone up, but there is a bigger demand for your products. However, you do know that the price of the supply will go down if you just wait, but you may run out of inventory before then, but you don't know if you will.

Let's say you panic, and make a large order for the supply. Then all of a sudden, for unrelated reasons outside of your control, your sales tank. Now you are stuck with a giant amount of supplies that you can't offload, because product sales have slumped.

On the other hand, lets say you wait, and the prices either go down by themselves or you manage to find a special discount deal. So you turn out to be just fine.

It's the same no matter if you are trading crypto, doing a business with crypto, selling stuff for crypto, etc.

Anyway I just thought I might share this with you, because panicking and rushing to do something can be costly sometimes.

I think this issue you just mentioned just needs some experience at backend to cater. This is because sometimes you have to rush really in order to get a good deal at the right price.

Now the question arises when to rush and when to not?  This is where experience will come into play. It'll lead you to the critical thinking stage where you'll get enough skills to realise whether I should rush or not.

[cryptoaddictchie]

In trading.. skills and patience are really needed, those who are impatient will definitely suffer big losses because they are not on time, here i see that people who are patient when trading definitely have good profits compared to those who are impatient, training yourself not to rush is actually quite enough easy, it's just that many still prioritize their greed.

Actually it can be avoided. A simple set order can make you a good trader. Example you are selling btc at price 64k or 64.5k you set that order. Now when it got filled up. You are already have a usdt or stablecoin, now go to buy order and set an order of 60k price, no matter what odds of your order just set it and wait until it get filled up. Now when you have btc again set again on amother target dont waiver until it got hit. Simple as that, you dont lose by being patient.

[Peanutswar]

Always grab the market hype and get a ride with the trend, this thing is the same in the pandemic era because people just ignore first the use of the facemask and later on the supply soared high and the price too so most of the business-related into health now gets a good income, the same thing that OP said, you don't need to get over supply if the demand is too much because its will be take time to get sold, make increase the number of supply if the market seeks more with the item only in your store. The same thing in trading, you don't need to aim at the top profit immediately make sure you are aware on the news because it has a large impact with the market.

[stomachgrowls]

In trading.. skills and patience are really needed, those who are impatient will definitely suffer big losses because they are not on time, here i see that people who are patient when trading definitely have good profits compared to those who are impatient, training yourself not to rush is actually quite enough easy, it's just that many still prioritize their greed.

Actually it can be avoided. A simple set order can make you a good trader. Example you are selling btc at price 64k or 64.5k you set that order. Now when it got filled up. You are already have a usdt or stablecoin, now go to buy order and set an order of 60k price, no matter what odds of your order just set it and wait until it get filled up. Now when you have btc again set again on amother target dont waiver until it got hit. Simple as that, you dont lose by being patient.

This would really be a test of patience and frankly speaking majority of us arent really that patient enough on holding that order for too long. This is why some people wont really be sticking out into their initial plans
just because their emotions had been stirred up and this is why they would really be making out some other steps or decisions and this is why they do mess up their trading just because of those alterations on which if they should have stick into their intial plans then they might be able to make money but of course there's no way on telling on when it would happen considering this market is really that dynamic and there's no way that we could really be able to know on where it would be going into the next minute.

Whenever we are seeing the market is going down which is way more than on your entry point then you would really be tending to cut losses just because you have believe that it might be going
even more deeper without even trying to look that its something that would really be making out some recovery later on.

[wxa7115]

That happened to me many times I've panicked and sold my most valuable asset ethereum last decade and suddenly I realized how painful it was seeing that the value right now has reached 3k.
Many what ifs came to my mind, and I might enjoy more profit these days if I value patience and time.
Regrets really hits harder after certain situations arise, so it's very important to hodle trusted asset instead of keeping shitcoins. It's because, literally my other holdings until now didn't gain a good value and in fact it became worthless. Hopefully I sold that first, maybe these days I didn't encounter challenges that affects my mental health and well being.

It is because of this that I think the mental aspect is way more difficult to master than the technical aspect when it comes to trading, after all it is not as if trading itself is an awfully complex activity, as at its core is relatively simple.

However the really difficult thing to do is to master your emotions and resist selling your coins when everything seems to be going against you, if you can do it, then it is just a matter of time until you can master TA and obtain the profits you are looking for.