Trading by Influence

[Osas4real]

One reason why people trade by emotions (blind) is because of influence which also comes from a blind trader... There's a saying that "Empty Vessels Makes the Loudest Noise"..

I lost alot in trading as a novice all because of the influence I got from a fellow novice trader. It all happened that this trader was much into giving testimonies about people's trade as he base his trading on fundamental analysis (news) which isn't as effective as a skilled trader...

And as a newbie and a novice, I was sorting for a way of making steady income not knowing that trading is not for those that has just an idea.. I started my emotional trading journey and it was profitable at the start with little capital... So I had to add more funds (The bigger your capital, the bigger your profit). The beginner's luck was coming and it was profitable, but I never knew I truly don't know what was going on. That period the market was bullish and very interesting...

I didn't withdraw profits oo, I was thinking that's how the market is going to continue... So I don't even know when to buy, I enter the market undermining the condition... Until the Red Candles have to come in...
Then I noticed I had already purchased at the top (This was all in Spot trading). The remaining story was all about the red candles and my Trading Account was reducing and reducing that I was wondering if the market has an eye or it was watching my trade..

The panic of not loosing all, made me sell everything and jump out of trading to prevent some other impact on myself...

In conclusion, I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed... It's an area of technicality and understanding alot of things...
I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture.

It's always better to DYOR.

[joeperry]

Influence from inexperience user is really not a good thing especially if he/she is sharing trading tips, analysis, etc. but influencing you to trade is not, I was influenced by someone I watched before and I really doesn't know how to trade but that influence from him made me want to trade and study on my own, one thing these real traders share is that "Never believe on someone's analysis" he even claim that even professional traders do call some mistakes sometimes and that's true, what more from a novice trader, so if you get influenced by someone like trading, it's not that bad but if they are trying to influence you with their own analysis, that's the time to think and analyze the market yourself.

[BitMaxz]

Well, I don't know how you learn about fundamental news that isn't effective. It might not be effective for you, but for others who do focus on fundamental analysis for a long-term perspective, they have different ways of how they use the news to be profitable. If it doesn't work for you, then it isn't yours.

Take note: Some news also has an impact on the market. If you are watching live delta volume, you should be able to notice this usually during NYSE timing with the high-impact news.

Based in your story, this is the same as what I experience; the only difference is you trade on the spot, but I trade on futures, holding a position that I thought would go on to what I expected, and I am also thinking about holding the position, expecting to reverse. In the end I got liquidated; all funds in my account were all gone in just a few days.

In your experience, you are still lucky because you didn't lose all of your holdings, and that mistake is a good start to being more careful. The only thing that I didn't notice is that you didn't limit your risk, or if you have a long-term perspective, this won't happen, or maybe you have a long-term prediction; you just can't handle your emotion during the price drop after you bought it while it was skyrocketing. You are actually chasing something that you think will go higher, but it isn't what you expected.

They called that FOMO that drives you to sell your holdings with losses.

[Floxynice]

I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed...

....not just about being relaxed, but having sufficient knowledge to build a strategy that will help you build confidence as a trader. Any person who calls himself a trader and rides just with testimonies he sees online and calls that influence, is not really a serious trader,  but a very greedy fellow.

I can still remember years back even before I got involved in crypto, a friend talked to me about trading and how I can actually trade perfectly with trading signals. It sounded good but I lacked confidence and motivation to start something i have no foundation in. Many people are like this; started trading with just little knowledge.

To the best of my knowledge, trading base on the influence of others is not a good way to trade and should not be encouraged.

[irhact]

In conclusion, I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed... It's an area of technicality and understanding alot of things...
I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture.
It's always better to DYOR.

You aren't a target yet because you're comfortable how you're, if you're a target, there's many ways the influencer can use to make you weak and you'll begin to believe everything that they're telling you in convincing you to believe them. Everybody has their limit and while for some, they can be easily influenced others need extra efforts. Alot of people are trading because they got influenced just as we're buying different cryptocurrency because they're being promoted the way we like or our favourite influencers ask us to buy because they have a future but that isn't correct. Being a trader comes with many distractions but you have to avoid them all and stay focus.

[Mahanton]

I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed...

....not just about being relaxed, but having sufficient knowledge to build a strategy that will help you build confidence as a trader. Any person who calls himself a trader and rides just with testimonies he sees online and calls that influence, is not really a serious trader,  but a very greedy fellow.

I can still remember years back even before I got involved in crypto, a friend talked to me about trading and how I can actually trade perfectly with trading signals. It sounded good but I lacked confidence and motivation to start something i have no foundation in. Many people are like this; started trading with just little knowledge.

To the best of my knowledge, trading base on the influence of others is not a good way to trade and should not be encouraged.

You would be having this kind of confidence at the time or moment that you do made out some trades when you are just that starting and ending up on profitable on which that confidence of yours will be having that kind of boost up and putting up into your mind that trading isnt that hard at all on which this is the main reason on why people do commit out those mistakes just because they've been that expecting that too much or something that becoming that too optimistic but since we do still lack knowledge and skills then we do have that high chance on having those mistakes and errors on which later on these things will be opening our eyes and made us realize that trading is never been simple or something that do talks about that trading is never been that a skill that could easily be learnt. If you are a that a fan on following out those influencers and easily that getting fooled with their trades and those kind of hyping then most likely you would be ending up on following them on which it wouldnt be that something recommended because nothing beats out if you do learn up the trading skills on your own, but its not bad to look for someones analysis too on which you can be able to apply it into your own. It all matters about on how you do make yourself that versatile on different market conditions and be able to adopt and be able to apply those knowledge that you have learned along the way. Trading by influence is never been ideal because you would be that considered blind and once you do end up on having those losing trades then this is where you would be having those regrets in the end and telling this and that. You shouldnt be that trying out to tolerate yourself that following someone if you can eventually make trades on your own. Sometimes we are just that too lazy on trying out to make our own trades on which this is something that more recommended rather than on following someone. Also, when you are that trading on your own then you would be able to mold yourself to become a better trader because you would be able to enhance your skills plus having that build up that confidence on which we know that these are that important factors to become a better and profitable trader.

[Ziskinberg]

Whether you are being influenced the negative or positive way, most likely the outcome will still be not profitable at all. Trading should not be in a way of getting influenced, but it’s more likely of gaining personal interest because you certainly know how trading works and you have the potentials to trade. And not because you should be trading because others are making successful trades and are earning massively on it.

[justdimin]

In conclusion, I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed... It's an area of technicality and understanding alot of things...
I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture.

When I saw "influence" I thought like influencer and twitter phenoms and all that. Because a ton of people lose a ton of money due to all of these, that makes no sense and we should be focusing on how to do a better job. We need to arrange something that could change all of this as a way to make money the way we can make.

We need to realize how things could change for the long term for us, if we just ignore those influences and do our own research and investment. I guarantee you that it's not a bad deal and you can make a ton of money that way. I know a lot of people want to see an easy way, like be told what to buy and then get rich, but that is not how it works and you need to arrange a way to grind hard and work hard and make money.

[Distinctin]

You know, it’s okay to get influenced especially if it comes from a professional trader. But the bad thing is, if you keep relying your trading moves and decisions from that person, you will never learned on your own, and you will never be a reliable trader in the long run.

Trading is all about application of your knowledge and skills, and even strategic strategies, so being dependent on the person who influenced you will never do good at all. Instead, DYOR and maximize your efforts when trading. After all, you will be the one to benefit your good trading performance in the long run.

[tvplus006]

...I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture...

Learning from your mistakes is always expensive, but it is for this reason that the experience you have gained will never be forgotten by you. And since you have already analyzed the mistakes you have made, you can move forward by learning the wisdom of trading.

[Botnake]

Influence from inexperience user is really not a good thing especially if he/she is sharing trading tips, analysis, etc. but influencing you to trade is not, I was influenced by someone I watched before and I really doesn't know how to trade but that influence from him made me want to trade and study on my own, one thing these real traders share is that "Never believe on someone's analysis" he even claim that even professional traders do call some mistakes sometimes and that's true, what more from a novice trader, so if you get influenced by someone like trading, it's not that bad but if they are trying to influence you with their own analysis, that's the time to think and analyze the market yourself.

It’s normal for us to easily get influenced especially if it’s about money making. But thinking that trading is a get rich quick, because that trader said so, I should say there’s something wrong with it. There isn’t getting rich quick, except if you are doing monkey business.

A lot of trading influencers are spread out all over the internet, few can be trusted, the rest are not. So if you have been influenced by a professional trader, treat it as an opportunity to dig up the potentials hidden inside you. Do your own task and keep improving your skills and strategies, that way you are molding within you a good trading influencer in the future.

[Alphakilo]

I think you made the most valuable comments in your closing sentence. People will give testimonies about their trades profit but they will hesitate to also share their losses and I think that it absolutely wrong. Losses are part of the games and should be shared too as often as profit is shared. Doing like so will make novice traders balance up their emotions and perception about gambling. Painting the right picture as it should be.

Losses are part of it and it shows honesty. It becomes a problem, though, and you will probably need help if you are having more losses than wins on your trades.

[Sanitough]

Whether you are being influenced the negative or positive way, most likely the outcome will still be not profitable at all. Trading should not be in a way of getting influenced, but it’s more likely of gaining personal interest because you certainly know how trading works and you have the potentials to trade. And not because you should be trading because others are making successful trades and are earning massively on it.

Well, influence may result in a negative or in a positive way, but it’s not the fault of the influencer alone, but it’s how the trader perceive it that makes it more bad and ruin his own trading career.

Simply put, there’s no wrong from getting influenced if you know how to maximize the opportunity aligned with it. You don’t have to trade following all his fundamental and technical analysis, but you create your own and let his analysis be your guide.

[JeffBrad12]

This is always the reason why even if you got advice from fellow expert traders you'd want to do your own research and find out yourself even worse if you gotten an advice from novice trader who i'm pretty sure they're just predicting price based on their gut feeling.

Analyzing chart speaks thousand words about the trade, had you spent some time analyzing the chart you'd figured out that you bought at the peak and walk back from your trade.

[harapan]

Influence from unknowledgeable traders will put you in a state of confusion and sometimes you will be wondering what's your next phase. It's so inappropriate to have a novice influence you about what you intend to when you can actually get informed by making good research and setting good strategies for positive results. I think most times we belittle ourselves and hope on some things that'll end up failing us.

[masulum]

If you see an influencer sharing a coin or token they think is good, first consider its age and price increase. If it's a utility coin/token, not a meme, try researching the team. You might find some information. If you bought early in the token/coin's launch and the price hasn't risen much and you want to follow its lead, don't try to invest large sums. If it rises, at least take your profits, and if possible, set aside the rest for medium- to long-term gains or closed 100% of your possition. Sometimes, the movements of an influencer's followers also put you at higher risk, so if you feel the price has risen more than 10%, be wary of a sell-off.

Well we are in a more higher risk to trade because inluncer, so be careful.

[taufik123]

Influence from unknowledgeable traders will put you in a state of confusion and sometimes you will be wondering what's your next phase. It's so inappropriate to have a novice influence you about what you intend to when you can actually get informed by making good research and setting good strategies for positive results. I think most times we belittle ourselves and hope on some things that'll end up failing us.

You are right and I have experienced such a thing before by trusting other people's trading strategies that even it is just a scribble without any description that might look like an analysis that will yield results,
but in fact it is just their trick to enter at a predetermined price because they have already bought it first.
It's kind of looking for Liquidity for them to get out and make a profit for themselves.

Strategies that you do yourself will probably be better and you can compare them so that you will know where the differences are,
and learning for yourself is necessary so that you are not easily deceived by people who just want to take advantage of your weaknesses.

[Questat]

This is always the reason why even if you got advice from fellow expert traders you'd want to do your own research and find out yourself even worse if you gotten an advice from novice trader who i'm pretty sure they're just predicting price based on their gut feeling.

Analyzing chart speaks thousand words about the trade, had you spent some time analyzing the chart you'd figured out that you bought at the peak and walk back from your trade.

It’s still a different thing if you learned on your own than totally relying on what other fellow traders are telling so. Experience will be your most valuable teacher, although getting advices from other traders could still be quite helpful though. But if you learned the hard way in trading, rest assured what you have learned will always create a huge impact in yourself, and for that it will never be easily forgotten.

Have your own trading analysis, rather than depending on what others have worked for them. Trading market is always unpredictable, that’s why you have to build your own trading knowledge and confidence to keep you ahead of your trades.

[doomloop]

Learning from your mistakes is always expensive, but it is for this reason that the experience you have gained will never be forgotten by you. And since you have already analyzed the mistakes you have made, you can move forward by learning the wisdom of trading.

I think it only depends on the damage or the activity that we are doing, as you know there are still light activities out there but to do them not right is always considered as a mistake. A bad experience is a bad experience, so usually we don't want our selves to remind us on it again because it can only make us feel sad or stressed. But I don't really know, maybe there are still some that are like that you said. Maybe it makes them to stay motivated.

For some, they can analyse their mistakes but came into a conclusion that maybe they are not really meant for trading. This also makes them to move forward but in another direction this time.

[Japinat]

Just because you get influenced by a skillful trader, your future trades will be as successful as his. Certainly no. What works for them may not work for you. With this, trading by influence creates no guarantees of success. Instead, if you trade following everything on him, you will not learned on your own, and if ever you’ll learn, you will learned the hard and most expensive way.

The key for trading success only lies within you. No other but your own trading capabilities and skills which will bring you to the next level of trading and which will guarantee you sustainable trading profits.