Lack of full knowledge could lead to lost of Assets in trading

[Oshio-man]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

First, patient is one of the tool you will embrace to become a good trader in the market, it is very difficult to see those traders that exercise patient to trade when there is no opportunity for income earning, than to wait for the price to turn in a way they will believe it is time to earn income before they will trade. Secondly, Have knowledge of trading, when you study to acquire the knowledge of trading, it will make you a good trader that will enjoy the benefit of other professional traders are enjoying when they trade in the right time.  Thirdly, Stay long with the strategy that is making you profitable in trading, once you decide to continue using the strategy that is bring income to you, you will definitely become a good trader other newbies will like to follow your direction. Fourthly,  don't use what you can't afford to lose in trading, once you have the capacity to trade without using what you cannot afford to lose in trading, you will definitely become a good trader that will be successful in the future.

[Dr.Bitcoin_Strange]

So I want to ask? What are the criteria’s to become a good trader?

Some members have already giving you the basics tips but also let your friend understand that trading already requires him to be mentally ready for it because despite knowing all the basics of trading, if he starts trading and then bring his emotions to it, he will still lose money because he can not control his emotions and when he is not controlling his emotions, he can disobey his rules and also ignore his strategies.

[Umulala-alala]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Tell your friend make e focus for long time investment the risk dey less than when you dey trade, to make for trading you go need enough knowledge and you go dey monitor the market all the time and your mind no go dey at rest also tell am mk e dey only use money way e fit loss so e no go pain am or feel am say e loss money because all this Investment profit no dey guarantee.

[Rruchi man]

So I want to ask? What are the criteria’s to become a good trader?

If you can master your trading psychology, then you have done more than half of the work already because the market is you vs. you. The remaining side is a good strategy to help you in the market. The majority of traders fail early because of poor psychology; they are too quick to make profit, and even when they make the analysis, they are not too sure of it, so they kick out even before they can make big profits. To be a very successful trader, you need to develop a strong trading psychology and then have a good strategy to back you up.

With mentorship alone, you learn strategy; you need to do the extra work of mastering your psychology.

[Tonimez]

So I want to ask? What are the criteria’s to become a good trader?

If you can master your trading psychology, then you have done more than half of the work already because the market is you vs. you. The remaining side is a good strategy to help you in the market. The majority of traders fail early because of poor psychology; they are too quick to make profit, and even when they make the analysis, they are not too sure of it, so they kick out even before they can make big profits. To be a very successful trader, you need to develop a strong trading psychology and then have a good strategy to back you up.

With mentorship alone, you learn strategy; you need to do the extra work of mastering your psychology.

Yeah sure. Trading successes emanate from the mind and it's not as easy as anyone may think. Most times, without your money invested, one tends to predict accurately maybe because he has no mental pressure or anxiety. So if anyone would be successful in his bitcoin journey, he has to first prepare his mind and avoid greed too. Even though trading is generally risky and has greater chances of giving you a cumulative loss, but if you must do it you must be prepared for the risks too.

I would also add that it is not right to trade with a borrowed fund, this will help you in maintaining your cool while timing the market. A borrowed fund in trading causes more losses due to anxiety and fear of loosing the entire money.

[Olatundespo]

So I want to ask? What are the criteria’s to become a good trader?

If you can master your trading psychology, then you have done more than half of the work already because the market is you vs. you. The remaining side is a good strategy to help you in the market. The majority of traders fail early because of poor psychology; they are too quick to make profit, and even when they make the analysis, they are not too sure of it, so they kick out even before they can make big profits. To be a very successful trader, you need to develop a strong trading psychology and then have a good strategy to back you up.

With mentorship alone, you learn strategy; you need to do the extra work of mastering your psychology.

If a trader can apply his strategy in the way you explained about trading psychology, he will continue to be profitable. I recently implemented a strategy that has made me profitable and greatly reduced the chances of losing money. An example of this is that I buy multiple coins at a time when the price subsequently decreases but a week later when the price recovers and a small profit is made, I sell most of the coins at that time. In some cases I have to sell at a small loss/profit because it is better to have a small profit than to have a fund portfolio in the long term. I think this could be a trading psychology because your profit will be small but in the long term the capital will not be tied up in the fund that you have allocated for short term trading

[Butterfan]

If a trader can apply his strategy in the way you explained about trading psychology, he will continue to be profitable. I recently implemented a strategy that has made me profitable and greatly reduced the chances of losing money. An example of this is that I buy multiple coins at a time when the price subsequently decreases but a week later when the price recovers and a small profit is made, I sell most of the coins at that time. In some cases I have to sell at a small loss/profit because it is better to have a small profit than to have a fund portfolio in the long term. I think this could be a trading psychology because your profit will be small but in the long term the capital will not be tied up in the fund that you have allocated for short term trading

Being able to control your emotions and stick to your definite plan is the real help never to suffer great losses and remain able to be a profitable trader. It is disciplined to buy up a number of coins to diversify and sell when the least profit is obtained. In some cases it is worth to take the little loss, or even a small profit, as opposed to taking too much risk and being a late winner. It is the continued gradual controlled trading, like this that leads to long-term success as well as flexibility with your capital to find new opportunities. It is definitely a good illustration of a sound trading psychology being applied.

[CryptSafe]

OP there is no time wasted in trading. Yes your friend lost all his assets as a result of his ignorance to trading alone without any mentorship but I could tell that he learnt his lessons the hard way and I also believe that he has learnt from this mistake he had made while trading alone without any mentorship. These mistakes are what makes a trader and I believe he would never make such mistake again while trading and that would be an eye opener for him whenever he is trading.

There is a sayings that says "a rough sail makes a good sailor" I would attribute this parable to your friend as he has learnt his lesson which can also be his experience  and would never want to make such a mistake as he has already witnessed it and now knows how to bypass such situations if encountered again.

[DaNNy001]

This is exactly what I talk about some minutes ago, many people dey feel say trading is something to that you can just get up one morning and then begin to look for asset that you either buy or sell and some of these persons even get into the trading act through adverts either from the trading apps or influencer online social media that make the act so easy but in reality it takes months if not years of careful discipline to actually master the act or reading and understanding signals and assets to get you your desired results in trading.

[Zigabel]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Before we delve into providing you with the criterion to becoming a good trader, I fo like maje gou reason this things first,
1. Wetin be your Reason wey make you wan start to dey trade? Wetin dey inspire you? Wetin you don see wey make you choose say you wan attempt or try trading?
2. How long you want trade? You wan just check amm out weda e go make sense? Or you hear say e dey five money and you too wan come follow collect your own share? Or you wan use am getting rich quick ? Abi na wetin your mind don settle say this na wetin you wan do for life wey be say go dey put food for your tab?

By the time you don get answers to all the questions wey I ask you above, then follow up with most of the instructions wey I don read for this thread wey I consider very true, that way your approach go different because na with different mindset you dey use enter the trading.  But with all of this e dey important make you get Reason why you wan trade because na dat one go motivate you pass.

[Olatundespo]

If a trader can apply his strategy in the way you explained about trading psychology, he will continue to be profitable. I recently implemented a strategy that has made me profitable and greatly reduced the chances of losing money. An example of this is that I buy multiple coins at a time when the price subsequently decreases but a week later when the price recovers and a small profit is made, I sell most of the coins at that time. In some cases I have to sell at a small loss/profit because it is better to have a small profit than to have a fund portfolio in the long term. I think this could be a trading psychology because your profit will be small but in the long term the capital will not be tied up in the fund that you have allocated for short term trading

Being able to control your emotions and stick to your definite plan is the real help never to suffer great losses and remain able to be a profitable trader. It is disciplined to buy up a number of coins to diversify and sell when the least profit is obtained. In some cases it is worth to take the little loss, or even a small profit, as opposed to taking too much risk and being a late winner. It is the continued gradual controlled trading, like this that leads to long-term success as well as flexibility with your capital to find new opportunities. It is definitely a good illustration of a sound trading psychology being applied.

You got it right. To become more experienced in trading, you need to be brave in every case of profit and loss and always invest the amount of money that is not related to your daily needs. After buying coins, its value may decrease and it may remain in the portfolio for a long time which you cannot sell at a loss. Controlled trading means that you will avoid selling at a loss and continue buying regularly so that you can expect high returns by selling considering the market situation. In order to maintain the amount of patience and tolerance that should be maintained by diversifying the portfolio, you will have to continue the journey through the accumulation process in the long term.

I think that for long term success you should continue accumulation for the long term and as the size of the holding in the portfolio increases, you can keep it as short term trading or long term holdings according to your plan.

[MainIbem]

You got it right. To become more experienced in trading, you need to be brave in every case of profit and loss and always invest the amount of money that is not related to your daily needs.

You see greed! Na one of the thing wey dey hinder people to make am for cryptocurrency through trading dem go feel say dem done see better opportunity them carry all their money go put inside forgetting say na by chance apart from all those market analysis and strategy wey dem done try get na small thing differentiate trading from gambling and these kind of thing na money wey be say if you pose am, eh no go worry you na em people suppose use, make people also understand say everybody spare money fit no be same, because say the next man use 1m no mean say you go follow do same, that 1m eh use fit be em spare why to you money for guiding you wan risk.

[Princesslelee96]

also tell am mk e dey only use money way e fit loss so e no go pain am or feel am say e loss money because all this Investment profit no dey guarantee.

I get, I totally agree also on this, over ambition also make am to loss as well, money wey he fit loss or like money he fit dash person no go mk am feel like he lost anything.

[Bright0515]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Trading is technical and this isn't gambling that you can just apply guess work to make profit. If you don't understand what you are doing then you must be prepared to lose a lot of money. The ctiterias to become a good trader are discipline, patience, acquiring proper knowledge. Discipline is very important without it trading might be frustrating and challenging. Discipline here simply means self control, not being greedy and learning how to follow the rules. Knowledge is another important thing you need. Without doing proper research don't invest in any token. Lastly patience, this is actually very important, you can end up not achieving anything in trading if you are not patient enough

[Josefjix]

OP is having problems with quoting, you should take time and learn it brother.

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Trading is technical and this isn't gambling that you can just apply guess work to make profit. If you don't understand what you are doing then you must be prepared to lose a lot of money. The ctiterias to become a good trader are discipline, patience, acquiring proper knowledge. Discipline is very important without it trading might be frustrating and challenging. Discipline here simply means self control, not being greedy and learning how to follow the rules. Knowledge is another important thing you need. Without doing proper research don't invest in any token. Lastly patience, this is actually very important, you can end up not achieving anything in trading if you are not patient enough

Trading needs consistency too as well, your mentor's consistent experience is quite different from students consistent experience when trying trading, sure you'll graduate and then your trading journey starts from that day, you'll discover more from what mentor didn't even teach you, the rise and fall, ups and downs in trading will begin to show itself to you, so it's better to be consistent and enjoy the process while learning everyday because learning has never ended in trading.

[Gost ms]

If you want to be a good trader, you must have the right knowledge and experience related to trading. Although you cannot gain experience without doing anything. But in trading, you have to open the market and chat for a few days and see how the market works, this way you will gain experience. It will take you 2 to 4 years to learn trading. And many people take much more time than that. But you have to remember one thing, that is, you have to trade within the rules and do not spend money on trading until you are fully educated. There are many risks in trading, all your money can be lost.

[Coyster]

Trading don wipe out so many people's funds, both newbies to trading and older traders who disregard risk management. Trading dey very risky oh, that one na for sure and no be wetin person suppose start without learning the required skills. I no dey advice newbies make them trade, because of the risks wey dey involved, but if you don learn your trading strategy, come sabi how to manage your emotions and risks, you fit start to dey trade small small.

That said, knowledge of trading no mean say you go be successful trader oh, na only a small percentage of traders dey make profit oh. Na why i dey like advise people to buy and hodl bitcoin rather than trade.

[Gozie51]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

For people who are still talking about trading and gambling to be the same thing, that is the answer. Trading is not gambling and it is not luck based. You need an understanding before going into it. An understanding involves knowing what works for you as a strategy

So I want to ask? What are the criteria’s to become a good trader?

Two key points to note:

1. Having a winning strategy

2. Being patient to wait until the right time to make your order. A good trader doesn't enter the market first before expecting market to go his direction, doing that means being sentimental and emotional.

[Nightwatchmare]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

I'm not surprised your friend lost all his assets in trading because if a newbie starts trading cryptocurrency without possessing proper knowledge about trading, the possibility of him losing all his assets is very high. If you want to become a good trader and maximise profit in your trading journey, you need to be aware of some points I will mention below.

1. You need to be very good with technical analysis so that you can read charts perfectly so that you can know when a token/coin can possibly make an upward movement or downward movement.

2. You need to know when to enter the market and when to exit the market.

3You need to know when to enter the market and when to exit the market so that other traders will not liquidate you.

4. Always use your discretionary income to trade because the assets you are trading are highly volatile.

[Makus]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Op I'll  also like you to understand  that there is nothing like full knowledge especially when it comes to digital world  that give room for advancement.  You can learn to a certain  level that will make you profitable but that doesn't  mean that you have exhausted every piece of useful  information that can make one profitable. There are lots of information out there and no matter how hard we try we cannot fully exhaust  them. However trading is broad from learning how to analyze the market you will also learn how to be disciplined and work our your psychology.