Re: How to trade Bitcoin in a volatile market

[yixichloro2xx]

This is the reason many complain that trading is not good and stuff , because they are not trading with the right knowledge, treading not like other skill because having the strategy alone won’t save you also have to be mentally prepared too .

A lot of traders are yet to be profitable today, not because they don’t have the knowledge of trading but because their mental health is still what they’re dealing with. And if they don’t get to put that mental health into order, they will never get to be profitable even with the big knowledge they have of the trading market. Trading is very easy to learn but implementing what you have learnt in the chart is very difficult and this is amongst the reason why we have so many unprofitable traders todays despite their bank of knowledge in trading generally.

The purpose of knowledge is to make someone understand and have an idea on how the market works. But having  in trading, knowing what to do  (or an idea) is different from actually doing it. It's very easy to understand Charts, come up with your own strategy , risk management yet still makes poor decisions due to fear , greed etc. There are times when a trade will abandon their strategy due to few losses or become reckless after a winning streak, in summary over leverage trades.
‎
‎When it comes to trading, someone needs to have a good psychology, because it helps you make good decisions, maintain discipline, and not jumping into every trade due to Fomo. I am not a fan of trading, but I will always advise anyone participating , to accept losses and trade with what they can afford to lose.

[BItcoin Guy@]

The purpose of knowledge is to make someone understand and have an idea on how the market works. But having  in trading, knowing what to do  (or an idea) is different from actually doing it. It's very easy to understand Charts, come up with your own strategy , risk management yet still makes poor decisions due to fear , greed etc. There are times when a trade will abandon their strategy due to few losses or become reckless after a winning streak, in summary over leverage trades.
‎
‎When it comes to trading, someone needs to have a good psychology, because it helps you make good decisions, maintain discipline, and not jumping into every trade due to Fomo. I am not a fan of trading, but I will always advise anyone participating , to accept losses and trade with what they can afford to lose.

That is the reason why someone needs to be educated. Knowledge always makes work easily for you and helps you know what steps to follow and make good decisions in the market. Trading is not something that we should be rushing to do. We need a good understanding and know when to leave the market and when to stay. But when you don’t have good analysis and don’t have a better strategy, it always makes it difficult for traders to achieve profit. Good traders that have been in the market for long don’t even jump to trade just because a new coin comes and they think the price will increase immediately. They need to think well and make a good plan.

[Ashawowo(OS)]

Trading is very easy to learn but implementing what you have learnt in the chart is very difficult and this is amongst the reason why we have so many unprofitable traders todays despite their bank of knowledge in trading generally.

I don't agree with this at all, trading looks easy to learn, but in reality it is challenging to really understand. Understanding trading is beyond reading candles or stop losses and all those terms, but you need to understand what drives the markets and how the market responds to those drivers and the proper risk management principles. A lot of people don't go this deep. Most traders have shallow knowledge and there is almost no way they can be profitable. Trading takes a long time to properly learn and go through proper mentorship before you can boast of having good knowledge in it or even knowing how to implement the knowledge.

[Byebyebtc]

These are actually useful not just in Bitcoin trading but in the overall trading industry weather it be in forex or in crypto. It is important to be logical when making decisions in trading that alone can increase your chances of profitability.

This is actually something we have come across a lot of times in this forum, but it's also as well good to remind individuals on how to get a healthy trading journey as most times they forget and go to old ways.

Nevertheless it is good to be disciplined and remind your self how on how to trade logically, and eliminate emotions, as you will not be reminded all the time..

[B-BossMan]

These are actually useful not just in Bitcoin trading but in the overall trading industry weather it be in forex or in crypto. It is important to be logical when making decisions in trading that alone can increase your chances of profitability.

This is actually something we have come across a lot of times in this forum, but it's also as well good to remind individuals on how to get a healthy trading journey as most times they forget and go to old ways.

Nevertheless it is good to be disciplined and remind your self how on how to trade logically, and eliminate emotions, as you will not be reminded all the time..

But. Do you know that alots of traders today do underestimated how fast a good strategy can fail if the mindset is filled with fears. Someone may have a better plans before beginning the trading, but once the market price turns somehow on them, due to lack of long-term patience, they started making a wrong decisions that was not In thier mind at earlier stage. That is why we need enough patience throughout the journey,  because we don't need to worry ourselves or take actions to any market movements, and at time satyr away from it is more safer than taking it eager to trade, even remembering any of your past experiences can boost your confidence in adjusting where there was a mistakes, controlling your actions and understanding the what the market trends is all about is much more better.