Trading is beyond technical analysis

[Charles-Tim]

but even in the worst case scenario of market going the opposite of my prediction, my lost money can be recovered easily.

How?

With what I know about future trading, there are sometimes that the money that has been lost is not easy to be recovered. Another thing is that it is not good to be thinking of recovering back the money because thinking of it can affect the person's emotions and have effect that is not good on the trader's trading decisions that can lead to wrong trading and further losses.

[Inwestour]

I don’t understand the kind of business you take it, as business you mean seriously that you don’t make harsh decisions and not going chasing after high profits and calculating your loses before getting into the trade to see if you can handle the loss? If it’s so it’s a great idea because easily one of the most common ways people lose in trading is not considering losses.

But if your taking it as a business like it’s your source of income only then it’s a wrong take, go and look for a more stable source of income

That’s right before you start trading, you should already have a stable source of income and an emergency fund that can support you at any time. A steady income is important so you can trade without unnecessary emotions, because at the very beginning, when you’re just starting out, I doubt you’ll be able to generate consistent profits. In that sense, your main job acts as a safety net.

Later, if trading goes well for you and you decide you want to quit your job, your savings will help you get through difficult periods. But making trading your primary source of income is definitely a tough decision.

[michellee]

I am not that old traders

• If you lose few times, just take a break and calm down. You need that to reducing your tension and emotional.
• Don't directly follow other suggestion without analysis more.
• Take profit when is there and don't greedy.
• If you think trading is difficult, HODL is your best shot.

The important thing is they want to learns more than others to improve their skills. No stop to learn even if you have better skills because all things will always change.

[GreatArkansas]

(....)
Do not use leverage or use very low leverage like 1.5x
Avoid most altcoins

I'm against these 2 points here because that's not how leverage works, because I believe leverage works with your risk:reward ration, entry price, price target, and stop loss, so you can play with leverage.
About "avoid most altcoins", here I don't agree here, if you are a trader, you must be able to trade any pairs, especially if you are into technical analysis like if the trading volume is good, market cap is good, then you can trade it, it doesn't mean if it's altcoins it's bad, no need to become bias.

[TheUltraElite]

Keep it limited to spot trading and the term liquidation does not come into the vocabulary.

In spot, you buy at low and the price keeps falling you have two options, to wait for another lower price to buy again at, or just sell immediately and buy at even lower price. It is simple and effective. You just need to have the patience to hold for the time being.

The more you try non-spot trading methods, you will lose money.

[Wind_FURY]

Keep it limited to spot trading and the term liquidation does not come into the vocabulary.

In spot, you buy at low and the price keeps falling you have two options, to wait for another lower price to buy again at, or just sell immediately and buy at even lower price. It is simple and effective. You just need to have the patience to hold for the time being.

The more you try non-spot trading methods, you will lose money.

Plus "in spot", choose those assets that are the best to HODL. In commodities that's Gold, in stocks that's probably a company like Google, in cryptocurrencies that's definitely Bitcoin.

Because we're plebs who don't have an edge in any sort of market, avoid "trading". Trading without any edge is actually just gambling.

[iBaba]

Mind you, if we can evade these beginners from rushing into trading, it would create a better outcome than seeing them losing everything they have because they think trading is just easy, and that trading will make them get rich quick.

Trading is very complex, especially for inexperienced ones. That's why I would always say trading is not for everyone. Weak hands will only regret why they enter trading, when they can just focus on buying and holding bitcoin and still make excellent profits if they never sell at a loss.

I would still encourage them to go ahead and begin with the trading but what I would suggest is for them to put in the little money they can afford to lose and begin to learn in the process. There is more to be learning during trading than before trading. Learning of trading without experiencing it will be seen as a very sluggish step forward because even demo accounts have limitations. Demo accounts do not allow you to learn the realities about the trading but it gives you a feel of how you should trade, trading with the real account is what truly gives you the confidence and motivation to trade in live and succeed.

[Johnlomape]

Keep it limited to spot trading and the term liquidation does not come into the vocabulary.

In spot, you buy at low and the price keeps falling you have two options, to wait for another lower price to buy again at, or just sell immediately and buy at even lower price. It is simple and effective. You just need to have the patience to hold for the time being.

The more you try non-spot trading methods, you will lose money.

There are so many things to consider when trading but people will not just want to do it so that they can look for a quick way to make money with learning at all. If we have the mindset that trading is going to be highly profitable for us and we don't have a profitable strategy that will help us to get the kind of results we are looking to see, everything is going to be like a nightmare without a reasonable outcome. We can use technical analysis and other ones to get what could be the outcome of our trades.

[Odusko]

But even in the worst-case scenario of the market going the opposite of my prediction, my lost money can be recovered easily.

How?

With what I know about future trading, there are sometimes that the money that has been lost is not easy to recover. Another thing is that it is not good to be thinking of recovering the money because thinking of it can affect the person's emotions and have an effect that is not good on the trader's trading decisions that can lead to wrong trading and further losses.

What JeffBrad12 meant in that statement is that, when your position is opened and in the negative direction with losses recorded, you can wait for the price to recover until your current losses return to profits, I have experienced this on multiple occasions with future trading most especially on trades that I don't use SL but manually monitor the trade to avoid reaching the liquidation price.

[SamReomo]

Do not use leverage or use very low leverage like 1.5x
Avoid most altcoins

I would say that one should never use any kind of leveraing if they want to future trade but the trades should be made on BTC to USDT only or BTC to another Stable coin only. Those who use high leveraging in futures market often end up losing money and for such people even technical don't work at all.

[Jewan420]

I would not advise a beginner to trade with real money at the beginning, it can be any strategy. Learn to trade for at least 1 year and gain skills in trading. Then you can slowly start trading with real money. In this case, I would recommend taking the advice of your advisor.

Trading is very risky and there is a high chance of losing money here. When a beginner enters the risk with his money, his chances of losing are highest. The biggest enemy for him is his emotions, if luck helps him, his emotions will destroy him. Therefore, a beginner trader should not trade with real money first.

[Wind_FURY]

I would not advise a beginner to trade with real money at the beginning, it can be any strategy. Learn to trade for at least 1 year and gain skills in trading. Then you can slowly start trading with real money. In this case, I would recommend taking the advice of your advisor.

Trading is very risky and there is a high chance of losing money here. When a beginner enters the risk with his money, his chances of losing are highest. The biggest enemy for him is his emotions, if luck helps him, his emotions will destroy him. Therefore, a beginner trader should not trade with real money first.

Pardon me ser, and I don't mean to disrespect you. We already know that "trading" without an edge is merely gambling, but who are we PLEBS to say that a person "needs one year to gain skills" in trading?

Are you actually a "profitable trader" who has enough data to prove it to give that sort of advice?

 🤔

[SuperBitMan]

Old traders,  if you need to give advise, what are they?

It may sound strange, but the truth is that at that point where you start winning trades, you may just become too overconfident and decide to start skipping rules that made you successful, and that will be the way to blow your account.

When you win a trade, be very careful about your next trade.

You are right, something like this has happened to me before, when I started making some money from trading I became overconfident and I stopped following the rules I was following and that was when I started losing, so when you are trading and you start making money without having self control and discipline you will lose all those money to trading, but when you have self control and you are well disciplined to keep following the rules and strategy that made you gain profit in trading you will continue making progress.
Over confidence in trading is not actually wrong but when you are being over confident make sure you always follow the strategy that made you gain profit and successful at first, when you are over confident and start doing things you are not suppose to do or was not doing before that is when it’s wrong and can lead you to lose money.

[_act_]

Over confidence in trading is not actually wrong but when you are being over confident make sure you always follow the strategy that made you gain profit and successful at first, when you are over confident and start doing things you are not suppose to do or was not doing before that is when it’s wrong and can lead you to lose money.

I get what you are trying to imply but overconfidence in anything in life is not good as it will make only make the person to think it a way that the person will later blame himself. A trader really need to know how not to be overconfident because it will not help him at all. He will think he knows what he is doing but when the loss started and got him into more losses, he will remember the trading rules of overconfidence which he went against and got him into trouble.

[summonerrk]

This is for beginners traders because I now old traders like know these already.

You set indicators, the market fall to where you supposed to buy, like in an oversold market, you buy the coin, thinking the price will start rising. The market show as if the price will start rising but the later continue to fall and fall the more. In the process, your money got liquidated. Your tried it for overbought market but the same thing happened and your money got liquidated.

All of us that are old traders know this, so you really need to make use of strategies that can help you not to lose much and that can lead to possible recovery not avoid martingale.

Trade with the money that you can afford to lose to help you fight emotions
Do not use leverage or use very low leverage like 1.5x
Avoid most altcoins
Averaging is good but martingale is your enemy
Risk management is important
Money management is also very important
Do not trade in a way that you will always watch the screen in panic
Fundamental analyses can help in knowing when to buy at times but still be careful because it is also not enough just like technical analyses.

Old traders,  if you need to give advise, what are they?

Based on this post, it can be seen that you are a fairly experienced trader because the truths you have described almost correspond to my conclusions from decades of trading. The only difference is that I would advise traders not to use leverage at all because it increases the risk. Also, bs Long and Short are not played, but only spot trading is used because it allows you to manage your position. I also agree about the martingale, and I am averaging by opening not increased positions below, but the same ones, without a multiplier. At the same time, it is better to place them based on the next level of support.

[Big Dirams]

Over confidence in trading is not actually wrong but when you are being over confident make sure you always follow the strategy that made you gain profit and successful at first, when you are over confident and start doing things you are not suppose to do or was not doing before that is when it’s wrong and can lead you to lose money.

I get what you are trying to imply but overconfidence in anything in life is not good as it will make only make the person to think it a way that the person will later blame himself. A trader really need to know how not to be overconfident because it will not help him at all. He will think he knows what he is doing but when the loss started and got him into more losses, he will remember the trading rules of overconfidence which he went against and got him into trouble.

A trader shouldn’t underestimate the market just because the market align with their strategies and give them profitable outcomes, the market can be unfavorable at times so let apply proper management to our portfolio.
As a trader making profits from the market can at times tends to spark our hubris but let not get delusional and allow our ego to tour with us or else the outcome will be unfavorable.
 Getting overconfidence while  trading will only lead to more loss and regrets. As a trader let be humble and appreciate the moment and take things slowly and carefully with the market to avoid inconvenience moment.

[Zigabel]

All of us that are old traders know this, so you really need to make use of strategies that can help you not to lose much and that can lead to possible recovery not avoid martingale.

Trade with the money that you can afford to lose to help you fight emotions
Do not use leverage or use very low leverage like 1.5x
Avoid most altcoins
Averaging is good but martingale is your enemy
Risk management is important
Money management is also very important
Do not trade in a way that you will always watch the screen in panic
Fundamental analyses can help in knowing when to buy at times but still be careful because it is also not enough just like technical analyses.

Old traders,  if you need to give advise, what are they?

Ordinarily it can be assumed that old Traders should know all of this already which isn't false but this can also serve as a reminder to them too as they may have forgotten some of this probably because they have been used to a pattern on which they continually place their trades and so they do not really need to always look at this fundamentals except they are trying to make adjustments where they want to modify their strategies or they want to modify their money and risk management then they will need to go look at some of these fundamentals again but serving just as a reminder to them at this time will definitely not be a bad idea Afterall.

[TheUltraElite]

I would not advise a beginner to trade with real money at the beginning, it can be any strategy. Learn to trade for at least 1 year and gain skills in trading.

How does 1 year make any difference if they dont have the mindset of buying/selling at the proper time? Traders keep wasting money repeating the same mistake because they dont have the proper nerve to control their impulse.

Then you can slowly start trading with real money. In this case, I would recommend taking the advice of your advisor.

Advisor? I would suggest learning trading on your own and not take advice from other people. Unless it is someone in your family who is involved in your well being.

Trading is very risky and there is a high chance of losing money here.

No doubt about that. But long term holding of bitcoin after having bought at low price is ideal. Dont really need to keep cycling it if you are feeling scared. Just keep buying at every low.

[barbara44]

I would not advise a beginner to trade with real money at the beginning, it can be any strategy. Learn to trade for at least 1 year and gain skills in trading. Then you can slowly start trading with real money. In this case, I would recommend taking the advice of your advisor.

Trading is very risky and there is a high chance of losing money here. When a beginner enters the risk with his money, his chances of losing are highest. The biggest enemy for him is his emotions, if luck helps him, his emotions will destroy him. Therefore, a beginner trader should not trade with real money first.

Same here mate. It is only about common sense because they don't have enough knowledge yet or experience to make their trades profitable. But 1 year only to learn trading seems too much already even for a slow learner.

As long as we dedicate proper time for learning, then I don't think it will last that long. Once done, it is still not advisable to use real money though but demo trade is our friend here for a while. It may take some time again before we are finally ready for the real thing. 'Trading is very risky' is I think only applies to the newbie the most. We should avoid that phrase as that damages its reputation. But it might also be the beginners is the one that complains after, even if it is only their fault.

[RockBell]

Keep it limited to spot trading and the term liquidation does not come into the vocabulary.

In spot, you buy at low and the price keeps falling you have two options, to wait for another lower price to buy again at, or just sell immediately and buy at even lower price. It is simple and effective. You just need to have the patience to hold for the time being.

The more you try non-spot trading methods, you will lose money.

There are so many things to consider when trading but people will not just want to do it so that they can look for a quick way to make money with learning at all. If we have the mindset that trading is going to be highly profitable for us and we don't have a profitable strategy that will help us to get the kind of results we are looking to see, everything is going to be like a nightmare without a reasonable outcome. We can use technical analysis and other ones to get what could be the outcome of our trades.

Making money from trading is not something that we can call easy it is something that have to be worked for hours of trying to do market analysis and at the end of the day you can end up still not making profits so this is something you have to be preparedfor not coming into trading with the mindset of making quick money you will only be disappointed the money is there but the sacrifices is what a lot of people are running away from and they want to make money so there is no way things can even go well so at this point they need to understand the picture of what they are getting into.

Trading is cool but comes with a lot of responsibility even more than holding and how emotionally prepared are you when you lose money hope you won't behave like a greedy trader that is what most of them do, but everything needs patience you should not make decisions just because of how hurt you are when you trade it's not going into your favor the you should learn to manage it better and continue when you are calm.