Trading is beyond technical analysis

[Dreadboost]

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.

Speaking from experience, you need to be financially stable to be a trader. The successful trader you see in the world today, did not hit it big over night with little trade amount. Note, I'm not referring to those content creators and affiliate marketers who call themselves trader. I am referring to the real trader in the business. My mentor made money as a business man before venturing into trading full time. Now trading has made him more successful.

The internet has been helpful but I would say, the internet has also done a lot of damage to those who follow instruction from anyone they see on social media. Trading requires proper preparation. Preparation of the mind, financial preparation, tolerance, discipline and most importantly the trading skill. When all of this has been put in place, things will hardly go wrong in your career as a professional trader.

[I_Anime]

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?

There many things one need to know as newbie in trading . One of the most important one is following or using what you have learnt , stick to your strategy to go beyond it. Many traders don’t usually follow their principles, they trade like if they where gambling , and always trust the process trading is not a race so there’s no need to rush it just take your time enjoy the ride , though is not a smooth ride cause losses are inevitable but learn how to handle it .

[Faisal2202]

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.

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

I can't agree more, the advice you gave covers the most painful lessons most traders learn through actual losses, so any beginner reading, take it seriously, and keep them in mind when trading. Actually write them down.

Newbies should understand the difference between trade and investment too that they can do by understanding the different types of trading first. They also have to understand what is diversification and averaging, because both are tools for risk management to increase profits.

Finally protecting our capital is above everything else, an account down 50% needs a 100% gain just to break even. So it does not mean we should stay small, when market is 50% down, don't wait for break even, buy more if the coin is bitcoin, because by the next break even price you will recover your capital plus the 2x profit.

[Josefjix]

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

As I already said, my advice to you as a beginner in trading is to become more careful with trading when you start winning trades.

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.

You saying out of experience,  I feel that, but I may be asking, what are the rules you have set for yourself that you broke immediately you started winning, I don't want to overthink myself to know these rules but your explanation to a little extent of the rules will be appreciated.

Just trying to ask this to compare to what I am thinking.

[JeffBrad12]

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

As I already said, my advice to you as a beginner in trading is to become more careful with trading when you start winning trades.

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.

That's true, set target and if the target of the day is reached, its always better to do something else instead of overtrading.

I've learned this from the machi big brother on chain trading activity. The guys make their way to $75M pnl from trading and right now they blew out their profit because they are over trading and currently keep losing.

[EarnOnVictor]

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

You are making sense about this, for there are many ways to read the market and its psychology, and of course, none of them should be expected to be perfect. News and events are other ones that cause huge volatility, but they could also be read wrongly. While when read right, the speculation might disappoint for no reason.

For this, it's good for traders to stay on alert and on course and ensure they revolve around the market sentiments and use what works best for them. Technical analysis works best for me despite knowing all approaches. It all depends on what you trained for.

[Dr.Bitcoin_Strange]

Trading is not only based on tech analysis, it relies on both tech and fundamental analysis and also one's psychological state, trading is not for everyone and that's because some people are just naturally no risk takers (especially the kind of trading risk), they are just cool with something that is straight forward and easy going and that's why when they start trading, even with a low leverage, they still end up blowing accounts several times. I will advise anyone that has interest in trading to examine their self first and to know if they qualify to be a trader before going into trading.