Trading Lessons that Traders should know

[Hamza2424]

Well, experience makes the most effective teacher, but that does not mean that if they lose on their first attempt, eventually they will stop trading. Those who are trading with greed will hardly stop trading, because for them if others have been profitable into trading, then definitely they will also, but the problem is if they can make from those unstoppable losses from trading, most especially if they are trading the wrong way.

It's really a must to have a trading plan or let's say a checklist in trading, so that one will be guided and may lessen the risk, but its not that all traders practice that.

Checklist can fix many things, but greed is not one of them. But there are some checklists, like closing a trade at a specific profit and not thinking about what we could have made if we had not sold. That kind of checklist has to be added.

But writing rules and breaking them is normal practice for newbies. Experience teaches us a lot, but it is really expensive, and most newbies leave early without paying that expense. That's why we should keep our positions small so we can learn the same lesson by paying less.

[I_Anime]

Overall traders need to work on their trading psychology that’s the only when they can do all these that was listed and explained by OP . Like reducing trading too much and focusing only on A+ setup , that will worth the risk like taken higher risk to reward ratio .

In trading skill alone won’t save you , that’s where most traders are getting it wrong they think with just the skill they are good to go neglecting the fact that trading is more of a psychological game too with the wrong psychology you will get yourself messed up .

[Natalim]

Overall traders need to work on their trading psychology that’s the only when they can do all these that was listed and explained by OP . Like reducing trading too much and focusing only on A+ setup , that will worth the risk like taken higher risk to reward ratio .

In trading skill alone won’t save you , that’s where most traders are getting it wrong they think with just the skill they are good to go neglecting the fact that trading is more of a psychological game too with the wrong psychology you will get yourself messed up .

Trading does not showcase only those who are skillful and strategic traders, but having patience, strict discipline and good risk management will definitely equipped the trader more and make him a reliable trader.

Trading psychology may not be well-discussed in the forum, but in reality, a trader with no good trading psychology will turn a useless trader. Skills and strategies won't be sustainable in trading, traders should also be well-equipped with good trading psychology to completely achieve the success in trading.

[Faisal2202]

Obviously trading is not an activity of luck (although sometimes luck is useful) but in most of the time the profit always depends on how much knowledge, skills you have, although this method is not always profitable but that is how to treat trading correctly, but to be able to achieve success of course many things must be prepared, you have mentioned some of them and the most important in my opinion is risk management, as the saying goes that "maintaining is much harder than getting".

Easy come, easy go. Many people think making money from trading is "easy come," that's why they think traders easily lose it. I have encountered many comments like this, but they have not tried trading even once. They think it is easy money, but I say it is even harder than doing an 8 hour shift as a laborer.

I have done many things in my life, and education is harder than labor. I have done both. For me, doing physical work was easier, but that does not mean I left my studies. Instead, I was still doing the difficult part. With that knowledge, people build things, or at least build their confidence first.

Which is important. In the same way, confidence is important in trading, which seems easy in the eyes of those who do not trade.

[Questat]

Overall traders need to work on their trading psychology that’s the only when they can do all these that was listed and explained by OP . Like reducing trading too much and focusing only on A+ setup , that will worth the risk like taken higher risk to reward ratio .

In trading skill alone won’t save you , that’s where most traders are getting it wrong they think with just the skill they are good to go neglecting the fact that trading is more of a psychological game too with the wrong psychology you will get yourself messed up .

Mastering skills alone will only lead to overconfidence and revenge trading, that's why its not sufficient alone to succeed in trading.

But if we have the right trading psychology that will help us overcome destructive emotions, incur discipline and risk management, as well as build resilience ensuring long-term consistency, then trading will be successful and sustainable together with our knowledge and skills in trading.

[cyberninja2]

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Trading does not showcase only those who are skillful and strategic traders, but having patience, strict discipline and good risk management will definitely equipped the trader more and make him a reliable trader.

Trading psychology may not be well-discussed in the forum, but in reality, a trader with no good trading psychology will turn a useless trader. Skills and strategies won't be sustainable in trading, traders should also be well-equipped with good trading psychology to completely achieve the success in trading.

For those who trade they don't need to overly appear as great traders. Trading simply requires patience and discipline in managing their time. Therefore if they're even slightly careless I think they'll suffer losses. This is why many say that before starting trading it's better to seek out or approach experienced traders so that when they begin they won't feel confused about their goals.

There is no need to discuss it just what they need is that when they trade they better display the advantages in terms of the knowledge they have regarding the trading they want to develop. This aims to enable them to do it for the next stage because if they fail once in doing it I think they will start to get bored of continuing the struggle for the second time because the goal when they did it the first time was to be able to reach the point of success in achieving their goals in trading.

[Ziskinberg]

For me, the first lesson I learned was that trading was one of the jobs that needs a lot of monitoring, and I think that's one of the reasons that I stopped it. It went to a point that I didn't sleep for a day, and I missed going to work because I was too groggy to go.

Anyway, one of the good points there is number 5. The waiting game. How long of a patience can a trader have. It's not like it will move according to how we predicted it. There are instances when it will come late, so we cannot panic and just sell out because we are losing. Reading the market is very important in those instances, and I think the decisions will be crucial at every point of the trade.

That's the reason why trading is not for everyone, it requires more time and attention, aside from having prior knowledge and skills, even if means having sleepless nights so you won't miss certain opportunities in trading. Some are still good and flexible enough to manage their time, while others could possibly be trying hard for the sake of future profits in trading.

Patience is a crucial factor in trading. If you can't be patient, hence you will most likely find it hard to timing the market and find perfect opportunities to trade.

[Dr.Bitcoin_Strange]

Over trading and impulse trading is one character that a trader must kill to become profitable, initially when I newly started trading, each time the market gives a clean move in my absence, I would see it as an opportunity that I have missed and so I will want to pay more attention to the market and take more trades to cover for the previous market movement that I missed out on. Despite doing all that, I was unprofitable but I learned that pro traders are patients to wait for their right opportunity. Another thing to know is that, before you take a trade, you should already know the levels where you expect to take profit so that price won't reverse on you after getting there.

[Bitcoin_people]

A good trader will know the best time to trade not to regret of loss, there are some traders that are regretting for lack of crypto trading despite they have funds to trade but they lack crypto trading because it can cause traders to lose huge amount of funds in crypto trading, make sure you save what will not affect your other businesses, I think it will help you to remain long in crypto trading without quitting crypto trading for the purpose of loss than to learn from the mistakes you make in the past and focus to your future.

Those who are experienced in trading must enter at a time when they know they will not face losses. If people enter the market during market volatility, there is a high possibility of losses if they trade there. Many people try to put their own regrets in such a way that they may be very good at trading but they are not that experienced. Learning is the most important thing in trading. Those who make themselves experienced and gradually move forward towards the future will increase their skills. Everyone has to accept that there will be losses in trading and trade with risk management. Along with losses, you have to control yourself and learn slowly, but I think it is important not to use excess money, but to start trading with less money and gradually become experienced.