Quote from: pundit on September 21, 2019, 03:24:09 PM

Quote from: steve57 on December 19, 2018, 11:45:01 AM

hi traders i am sharing my mistakes and experience so that it will help you

here are the mistakes i did and the with experience i got answers to my mistakes

1) dont (care or think) too much about your money while trading this will reduce your confidence and make our decisions to reverse
and put money which you dont need

2) learn about money management (i know you might have heard about this many times , this is a huge topic to explain )
in short

remember trading and investing is a business, you have to risk something to gain something ,
so here is what you can do , risk is in your hand and you dont know how much rewards you will get so all you can do is control your risk , so calculate your risks and then enter trades and wait with patience

at first your goal must be to protect your capital , and then protect your profits , dont risk everything

3) Do not get panic by watching others analysis , remember panic is not good for trading, be confident with your analysis

4) if you have got good profits then keep it as a back up capital , when there are bad days if you lose your capital this back up capital will help you

5) dont trade if markets are too much volatile , no trade is also a trade , relax on that days watch some comedy films

6) dont ever think to recover your losses , or trade against

7) if you have entered trade by calculating risk then dont exit in middle wait for your targets , fluctuations are common

8 ) one of my friend told me this --- to keep track of trades
like why we lost that trade , why that trade reached its target,keep a record of this and just go through this when you are free trust me it will help too much

9) everyday you will not be profitable so set a limit for loss everyday if it is reached than stop trading ( i have lost money before without doing this )

10) If your finger is stuck somewhere, in real life you must think to get your finger out of there , but in trading if your finger(trade) is stuck then you must cut it and get out of that trade, because in trading finger(capital) grows back ( this i learnt by watching psychology videos )

11) I know many of you have heard this points before , but remember until you dont put your personal interest and do trading by following rules nothing will change
and success is not easy we must work-hard to achieve it

12) i am sure if you follow this rules you will see changes in your trading ,

if any experienced traders do have some points that will help traders please highlight it

13)But remember, never put your eggs in one basket, this way even if one of your investments is on a down trend, you can still recover the loss from another investment. This point by (nydiacaskey01)

You have explained things in detail, if someone read it carefully and adopt all these things, atleast he/she can survive in this market. Trading is a hard business to do but it can give you the highest return as compared to all other businesses. Trading is a dynamic business and there are some golden rules which need to be followed in trading.
1. Never invest money you badly need.
2. Never risk more than 2.5% of your capital in a single trade.
3. Do not trade w/o SL.
4. Keep your fear and greed behind while trading.
5. Make a plan and remain stick to it.

If one follows such rules, winning trading game is not much difficult.

Awesome tips here, also i want to add a few

1. Never fall in love with altcoins, only love BTC and only think in have more BTC. (i use to be a collector of shitcoins, almost all are down 90-95% and others turn into dead projects)

2. Use exchanges with Stop Loss tool, and learn how to use it, lets say if you buy any altcoin at any price, set your stop loss at -5% or -10% just to be sure in case the price down while you sleep

3. If you want to learn but you have fear, you can start being a day trader, a day trader always stay in btc or usd/eur, when they wake up they start to trade but at the time to sleep they sell all into btc/usd/eur

4. Try to find a way to increase slowly your capital, learn about Proof of Stake coins, use faucets or use signatures campaigns to increase your btc.

5. Never leave your coins in an exchanges, keep only the necessary to trade, a lot of guys and myself lose money because some exchanges got hacked, Remember Exchanges are not banks.

6. Learn how to store your coins safely, read about Trezor, Ledger, to store your coins, if you have your coins in your pc, always make a backup of your wallet.dat (i know a guy who lost 300 bitcoins restoring his pc)

7. Always try to ROI first recover your investment, keep proffits and trade with that, as pundit and steve57 said, greed is bad, panic is bad, fear is bad.

8. Sometimes you need to cut loses, we need to deal with that and learn from it.

9. Be aware of scams, icos, cloudmining, never never trust in anyone, read, research, learn, read again, years ago, i got scammed by 2 cloudmining companies Gawminers and Ltcgear, if sounds to good then is not real.

10. Love what we do, trade is the best job ever, i read years ago this, "A good trader can win in a week more than a normal average person in a year" Not an easy task but with perseverance and some luck is real.

11. Keep trading and learning no matters if you are a Pro trader or Noob Trader, luck and mistakes are part of this journey, In 2017 i made 50k usd in a day, months ago i lose 50k usd in a day, and still trading.

Im living only for trading crypto since 2014 and i love it.

Share some love if you like this post Wink