Quote from: redsun114 on July 02, 2021, 10:06:53 PM

Quote from: Michael63 on June 15, 2021, 10:23:03 AM

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

The best advice would be to leave emotions out the door. There is no scenario where people could feel fear, happiness, joy, excitement, sadness and many other emotions and still be a great trader. I know you should feel amazingly happy when you turn 100 bucks into 10k right? That is a huge return and your hundred bucks is now ten thousand dollars so you should feel happy at the very least? Well that is wrong, you should not because your 10k could become 100 dollars as well if you invest it into some scam type project, which is why always be careful and always keep your emotions in check.

Same goes for losing money, just because you lost money a bit right now doesn't mean that you will end up losing money constantly, you may end up recovering that loss and making a great return as well. Just focus on what you can do and do not feel emotions and worry about what you can't change.

Well explained, the first rule is not to make money, it is to protect trading capital. The stop loss is the expiration date for your trades in case of market moves against your trades. The emotional trading will not add good consequences on your trading experience so better to learn before it is too late.