Quote from: Silberman on May 03, 2023, 05:33:13 PM

Quote from: Baoo on May 01, 2023, 10:33:12 PM

Quote from: Silberman on April 29, 2023, 05:54:59 PM

This is a very common mistake which many traders make, even the experimented ones, there is no guarantee when we trade, every time we open a position we must acknowledge the fact that we can lose money, anyone that trades thinking they are never going to lose are going to end up disappointed when that is not the case, and even worse is that they will make movements that are mistaken and instead of cutting their losses short they will either hold too long or use leverage and increase their losses geometrically.

I totally agree, over confidence may negatively affect on Trader’s decisions and that could cause awful results. Furthermore, it is preferable to expect the unexpected events and scenarios even when you make good decisions ( from your perspective) Plus, accept the failure ( loss ) and learn from your own mistakes. The more you gain experience in trading, the less mistakes.
Moreover, you should adapt yourself in every new condition. At the beginning, read the market and then use a strategy that suits the current situation. , in fact, crypto trading requires knowledge, discipline and patience , these are the main keys to accomplish success.

This is why trading is often compared to an art rather than a science, you cannot simply say do this then do that and you will become successful, trading is not that easy, it is true that it has quite a significant amount of mathematics and that you require a lot of skill and experience in order to become good at it, but at the same time it requires a little bit of something that cannot be measured, that cannot be trained and that you either have or you do not, and unfortunately for most traders they simply do not have what is necessary to become a good trader.

What makes trading hard is the idea of you don't need to know what the price will be because there are thousands of combination that can affect the price and the most important thing you should have is plan regarding when you will entry, your cut loss point, your value at risk and how much money you will put. The myth is people think that trading is easy because the of the idea of buying low and selling high. In actual reality, it is hard to execute and you need to have a lot of past price movements in order to make it as your data to rely on and make the execution smooth. Every professional traders knows that it is not about your skills regarding technical analysis but rather it is how you perceived the information that the market gives to you and also how you will execute your plans without a bit of hesitations.

A lot of traders especially those bitcoin traders thinks that their technical analysis skills will solve their poor trading performance, the real key for trading success is in his mind which is how he is thinking before, during and after the trade. Becoming a good trader is hard because you really need to focus on trading psychology and not improving your technical analysis skill. This is the fact and I also thought before that I should know what the price will be in the near future but this idea is very wrong because you cannot perceive the information what the market is offering to us.