How to avoid losing money trading in Bitcoin and cryptocurrencies.

[bitcoincash]

Most people are very likely to lose money trading crypto’s, stocks, or forex. Even if you think you are successfully trading, in profits, you might have learned bad habits along the way unknowingly.

Most people approach the market with being right or wrong in trade positions. Their main goal is “making profit and I do this by being right most of the time”.

By being right or wrong you personalize losses and wins. If you keep winning you think you understand the market and can’t lose. There is nothing wrong by being wrong while trading. Actually, in my trades, I’m wrong most of the time. It doesn’t matter how often you are right or wrong, but how much you lose when you are wrong and how much you win when you are right.

With that said, what advice can I give you that helps you today and in the future? Start by making a plan. If you go to war, you make a plan, you calculate and manage risks, you have an exit.

You do the same when trading. You make a plan beforehand because while in a position, you will start getting emotional. You will be influenced by news, peers, candles, and your own mind. By creating a plan you know what you risk to lose in this trade. You can close the trade with much less stress, because you knew beforehand what you were willing to risk. And you take profit without blinking an eye, because that’s what you plan ahead.

If you trade without a plan, you are very likely to not take action when action is necessary. There are many ways to make money, often very contrarian towards each other, but portfolio killing trades always have the same characteristics. People not taking action.

By planning ahead and sticking to it, you prevent one of the biggest pitfalls of trading. This comes down to not being emotional while trading, what you often read and hear other people tell you.

You may be right sometimes when you don’t take action and let a loser become a winner, but in the long term this bad habit will kill your portfolio. Holding towards a losing trade in the hopes of turning around is okay, as long as it is within the margins of your predetermined plan.

Making a plan, sticking to it, and taking action is one of the most important lessons I know. Trading is boring, once it’s boring, you are most likely to make and keep your money long term.

[Esteriayaoba]

Creating your own strategies, what works for you and following it strictly is a very safe way to avoid loses. Buying coins and selling at the right time or when you feel you have made enough profit. Buying cheap gems also and holding for a while till profit also makes you cut down loss you would have made from everyday trading. I have bought Hacken and Veil. They are two gems that I feel are about to explode.

[kventin.upgrade]

Making a plan, sticking to it, and taking action is one of the most important lessons I know. Trading is boring, once it’s boring, you are most likely to make and keep your money long term.

Thank you, this is really convincing and helpful. Could you tell us how you came to this knowledge? What is your trading result now? How did you trade before, did you lose a lot on trading and continue to trade now?

[kventin.upgrade]

I have bought Hacken and Veil. They are two gems that I feel are about to explode.

Tell us more about your trading plan, please. What will you do if your feeling is false.

[RogerRog]

Learn a lot, try different strategies and take a risk