Most beginning traders come to the market without knowing how it is arranged. They think that the more deals they make, the more they will earn. But not all trades are profitable. As a result, most leave with empty pockets.
I will not talk about what I did differently. But bitter experience taught me a lot. This is what I want to share with you. When you see how a candle grows at a blazing speed, it's hard to resist keep from buying a few coins. And suddenly the price will grow even more. And you are in a rush trying to catch the price to quickly earn a few X.
Haste on the stock exchange does not lead to anything good.
In fact, the market does not move as fast as it seems to us. The market is cyclical. All repeats. After a lot of growth, the correction period always comes. As in small and large scale. Only the patient earn a profit.
In fact, there is no secret. Just need to be able to hunt. Just like the hunter is waiting for the prey. Who was on the real hunt, he will understand me. I'm lucky, because I was lucky to go hunting for a wild boar. Because I'm not a fan of traditional weapons, I hunted with a bow. Who does not know - hunting begins before you went to the forest, and it lasts many days. First you need to explore the territory, find out where the boar goes, where he sleeps, where he takes mud baths, where he eats. Based on your knowledge, you plan how you will hunt. There are many options. But that's not the point.
In trading, as in any business, you need to use the Pareto principle. 20% of actions bring 80% of the result. Only in order for the actions to be true, it is necessary to investigate the market, draw up a plan, and then hunt.
"The stock market is a mechanism for transferring money from the impatient to the patient", - Warren Buffett
As soon as we start trading and receive another release of dopamine, we become dependent on this game, which leads to the complete destruction of our trading accounts.
To get around this flaw in our consciousness, we just need to understand and accept the idea of doing nothing. Accept what you now seem boring, and use for your own benefit. After all, after a few big wins, as a result of patient waiting and confident completion of trades, your consciousness will begin to rebuild, and the dopamine that you received from promiscuous deals with an unknown outcome will be generated in periods of waiting and waiting for the market. If it seems to you that you are not doing enough, then the correct application of efforts will be the development of the ability to do nothing, for example, by finding some substitute occupation.
After you realize that patience and market research, or even a complete departure from the market for a while, can bring you more money in the long run than the opposite pattern of behavior, the "chemistry" in your brain will begin to change, and soon you will find that you like hunting, even if the deals will be much less.
I repeat it once more. The market is slower than it seems. Transactions can develop quite a long time. To catch big movements, you need to learn to wait, not getting involved in false fluctuations, which only add to the traders unnecessary mental work.
Dear coinbizpro,
i do agree with you in some points but not everything is right imo. Not everything will appear again and again in a chart. It depends. However, just learn the basics of ta and especially market cycles (elliott waves...). It will help you extremely.
I am not a financial advisor but experienced with stocks and crypto.
Btw. maybe my posts are helpful for you - I share my trading plan (moreover buy options...).
And always be careful and do not trade with emotion my friend.
Thx for your post!
Yours truly, Gandalf The White
But that's not the point. I tried to focus on the main things, not important ones. It's my fault that I could not do it.
At the expense of cyclicity. I tried to warn against shopping on high. I understand perfectly that not everything will return to the previous price, but all prices are moving in waves. It is better to wait until the pressure of bulls decreases.
Thx for your recomendation about elliott waves. i'll read about it@gandalfthewhite thanks for your add-on.
You are welcome. Yeah sry, just wanted to say that haha
Good because corrections will come and go but not always be the same. Exactly, waves is the keyword.
Np, I am only on steemit cause I want to help others and I am not the biggest Youtube... fan. I love to post simple/hard facts instead of talking too much. Definitely take a look at this subject.
Have a great day!
Too much to say I can only when I get drunk))
I think the society itself sorts out those who just want to earn and who help.
good mood.
Haha :D
Word bro haha
Agreed! Patience is the key. Trading off of lambo-emotions will bring many losses. If you're trading with alt coins, don't be scared of the whale's manipulation.
@matthewoz101 thx you for watching my posts. its important for me. I will try to do the same for you;)