You are viewing a single comment's thread from:

RE: Dont know how to trade? Automatically copy other successful guys!

in #bitcoin8 years ago

Follow traders for ideas and learning but do your own trades would be my advice.
Each trader has there own method. 1 trader may be a long term trader, another short term and another a scalper. Now you might thing think you are making bad losses on the long term traders trades and you may choose to close these trades... soon after these trades may react and your losses could have been turned into amazing gains! but not only did you miss the profit your also took a loss!!!!
So, understanding and learning is key.
FINALLY and MOST IMPORTANTLY is MONEY MANAGEMENT. No single trade should be able to lose more than 2% of your account. If you are taking larger risks... then maybe the casino is a better option? I mean you are simply gambling your hard earned cash.
When I am trading forex successfully (I have losing streaks also) then I make between 5~10% each week. I can trade 20~30 trades without any loss, again, I do have losing streaks also. It is a matter of working out what kind of trader you are and what works best for you.
You might scoff at that... because you may think it is not much profit. If you think like this, then it is because you are not working with enough capital. If you sacrifice money management rules and increase risk you will not be trading for long before you blow your account (unless you get very very lucky)... when playing high risk... you will fall into the danger of emotional trading.
This is my 2 cents worth and your opinion may differ.
None of what I say should be taken as trading advice for each person and their position is unique.