Most people who are interested in learning how to become profitable traders need only spend a few minutes online before reading such phrases as "plan your trade; trade your plan" and "keep your losses to a minimum." For new traders, these tidbits of information can seem more like a distraction than any actionable advice. New traders often just want to know how to set up their charts so they can hurry up and make money.

To be successful in trading, however, one needs to understand the importance of and adhere to a set of rules that have guided all types of traders, with a variety of trading account sizes. Each rule alone is important, but when they work together the effects are strong. Trading with these rules can greatly increase the odds of succeeding in the markets.

Rule No.1: Always Use a Trading Plan
A trading plan is a written set of rules that specifies a trader's entry, exit and money management criteria. Using a trading plan allows traders to do this, although it is a time consuming endeavor.

With today's technology, it is easy to test a trading idea before risking real money. Backtesting, applying trading ideas to historical data, allows traders to determine if a trading plan is viable, and also shows the expectancy of the plan's logic. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading. The key here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered poor trading and destroys any expectancy the plan may have had. (Learn more about backtesting in Backtesting: Interpreting the Past.)

Rule No.4: Protect Your Trading Capital
Saving money to fund a trading account can take a long time and much effort. It can be even more difficult (or impossible) the next time around. It is important to note that protecting your trading capital is not synonymous with not having any losing trades. All traders have losing trades; that is part of business. Protecting capital entails not taking any unnecessary risks and doing everything you can to preserve your trading business. (See Risk Management Techniques For Active Traders for more.)

By: JEAN FOLGER

You have explained all these rules very carefully and I hope everyone has learned something from your article! Rule number 1 and 4 are the most important according to my experience, I've helped many people in making analyses for different coins but these are the biggest problems that I've noticed from most of them. They trade without any plan, and they do know to separate their profit and capital !!! This is very bad because we know trading is taking risks, so if they lose they will have nothing left to help them to recover. I'm glad you explained about this, I hope many traders have learned something!

~Learning as much as possible
You can google to know more everything about crypto trading. Various knowledge regarding cryptocurrencies, blockchain, and market will help you to improve your ability in trading.

This is the biggest problem that fails a lot of traders (mostly beginners). Many of them are joining the crypto world and start trading because they heard trading can generate a very good profit easily! They forget that trading can only generate a profit for a trader who knows all the basics of trading and good trading strategies. So we have to learn before start trading unless we wanna risk our money!

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Bitcoin is running like a mad horse.

Of course, Bitcoin is running like a horse! Maybe we can see $50K very soon because we still have green color in the markets. Many people are now trusting Bitcoin and they are investing a lot of money, I hope to see more surprises!

Only if you have crypto knowledge, good investment strategies, and a good plan it will be safe for you to invest in crypto. Because even if you will have good capital to invest, but without knowing much about crypto and investments will unsafe for you.

I'm proud to be a part of altcoin and bitcoin users, I believe cryptocurrency is the future currency that everyone will later agree to use in place of money as a medium of exchange.My confidence is so much that I tell it to people so they can join. Do you think I'm good to continue with the optimism and do you think cryptocurrency will not fail me and everyone who believes it is the future currency?

Welcome to the crypto world, but there are many things that you'll need to understand and agree on after your decisions for joining crypto. There is always profit and loss in cryptocurrencies, just like in normal businesses, sometimes you will invest your money and you can earn profit or loss depending on your marketing strategies and the quality of products. Even in crypto, it works like that, so you must agree that joining the crypto world is taking risks for your money! But you just have to learn the basics of crypto and the best ways to reduce risks and increase profit. Otherwise, without learning all the basics, you will never earn a profit from crypto! So when you tell your friends about crypto, you should also remind them to make their own decisions!

I think there are profitable and non-profitable bounties, but perhaps all it depends on the number of participants in a certain bounty. It's clear that if a bounty announced to pay a high amount and then only a few members qualified, the payments will be good. But if the payment is low and all participants qualified, then you will earn small.

Bitcoin has now been legalized in many countries around the world and in many countries Bitcoin is still illegal. Again Bitcoin has no stable currency. So now, if someone wants to give you payment in Bitcoin, are you ready to accept it?
Or are you ready to trade if you are allowed to trade by accepting Bitcoin payments?

Yes, I am ready to receive Bitcoin payments because I can receive from any country compared to fiat currencies. You are right, a lot of countries have not yet legalized Bitcoin (including my country) but that is not a big issue because we have peer to peer exchanges like Localbitcoins! Such exchanges helps us to exchange the Bitcoin that we received from anyone to our local currencies.