20 Trading tips 2024 / Balancing Strategy and Psychology for Success

[Mr. Magkaisa]

A person learns a lot of theoretical information, but when he wants to apply it on the ground, he fails several times until he gains the necessary experience by learning from his mistakes, acquiring skills and developing his own strategy.

trading is not a theoretical science, but a practical application, so your experience in trading is better than theoretical analysis, otherwise trading bots and artificial intelligence systems would be able to achieve billions.

Yes, I completely agree with you, even trading robots and artificial intelligence systems need to be programmed and a suitable strategy developed by the trader so that they can do their job properly. They actually do what is asked of them and therefore using them by an inexperienced trader will not achieve any good results.

        -      Yes, you are right there. If your set-up in the trading bot is wrong, for sure you will automatically lose the funds you allocated for something like this. Instead,  the set-up you put in the trading bot should be correct.

Also, I have read many articles with tips about trading, and the majority of the tips are not really applied to the actual trade in the exchange that an individual trader enters.

[pablobitcobarofficial]

Let's talk about where we are in the current cryptocurrency market cycle. Things have been a bit different this time compared to previous cycles. What we're seeing now is a long period of consolidation—basically, the market isn't moving much, and it might feel a bit boring. But this doesn't necessarily mean that we're at the peak or that the market is done growing. Historically, these quiet phases have often been just pauses before the market continues to climb.

When we look at Bitcoin, we can see that these low-volatility periods, where prices don't change much, usually happen during an overall upward trend. Big market tops, where prices peak before falling, are often accompanied by strong emotions like euphoria or panic. Right now, we're not seeing those extreme emotions, so it’s unlikely that we're at a major market top.

ALTCOIN vs. BITCOIN CYCLES:
Many altcoins (alternative cryptocurrencies) have already gone through a full downtrend, even though Bitcoin itself hasn’t dropped much. This disconnect might be because institutional investors and ETFs (Exchange-Traded Funds) are keeping Bitcoin stable, while altcoins have suffered more. This could mean that the altcoin market is in a different cycle than Bitcoin, and it might be better to focus on newer, more promising assets.

When Will the Market Move Again?:
If you're wondering when the excitement will return to the market, it might be closer to the upcoming elections. Larger investors usually drive big market moves, and they might be waiting for more certainty before they act. Factors like the end of summer, political decisions, and the resolution of some ongoing issues (like Mt. Gox repayments) could trigger more activity. Once one big player starts investing, others might follow quickly, leading to a surge in market activity.

Should You Keep Trading?:
These slow periods can be tough for traders because it feels like nothing is happening. But remember, the market can change quickly. Even though things might seem slow now, being patient and staying involved can pay off when the market picks up again.

[|MINER|]

Trading is a very risky activity.  Not everyone can be this successful.  But it requires skill and discretion to succeed.  It is possible to get expected results only by following certain rules and regulations of trading.  It is not possible to be a successful trader if the rules of trading are not followed properly.  One of these is trading with patience.  Trading requires a lot of patience from a person.  Restlessness has no place here.  Cannot be over leveraged.  You have to be satisfied with less profit.  Repeated trading can result in loss of capital.  Trading is not for beginners.  So if you want to come to trading, you should know about it for a long time and practice it only then come.