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Patience in trading/investing

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Patience is just one of the tricks people have been telling me to master when i started investing, but it seems to be a misunderstood concept and it doesn't serve any purpose especially in trading unless you know where to apply it. It seems to be only used when speaking about selling. Patience also means that you have to wait for the right time to buy and not to fomo in.

 

But mostly it's a trick that traders teach to newbie investors to calm them down their nerves and not to panic sell on every dip. It's just faster trick then to teach trading and it usually have better results then with panic selling.

 

Usually.

 

Because patience can also get you rekt if you think that it means just waiting and hodling. Especially when you happen to be hodling a wrong thing.

In trading it means you have to wait for the right time to execute your plan. Timing is everything. Some times acting on time is just better then sticking to plan of hodling in disbelief on what's happening. Even f the project fundamentals are good, it will be good to have some money left to invest if it drops another -90% if your plan is to average your buy in.

 

But the key point is that you need to have an exit plan if something goes wrong. When the crash happens you usually see people in telegram channels that didn't have a plan for it, only plan was to hodl, no money left and now they are clueless what to do. They will keep hodling even to over -90% loss while telling themselves that they have just been patient. While in fact they have been too scared to get out low. I have done this too. Sometimes people forget that if the project is crap it can dip another -90% until there are only sell walls.

 

People just like to think that their profit gains happen because they are good traders and losses happen because of others. Being honest to yourself and owning your mistakes is the only way to learn.

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Does this topic applies to new coins and/or projects or does it also apply to the top coins as well? Because if my eyes aren't mistaken, it explains more on the former.

 

A good case then would be Bitcoin Cash. If Google is right, it was valued at more than $3,000 on its debut. I don't know for those people who decided to still hodl it when its price was beginning to dip, but now that it is valued at ~$300 (about 1,000% less value from its ATH), then they are now probably thinking they should have sold after all 😂 .

 

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New to the Cryptotalk forum? Here's something that might help you get started:

https://cryptotalk.org/topic/24401-forum-tutorials-tips-and-tricks-for-newbies-compilation/

 

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It is good to be so patient while trading, in few hours back I impatiently enter a trade, it was against my rules but I did and lost $20 within 30 minutes. It ks very good to be patient because if I had, I will not lose that the money. 

Edited by BitcryptoHan

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Being patient makes you control your emotions to manage easily what you are doing even if it is trading or investing. Because this is the main characteristic of a goon trader and investor. If we master our patience we can be successful in trading and investing like the other people in the cryptoworld.

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It's always important to apply patience when trading for example waiting for the right time to enter the market and without any of this ability then you are bound to make unnecessary regrettable mistakes.

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This is a good reminder. Too many people are thinking they can start trading without knowledge / patience / anylisis and make only profits in a fast way. FOMO and FUD always bad for a trader.

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7 hours ago, kyoukage01 said:

Does this topic applies to new coins and/or projects or does it also apply to the top coins as well? Because if my eyes aren't mistaken, it explains more on the former.

 

A good case then would be Bitcoin Cash. If Google is right, it was valued at more than $3,000 on its debut. I don't know for those people who decided to still hodl it when its price was beginning to dip, but now that it is valued at ~$300 (about 1,000% less value from its ATH), then they are now probably thinking they should have sold after all 😂 .

 

It doesn't really matter if they were on the top of the marketcap or not, Eth also took a huge hit, so did lot of lowcaps. Some of the coins survived and that's good for anyone lucky enough hodling those.

 Btw, price can drop only 100%, not 1000% 😉

 

3 hours ago, Jaysen0104 said:

Being patient makes you control your emotions to manage easily what you are doing even if it is trading or investing. Because this is the main characteristic of a goon trader and investor. If we master our patience we can be successful in trading and investing like the other people in the cryptoworld.

Good point, it acts as a control against feelings.

 

 

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most ofthr time patience  just key to success.the biggest mistake we do under pressure is we must bring panic and took some wromg decision whih result in a big loss to our trading fund.so if anyone feels like failure then just sit aside and have patience

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On 5/13/2020 at 3:58 PM, deboprotap said:

Yes friend i agree with you.Patience is a major key to get success in trading.If we make panic decisions then we can face huge loss in trade.So we should think twice in trading,We are not in loss untill we sell our crypto in low amount.So long term hold can be good decision sometimes to make profit

Actually that's not what i said. I meant that sometimes is better to cut our losses and sell rather then waiting trough bear market. Hodling is not same as being patient. Patience without timing isn't worth anything.

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Yes my friend, your words are really wise, I liked your saying "Timing is everything" and this is absolutely true I consider timing is everything really because always you have to choose the right timing whether in buying or selling and the error in timing of selling or buying means your loss. Sometimes patience is motivated by greed that the coin rises more than that and then the timing errors may have been lost and will surely lose.

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I agree with the theme, patience is very important in the market, and what it tells in your post is very true, and useful for other beginner people adding to this, assimilating commerce as Kung fu.

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I think that the whole thing involves under the name of "controlling feelings" because controlling feelings includes many feelings that can appear during trading, so if you can control it, you go a long way in trading

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So many traders believes trading is risky our every step decides we loss are earn profit, but the main strategy in trading is depends our patiences, because without patience we never win trading, trading depends when we entire and when we leave in correct time so wait for prefect its important so its need patience, so in trading patience is the main weapon.


 

   

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The successful traders are those who invested or made their trade on the right time and you can't do it if you don't have patience. So patience is very important in trading.

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Patience is the key of success in trading. Buy and sell at right time and on right price. If you are confident that price will go tgere as you are predicting then be patient and wait for that point. 

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Patience is the key for trading, without patience you will lose your money. You need to set limitations in your tradings and follow them without losing control, losing control it means you are not patient.


Time is the ultimate weapon!

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Every succeed in any trade or investment is based on the patience and how any one can Control his feeling and dont fall to fast and follow news,Just be patience and keep working 

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Of course patience does not mean we should buy into an asset and just hodl with price going lower and lower. There should be stop loss limits, which even if we didn't set we should always have in mind. If we bought some top with high risk involved it is better to have an exit strategy as well.

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Certainly when doing trading and investing we must control our feelings and patience is an essential characteristic of the success of our trading process because we must monitor the movement of the market and choose the right time to do the sales and purchases and not rush to take any decision so that we do not lose any money and we will be able to choose the appropriate time to achieve Profit

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If you want to invest or you want to trade you must have to apply patient or else you will not be successful in your trading  or investment.

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While investing in Crypto market , we have to be stay patience . The role of patience is very important in crypto market . I face losts of loss due to not having to stay patience in trading.

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In most cases, patience leads to profit. But there are also situations when it is better to sell an asset when it falls so that you do not lose more.

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Patience in trading is a serious characteristic, but it must be noted the difference between patience in difficult times and long patience due to fear of loss and trading that many resort to, which makes them make wrong decisions. The trader is patient when he incurs losses and learns constantly without getting bored


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One of the secrets of success that you heard from experts and professionals in this field is patience. It is a key to success. You learn a lot from your insistence as well. Become an expert and learn the right moment to invest and enter the deal. Besides patience, fear, and if you do not have this property, you may not gain anything


Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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I think patience is one of the most significant people`s skills. This ability can really help you to become successful and have everything what you want. I convinced of this many times. Be patient and learn to wait 


 

 

 

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Among oscillators, only 10% recommend selling, 40% took a neutral position, and 50% recommend buying (10% of them signal overbought conditions). If the pair rises, it will encounter resistance at levels 1.2575-1.2610, 1.2695-1.2710, 1.2755-1.2775, 1.2800-1.2820, and 1.2885-1.2900. In case of a fall, it will face support levels and zones at 1.2490-1.2500, 1.2450, 1.2400-1.2410, 1.2300-1.2330, 1.2185-1.2210, and 1.2070-1.2110, 1.2035. The upcoming week's calendar highlights Tuesday, 14 May, when data from the UK labour market will be released. Also of interest is the Inflation Report hearing scheduled for Wednesday, 15 May.   USD/JPY: $50 Billion Interventions Wasted?   It seems that until the Bank of Japan (BoJ) takes confident and clear steps to tighten its monetary policy, nothing will help the yen. At its meeting on 26 April, the board members of this regulator unanimously decided to leave the key rate and QE program parameters unchanged. Expectedly tough comments on the outlook were also absent. This inaction increased pressure on the national currency, sending the USD/JPY pair to new heights. It continued its cosmic saga, reaching a new 34-year high of 160.22. Following this, Japan's financial authorities finally decided on a double currency intervention. Although there was no official confirmation, experts estimate its total volume at $50 billion.   Did it help? Judging by the USD/JPY chart, not really. The pair headed north again last week. Unlike the euro and the British pound, the yen barely reacted even to weak US labour market data on Thursday, 9 May, only slowing its decline.                    All this occurs amid endless statements from the Japanese Central Bank and Ministry of Finance about their readiness to take necessary measures to reduce speculative pressure on the national currency. The published minutes of the BoJ meeting show that most board members took a "hawkish" stance, calling for a rate hike.   However, many analysts believe that the Bank of Japan will take only one such step in the second half of the year. The last chord of the past five days sounded at 155.75. Economists at Singapore’s United Overseas Bank Limited (UOB) expect the USD/JPY pair to trade in the 154.00-157.20 range in the next 1-3 weeks. UOB also believes that the chances of it falling to 151.55 have significantly diminished. Overall, most experts (70%) simply shrug their shoulders in uncertainty. The remaining 30% persistently expect the yen to strengthen. As for technical analysis, 100% of trend indicators on D1 look north. Among oscillators, 50% are such, 15% point south, and 35% point east. Regarding support/resistance levels, traders should note that with such volatility, the slippage can reach many tens of points. The nearest support level is around 155.25, followed by 154.70, 153.90, 153.10, 151.85-152.25, 151.00, 150.00, after which come 146.50-146.90, 143.30-143.75, and 140.25-141.00. Resistance levels are 156.25, 157.00, 157.80-158.00, 158.60, 159.40, and 160.00-160.25.   Events of the upcoming week include the release on Thursday, 16 May, of preliminary GDP data for Japan for Q1 2024. No other significant publications regarding the Japanese economy are expected in the coming week.   CRYPTOCURRENCIES: A Week of Reflection and Uncertainty     What will happen to bitcoin in the foreseeable future? It seems there is no clear answer to this question. Experts and influencers often point in opposite directions: some shoot for the stars, while others keep their eyes on the ground.   For instance, according to the founder of Pomp Investments, Anthony Pompliano, bitcoin is "stronger than ever." He concluded this based on the 200-day moving average (200 DMA) reaching its ATH (All-Time High) of $57,000. Michael Saylor, CEO of MicroStrategy, is also optimistic. In his latest message, he urged investors to "run with the bulls." (It should be noted here that MicroStrategy holds 205,000 BTC on its balance sheet, so Saylor's bullish calls are quite understandable. He simply has to do this for his company to profit rather than incur losses).   However, analysts note that bitcoin's fate depends not only on the rosy calls of the MicroStrategy CEO. And if buyer support weakens, BTC could break through the key support level of $61,000, falling to the $56,000 zone, where significant liquidity is concentrated. MN Trading founder Michael Van De Poppe does not rule out another correction to around $55,000. However, the specialist quickly reassures investors, stating that this is quite acceptable as long as bitcoin holds above $60,000. Anthony Pompliano believes that the price will not fall below $50,000, and another expert, Alan Santana, does not rule out a drop to $30,000.   Trader and analyst Rekt Capital believes that the first cryptocurrency has exited the post-halving "danger zone" and entered the initial phase of re-accumulation. According to this expert, in 2016, BTC demonstrated a long red candle after the halving, falling by 17%. This time, the pattern repeated, with the difference between the post-halving maximum and minimum being 16%. The price reached a local bottom at around $56,566 but then rose to $65,508, on which Rekt Capital concluded that it re-entered the "re-accumulation range." However, there is one "but" - after this, we again observed a drop to $60,175. Overall, it seems that BTC/USD is in a descending channel, which increases investor concern.   In general, the forecasts are quite diverse. Information on the activity of various categories of traders and investors also varies. Analyst and CMCC Crest co-founder Willy Woo noted the activity of so-called crypto dolphins and sharks. "There has never been such a rapid purchase of coins by wealthy holders as in the last two months when the price fluctuated between $60,000-70,000. We are talking about those who hold from 100 BTC to 1000 BTC or approximately $6.5-65 million," he explained. On the other hand, according to CryptoQuant analysts, whales holding from 1000 to 10000 BTC, unlike dolphins and sharks, have behaved quite passively. Michael Van De Poppe, for his part, notes the absence of retail investors.   All this suggests that we may not see new all-time highs for BTC in the coming months. We wrote about this in the previous review, citing, among other things, the opinion of such a Wall Street legend as Factor LLC head Peter Brandt. With a 25% probability, he assumed that bitcoin had already formed another ATH within the current cycle. As for long-term forecasts, nothing has changed here - most of them predict a powerful bull rally for bitcoin. Anthony Pompliano writes about this. Willy Woo expects bitcoin to continue increasing its penetration into various spheres of everyday life, meaning the number of users will grow. "By 2035, we expect bitcoin's fair value to reach $1 million. This forecast is based on the user growth curve. And I'm talking about fair value, not a peak during a bull market frenzy," the analyst notes.   The author of the bestseller "Rich Dad Poor Dad," entrepreneur Robert Kiyosaki, once again included bitcoin in the TOP-3 ways to save and increase capital. "Bad news: the [currency market] crash has already begun. It will be severe. Good news: a crash is the best time to get rich," he wrote, offering several recommendations on how to act in a crisis. Let's note two of them. The first reads: "Find an additional source of income. Artificial Intelligence will destroy millions of jobs. Start a small business and become an entrepreneur, not an employee afraid of losing a job." "Don't hoard fake money (US dollar, euro, yen, peso) that is losing value. Hoard gold, silver, and bitcoin - real money whose value increases, especially in a market crash," is Kiyosaki's second recommendation.   Regarding bitcoin's growth, Kiyosaki is absolutely right; it's even pointless to argue. According to a study by Colin Wu, better known as WuBlockchain, over the past decade, the price of the leading cryptocurrency has grown by an astonishing 12,464%, outpacing giants like Amazon, Apple, Google, Meta, Tesla, and Netflix. BTC was second only to Nvidia (+17,797%). But the fact that bitcoin took second place, being a representative of a relatively new and volatile market, is a real achievement. BTC's impressive growth trajectory over the past decade demonstrates its resilience and potential as an essential component in investors' portfolios.   At the time of writing this review, on the evening of Friday, 10 May, the BTC/USD pair is trading at $60,470. The total market capitalization of the crypto market is $2.24 trillion ($2.33 trillion a week ago). The Crypto Fear & Greed Index has risen from the Neutral zone (48 points a week ago) to the Greed zone, now standing at 66 points. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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