Back up plan

[Thekingcallme 1975]

Yes, of course it is a good idea to have an alternative plan in case the basic plan fails to use the alternative plan

[jacker 1095]

yes contingency plan is a replacement work plan. The risk is something no one wants but it should really be a contingency plan like a precaution to work to avoid losing too much.

[malik6314193 5449]

Yes, a successful trader have always back up plan. That what he have to do when he fail to get his target. For me if i fail to sell my any coin then i will try to trade this coin with another coin and fulfill the loss. 

[nykas 2812]

I think in every situation you should have back up plan even if you trader or not. Most professional traders use and mix 3 or more strategies to decrease risks 

[CryptoMaxim 3829]

I try to trade short-term orders so that there are no big losses. And reserve trades on past bitcoin is Ethereum. I don't sell Altcoins because they are not predictable.

[scorpiali 5626]

OF course we all need to do that and all professional traders have the back up plan if the market go against theme it's normal because it's your money and you dont want to lose them all 

[Honny143 13612]

Well bro iam learning about trading so I have no idea how to use back plan in trading, but most of traders says when they loss in any trade, they use stop loss function, and trys another trade immediately to recover this loss, so I have learn this strategy by traders.

[BTC Future 3946]

A trade can always fail. The backup plan is not to risk all your money in one trade and follow the trend. If you use risk management tactics for your betting amounts your backup plan is to enter the next trade.

[Brushless4500KV 4214]

On 12/31/2019 at 7:11 AM, nicolas1234789 said:

Is that important trader need to create back up plan when primary strategy fail?.

If you trade both short term and long term, the second one can be the back-up for the first one because long term trading is less risky and can recover all your losses in short term plans. Distribution of capital is very effective. 40% short term and 60% long term seems reasonable. If both plans failed (which rarely happens), you have to apply the third one which is recovery plan. A safe recovery plan should be started when the prices are really low. Don't do another trade during recovery process.

[Raqeebzy 6456]

Naturally for a serious trader, there should always be a backup plan in place incase the initial plan fails. This will help in recovery of lost investments or if not it will help to prevent further loss. 

[koussai999 1986]

On 12/30/2019 at 10:41 PM, nicolas1234789 said:

Is that important trader need to create back up plan when primary strategy fail?.

When he is trading with a plan and hard capital management using correct trading skills  i think his plan will be in safe and losing with his trade will be hard things 

[MCSGlegend 2210]

On 12/31/2019 at 6:41 AM, nicolas1234789 said:

Is that important trader need to create back up plan when primary strategy fail?.

Yes it's very important, without a backup plan, a trader who fails is simply thrown out of the rut and cannot trade further if he no longer has the money to buy other coins. 

[IamLeader12 682]

On 31.12.2019 at 06:41, nicolas1234789 said:

Is that important trader need to create back up plan when primary strategy fail?.

I think so, especially for those who trade large amounts of 300-400 dollars, since the cryptocurrency market is unpredictable and anything can happen.

[blackdead 32]

On 12/30/2019 at 11:41 PM, nicolas1234789 said:

Is that important trader need to create back up plan when primary strategy fail?.

In my opinion, it is important to have several backup strategies because the one 
that is used normally will not always work since it may decrease what you think 
will rise so you must have a reserve plan to avoid generating loss

[musik555 35]

check rn 

[Abdalrazig 1865]

I think every body needs a back up plan because when things get tough most of people can not make the right decisions so it would be better having a protocol to stick to it to stop losing not to go further.

Edited October 14, 2020 by Abdalrazig

[George10 9932]

On 2/7/2020 at 2:12 PM, scorpiali said:

For sure if they can have a back up plans it will be very good. But for me the Buck up plans is to sell all and close all trade and go to other coins because to have a lot of plans you need to have much knowledge and chart analyze 

You are right mate it's always important to have a backup plan in every trade or businesses that we do more especially when trading at Forex or crypto market,one must know when to cut loss or exit the market in order to minimize losses.

[lolok 60]

A back plan is very important.
This is why it is necessary to make a trading plan before.
You must have a strategy to know what to do if the asset goes down, stagnates or rises little by switching to another asset that seems to be performing better for example.

[SuperCrypto 7193]

If you want to succeed in the trading market, you have to be able to plan for the future, so you have to know what you are looking for, what your goal is, and how you plan to reach it. The main idea of a trading plan is to develop a set of rules that you will adhere to.

[scorpiali 5626]

On 10/14/2020 at 11:00 AM, George10 said:

You are right mate it's always important to have a backup plan in every trade or businesses that we do more especially when trading at Forex or crypto market,one must know when to cut loss or exit the market in order to minimize losses.

To lose is part of the trading we can't earn all the time we trade,that's why we should have a plan for our trade specially in crypto currency because the market is changing all the times

[Omar Ommeish 4872]

On 10/14/2020 at 3:58 PM, SuperCrypto said:

If you want to succeed in the trading market, you have to be able to plan for the future, so you have to know what you are looking for, what your goal is, and how you plan to reach it. The main idea of a trading plan is to develop a set of rules that you will adhere to.

Defining our own goal is an important matter for all areas, the most important of which is the field of cryptocurrencies, because each one of us must set several goals before starting work and working to achieve those goals.

[raking 50]

of course yes. If your plan fails you should find yourself a stop loss plan or you will lose everything.

[Onden 2098]

Yes, I think a contingency plan in trading is very necessary, because trading is not always successful and it takes several steps when a loss occurs. When I have a loss at the start of the trade, of course I have to prepare for the next trade so that I can recover the losses suffered at the beginning of the trade. A backup plan is included in my trading strategy giving me the opportunity to manage better.

[Smallingcane012 344]

Back up plan is good to any body or any situation you find your self then but it may also have disadvantage.

[Liliz 529]

We plan to succeed, if a particular plan fails, then it is better ti switch into back up plans which will serve as another opportunity to fall back on. It eases off the problem of starting all over from the scratch, if we don't fail to plan then we plan to fail. We just have to always choose the appropriate steps in life.