Agree, profit booking is most important skill, because you can never beat greed. :p
G_Man
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The absolute number 1 tip in my opinion, is to cultivate a stable and positive mental environment that allows you to trade objectively and learn from your mistakes. Negative AND positive emotions will be your downfall if you allow them to cloud your decision making.
Every other skill or rule in trading should be in order to facilitate your well being and mental clarity. Without that, you can be the best analyst on earth and still trade like an idiot.
Low_Pro
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Trading is alot like Fishing. You've got to take your time and be patient. There is no point in getting mad at the fish. You've got to know
Which ones to throw back, and which ones to keep. All the most expensive gear won't help you if you can't fish. And there is no point if the pond or river has no fish, or you're fishing with the wrong bait.
ASK - What am I getting out of this? Where is my goal? Where is my exit?
BE Patient - Don't panic anything
If you are not sure... DO NOTHING - Nothing is better than losing.
Bulls make money, Bears make money, Pigs get slaughtered
If you are away - STOP LOSS - Stop loss 1% including fees.
Avoid trading for the first 15-30 minutes of watching/studying charts
RISK VS GAIN!!!
Look at everything in numbers. Your BTC is a number. The amount it's worth is a number. The amount of money you accumulate is a number.
The goal is to maximize the latter. The best way to do this is by becoming emotionally detached from it.
Don't think of it as $20 dollars, think of it as just 20. At every moment, make the best move to increase your number.
Trade with an amount that stings to lose, but doesn't impact you long-term.
The feeling of loss will always outweigh the feeling of winning.
BIGGEST LOSES = Panic and Sunk Cost <<<
Esper
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Start learning/using money management from day one!
Disciplined management of your trading capital, and how to properly
size your positions, is hard - but crucial for long term trading success.
mmurfySV
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It is never different this time.
armodilloben
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Confidence in your position. If you do not have confidence lower the amount of margin until you regain confidence.
Banker928
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Number one tip for new traders: Do not listen to random people on the internet trying to give you tips.....
no.Body
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If everything you are doing is going wrong, trying harder will not make it better. Just stop trading for few days. After that start with small position.
Dont get influenced by other people. You need your own edge.
freeone
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1- when opening a position always set a target and a stop loss and stick to it!
2- don't over trade, make one or two trades a day, if you make a decent profit, go do something else!