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Why most cryptocurrency traders fail ?

#1
First, it’s important to make the differentiation between technical analysis and trading itself as the words are often used interchangeably. Technical analysis is about determining probabilities. Trading is about implementing that analysis within a wider, more dynamic set of rules (trading plan) in order to reliability and consistently extract profit from a market.
The issue most people here have is they view technical analysis outside of an overall trading plan. Technical analysis itself is not difficult to learn and most people can learn enough to create technically proficient and accurate charts in under a day… but just because you can draw up an accurate chart doesn’t mean you can trade that chart profitably. The issue most traders have, and why most fail, is they don’t have a well-defined trading plan, with well-defined risk management, and they can’t execute the plans they do have with emotional control and discipline. Trading, and becoming and remaining a profitable trader, is little more than an exercise in personal psychology.
How many of you have bought a coin only to have it drop 50%, sold only to have it run back up 50%, held through 90% drops hoping it goes back up but it never does, etc.? I feel confident in saying there’s not a single person here that hasn’t experienced this. This isn’t a failure of trading itself, this isn’t a failure of technical analysis, and this isn’t market manipulation working against you. It's a failure in your approach to trading.
All professional traders use technically analysis or algorithms that implement technical analysis in some form. All of them. This is a fact. So if they are able to trade successfully but you are not, you have to ask yourself what is so different about them? Are they that much smarter than you? Probably not. Are they born with a natural propensity for trading? Probably not. What do they have that you don’t? The answer is, and will always be; a well-defined trading plan, well-defined risk management, emotional control, and discipline.
The issue is not trading techniques, technical analysis, or the market. It’s you.4
Source: https://www.reddit.com/r/CryptoCurrency/...ders_fail/
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#2
Very well said, TA works but you should also check your emotional and mental state before making a trade.
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#3
(04-06-2019 03:52 AM)Flash Wrote: Very well said, TA works but you should also check your emotional and mental state before making a trade.
it is not easy to change mental state at all.
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