My Lessons in FUTURE Trading

I've been blabbing many times on my recent articles that I am starting to trade in Future at Binance. I already had a basic knowledge of how to read charts, basic technical analysis but still, my trades go wrong. I know some of my followers are waiting for my trading journey story lol. But I am not so sad, because I believe that losing some money is part of the learning curve as per Monolith I read his recent article and losing money in crypto space is part of the learning process. I have joined several traders group chat in Telegram and Messenger, and I am not the only one that got BURNED so it's not so big deal. I always believed in the quote below, although I cannot consider myself as a trader for now. I still have to eat a lot of candlesticks lol.

The first two days of my actual trades, I am doing pretty good I earned almost $10 but the last two days when the market is very unpredictable all the gains I have has lost. My gains are a small amount since my capital is only $10 too, I didn't use a big amount yet since I am just testing out myself if I can apply what I have learned. What hurts me is that even on my spot account I am losing because BCH went down so much, I bought at $295 and now the price is getting lower and lower.

Failure Trades I encountered

• The first loss is I traded at ETH/USDT pair, I entered late from my analysis because my connection sucks and when I am about to cancel the order the price I set was already hit, then it started to go down continuously. I was supposed to do scalping only 5-10 minutes trading but it was already downtrend. I just set my stop loss hoping it will bounce back. I just have a $10 Margin so it's very easy to get liquidated since the amount is not huge. I set my stop loss at $7.0, I never thought ETH will go down so much. I did not give up, but ETH gives up on me 🙈. Some experience traders told me not to trade on ETH especially if I am doing scalping trading because the ETH market movement does not follow the trend of the BTC market movement.

• I also tried trading on Stromgain following their signals but still, it fails, I don't think their signal works on actual because I have tested it many times on demo and it works well but on actual it fails. It said STRONG BUY but the price keeps dumping and I lost $5 from it, my stop loss was hit again lol. If you are trading on Stormgain please don't rely on their signals it's not accurate at all, just on demo.

I have learned basic knowledge on technical analysis using EMA 10&20, MACD, and RSI but still, I got failed trades and I will cite some reason why is that happening even though the indicator signal is somehow accurate.

• Timing- no matter how much you know about TA (Technical Analysis) if your timing on entry and exit is wrong then your trade will likely fail especially if you based your entry on lower TF (Time Frame). In trading, you should be quick when to enter a position especially if the coin pair you are trading is very volatile because in just seconds price and position are changing rapidly.

• Internet connection - In trading, you must have a strong internet connection to avoid lagging especially if you are monitoring the chart. Especially if you are closing trades, this is also one of the reasons why I got failed trades because when my connection sucks and I am closing my trade instead to have gain I ended closing negative due to the fast movement while my connection sucks.

• Control your emotions - this is a crucial aspect of trading because it will give you different emotions. Your emotions will be one of your guides in trading, you must have control over it. In trading you should be like a soldier, you should know when to fight and when to surrender. Fight means don't close the trade yet if you see that the market is trying to recover and surrender when you can see that it's falling deeper against your prediction. Surrender some amount and don't let your stop loss be hit, so you will save a higher margin. Trade what you can afford to lose.

These three are the reasons why I ended having failed trades despite I have studied the basics first before jumping on trading. Timing, I always had the wrong timing on my entry and exit because of my connection plus my impulsive emotions.

If you want to do trading, please study and learn the basics first so you will avoid having losses most of the time. But I believe you will never learn when you cannot experience failures because by failures you will likely know when you should be your basis on what to improve, I also believe that a PRO TRADER was once a BEGINNER and they have also experienced being burned.

There's a saying “Trading is not for all”, but if you are persistent then you will likely learn and improve in the long run.

TRADING is good... good for BURNING YOUR MONEY! Trading is FUN, but it's not fun burning your hard-earned dollars, so trade at your own risk!

I am a risk-taker I am willing to lose some just to learn.

P.S I will write Technical indicators meaning next to this, so you will understand what I am saying for newbies out there who are planning to learn how to trade. I won't make this long anymore.