For many crypto enthusiasts and members here, trading is a go-to way to make extra cash. But let’s be real, trading takes serious skills, and those skills only come with a lot of practice, which is where mentorship plays a big role in crypto trading. A lot of us think that having a mentor can boost our chances of winning by about 50%, yet many traders still end up losing big time. Why? Mostly because we don’t stick to the right strategy.
So, what’s your approach? Are you listening to your mentor's advice? Or are you going with your gut? If you do trust your instincts, how's that working out for you in terms of profits vs. losses?
I have no mentor. I was losing more than winning before but which is different now. I win more than lose but I trade altcoins which I think more of gambling than bitcoin. If not because I traded bitcoin yesterday which I have not traded for long, I do not have losses recently than th bitcoin trading. I open long but the market fall instead.
Yes I follow my instinct but not all the time. I make analyses to trade.
Both no. My trading depends on when I need money; I mean, I only trade Bitcoin when I need to convert it to fiat or other cryptocurrencies because I have to. But in natural trading, of course, both can't avoid following your instinct that this crypto might go up. Just accept whether you lose or win in trading cryptocurrency. That's how it is sometimes you lose, sometimes you win in trading cryptocurrency.
I agree with you that having a mentor is key but it doesnt contribute to that much of your success to me, one thing is having a mentor gives you access to some information faster and better, this fasten your learning but sometimes having this knowledge isnt enough to get the success it sometimes plays as little as 20% to success. What makes you carve your success is how much you use this information and how you practice with it.
There are many today who most especially follow their mentors trading plan but I will say this set of people are hardly that much profitable because they are sticking to something that wasnt backtested by them, for me I have this believe that if you dont carve out your trading strategy yourself you will be less profitable because in the process of drafting your own strategy you will fail and Learn more from those losses.
Yes I follow my instincts as it is part of my psychology, some of them is not entering a trade less than 1:3, others like leaving trades till they tp and not break even but rather lock profits instead. I believe if you have your own plan it will help in building your psychology if you learn to stick with them
You are not the only one who started their trading journey without a mentor and they are still doing very well in their trading approaches, choosing Bitcoin are your sole trading per will minimize your losses as against your winnings, but what we should avoid is trading altcoins, doing that is same as gambling that regardless of either the trading position is long or short, you can hit liquidation at ASAP time-space because of the high market manipulation in altcoins with high pump and dump activities.
Following your instincts builds your experience and skills over time and also helps you with time knowledge to base your trading analysis on which can give you more frequent profits than the losing ratio.
I have traded an altcoins this year that increased in price more than 5 times and I went for short position which caused liquidation. Not just a coin but there are other altcoins that I traded caused such liquidation. But I know all this. My maximum amount of money on trading account is not more $250 which I consider losing all as my stop loss. Generally I still trade altcoins and make money from them despite the manipulation. But not good for new traders.
You know it's useless if you hire a mentor but fail to follow its teachings and advices. You have to pay its mentorship, so you have to strictly follow his methods and suggestions for you to be guided.
However, trading with a mentor cannot still guarantee sure profitability. Although there would be higher rate of success, but sometimes there are sudden factors that will influence the market, thus making your trade not favored by the market. And if ask if I am trading following my instinct, I hate to admit but yes. That's why I trade with my emotions on it, reason why I mostly fail in my trades.
It's pricey to get a professional mentor, so I've no choice but to learn on my own. And I think that creates more advantage to me since I have to be more focused and determined so I can learn trading the way it should be. While most often I end up trading not successful, but that motivates me even more to be more knowledgeable and skillful in trading.
However, talking about instinct when trading, I certainly do trading considering my instinct. That made me even more mindful of my own mistakes and learn from them, until I started trading having good market analysis while making assessment of my instinct if it's going to be profitable or not.
Paying for a mentor and then failing to follow on their teachings is contradictory, as if the trading student was to do that, they might as well save themselves that money, learn on their own and trade based on what they learned, since in this case you are saving yourself the mentor fee, which can be quite high, as I have seen mentors charging thousands of dollars for a conference with hundreds of people, so I cannot even imagine how much they would charge for personalized classes.
I had a mentor when I was still learning how to trade and he sometimes still checks up on me. My mentor started as a teacher as he was the one teaching me on how to trade but he changed and started to mentor me when his service to me was exhausted as a teacher and he also said he loved my learning progress and wanted to see me succeed. Listening to our mentors can help us alot and following their guidance is going to help us then following our lust. We are new to the market when we start trading newly therefore we need somebody that has being their before to guide us to prevent making mistakes that can be avoided with the right guidance. Having a mentor will make things easier for you and you would not lose much.
I'm interested in who do you consider the mentor? Obviously, this is the admin of some anonymous telegram channel that publishes trading signals and which gives you advice on how you should trade. The reality for me is that there are few who can afford real mentoring from a profit trader, as it costs too much. And what is offered cheaply or for free is a hack.
I trade on my own analysis, I never trade on someone else's analysis. I have seen that the times I have traded on someone else's advice, I have not gotten very good results. When I have traded on someone else's advice and have not gotten good results in that trading, I have had a lot of difficulty accepting myself. Therefore, I should always prioritize myself while trading because if you can trade with good analysis on your own, you can gain good experience and skills and even if you lose, it is not difficult to adapt to yourself.
I don't have a mentor at the moment and prefer to be that way, but in the beginning of trading I trusted someone I knew online to be a mentor without being in person and I followed every direction he mentioned in the group and it worked, unfortunately the crypto market is very different now so the strategies he used before no longer work. Having a mentor is good for those who still have little trading skills.
Using instinct in trading looks like gambling
Those are not two different stuff, you can sometimes follow the guidelines, and sometimes follow your own greed. Doesn't mean that you have to pick one or the other for 100% of the time, it doesn't even mean that you can't follow more than one guideline from multiple mentors as well.
Honestly, there aren't that many great mentors in the crypto world because most of them have no idea what they are even doing, but at the end of the day we are dealing with making a better profit for ourselves so if you can find any decent ones then caring about what they say would be very important, just make sure they are actually a good mentor and not just some bad mentor acting like they are a good mentor because there are a lot of those too.
It is not really compulsory that a trader follows his mentor's teachings strictly. Maybe he can follow them strictly during his newbie days, but as time goes by, he may begin to understand what strategies works best for him and the ones he should adjust to suit his risks tolerance and personal preferences. This he can achieve through some personal experiments.
Even though mentors have years of experience in the the field, some of them are definitely not always right. Some mentors too cannot be trusted. They are only interested in the money they will get from the mentees, so they might end up being reluctant to teach their mentees what they should know. At this point, any newbie that follows these kinds of mentors strictly is not ready for improvement. I always advice that traders also do their own research and ask questions if their findings do not align with that of their mentors instead of following their mentors blindly.
It's not popular alternative source of income for all people, because the market is zero-sum game market and money flows from you to other people or oppositely. In other words, money in the market changes hands from losers to winners and most of traders are losers so trading is not a common source of income. With most of traders, trading is source of loss, a common loss.
You can find a mentor, follow his guides but it's your capital and you have to protect it. Your mentor can be wrong too, no trader can be right 100% and with all trades. You have to manage capital and risk so that somehow you won't lose big part of capital with one or two failed trading positions.
Trading is not gambling, and not kind of instinct-lead activity. You need to have knowledge, experience and discipline for trading successfully.
I believe trading success depends on finding the right balance between following proven guidance and learning to trust your own instincts over time through experience. In my case, I dont have a mentor so I just follow my lust. I usually trade only when I need to spend. I carefully assess altcoin opportunities knowing the risks involved with high manipulation and sudden price changes.
For me, instincts and personal research play a big role especially when it comes to market analysis and timing. I think the key lies in discipline, constant learning, and managing emotions during trades.
The combination of both guidance and personal approach is somewhat key to at least staying with reality and increasing your success rate in gambling because there are times that your mentor can be wrong in their analysis so in those times, relying on your approach and skills can give you an edge over the mentors own decisions, I know trading have to do with a lot of technical knowledge more than it is a guess work like gambling, so having a combination of knowledge and applying them can serve more than just relying on one-sided knowledge in my view of things right now trading requires both mentors and personal input for success to be recorded.
I have no mentor and what I do to keep winning is just following the right trading path, the only thing that holds me back is that I don't really want to trade with big margin as part of my risk management but also hardly making me big profit in one go but I'm already content anyway.
I can say that my win rate is pretty good, though scattered across various exchange so I can't summarize but I've been doing pretty well, the thing that help me stay profitable is risk management and only trading when risk is at low level and what I mean by that is, if sudden dump occurs like BTC going down from $102k to $92k suddenly, i will open long position, wait for the market to go back up again and take my profit. there's a catch though, such event doesn't happen too often so you'd trade probably 2-3x a week, but I can assure you that everytime that happens and you happen to ride the train, you'd profit good.
I always do that and getting profit is easy. there's sometime when price just keep tanking and I got my SL triggered but it's just small loss, after all the essence of trading is profitting big and limit lose.
Do you mean copy trading or learn more trading skills, listening to advice is one thing and copying a trading plan is another.
For now the best thing to do is to invest as trading may give less profits compared to Bitcoin.