Topic: advice for a beginner - page 2. (Read 1321 times)

It is risky to learn trading by watching videos of You Tubers. Because they advertise a platform in exchange for money. Their analysis is not always true. Before investing you should spend some time and gain some experience in cryptocurrencies yourself. After that, you should learn to analyze yourself by following the analysis of various experts. Then invest.

I'd be careful with knowing in my area who are in crypto. Or you better keep that to yourself. I know local communities are helpful.
But in today's period of time, it's dangerous to let other people that you are in crypto because of potential attacks like a $5 wrench attack.

Exactly, before I got to know cryptocurrency, I looked for information on who was trading Cryptocurrency in the area where I lived. After that, I visited the location several times or met somewhere to discuss and learn something new. Including this forum, I also get information from my friends.

I believe you intend to say what he did was gambling and not trade because it's very obvious from Op narration that he disguise and gamble with his $100 instead of trading. I'm not saying he gamble the money because he lost some part of the money but it's because he has no knowledge of what he is into. Having extensive knowledge is paramount before risking any amount in trading. Watching some few videos on YouTube won't make you an expert, Infact, I do see upcoming traders that rely on YouTube videos for their learning as unserious learners.

Trading these reputable coins might not be profitable as one may desire but as a newbie into trading, it will help to minimize your loss and also help you to understand the market movement than starting with unknown coins that will probably liquidate your account in short time. By the way, trading is not meant for everyone and Op could invest that money into bitcoin, hold and continue to accumulate more coins.

Learning something accompanied by a teacher or mentor, I think they gain knowledge much more quickly during discussions compared to learning alone or self-taught. Indeed, if we want to be successful in trading, we have to make a lot of sacrifices, including money or time to learn to analyze the market. Sometimes even someone who is an expert can still get caught up in the harsh world of trading, there is not a single indicator that is truly perfect when analyzing.

Both trading and investing, both things actually require basic knowledge so that we or anyone can do it correctly and with great direction. Because these two different things both require initial research before we start, technical support is really needed before we spend money on these two things. Because when it comes to seeking profit, there are always things that must be gone through as a process and we must consider this as something that is quite normal.

It's not really easy to learn trading, especially in the crypto space. It really takes time, willingness, determination, and self-discipline; don't be greedy, and there's a lot to consider. We need to be persistent, just like we study in school.

Don't be in a hurry to get income; we should always prioritize learning. Even if we say that we already know how to earn here in crypto, don't stop learning even if the time comes for us to be successful here.

Some people who first got into trading thinks if they always fail that's be in the line of losing that feel is the end and they can't get crossed that bridge but ones you let it be for sometime, draft out all you have been doing you'd find out there's something that isn't right, that strategy you have need some adjustment for things to work out well.
To me I wouldn't advice to completely rely on this YouTube channels like a particular one, is best to have like 3 channels and clamps every idea you have got then I believe something positive will come out of it. On second thought, most of this channels only do it to promote their channel and not concentrate on how to make people who view their videos will make profit, like they care more about themselves.

It's true that what you said is that something that happens in trading certainly has a reason, whether it's a loss or a profit, when we experience a loss, of course we have made a mistake which means we don't have a profit from the trade we made and we must be able to correct the mistake and try again to be able to do it. get satisfactory results on the trades we make.

If someone trades by relying on advice obtained from YouTube videos, of course they have to choose a channel that is trusted and we know that they really trade by making a profit and don't choose a channel that only makes their own profit from the number of views but they don't trade and even their knowledge about trading is very little.

In all things especially in trading I would agree that learning is never ending, one of the reasons is because the market will continue to run and will continue to create new things or events that can affect as well as indicate the potential for something to happen, meaning that if you want to become a trader or investor then you must dedicate yourself to always be willing to learn in the long run as long as you are involved in the field. And what you said is a good suggestion that one should first make sure about the project he/she is going to put money in, make sure that it is a really safe project to make sure that it is the right place to minimize any unwanted possibilities (outside of reasonable losses) and also to support your planning in terms of seeking profits. And yes in some cases greed is more common in traders who have a short-term approach, and the greed is triggered because we see the market too often which means that there will be many situations that look tempting and tempt us to open a trade, but it is a fact that not all situations that look tempting are the right situations to execute, and the point is to stay careful and maintain awareness.

Everything happens for a reason but when we start being desperate it affect us in a way that losing is the only thing we see and not the positive side of whatever we're going for. If he (OP) has the capital to start up a successful trade then he's definitely missing out on something important, that's getting the right advice from those who knows the how it works, and some of this YouTube videos sometimes lead those who are new into the wrong direction (base on understanding) while he watch those videos talking to someone is more advisable to understand better how it works.

Where there is no end to education, you have only begun. You have to learn many things over a long period of time. Don't be in too much of a hurry to buy anything. Before investing, you must check the project well. Since you have money you can invest anytime you want. But the investment should be done in the right place and get the right return with the help of technical support. Also, if you enter trading for a short period of time, don't be greedy, your capital can be trapped by excessive greed.

if i may ask, what coin did you buy?  Did you buy the coin based on analysis or just following along?  Do you know the basic theory of trading?

sorry if above, i asked a question like that, many beginner traders join in the market because they are inspired by someone in the video they watched, even though that is not something that can be followed easily, to become a profitable trader then combine skill + patience + mentality, that's important so what you do is trade, not gamble...

my advice for beginner traders, if you want to learn, choose coins that already have a good reputation, such as Bbitcoin, Ethereum or BNB, so that you don't have to worry anymore about the prices of those 3 coins not going up.

I am also a newcomer to this field, but I, for example, decided to start not with trading, but with finding interesting projects in which to perform activities. Of the latter, it was Linea Park. Low costs, activities are quite simple, after the update from ETH, even gas was quite cheap. Among the disadvantages of this area (let's call it drop hunting), you don't know how much you will get, when and if you will get it at all. I'm still learning the basics of trading, but technical analysis is very difficult. I can't even imagine how much time it takes to find your own strategy and make it at least a small percentage profitable.

When it comes to trading what kills first traders is sometimes greed, as you want to gain too much profit from the little knowledge you have , which in most cases does not happen like that, but like you said since you are earning, no matter how little, I will advise you keep it up and also gaining more knowledge and experience at the same time, just give yourself some years and be consistent you will start making more profits,
I used this pattern and I think it's working for me, most times I make losses but like I said for my level I trade within my financial ability, so I don't really feel it because I see it as gaining knowledge and experiences.

Stop-loss and take profit aren't the first things one should know when one enters the market, the first thing one should know is how the market works, its movement patterns, and different trading practices, though stop-loss and take profit come trading practices, they are still a bit advanced stuff and one needs to know the basic things first before they get to the advanced tools and management practices.

One more thing new investors and traders need to do is to make sure that they do some research about which trading type is better for them because newbies often get into futures trading right after getting into trading and then they start complaining that they have been liquidated and have lost all their money, it is because futures trading is only for experienced traders, newbies need to start from the spot market.

You have some nice advice, every beginner should calm down, trading is not what they will achieve in just a moment, it takes time and the length of time it takes depends on the beginner. This is because they are more serious about trading than each other, many of them may be ranting or playing too-know, what shows what they really are in trading will always be their trading performances. Unfortunately, the performance of beginners is always the same, some may try in the beginning but will still fail.

It was so annoying with some beginners when I was also learning how to trade. In fact, no one is lousier than the new traders if they know a simple trick about the market, you will see them making their mouth about it but they will always lose their money back. As a calm and collected person, I like to do my thing without intimidating, but these guys were so intimidating about a little success. In the end, they will lose them back. Today, none of them is trading again, but the calm and collected one, which is me is still trading.

So, it is not about being lousy or rushing for success, but training and perseverance until your joy is full. Even the so-called professional and expert traders are still losing and facing enough challenges of their own about trading, so why rush and make it look as if you know it all already as a beginner?

The assumption issued by beginners who say that trading is easy because they do not fully know about how the real difficulties that exist in the world of trading, and maybe the idea came out when they managed to make a profit in one of the sessions they did, but I'm not sure that they made a profit as a result of the knowledge they have which means there is a high probability that the profit is obtained when the market is in their favor and I think there is also a high probability that they do not know about what makes them succeed in getting the profit. And actually whoever it is whether you are a professional trader even though in my opinion you still won't conclude to say that trading is easy because the possibility of risk will always haunt you as long as you run the session, but the difference is maybe when you are a professional then you are sure you already have more knowledge in terms of finding profits than beginners. On the other hand yes of course as you said that novice traders must have a strong desire and intention to learn, there is no profit if you do not have a way to fish for it or to pick up the profit, and when you have a strong intention and determination to learn along with being able to be a hard worker and have good consistency in learning then in the end you will also be able to become a professional trader who will have a lot of experience and knowledge in terms of seeking profit.

Well first advice would be to watch those videos with a non-biased mindset. Take the knowledge but dont get stuck to the coins they talk about.

You are taking the wrong road to trading. Everyday we have pump and dump happening on many coins. These are not significant because often there are signals groups and all doing this stuff and if you try to get your hands dirty you will get burnt. Focus more on the top 10 coins, bitcoin as the maximum. Dont chase those short term gains, trading is always for the long term.

Analysis is always going to be a  50-50 game, you can only get an idea about the movement but not a forecast, so use that information with a bag of salt.

As other as rightly saod. Trading is fun if you understand what you are doing. And the things to know which are the basic and fundamental principles in trading are stop lost point and take profit point that is the entry point and the stop point. You have to k ow them first before any other things. Though you can auto set them, but you need to monitor the market movement. Then another thing you need to do is that you don't have to be greedy and this greediness is the major thing that killed trader. Because they are aiming to accumulate more or bigger profit before stopping the trade and before you know the small amount or the profit you have gotten with the capital you used in the trade would disappear.

So all what you need to do is to take any small profit you have gotten and let it be. I also loss when I have not understood the market.like that.