Topic: 2 tips in trading for beginners - page 10. (Read 1064 times)
my advice first point you have to know which coin you will buy and see its development, suppose there is a potential to ride immediately buy and the second point is you have to be patient in trading in crypto world.
As trader you need to be able to admit lost trades. Be able to say "i was wrong" and cut losses. It might be hard and sometimes will make you eat your table when coin will rebounce after your sell but it is must have. Dont jump into trade when you see opportunity on 5 min candles for next 30 min time period and stick to that position for weeks hoping for it to recover. Alwais have exit strategy when entering market. And alwais change it if you see that market is not acting like you predict it.
To help admiting lost trades try to thing about trading as regular job and lost trades as fuel to get to work. Because there is no 100% accurate trader with 100% win trades.
To help admiting lost trades try to thing about trading as regular job and lost trades as fuel to get to work. Because there is no 100% accurate trader with 100% win trades.
This is totally helpful for beginners. Regarding the point "Know yourself" - this is vital. Do not jump into Crypto trading because someone else is doing same. Have the passion for it and be ready to learn. Ask yourself if you will be able to withstand the volatile market conditions. And importantly also, your personal goals as in what you wish to achieve from Crypto.
Thanks for the advice.
Thanks for the advice.
Two very important tips for beginners in trading:
1. Always look at the market capitalization and not the price of the coin. Many think that they should buy ripple as its price is relatively cheap to Ethereum’s.
2. Many traders cannot spend much time in this market. Crypto trading not just on a daily basis, but on an hourly basis. It’s not everyone that can play this game. Nevertheless you need to consider the amount of time invested in the process
1. Always look at the market capitalization and not the price of the coin. Many think that they should buy ripple as its price is relatively cheap to Ethereum’s.
2. Many traders cannot spend much time in this market. Crypto trading not just on a daily basis, but on an hourly basis. It’s not everyone that can play this game. Nevertheless you need to consider the amount of time invested in the process
1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.
2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.
Hope this could help some newbies in trading crypto
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.
2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.
Hope this could help some newbies in trading crypto
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