5 things you need to know before trading crypto - page 3.

cryptoloverlife

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Quote from: Cling18 on November 08, 2019, 10:54:52 PM

Quote from: Genemind on November 07, 2019, 08:35:39 AM

Crypto trading is not always successful, there will always be risks that we can't get rid of. These tips are helpful and necessary for us to overcome all the risks that we will encounter here. We should also know how to handle our emotions because crypto is unstable and is volatile. We must learn how to deal with every market situation and take it as an opportunity to earn. Doing your own research will be a good start for you to succeed in trading.

Trading will never be easy without enough knowledge.
It's not like a single lesson where we can learn and apply everything. It's a continuous process of learning.
We can't handle our emotions if we don't know how the market flows so before we start trading, we have to focus on gaining knowledge first.

Yes, without knowledge about trading it is impossible to predict the prices, within days it is impossible to get knowledge about trading and start applying. We will get to experience only with practice on trading because without practice, we cannot understand the mistakes.

Cling18

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Quote from: Genemind on November 07, 2019, 08:35:39 AM

Crypto trading is not always successful, there will always be risks that we can't get rid of. These tips are helpful and necessary for us to overcome all the risks that we will encounter here. We should also know how to handle our emotions because crypto is unstable and is volatile. We must learn how to deal with every market situation and take it as an opportunity to earn. Doing your own research will be a good start for you to succeed in trading.

Trading will never be easy without enough knowledge.
It's not like a single lesson where we can learn and apply everything. It's a continuous process of learning.
We can't handle our emotions if we don't know how the market flows so before we start trading, we have to focus on gaining knowledge first.

DBronze98

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I want to add the author's ideas. These are the two factors that help traders win in the long run. According to my 3-year trading experience, I think that it is very important to plan and manage capital and trade.
It will be the deciding factor of winning or losing in a month of your trading. Because there are people who have very good knowledge of the types but don't control the psychology when trading, so he loses more money.
We should practice psychology and discipline before trading really. it will be better.

jakoylantern

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For me, most of the people said its correct. The first list in my mind before entering trading cryptos is known as the nature of the trading industry, like what is the difference of trading crypto to a stock market ( which is cryptos price is very fluctuating, and it can be volatile by an hour ). The second thing is you should learn the basics of trading and gaining some knowledge. The third one doesn't be afraid to ask, to try, to explore, to failed ( at first attempt) because it will help you to become a better trader. The most important is don’t spend some money that you can’t afford to lose because in this kind of industry there's no easy money, especially if you don't want to make any effort.

Triffin

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Quote from: Hippocrypto on November 06, 2019, 08:28:24 AM

Quote from: cryptothreads on November 05, 2019, 08:33:37 PM

Quote from: wajik-tempe on November 05, 2019, 03:41:38 AM

One more thing, always care with the news because crypto price is always move when the coin have a bad or good news. Always be up to date and be the first person to know the news about crypro will make us safe in crypto currency trading. Beside that, we also have to know the technical analysis to do a day trading or if we want to pay our living from trading we have to really understand technical analysis

You're right . All coins are easily affected by the news so there is a need to be extra careful in investing. Any news can affect the coin you are holding and it's easy to change the value in the short term. We are just ordinary investors so we usually do not do much research, but now it is certain that the research should always be the top priority because the current market is more risky and more unpredictable this year.

I usually have a backup plan if the coin drops suddenly because if the market goes down it will be very difficult to invest and it can completely cost you huge losses. The best advice to focus on monitoring this market every day and only trust in yourself.

Sometimes having too much focus on the market made us so stressed in the long run. Much better if we seldom check on the market trend movement in order to avoid being emotional, and learn how to be specific on your decisions in order to be strong enough to face such challenges in trading your crypto assets.

This is the major reason why I am involved in long term trading and that too only with bitcoin because in that way I am able to avoid majority of the stress giving news, predictions and trends. Cool minds are always able to make right decisions and I, along with majority of the day traders, am unable to have good control over my emotions when my crypto asset is having bearish market.

Henri Cartier

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I was reading an article where I found 5 more things we need to know before trading crypto. Following are the points need to be followed by the investors -

Research: Do a lot of research before trading cryptos. Don’t go through a few articles on the internet and conclude that you know enough about Bitcoin, because knowing it like you know the back of your hand takes time. Find a mentor in the crypto space who is resourceful and trustworthy.
Baby steps: Start with small investment before investing more money. Timing is the key when it comes to investing in cryptocurrency. Once you decide on an entry point, don’t change your mind just because someone told you otherwise.
Broaden your horizons: When investing on Crypto, diversify your portfolio. Other than Bitcoin, you can also invest on other altcoins equally across different components maintains a balance.
Keep your coin in wallets: It is good to store your coins in cold wallets than hot wallets.
Buckle up, it’s going to be a wild ride: As a new investor, you need strategies to help you manage price fluctuations. Aside from diversifying, you should buy and hold Bitcoin — this means resisting any temptation to get into short-term bets. In the crypto space, passive investment has a better chance of succeeding than an active one.

Source: https://cointelegraph.com/news/top-five-tips-for-new-bitcoin-investors

Ridwan Fauzi

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These things are really important when we are intend to start become a trader. I wouldn't be agree if someone who are newbie to trade ans he just make a yiutube channel as a source, because there is no point that explain an analyst as a whole, even most of the video just explain how to get profit only, that is worst thing to me. But I'll agree if a video or youtube channel be used as an introduction to know the feator of trading place because the majority of trading place platform are same.

I'll add another important thing before someone who start to trade and this is my opinion only. I'll add an experience/evaluation that need by everyone who start to trade. The history will repeat itself always imagined in my mind, at least it will help me when I find the same candle chart or the same movement price I'll be easy to deal with it and I'll get more profit because I have known it. Then, an evaluation after I trade will help me at least to remind the strategy that I use and something that must pay attention when I use the strategy again.

Reid

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Quote from: JessicaVL on November 04, 2019, 09:38:05 AM

Invest what you’re willing to lose

This point is utterly crucial. Never invest more money than you are willing to lose. That’s just a bad idea. Taking loans, maxing out credit cards, or even just trading outside of what you’re comfortable with and can afford, is a recipe for disaster.

Only ever invest what you’re willing to lose. There is always a risk to crypto trading, no matter how well you’ve researched a coin, so always be prepared for a negative outcome.

Newbies mostly forget about this. It is just the same as how it is in spending money outside.
Just spend what you can afford.
Same with trading, spend only what you think you could lose.
If it wins then it is a good thing but always be ready for the trade to go south. Shit happens.

There is no such thing as a perfect trade. All those videos that you will see was just their better side. Of course they wont let you see how they lose a lot of money.

TimeTeller

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Quote from: Aleister Crowley on November 07, 2019, 04:02:55 PM

Sometimes, the celebrities and the politicians will impact the trading market a lot. So it is important as well to subscribe news updates.

That's a witty valid point. Grin

But what the OP gave as pointers are really of importance in trading.
However, if you want to experience the heat of trading, you need to be on the field, right?
And since you already know those basic points, you can use those as your guide.
Because the real battle is sometimes totally different than what you expect.
Skills and experience will give you better advantage on this quest.

Asmonist

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I agree with these 5 things guide in trading. Its really good to have our own research for us to personally know. Aside from asking with other experienced crypto traders, doing our own research is something that we can finalized our decision making. My other most important thing in trading is to trade amount that you are willing to lose. Its really good to set a certain amount because it will also give you a sense of security. All others are very important as well.

Aleister Crowley

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Sometimes, the celebrities and the politicians will impact the trading market a lot. So it is important as well to subscribe news updates.

huige007

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Quote from: Colt81 on November 06, 2019, 10:51:12 AM

Quote from: cryptoangel on November 06, 2019, 09:29:06 AM

Quote from: electronicash on November 06, 2019, 08:43:10 AM

before trading in crypto i guess the first one a new trader should remember is that there is no sure strategy that he is going to win at every position made. as a newbie he will lose money and its discourage not to get into trading unless you have DYOR and the best way to do it is just to INVEST only the extra amount they got and HOLD on to it for long term investment.

In reality all the peoples are expecting the quick profit so once they invest they never waiting for longterm. I always suggest to participate low level trading for beginners because one or two times they loose the money and they will understand how market will grow and dump. Once they understand how to tackle all the situation they will earn further investment.

Indeed. People who have met cryptocurrency for the first time will always expect that they could earn money quickly, that is why they lost their patience to wait that will result having huge loses in their investment. Trading is really not easy, but if you can overcome your emotions and have patience in trading you could simply become a good trader because it is the best ways to minimize your losses and avoid panic selling.

Crypto currencies are the way to earn money quickly with ease. There is no business or asset in this world that can make a person millionaire while he is just a teenager. The important thing is to invest in the right coin and hold it for a good duration of time. No big efforts are required. Just a simple investment and holding. I would suggest to make bitcoin as the first choice while making investments.

Triffin

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Quote from: Meowth05 on November 04, 2019, 11:07:10 AM

I just want to add for the list is learn first the fundamentals of trading. Before engaging in trading you must have gain an experience first so that you can realize what is the do's and don't also it wouldn't hard for you to deal with problems. Always remember that set aside our emotion because this will be only a hindrances in our trade. I like the idea of diversifying our trade to avoid losing all of our funds, just like what other said "don't put all the eggs in one basket". Remember as well that invest only the money that you can afford to lose.

Without a sound knowledge of trading, it will become difficult to survive in this profession for long. Learning the fundamentals are essential before entering into any new territory. First try trading with demo accounts as this facility is available in famous exchanges. This will help in developing patience during the blunders also. It is okay to invest in one asset as far as it is a potential one, like bitcoin.

Linkkoin

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Be a crypto Jedi - extinguish your emotions as far as possible Wink

Otherwise greed and panic will take over you, and like thousands of people who bought BTC in December 2017 and sold it in panic, you will end with terrible losses. Usually, it is best to behave oppositely to what most people do - buy when panic takes place, sell when there is greed.

Of course, it does not apply to all cryptocurrencies, some of them are nothing but a pump and dump traps. So then if you see that some very small coin suddenly has 100% or above daily gains - be aware, that this is a pump stage. If you fall to that trap, people responsible for pump will make money out of you, by dumping useless crypto to the people who got blind by greed and easy money dream.

Murat

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That's a piece of good information which should be known to all, I also think as like as you have mentioned here, I believe that without having own research no one could gain anything from here, the only secondary source of information is not enough to make a good impact with your investment, so own research result is very crucial to bring any positive result, with your point, one thing I want to add that every investor should have a back up money so that they shouldn't depend on the investment solely, But overall my opinion, Holding is the best policy to make your money enhance without any hassle.

Viscore

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Live with peace and enjoy life!

Quote from: Genemind on November 07, 2019, 08:35:39 AM

Crypto trading is not always successful, there will always be risks that we can't get rid of. These tips are helpful and necessary for us to overcome all the risks that we will encounter here. We should also know how to handle our emotions because crypto is unstable and is volatile. We must learn how to deal with every market situation and take it as an opportunity to earn. Doing your own research will be a good start for you to succeed in trading.

Yes. Research in the potential coins you want to trade is a very good start that will help you minimize from losses. And invest only what you can afford to lose since we should not expect that making profits will happen all the time, losses will surely occur sometime. And the best thing is you should know when the best time to trade or just when to do long term holding which is the safest way to earn profits.

danherbias07

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I dont see FOMO in your list which many times have occurred to me.
When you see a price that keeps on getting up it is easy to make a decision to buy with the wave and then suddenly a dump comes.
But it could also be the brother of greed.
Since you are in FOMO mode, even if the price is declining little by little you just became a hard headed fool trying to wait for another pump which wont happen again.
That is base on my own experience.

rmhuntley

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HALA MADRID

A very good guide that you share for how things should be understood before trading crypto, This is a new science that I have to do to trading.During this time I play only holding crypto investments. Thanks for a very useful guide Kiss

Bagaji

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Diversification of investment capital is very important although you really need to have a good knowledge of the potential profit inherent in the particular area or coins that you want to dive in your investment capital before you find yourself in trouble financially.

Genemind

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Crypto trading is not always successful, there will always be risks that we can't get rid of. These tips are helpful and necessary for us to overcome all the risks that we will encounter here. We should also know how to handle our emotions because crypto is unstable and is volatile. We must learn how to deal with every market situation and take it as an opportunity to earn. Doing your own research will be a good start for you to succeed in trading.

Topic: 5 things you need to know before trading crypto - page 3. (Read 779 times)