5 Tips for Trading from Beginner, For Beginners. - page 3.

Hippocrypto

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

Based on my years of experience, that 30 days isn't enough in order to be called successful. Maybe it's effective if you just have bounty coins or tokens came from airdrop, because you just don't earn that money from job or whatsoever. Learning to trade as a beginner, couldn't have a shortcuts, it need dedication and determination to achieve good results. Most probably 1-3 years will certainly give you enough skills.

wiss19

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Quote from: ImThour on July 16, 2021, 08:24:25 AM

Quote from: el kaka22 on July 16, 2021, 02:41:06 AM

I would like to congratulate OP if he really follows these and he has been around for just 30 days. These are of course basics and there are many other stuff that you should be careful about but it is still awesome that he managed to get all of this in just 30 days, I know people who trader for years and still have no idea what they are doing.

At the end of the day, what is important is to make profit by doing the right things, because if you make a profit purely from getting lucky then it means that you are not going to get lucky forever, but if you make a profit based on true stuff then we are talking about something a lot more sustainable.

It is not easy to keep making profit after profit for that long, but it is definitely something that everyone should follow without changing their ways (unless they made a mistake) just because they had a loss, keep following your rules even in a loss.

Thank you el_kaka, for your kind words. And yes, I started like a month ago now and doing really good. Grin

Also, I am trying to learn understanding the market sentiment and fundamentals, so i am really happy with my progress.

Actually, the fundamental part is very important and I am really happy that you value fundamentals more than technical analysis. Often time people believe that once they have understood the concept of technical analysis, they have mastered trading but it's just a myth and remember a chart-reader is what all you become by learning technical analysis. It's the fundamental analysis that lets you achieve success in the long term because you start evaluating upcoming projects without looking at their market price.

if you don't mind and it's not a huge task for you, keep sharing your trading stats like how you are doing each month and what new you have learned. I don't get enough time to trade actually because of my job and most of the threads are spam in the section, it feels good when someone actually shares their own record and learning with others.

chanler

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Good observations and can be tried to practice trading. It is true that it takes self-analysis and also initiative for a trader to be able to get the expected profit. I am also still learning to trade and that will certainly help. In trading apart from good analysis it also takes extra patience in dealing with the ups and downs of the crypto market. Where if a trader can't control it it will be bad because he can rush into doing something and end up losing. Of course, it is hoped that this will not happen so you have to be more aware of the crypto market and don't forget to handle the market well as material for further analysis.

jaberwock

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

4. Do not click any button yourself, a trade should over with a stop loss or take profit.

I don't necessarily agree with this statement because if you are getting a coin well below the value you believe it should be trading, there is no point in wasting time and we must buy the tokens at market price. This might be suitable when the market is down, don't let your emotions trade for you, let your stop-loss trigger and if not, just wait for the right time to sell the coins.

Quote from: ImThour on July 14, 2021, 12:40:34 AM

5. Never 100% on one trade, 20% amount with x3.

Again, not something I agree with. As a trader, we must not put more than 2-5% of our capital within a single trade because there need to be some funds in your wallet in case things go bullish after you buy some coins and your trading shouldn't be halted because you invested too much into a single coin.

michellee

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Quote from: Tigerheart3026 on July 17, 2021, 12:49:41 PM

Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

you have learned a lot in 30 days i think. i'm beginner in crypto trade for some issues i can't survive i mean i losses all of my money in less than a week btw i wouldn’t like to trade with large amount,
ImThour you can add this point because a beginner shouldn’t take high risk for trade large amount which not affordable for him.

Do not use a large amount will be our concern, especially if we are beginners because that means our risk will become higher and if we do not have many skills or can not analyze the market, that will not take too long to lose the money. It is better to use small money while still learning and understanding how the lesson can help us trade. And if you feel that you can accept the risk and have more skills than before, you can add more money to trade. Learning trading will not stop, even if you can become a pro trader because the market itself will change day by day.

Tigerheart3026

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

you have learned a lot in 30 days i think. i'm beginner in crypto trade for some issues i can't survive i mean i losses all of my money in less than a week btw i wouldn’t like to trade with large amount,
ImThour you can add this point because a beginner shouldn’t take high risk for trade large amount which not affordable for him.

CryptopreneurBrainboss

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

4. Do not click any button yourself, a trade should over with a stop loss or take profit.

Don't you think it's a bit early to start giving trading advices especially as you're new to it? Don't feel attacked but in my opinion, 30days or even few months are not enough time. What can the market teach you within those few days, that's why I'm not surprised your advice isn't entirely new to the community excluding this part highlighted above and from reading the thread it seems others are having same issue with that part of your post.

Without any prior knowledge why you including that, I'll say it was as a precaution measure to ensure you stick to your trading plan by not selling too early or late. While sticking ti your trading plans is highly emphasized in, I won't mind giving recommendations if adjusting your trades to best suit the market.

Let assume you were on a trade that you were to sell anytime soon but unfortunately the bear kicks in, I don't see any reason why you shouldn't adjust your plan and trying waiting on the market to get into some profit before you close your trade provided from your observations of the market, it'll just be a short bearish period.

Distinctin

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

All I can say is to follow these tips seriously and everything went so well.

Being a trader is just like molding ourselves into better and well-equipped person. It can't be done for just a single day for sure but it needs constant practice and also being open to suggestions and criticism. And having all of these tips helps us to make the right decision and creating a positive mindset.

But I want to emphasize the #3 as this is very hard to master, more often not.

tygeade

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Quote from: andriarto on July 15, 2021, 10:41:51 PM

for point 3 I think that will be the biggest challenge in these steps. I think 30 days is not enough time to be able to control emotions, although in this case it will be different for each person. To control our emotions requires a process, it even requires problems to be faced so that we have experience

Yeah right, the 30 days period is not enough sample to judge one's control over emotions and their reaction under tough times. There are traders who held strong for years but when the market collapsed like it did last year, even the best and most robust traders panicked and sold their coins fearing a complete shutdown of the market.

Trading in the initial days is similar to gambling, it gives a feeling of security and people start feeling they have cracked an easy money-making method only to fall hard on their back once they have lost during a trade. I am not saying the tips shared in the OP are bad, not at all. But 30 days is just too small of a time period to judge yourself and giving out tips to others reflects overconfidence, although I appreciate people sharing their knowledge and experience.

Hypnosis00

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Quote from: sheenshane on July 16, 2021, 07:59:23 PM

Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

It's a good tip and it's very common but it's also hard to implement into yourself, I have been there once but still, I can't execute all of them well.

That is because you don't encourage yourself to make it. It is all about how committed you are to a particular thing because if you really want to learn to trade and aim for high, you certainly have to do something in order to achieve it, right? It can be applied in all aspects of our life but trading is something different and what OP had to list is very challenging knowing that we can't be good all the time. And sometimes we've been bothered by our personal problems that could make us out of focus and worse decisions.

This can't be done shortly or as fast but this can become habitual once if we want to.

sheenshane

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

It's a good tip and it's very common but it's also hard to implement into yourself, I have been there once but still, I can't execute all of them well.

Can I add something?
6. Trading Plan.
We should always stick to our trading plan what matters will happen. Because all you have stated above will be followed once we have a trading plan. It's also very important in trading to avoid mislead and that can be distracted by other's opinions.

GreatArkansas

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5. Never 100% on one trade, 20% amount with x3.

Good list. Number 5 is also important, some traders are intended to go all-in always. They don't know how to preserve their capital.
20% is already huge for me, most of the time when I do trades, I always doing 5%-10% or if the trade went well, sometimes I am adding some on that 10%.

So, capital is the most important in trading, the longer you stay in trading the more profits you can earn as long as you protect and preserve your capital.

Cherylstar86

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

Dealing on emotions should be focused through your motivations, don't easily give while there's chance to become successful. My tips for you to add is be updated on the coin community that you belong, don't miss all good and bad news because that's your guide when to exit and have another entrance for other potential coins to trade on trusted exchange you are using.

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Quote from: ReiMomo on July 16, 2021, 03:55:03 PM

Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

Really appreciate you. Add few more points like, Choose the best coins that are being in the market with high trading volumes, Never make any attempt (buy or sell) when the market is manipulated, everyday update yourself on the coin you invested to trade (news on the coin), always go for coins that are cheap but best in the market, just shift between 3 best coins when one trade closes and always maintain patience. Patience is the key to success in trading.

What a sets of information, after adding this chances of losing your money into this investment is really slim, have a good discipline to succeed with this journey.

Patience really the best tool that you need to equip yourself while working with your opportunities. Most of the time those who really can wait are the big gainers inside this market.

Keep your composure and never to stop learning, even you fail try to move forward and let the lesson be used as good stepping stone to push forward.

isaac_clarke22

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

~

Well emotion is just simply hard to control. I prefer to phrase it that I should not "act according to my emotion", because it is already part of our way of thinking regardless of how rational one can be.
And by the way that became my pitfall trap back when I was day trading.

ReiMomo

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

Really appreciate you. Add few more points like, Choose the best coins that are being in the market with high trading volumes, Never make any attempt (buy or sell) when the market is manipulated, everyday update yourself on the coin you invested to trade (news on the coin), always go for coins that are cheap but best in the market, just shift between 3 best coins when one trade closes and always maintain patience. Patience is the key to success in trading.

Xinarae*

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For beginners 5 tips will help a lot in business but controlling one's emotions is always effective in avoiding risk. No one can trade without risk as long as there is risk for the business success is not possible without control of emotions it is much easier to start an online business that is a risky investment and does not have to spend money. If you are a person who has always wanted to start an online business you have no idea which business to start but you will lose everything so you have to learn first.

Yamifoud

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)
3. No emotions, only believe in your analysis.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
5. Never 100% on one trade, 20% amount with x3.

This is what I learnt in my 30 days of trading and so far, I am doing really good.
If any of you have some tips for me aswell, go ahead. Wink

All of these things are very important but would like to focus on the bolded one. It is just all about how to make TA, spending more time to analyze the market situation is very important before thinking about buying a certain coin.
There is one tip to give, "YOU NEED TO TRUST YOUR SELF". If we carry this thing, we are motivated to make a decision clearly and effectively. Though it can't be a warrant that we are safe for possible losses, at least we are confident enough of what we did.

ImThour

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Quote from: el kaka22 on July 16, 2021, 02:41:06 AM

I would like to congratulate OP if he really follows these and he has been around for just 30 days. These are of course basics and there are many other stuff that you should be careful about but it is still awesome that he managed to get all of this in just 30 days, I know people who trader for years and still have no idea what they are doing.

At the end of the day, what is important is to make profit by doing the right things, because if you make a profit purely from getting lucky then it means that you are not going to get lucky forever, but if you make a profit based on true stuff then we are talking about something a lot more sustainable.

It is not easy to keep making profit after profit for that long, but it is definitely something that everyone should follow without changing their ways (unless they made a mistake) just because they had a loss, keep following your rules even in a loss.

Thank you el_kaka, for your kind words. And yes, I started like a month ago now and doing really good. Grin

Also, I am trying to learn understanding the market sentiment and fundamentals, so i am really happy with my progress.

rodskee

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Quote from: ImThour on July 14, 2021, 12:40:34 AM

5 Tips for Trading from a Beginner, For Beginners.

1. Check market sentiment
2. Set loss/profit (really important)

First 2 basic that we must understand and do if we want to make first base in trading.

Quote

3. No emotions, only believe in your analysis.

This is the most important that we are all be knowledgeable in Analysis though this is really hard to understand.

Quote

4. Do not click any button yourself, a trade should over with a stop loss or take profit.

Indeed , Loss is the most thing we must anticipate next is profit.

Quote

5. Never 100% on one trade, 20% amount with x3.

That is greediness , looking for 100-500% increase from their capital.

i think even 10% is enough for a day than seeking for high but will took you months before gaining.

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