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.
Topic: 5 Tips for Trading from Beginner, For Beginners. - page 4. (Read 634 times)
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
You're right, and I certainly felt it during my early days in trading. But you know what? I don't think that I was fully controlling my emotions because as a human being, it was found to be normal and it will come out anytime. The only thing I did is to think twice before we make a decision. I know this is a huge challenge not only for the beginners but for all of us but don't let this thing become a reason for our failure instead, make this as a foundation to grow and a sort of motivation on how to handle the stress in the market.
When you have more failure experiences, there will be more valuable suggestions for sharing. If you have not experienced the baptism of the storm, you will not know the cruelty of the market and the test to you.
Now in the case of profit, you will feel that it is simple to follow the above principles, but in the case of loss, it may not be easy to do.
Now in the case of profit, you will feel that it is simple to follow the above principles, but in the case of loss, it may not be easy to do.
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
Its good to read some advices in trading even if Im not a newbie on that field. As I am forgetting some of those like managing emotions, hastily clicking when market goes on the opposite way to my trade.
Beginners should always remember those things as we tend to forget those reminders. A certain stop loss is very significant in every trade and also setting profit goal is indeed important, too.
Beginners should always remember those things as we tend to forget those reminders. A certain stop loss is very significant in every trade and also setting profit goal is indeed important, too.
Well done. You should also add that don't try as quick as they can leveraging. It's one of the riskiest trade that they can ever do. If they are planning to do that.
They should at least do more research how they can trade through it because they're likely to lose more than to earn without knowing it wholly.
They should at least do more research how they can trade through it because they're likely to lose more than to earn without knowing it wholly.
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.
Good to hear OP you succeed this way. Suggestions are very well and we know that. But when luck does not favor then it's quite complicated to follow and that's how we lose in trading. Especially for me, it's hard to make a profit from trading. When I am not in the trading market play well as my assumptions. But when start trading then the market goes against my assumptions. That's a big deal for me and I am failed to manage that. That's why someone's I just stay away from trading. My overall portfolio is 10X down (approx). It's hard to accept, but still struggling, hope some days I could control my emotions.
Nice every trader needs to have this principal knowledge you have learned well in 30 days but it is important to keep on learning as you trade, keep learning more trading techniques even your daily trading activities are also your learning tools.
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.
That’s very good, and you’re doing it the right way. Some newbies would usually make the mistake number five you have mentioned; doing a hundred percent on one trade. Twenty percent (20%) is good, you can as well go below that number to like 5%, and 10%.And then stop loss is very important.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.
Even after you have decided to trade with a small amount of your trading money, you also have to be careful with that small amount not to lose, that’s where you apply your risk management strategies so that you also don’t lose hundred percent that small amount if the market should go against you. And I also tell newbies that when your trade goes wrong constantly, then it’s time you take a break and re-learn what you have learnt, and look for ways that you’re doing it wrong.
Actually, there may be still some other strategies to be implemented for trading. But actually, those five are very common and to be done for us.
Other things may be about utilizing the news and also certain events going to be held by certain crypto. Sometimes, an important agenda or event with good news will also influence the coin price rate. So, we can utilize this to get another profit.
And of course, the basic thing for beginners is:
never only follow other people's strategy, coin choices, and also techniques. because everybody may have different styles. And following hype is also something not good as a beginning.
Other things may be about utilizing the news and also certain events going to be held by certain crypto. Sometimes, an important agenda or event with good news will also influence the coin price rate. So, we can utilize this to get another profit.
And of course, the basic thing for beginners is:
never only follow other people's strategy, coin choices, and also techniques. because everybody may have different styles. And following hype is also something not good as a beginning.
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.
Let me score the above in tandem with what I believe...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.
1. ✔️
2. ✔️
3. ✔️
4. ❌
5. ✔️
Number 4 is the only one I totally disagree with. You don't have to watch your stoploss hit once you observe the fastness of the drop as it breaks whatever support you've in check for it. Just cut your loss and run. After all, it's said that "He who fights and runs away, lives to fight another day. However, your 30—day experience isn't whollistic enough to come to conclusion that those things you listed are the surest focal points in trading. There are a whole lot of others which are also as subjective as those listed above.
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.
Point 1. I completely agreed with you on that point, market sentiment will surely minimize losses, in a bearish sentiment always short trades especially in a trending market to be on a safer side this is also applicable in bullish sentiment.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.
I alway ensured that I placed a stop loss based on the amount of money I can afford to lose per trade while aiming for high profit and strictly followed my analysis from a higher timeframe to a lower time timeframe where I place my trade
My emotion is always checked without any sentiment or fear once I am convinced on a trade I click on buy or sell.
Thanks for the tips, I do employ some of them in my practice trading although I am having a hard time doing number 3 because I am an emotional person although it hasn't interfere that much with my practice trading although I don't I would benefit if I learn how to master my emotions right now that there's no money lost yet.
5 Tips for Trading from a Beginner, For Beginners.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
4. Do not click any button yourself, a trade should over with a stop loss or take profit.
Haha watch this point, very important. How can you say no clicking of button especially when you want to exit. With your 30 days experience which is still very young, you will get to understand your strategy better and see that at some point you need to exit or "run away" from an ongoing order that you sure was a wrong step you have taken. At those wrong orders, you don't need to wait until it hits your SL, the professional thing to do is to use your button, exiting the market when you think your SL will be hit is better than allowing a total loss.
2. Set loss/profit (really important)
I want to know what percentage of the profit and loss you set.
It is encouraging when you are seeing positive results from your hard work. We can tell ourselves that we did a good job and continue doing this. But knowing that not all the time we are in profit as the market keep changing, however, having some fate on ourselves could help it out.
And aside from that, we need to urge ourselves to keep studying the market trend and don't just be contented with what we got. Because continuous learning is very important in this field as this helps for better results.
And aside from that, we need to urge ourselves to keep studying the market trend and don't just be contented with what we got. Because continuous learning is very important in this field as this helps for better results.
Here are some of my addition to the list you have made :
6) Always invest what you afford to loose and don't stake your personal assets for crypto trading.
7) Before investing learn how the market works and have your research done for all the facts that could affect the price of your coins.
8)If price volatility makes your nervous sorry you are in the wrong place as here market could be 70-80% down and still holders have faith unlike your stock market.
9)The market is also full with shitcoins that you need to avoid and for that you must be aware and have knowledge of the market.
10) Always keep learning and gain experience and don't panic with loss
Rest best wishes to you man.
6) Always invest what you afford to loose and don't stake your personal assets for crypto trading.
7) Before investing learn how the market works and have your research done for all the facts that could affect the price of your coins.
8)If price volatility makes your nervous sorry you are in the wrong place as here market could be 70-80% down and still holders have faith unlike your stock market.
9)The market is also full with shitcoins that you need to avoid and for that you must be aware and have knowledge of the market.
10) Always keep learning and gain experience and don't panic with loss
Rest best wishes to you man.
I am also a beginner and my huge mistake is to be exposed to emotions and a great desire to fight back when you go into negative territory, but with such notions you fall even deeper into the bottom.
It is also a huge minus to trade on futures with a leverage of more than x7, for a beginner, the maximum leverage should be x3, no more, in rare cases, x5.
It is also a huge minus to trade on futures with a leverage of more than x7, for a beginner, the maximum leverage should be x3, no more, in rare cases, x5.
That is good trading strategy. I hope you also count in the formula of "Diversification". Never trade on single coin or commodity because doing so can put the investment at risk even if we have turned on the stop loss buttons. I mean though it would be marginal loss, but it will be "confirmed" loss if that specific coin is not doing great while you are trading it.
It's really great to see you are keeping the record of your trading profits and losses. Many times user do not track this and stays in "virtual" thoughts that he is in profits all the time just by looking at the green side of portfolio.
Also, for the long term trade, stop loss isn't necessary but it's always recommended.
Keep it up and you will the wealth rolling upwards all the time.
It's really great to see you are keeping the record of your trading profits and losses. Many times user do not track this and stays in "virtual" thoughts that he is in profits all the time just by looking at the green side of portfolio.
Also, for the long term trade, stop loss isn't necessary but it's always recommended.
Keep it up and you will the wealth rolling upwards all the time.
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