Topic: 7 tips to know about crypto trading - page 4. (Read 671 times)

Most information on the forum are repeated but it's not wrong when that happens as it helps remind people who might have forgotten and some individual that has missed the previous threads wouldn't miss the new thread. Trading advice aren't different so anybody that wants to write a thread on this advise would always sound repeated to us. Based on my experience from trading, I'll say all trader should always have a strategy.

If you don't have a trading strategy, you'll not have a direction. You should show have a trading plan and not just going with the flow of the market. Know your selling price so when the price reaches that point, you can sell and take profits before thinking about trading again.

we all started as a newbie in this market. but it is our perseverance that made us stay. obviously, we have had our own share of failures and mistakes. for those who don't stay, they won't know the benefits brought by this market.
we will only appreciate what we have done if we are seeing the fruits of our sacrifices.
the tips posted by the OP are not new but somehow, we need to remind ourselves of those basic tips. however, some are in a rush looking for trading signal groups who can give them tips, which most of the time lead to screw up.

It means that even if we follow those advices, it never guarantees that we become successful. It is because it varies on how we make a decision in a particular situation which I was sure that most of us struggle that especially, during our newbie's time. So it was really expected to have bad days and bug losses as we start trading and it only improves when we already have gained experience and when we already understand the market behavior. A reason why I don't believe someone would say trading is easy because it was not.

Yea, it is natural. It is just like showing you an ocean where you can fetch water but no guidelines on the right way to fetch the water. The ocean will carry many away and some will keep trying till they learn how to fetch water from the ocean.

Yea, I also understood your view very fine. It's all well, just left for the newbies to utilise the available information.

The opposite is what they know, they think that crypto and trading is the quickest way to become rich. Yes, it could be when you've got bigger funds but it's also a way to lose entirely all of it in a glance.

Many don't want to go through the process because they think that it's not gonna happen and it's a waste of time. They want the quicker way because they're all hasty into riches but being in that situation also will make them in a wrong situation and will make them wrong decisions.

This is like some of us when we started, it was just about jumping in and out the market multiple times in a day for profit and at a point lucky comes to the rescue and you keep doing that until a time when the trend will change and you find yourself losing steadily and never finding the challenge, newbie will always be newbie. So reading or trying to follow the books may not work for newbie but it is the failing rate that will either make them to stay and look for solution or give up on themselves.

However, the suggestions given by the OP are all excellent and useful for trading. Although beginners don't focus on these when they first start trading, they suffer financially. Firstly there are many more important ways of trading that must be followed. If you want to make a profit by trading then you have to keep an eye on different aspects of the market. And of course, trading should be done with patience because many times losses will be faced so don't get confused. A new investor is always emotional so while trading he needs to change such mentality and trade with patience.

Becoming a consistent trader is not easy, it takes strong determination and the desire to continue learning.
I myself was initially hesitant and did not want to continue to learn to trade, but over time I began to understand a little what to do.

Although only using small capital at first it doesn't matter, as long as you are able to practice trading directly and successfully apply it.
From a little capital, it will become a lot by consistently trading according to the strategy that has been made.

And also experience will be very meaningful because it will be our correction when doing every trade.

and most important of them all, knowing that trading most likely will incur losses since the one we gonna face are those big traders that have experienced so many ups and downs, basically a veteran.
which also knows how to get information from some specific projects, if we are still starting out, we definitely don't stand a chance against them.
there is also reason why so many that have started their trading journey suddenly just stops and turn into investing, because it's more profitable this way, we could quite literally just ride the train and generate profits unlike trading where we need to be constantly predicting the movements of some coin based on various things in which gonna be exhausting in the long term.
in short, knowing that trading career isn't as easy as it seems.

I get your point, and I also still understand if the OP is trying to remind some newbies of those tips. I am just trying to make the OP understand that there could be other of his experiences in trading that he can share and others will learn from, because it can still be very helpful. But that's fine; it doesn't matter how many times those tips get created as a topic by every newbie or junior member.

Well, i think trading is there to make you rich but yeah it's not to make you really quick rich because i have seen a person in my friend zone who is afraid or hesitant to take entry in tokens (info future trading) but few times he had advice some his friend to take entry (he was asked by his friend and his friend forced him to give him some idea so he was left no choice but he also said him to bear the loss if the thing goes side ways) and his friend made good profits on those trades and he was so convinced that our mutual friend got some real skill but one day he lost too and it was also big, keeping in mind that profit booking is good either it's less or more.
Totally agreed, my cousin had asked me (like advice) to borrow some money from our uncle and invest in it BTC, he also asked me back in 2018 and i said no that's not a good idea, and idk why but I still think it's not a good idea because we do not have proper source of income so it will become hard for us to pay back on time.
Just like this dude's uncle gave money to his friend to invest in some meme coin, i wonder what would happen to it as he did not give any updates after that, Taking loan for investment can be life threatening.

I totally agree with all of the other points but it is always to keep them remembered so it becomes more difficult to follow them, but still they are worth enough to give a try in trading activities but at some point, i do know i can not handle all of these points, because as hugeblack took an example of bicycle ride same even after experting bicycle unexpected accidents happen that breaks you up but still the most motivated and encouraged ones stand up again follow the same step that you mention in second last about consistency.

It is not wrong that this type of advice keeps re-occurring.
There is no way we are actually going to stop this type of advice from circulating even if it is repetitive. Then it is nice that this type of advice is always seen everywhere, such that it will act as a reminder to anyone that is trying to go against it.

But the real concern is whether newbies make use of this advice or not. I can assure you that the newcomers do not care about this advice. And they will proceed with whatever they are told outside or whatever they think is the right thing to do until they lose money and make theses mistakes themselves. Then will they start to learn from experience.

Almost every beginner and some few high rank memebers in the forum is giving this kind of advice, even those who are experienced traders and those who are not, they see ideas from other topics on the forum and reframe them. All those tips are already existing ideas that are already flooding the forum. I have had trading experience in the past, and I am certain that trading comes with a lot of experiences, depending on the trader and the platform they are using to fulfill their trades. If you are an expirence trader, based on your expirencies, what are your own pro tips that you think will help a newbie? Be unique.

That's absolutely right, as they say, practice makes a man perfect. This rule can be applied to anything, including trading cryptocurrencies, so as you said, if someone, instead of watching videos and reading about how to trade successfully, tries trading with a demo account, they can get much better since it will be practical learning and practical learning is always better than theoretical learning.

The only thing one cannot do with that is to learn to control the emotions because there isn't real money involved and your mind knows it, so it doesn't panic or take tension as it knows that even if your trade fails, you have nothing at stake that you might lose.

Control of emotion was the important one in the trading,because many new people lose the money by the emotional trading.When you train yourself on the trading,you can earn more from the trading skills.

When you need to become a successful person,you need to spend some time for the skills development.When you attain the maximum skill in the trading,you will be a professional traders and earn more in long run.

A full year is necessary for every beginner so that they are able to witness every seasonal tendency for a whole calendar year. Especially bitcoin and other altcoins that is very volatile compare to other assets, you will be able to see price action that is pretty unusual to trade. Technical analysis especially one that works for you is a must. But, being a person who has the character of a profitable trader and is able to apply that technical analysis is more important. You get to have t build the discipline and enough capital to trade on a series of trades. It is a journey of ups and downs, not a linear path. So don't deal with false expectations about trading. It is the hardest way to make easy money.

In order to excel in trading it is important for you to be strong and maintain control over your emotions. If you become overly emotional while trading your skill level may significantly decrease, which can expose you to higher risks. To engage in trading successfull you need to address any gaps in your knowledge and utilize technical analysis which is a technology that can help you keep your emotions in check.

Among the list, this is the one that "must have" of a trader especially traders that are starting, they must practice it and master it.
Because on your first few traders, there will be a lot of loss and win trades, you need to pass this phase.
So you need to be consistent because along the way you will learn a lot. Capital preservation is the key.

What you mentioned is correct, maybe I'll just add a little bit because for me the best teacher is still our experience in trading here in cryptocurrency or Bitcoin. And while we do the actual trade, we will feel the feeling when we lose our trading.

If we don't do this, for sure we won't learn, because most people say that we learn from our mistakes. And these mistakes will also help us to create a strategy that will help us improve as a trader. And above all, let's first feed ourselves with knowledge about it.

Many new investors or traders coming into the market comes with the mindset of cryptocurency been a quick way to make riches which is why they feel very frustrated when things don't go as they planned. Some individuals thought they'll just invest and in a very short period of time that they'll get back their capital and profits but they don't know it's only possible in bull market and not in the bear market.

If they learnt how the market moves they would have known about this. Some go as far as borrowing money to invest which is very bad as the market isn't stable to guarantee you profits everytime. You might make profit today but tomorrow, if you're not careful you lose all.