Topic: 7 tips to know about crypto trading - page 5. (Read 624 times)

Yes, there are things which can be learned exclusively in an intellectual way, however there are many other things which require to actually put the effort to practice them to become proficient at them, and trading is one of those activities.

After all a lot can be learned from the books but at the same time they are not everything, at some point you need to leave the books behind and begin to trade, and there are people out there which despite their immense knowledge they may have about the markets, they simply do not have the right personality or emotional control to trade the markets successfully.

Beginners are always having this orientation, they believe crypto space is just a play where you can just invest and within few hours or days, your money will have multipled, most of them don't know what crypto is all about, they just see their friends making money and they will also want to jump into it without knowing what it's all about, that's why mostly scammers target newbies, because newbies lack proper understanding about what cryptocurrency is all about.

Taking a loan is not really encouraging, but if you are a professional trader, you might take a loan, it's your choice but it will be better you have other source of income which you use to pay back loan incase if anything goes wrong, but as a newbie, always make sure you avoid loan because you chances of losing money is higher than a professional trader because you will be working under pressure.

If you know you can't trade by yourself, then avoid trading, if you can volunteer your time to learn how to trade, then trading is not for you, I see no reason why you won't be able to dedicate your time for what you want to be making money from.

When newbies are joining the crypto space, they should always have the mind set of making money and lose, that's why I don't really like most YouTube videos, because they only show when they are in profit, which is always deceiving newbies that you can't lose money in trading. But when trading we should make sure that our profits is more than our lose. If your lose is more than your profits, then something is wrong and you have to check your trading pattern and look for a way to discover what's wrong with your pattern, and why you are really losing.

That's a hasty generalization though, just because you haven't heard of people that are talking about copytrading doesn't mean that they're a bad thing, maybe in your experience it's what as you say but personal experience most of the time is biased if not insufficient in terms of data.

^Of all you have stated above was true except on this.
Trading is not all about making money or profit, sometimes you need to sacrifice your money in exchange for learning.
It should be better if you are new to trading to start with a small amount of money that you are willing to lose. This allows you to gain experience and learn from your mistakes without risking significant financial loss, and the last one is to implement stop-loss orders. This is a predetermined level at which you would sell your cryptocurrency to limit potential losses. Setting up stop-loss orders can help protect your investment by automatically selling if the price drops below a certain point.

Copytrading is more like a gimmick in my opinion, and it doesn't really instill that discipline and the knowledge bases you're looking for if you're shooting to learn the ropes of trading. Worst of all is that I've never even heard of people advertising copytrading, therefore solidifying my theory that it just doesn't work as advertised. But I digress.

I mean there's little investment advice you can give people really. But I would advise OP to at least do a modicum of research for himself instead of asking total strangers on the internet bout trading and then be given useless crap he wouldn't really be able to use. I don't know how this helps OP with his trading journey, you could've at least given him insight on what Risk Management is.

The newbies we haave now in the trading society, are the impatient ones, i do see alot of them in my every day life, some dont even understand RISK MANAGEMENT because this is even the most important KEY for a consistency profitability. what we have now ARE THE ONES THAT WANTS TO MAKE THAT MILLIONS AT STRETCH.

I think I have seen a post that looks like this one before but not minding, trading is an important aspect of cryptocurrency that can give us good returns if we know how to go about it. So many of the newbies and traders that call themselves good trader may have been making mistakes that they don't count as one. Since the crypto market is versatile, it is good for us to learn the trading skill. Wey well so that we. An be knowledgeable when we are in the mist of traders. Those who make money in trading are the people that are able to calm down and learn the reading skill very well.

All the mentioned points are very essential to follow because they will help the traders to have a successful fortune. Some people believe that they will put money and on second day they will take double of this sum which is totally wrong thoughts because success does not comes in a day but a person should properly works and will face difficulties so through managing those difficulties he will really be a successful person one day.



Giving coins to another is a big mistakes actually sharing your personal information should be avoided because you don't know that the person which pretend to be good with you is really a good person or is just showing and pretending so the successful person will be that person who just focus to be successful and keep his information and coins safe. Scammers are all around us and we cannot recognize them but we can safe ourselves from scammers by not giving any data to another person whether he is our friend or someone else.

Hmm well, I don't want to dishearten you, but you are new here at least from stats it looks like. Hoping you will be one of the reputed members in community with the pesage of time.


Agreed, also put this from my side too


This is a reality most people train themself for this particular point but they fail because their patience limit never let them hold it. They struggle but in the end, they fall. At the same time, most of people fall early who are more impatient and try to become over-smart with the market.

It's really hard practice to follow it at least for the newcomers but if you really want to stabilize your feet in this market you need to improve your patience and consistency.



Hmm, But I think better risk management means better assets to be chosen for investment and trading and I can see only a few in my list from which BTCBTC is on top and it will be on top ever.

These tips are good and anyone can get these suggestion just by a doing a small research.
The harder part is to keep it mind when we are actually trading and hardest thing is to implement all of these as a habit in our trading journey.
Most of the people lose money in trading because at the time of trading they just lose their emotions and forget that they have to follow the process.
Discipline and patience plays a vital role here and without that we will keep losing money.

That's is very true because crypto-trading is not for those people who want to be rich overnight. It's a very vast field and the advanced traders know that how much they have lost to master crypto-trading and the market volatility. That's why I always recommend the traders to learn the market and master the volatility before doing trading with real money.


I also suggest that a trader should avoid borrowing the money that has interest on it because such money can be stuck if your trade goes wrong. Well, I believe that trading itself involves some kind of pressure and even if a trader hasn't borrowed money from someone else he/she still have to face some pressure during the process of trading.



I don't think that anyone is newbie enough to give their coins to someone else for trading purpose. The other party could lose the coins during losses. There are even some scammers who promise innocent users to multiply their money in a month or 2 months, and a smart person will always avoid those kind of offers.


Well, a trader has to face losses every once in a while and no one is perfect enough to profit all the time. It's always recommended to have control over your emotions during the loss because if you don't you will lose even more. A profitable trader on the other hand is someone who has built a better trading strategy and have a proper plan during the process of trading. Such traders are mostly profitable with their trades.


You should also say that the more money you put into crypto trading the more money you are going to lose if you aren't a good trader, and if you haven't built a good trading strategy. A good trader always prefers to follow a strategy and has control over his/her emotions during trading. A novice trader will rush trade with the more money and the result will be pure loss.

This is not completely true, you can put many of your money into crypto trading and still loose it all. It is not the more money you put, but the knowledge you have before putting in the money in trading. With proper knowledge about crypto trading you can successfully grow a portfolio that has little money, but with poor or not enough knowledge, an account with big money in it, will be blown to zero. Before newbies take this tip, they need to know that they have to have knowledge before putting more money in crypto trading to get more.

Have you ever traded with your own tips/strategies, if you haven't, the tips you have are better than the internet, you need to know that theory and practice are very much different, crypto trading can be done based on the expertise that each individual has, you do it this way and I do it that way, the goal remains the same, the path is different.

* Crypto trading can be very rich, if you understand knowledge and strategy, maybe you will be surprised if you see my friend, trading crypto profiting $2000 / day.
* If you can take the risk in trading, what's wrong with borrowing, provided you understand and have knowledge in dealing with losses.

Crypto trading has a broad meaning, if someone does without knowledge of the development of the crypto market from all aspects, all the tips will not work perfectly.

we can say that to beginners who want to learn to trade. but newbies have a different view of crypto trading. that's the reality that happens to beginners who come seriously bringing capital to multiply in a short time.
however we explain, maybe they understand but what they understand is the success that other traders get which they can also get easily. I saw several responses like that from the newbies around me.

The progress is: If you can not double your small capital and keep it safe, you cannot do it with big capital.

True. It increases your risk to lose and it cost you more with interests paid to lenders.

Risk of scam is one of risks. Another risk is that trader might even not able to make profit.

Only if you don't use leverage, your loss wil be smaller. If you use leverage, your loss will be bigger and after a few forced liquidations, 99% of your initial capital will disappear.

With traders, capital is blood so as a trader, protect your capital is your biggest task.

To control your emotion, you must learn about market psychology and market cycle.

Well said! That's really good advice. Experience is often more valuable than spending a lot of time reading books to learn something. I'm not saying that learning is bad, but ultimately experience is what truly matters because it helps you achieve your goals. Long story short, simply gaining knowledge won't make you a skilled trader. I would suggest learning the basics and then immersing yourself in actual trading by starting with a demo account. You will definitely make mistakes along the way but you'll learn from them much faster and improve significantly over time.

This may be true but it is not entirely true because trading profitability also depends on a trader itself. The more money used can result to more losses for most common traders.

If you are trading and continue to fail and lose for a very long time, it is better to leave your determination and find other ways to make money like holding or going for swing trading. But determination can truly help.

That's a nice advice, experience almost always trumps theory, not most of the time though (i.e. theoretical physics), but I do agree with the analogy. Only difference is that trading is much more painful than riding a bike when it comes to mistakes, some people will experience loss in trading and that's it for them, they won't try again.

This advices you've got OP, are pretty basic in my opinion, most of them are common sense in trading in my opinion. I don't truly believe in the advice about giving your crypto to other people to trade them for you, copytrading is a profitable way to make money when trading without trading yourself. Also, it's a stockbrokers job to trade for you so it's not that solid of an advice.

The tips that people provide are the result of their experience, but as a beginner, when I want to trade, I understand them. I read tips that I will not understand until I make personal mistakes.
The most important thing is to start trading in the demo, where you can trade without losing your money, and from that, all advice will be realistic instead of just words.
The only downside is that your feelings will not be under pressure since you are not trading with your own money, so sometimes experimenting with trading with small amounts may be the best.

It's like riding a bike, it's true that you will fall and get scratched, but 3 minutes of riding a bike equals hundreds of hours of trying to read books to learn to ride.

Most things newbies don't know about crypto;

_ crypto trading is not a get rich quick scheme, it's a process and to be a profitable trader you must follow the process.

_ Never borrow money to start crypto trading, because it's very wrong to be trading under pressure.

_ Never give your coin to someone to trade for you, there is a high probability of you getting scammed.

_It is inevitable to hit losses at some point in the crypto market, it's just normal and it happens in any other kind of business.
What makes you a profitable trader is the ability to make more profit than losses.

_ The more money you put into crypto trading the more money you get and also there is a high risk losses without proper risk management in place.

_ Determination, consistency and practice makes you a better trader.
Don't despise your little beginning.

_ Learn to master your emotions.