A nob in trading needs help - page 3.

jostorres

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Quote from: kojektea on May 11, 2023, 07:08:19 AM

if you want to keep earning in crypto even if you don't trade I think you should try staking it's better because staking when the market is negative is the best way to keep earning instead of having to invest risky because the market is so volatile. i have tried it, for safe staking you can go to binance, it cost big for bigger profit but its ok as long as we have it.

Staking immediately? But, why not investing first? The era of staking is I think have ended already because they are rarely being talked about anymore and if ever there are comments that I read, most of it are negative. The market is so volatile, but that is not a bad thing. That condition is actually great if you are in to trading because you can buy low and sell quickly.

This means that profits will flow easily. We are often advice to not store our funds inside a centralized exchange and you said staking on binance cost big? That isn't worth the risk then. I better hodl my crypto on my own wallet where I own my keys. I can still earn a profit with it but with lesser risk.

Fivestar4everMVP

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Quote from: Prestongold on May 05, 2023, 09:19:57 AM

But at this point, I will really like to know whether or not Bitcoin trading is a means to gain profits during market speculations, and how possible it is to make passive income through cryptocurrency trading.

Well, trading cryptocurrencies is a passive way of making and living a financial dependence free live, but it's a skill that does not come cheap, else, each and every one of us would have become traders..

Please note that there are traders and there are trading gamblers, trading without knowledge of what exactly you are doing or doing the right thing the wrong way is equal to gambling, and in such a situation, chances of loosing money is pretty high.

It a very possible to make a good living off trading cryptocurrencies, even as a family man or woman, trading is a great profession anyone with its knowledge should be proud of him or herself, but like I said earlier, the knowledge, skill needed to become a pro trader doesn't come cheap, you have to subject yourself to learning, practicing, unlearning and learning again trials and error, learning from mistakes of yours and other, until you become a really good trader.

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Quote from: Prestongold on May 05, 2023, 09:19:57 AM

At this level, I am well informed about Bitcoin and its securities, I have read on the forum how Bitcoin and cryptocurrency trading has changed people's lives, and I am kind of interested in acquiring skills, I have read in many other threads on how risky Bitcoin trading is.

Always listen and see from two sides, not only its strength or profits but also its risks or possible losses. Because, however, one thing you must understand and instill in yourself, trading or investing in Bitcoin is a high risk, especially only limited to speculation and with abilities that are still early. Don't think that Bitcoin will always make you rich and make lots of money, but vice versa.

Quote from: Prestongold on May 05, 2023, 09:19:57 AM

But at this point, I will really like to know whether or not Bitcoin trading is a means to gain profits during market speculations, and how possible it is to make passive income through cryptocurrency trading.

As I said above, trading can be a means of gaining profit, but trading can be also a means of losing money very easily.Moreover if this is based on speculation. Trading as a profesional also still requires risk, high risk and not all the time the profesional tarders will gain the profits.Moroever someone who only did it based on specualtion. This will be higher risks.

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Quote from: Tony116 on May 11, 2023, 07:34:08 AM

Quote from: ?? on ??

I would advise you to spend more time on a demo account. As for me, it is this method that allows the trader to try his hand in conditions close to real. It is due to this that you can get a good result.

Beginners can use the demo account to familiarize themselves with all the basics of trading and the market. But I advise you not to overdo it, I mean, once you know the basics, then you should use yourself a real account with a minimum capital to start. If you use a demo account for a long time, you will not learn anything because when you know it is an account without real money, it will easily create bad habits for you. Using a demo account, we will not be afraid of losing money, but with a real account it is the opposite, so newbies using a demo account a lot will be counterproductive.

This is correct, a demo account has its advantages as it allows yourself to familiarize yourself with the platform and avoid making dumb mistakes when it counts, but at the same time the difference between a demo account and a real account is massive due to the use of our own money, obtaining a great performance using a demo account is very easy as you are not worried at all about losing your money, but once you use your own money then the fear is real, especially when there is a massive drop on the market, and the only way to gain the necessary experience about how to deal with those movements is by trading with real money under those circumstances.

Tony116

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Quote from: ?? on ??

I would advise you to spend more time on a demo account. As for me, it is this method that allows the trader to try his hand in conditions close to real. It is due to this that you can get a good result.

Beginners can use the demo account to familiarize themselves with all the basics of trading and the market. But I advise you not to overdo it, I mean, once you know the basics, then you should use yourself a real account with a minimum capital to start. If you use a demo account for a long time, you will not learn anything because when you know it is an account without real money, it will easily create bad habits for you. Using a demo account, we will not be afraid of losing money, but with a real account it is the opposite, so newbies using a demo account a lot will be counterproductive.

kojektea

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if you want to keep earning in crypto even if you don't trade I think you should try staking it's better because staking when the market is negative is the best way to keep earning instead of having to invest risky because the market is so volatile. i have tried it, for safe staking you can go to binance, it cost big for bigger profit but its ok as long as we have it.

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Quote from: monineklutak on May 10, 2023, 05:32:25 AM

What's more, those who have no experience in trading or investing in crypto need to learn more about it,
trading bots are also not always profitable and I think many avoid using them,
Of course, everyone has their own decision.

Trading bots could be useful if you know how to trade yourself, but if you have no idea how to trade yourself, then bots can't help you with it. Think about it this way, I mean we are talking about a situation where it is going to be just a bot, that does what you tell it to do, and you have no idea how to trade and you are going to end up telling it to do the right thing somehow? We all know that's not going to be the case, we all know that it is going to end up being a lot less profitable than that.

So, the best thing to do in this case is to make sure that we are not dealing with anything that would be similar like that, just focus on learning how to trade yourself. After you make profits by yourself, you could start considering getting a bot as well.

Baoo

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To begin with, you need to acquire a knowledge of crypto trading until you become competent to begin. Don’t forget that education comes always first without it you will not be able to have a successful career in trading. In fact, there is actually plenty of ways to learn the basics of this field, you can start with reading some effective books , then you should learn the technical analyses. I highly encourage you to watch some tuto ( beginners guide ) on Youtube but be aware of some crypto influencers who post fake information and analyses for a purpose. In addition to that, you should prepare different strategies and plan and it is preferable and safe to begin with a limited capital to keep away from risks. Best of luck.

Hamza2424

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A noob no buddy you should say it a leaner needs help and this is a good idea to start a topic to get some suggestions on finding out some good references to generate valuable knowledge throughout. I did visit the thread with the pure intention of helping but you've got many ideas already still, if there is anything left or with basics i can help you as i have started a series a few weeks back its still ongoing but i have paused it for now to add some recent topics related to the trading guide. You can check any of them below,

For any other type of real-time help, I am available here haha not only me whole community will warmly welcome you.

1. New to Trading - Tips and Suggestions (V1) Getting Started Full Guide
2. CEXs vs DEXs & Spot vs Future - Tips and Suggestions (V2)
3. Analysis & its Types - Importance of Analysis in Trading (V3)
4. Tips for Descriptive and Sentimental Analysis (V4)

monineklutak

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Quote from: GreatArkansas on May 09, 2023, 07:30:53 PM

Quote from: Prestongold on May 05, 2023, 09:19:57 AM

(...)
But at this point, I will really like to know whether or not Bitcoin trading is a means to gain profits during market speculations, and how possible it is to make passive income through cryptocurrency trading.

Trading Bitcoin can be a way to profit from market speculation, but it also comes with a lot of risk.
I don't see any passive income when you do cryptocurrency trading because you need to move here, you need to learn and analyze. But maybe if you do automation like using trading bots, maybe we can call it as passive income as long as your trading bot is profitable.

What's more, those who have no experience in trading or investing in crypto need to learn more about it,
trading bots are also not always profitable and I think many avoid using them,
Of course, everyone has their own decision.

isaac_clarke22

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Quote from: Dr.Bitcoin_Strange on May 06, 2023, 04:04:00 PM

~

Nah, I just read few answers here in the forum regarding that. I wish I could've tried it when I was day trading back in the days, but nah I am all the way to zero to the ground now in my technical knowledge in trading.

Not sure if the price in that kind of practice in trading is live though.

Quote from: yhiaali3 on May 09, 2023, 11:05:20 PM

Many people come to the field of cryptocurrency thinking that they will get rich quick, this concept is wrong. You should know that you have to work hard and be patient a lot in order to achieve success.

...or get lucky. Working hard will only get you so far to be real with you. Luck affects a lot in trading especially in a volatile market.

yhiaali3

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It is good that you start trading with bitcoin because it is the most reliable coin, bitcoin has one upward trend in the long term so you are always profitable.

But if you want daily speculation, you must know that there are great risks, especially as a beginner. You have to learn a lot, and you also have to experiment and taste the loss in order to gain experience.

Many people come to the field of cryptocurrency thinking that they will get rich quick, this concept is wrong. You should know that you have to work hard and be patient a lot in order to achieve success.

GreatArkansas

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Quote from: Prestongold on May 05, 2023, 09:19:57 AM

(...)
But at this point, I will really like to know whether or not Bitcoin trading is a means to gain profits during market speculations, and how possible it is to make passive income through cryptocurrency trading.

Trading Bitcoin can be a way to profit from market speculation, but it also comes with a lot of risk.
I don't see any passive income when you do cryptocurrency trading because you need to move here, you need to learn and analyze. But maybe if you do automation like using trading bots, maybe we can call it as passive income as long as your trading bot is profitable.

Quidat

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Quote from: Prestongold on May 05, 2023, 09:19:57 AM

At this level, I am well informed about Bitcoin and its securities, I have read on the forum how Bitcoin and cryptocurrency trading has changed people's lives, and I am kind of interested in acquiring skills, I have read in many other threads on how risky Bitcoin trading is.

But at this point, I will really like to know whether or not Bitcoin trading is a means to gain profits during market speculations, and how possible it is to make passive income through cryptocurrency trading.

If you are a complete noob then you could be having that a good start up on Babypips.com
https://www.babypips.com/learn/forex

There are 11 courses and this might be saying about Forex learning but when it comes to technical aspects then it would really be just the same. Remember on the time that i tend to start up.
I did really start up from the scratch and test out and finish those courses and the rest would really be depending on actual trading and experience gaining.

Joining up some groups arent that bad though as long you do know on how to snip out some realistic speculations or analysis but never ever make yourself
get in a rush when it comes to learning because this would be creating those bad impressions which might lead into some errors and mistakes
which it is really something that you must avoid.

Silberman

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Quote from: Gladitorcomeback on May 09, 2023, 12:02:09 PM

Quote from: lalabotax on May 09, 2023, 11:03:18 AM

Moreover about trading Bitcoin, never only think and imagine about the profits that you may gain from trading. Gaining profits more than loss is not as easy as you think. Traders will commonly take difficult ways and strategy to make right decision. Doing trading is complex. Most of newbies will face losses than earning profits, moreover if they consider only the profits at first. Trading is not easy and this is high risk. So you mist orepare yourself much better and really understand about trading crypto.

Trading is not that complex that newbie cannot make Profit. A small basic knowledge is need to start and then using small fund one can experience many things and able to trade wisely. It is true that trading will not only give you profit as profit and loss are both parts of investment. If one invest in Bitcoin spot trading then I don't think he will regret for losing big because there is chance of correction but sooner or later it will again rise. you will never lose in btc until you sell. If one have control over emotion and can hold btc if btc drops then i think trading in btc will give you profit and less chances of loss

While what you are describing is in fact a way to avoid realizing your losses and it can be very effective, this is a strategy that can only be used when you are investing in a good asset, a trader needs to have the opposite frame of mind, they need to be ready to cut their losses short as soon as possible, as the disastrous losses we often hear about they can suffer come from holding a position too long, a capital sin to traders and speculators alike.

Finestream

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Quote from: Ojima-ojo on May 05, 2023, 11:42:05 AM

Ops I will advise you not to take the role of trading any coin even Bitcoin because trading is the fastest way to lose money next to gambling so I will most likely advise you to use the DCA mechanism to hold Bitcoin, that way you limit the risk of losing your investment.

Truly trading is a big risk as you have rightly said but then instead of taking that route I think its best you continue to DCA and buy Bitcoin at an average price, while doing that you must know when to buy and keep accumulating Bitcoin on the long term while cutting in on average gains.

Trading is profitable but it can never guarantee profits especially for newbies who have less knowledge and less experiences in trading. It’s better to just focus first in DCAing bitcoin when the price is a good buy, and hold them as long term investments until you can finally sell them at a very good and profitable price. Otherwise, if you jump into trading, expect that your profit expectations may definitely turn into gambling and waste your money and time.

Gladitorcomeback

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Quote from: lalabotax on May 09, 2023, 11:03:18 AM

Moreover about trading Bitcoin, never only think and imagine about the profits that you may gain from trading. Gaining profits more than loss is not as easy as you think. Traders will commonly take difficult ways and strategy to make right decision. Doing trading is complex. Most of newbies will face losses than earning profits, moreover if they consider only the profits at first. Trading is not easy and this is high risk. So you mist orepare yourself much better and really understand about trading crypto.

Trading is not that complex that newbie cannot make Profit. A small basic knowledge is need to start and then using small fund one can experience many things and able to trade wisely. It is true that trading will not only give you profit as profit and loss are both parts of investment. If one invest in Bitcoin spot trading then I don't think he will regret for losing big because there is chance of correction but sooner or later it will again rise. you will never lose in btc until you sell. If one have control over emotion and can hold btc if btc drops then i think trading in btc will give you profit and less chances of loss

lalabotax

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Quote from: Prestongold on May 05, 2023, 09:19:57 AM

At this level, I am well informed about Bitcoin and its securities, I have read on the forum how Bitcoin and cryptocurrency trading has changed people's lives, and I am kind of interested in acquiring skills, I have read in many other threads on how risky Bitcoin trading is.

First of all, never heard and judge something from one side only.
Moreover about trading Bitcoin, never only think and imagine about the profits that you may gain from trading. Gaining profits more than loss is not as easy as you think. Traders will commonly take difficult ways and strategy to make right decision. Doing trading is complex. Most of newbies will face losses than earning profits, moreover if they consider only the profits at first. Trading is not easy and this is high risk. So you mist orepare yourself much better and really understand about trading crypto.

maydna

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Quote from: AakZaki on May 08, 2023, 11:49:11 AM

Quote from: maydna on May 08, 2023, 03:20:13 AM

If they don't want to learn and only rely on signals from other people, they will not be able to make profits but experience losses because the signals from other people don't always work well for them.

But by learning more about trading, he can improve his ability to analyze the market and know what to do if the market is in a certain condition. He can also become an investor besides just trading by trying to accumulate bitcoins that are taken from money from the profits of trading. And that can help him to gain additional profits in the future.

yes that's right, beginners who are new to trading or crypto should follow that advice. But let's see, many newbies just want instant results without the need to learn more about the science of trading. only rely on signals from others.
It will never develop if you only rely on others, it will only wait where they will experience a lot of losses when the advice from others is wrong.

They will never succeed in trading, but the losses will come to them more often than they can imagine. Using signals from other people is okay, but we also have the skills to check them before using them directly. Many people get signals from chat groups, whether WhatsApp or Telegram, but they don't check or analyze it further. And this keeps many of them from entering the market at the right time. You better learn to analyze so you don't depend on other people's signals.

Chainsmokers

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Quote from: AnonBitCoiner on May 08, 2023, 02:27:28 PM

Before experience users of cryptocurrency just hear about the things but they realize the main them when they experience bad or good things. One cannot understand without keeping a list of good and bad about trading and success is possible of a person participate and then make a better decision based on circumstances.

You are right that in every field where there is benefit there so exist some difficult conditions which is necessary to understand. I think if a person regularly trade for some times and never get rid of it when loss little money then it become possible for him to achieve the success after examining the reality.

Basically the more experience it will make us learn many things and also make the possibility of success greater,
all that takes process and it takes patience,
the obvious good to or loss is part of trading.

Topic: A nob in trading needs help - page 3. (Read 693 times)