Topic: advice for a beginner - page 7. (Read 2149 times)

If you are a trader, and you are desperate to buy a coin, then you might end up buying when the coin is still at the top, always take your time to study the market before entering, trading is different from investment, when trading you have to be really careful with your analysis, but if you are holding for a long time, then it doesn’t requires much analysis compare to if you are a trader.

I had some crazy experience with future trading when I started trading, since then I already made up my mind that I won’t be trading future anymore, so I hardly trade on future, and whenever I want to trade, I always do it with just little amount of money. If you are new to crypto, make sure you avoid future trading, just focus on spot trading first, when you understand stop, then you can start giving future trading trial with just little amount of money.

Not everyone is always advising the use of stop loss, I don’t really use stop loss because am always online to monitor my trade, but I do recommend newbies to make use of stop loss, because they don’t have much experience yet, and it’s going to help them reduce their loss when they are in a trading.

It is normal that you will lose at first because if you want to be good at trading you need to gain experience in trading so that one day you will understand when which coin price will move in which direction. Otherwise you will not be able to profit from trading because training is not an easy thing. Success from here is very difficult. But if you keep trying, you will definitely succeed one day. YouTube tutorial only can help you to understand the concept but it will not able to bring success if you not use your brain yourself

Demo trading is somewhat that recommended but if i were you it would really be best that you should really be directly going live amount or something that talks about real balance. The only limit you do need to consider is on about the capital that you would be using. Dont make yourself that in a hurry on making huge amounts for you to trade because once you do make yourself directly had big capital then you are really definitely gonna lose it all. Put up some time yourself to have that kind of learning phase because you wont directly be that becoming that good with trading. It does really need up that part that you would really be still that putting tons of efforts and time that you would really be needing to have before you could really be having that good grasps into it.

It is really just that there are people who are really that in a haste to learn everything in a short time period and this is why they are really that committing tons of mistakes just
because they cant think off well because they are really that in a rush.

I don't understand why you want to advise new traders to avoid trading when in fact the OP is not experienced in trading which is why he suffered in his trading. Trading in beginners is risky but it is important to practice trading along with their trading education to increase their experience. All of us can give advice to new traders who don't understand anything about trading in the beginning. The prerequisites for becoming experienced in trading are to acquire detailed knowledge about trading, to properly judge and analyze the market, to understand the volatility of the market, to be able to handle greed and emotions.

A fixed price should be set for trading so that the coin is sold when it reaches that price. One thing for beginners to keep in mind is that you should not be greedy to make money from the first trade. If you lose on the first trade, be patient and increase your learning curve so that you can profit later on.

What you say is not wrong, because beginners in any case really need to learn slowly in order to be able to trade more definitely after knowing more about trading and also about the exchange on which they trade. Because every thing that starts hastily will definitely end in error and nothing good can even be expected from it. So it is highly recommended that every beginner must learn before actually trading like people who already have knowledge and experience in trading.

You know being a newbie in a trading platform is not advisable to immediately enter the actual exchange to perform trading activity immediately even if we say that we have some cryptos
to buy that we want to trade.

It's really better to learn it first, don't rush yourself into something that isn't really necessary, it doesn't matter if you learn slowly as long as the important thing is that we digest what
we learn in trading, that's all.

I would advise a newbie trader to use multiple sources to check information before they trust them because there are a lot of places where you might not get the correct information about things and that can make you get in trouble later on. So whether they are using YouTube, they should watch multiple videos about the same topic or subject just for learning purposes just to verify the information and details they are getting or learning.

After that, they should make sure that they do a lot of practice before they get into the market and start trading with real money. There are platforms that would allow them to use trading demo accounts where they can test their skills and see if they have learned everything perfectly and whether they are ready to start trading or not.

That's because after all trading is a risky activity, it's not a typical job like when you go to the office and have the guarantee and certainty of getting a salary or money once a month. In trading there is absolutely no guarantee to always be able to make a profit, the market is not that simple, fluctuations are always a big challenge for traders and there is no 100% accurate strategy, so this is the reason why even professional traders who already have a lot of experience will never be able to avoid completely the risk of loss, and also this is the reason why every trader is required to have a lot of preparation such as good financial management, self-control and emotions and several other things such as stop los when you are running a session, nothing but all that to minimize the possibility of a significant amount of loss.

On the other hand, it is true as you say that if you or anyone at all does not want or is not ready to experience losing money then obviously the solution is not to get involved in the world of trading, this is not an alternative or intermediary to get rich instantly, I'm not saying that you won't be able to become a successful trader but most traders who fail usually they are unable and not strong to go through all the processes and difficulties that exist in the world of trading, which means only certain people can go through all the processes and difficulties that exist in the world of trading, especially for those who are responsible, disciplined and never give up.

If everyone avoids trading will their be any trader? I won't agree with you for you saying new traders should avoid trading. What you would have said is that as a new trader don't be in a haste to make money,  do not trade with huge amount of money as a new trader. I think new traders needs to learn more about trading first before rushing to trade to make money from trading . For me I think it is good if new traders takes things easy and not to be too fast to trade. Many new traders have made mistakes to neglect learning to be knowledgeable which will help in reducing lose in trading. Trading is difficult but if people choose to learn first i think it is something people can engage themselves into.

going to YouTube to learn how to trade will also have the person to understand the basic concept of trading but it would have from being good for someone to learn try them manually and apply the use of online tutorial such as tutorial video through a YouTube to backdate itself in learning the basic concepts of trading, so learning manually should be the first someone who want to be a trader should do so that it will not get confusing by using online video or tutorial to learn the beginning to the end, the many losses people are getting today in trading is as result of not comprehending the rudiments of Trading and they join trading, online lesson will just make you to recall whatever you have learnt offline, so that is why is very important to learn and understand the basic theories of trading before you ventures into it.

Sometime back I was also feeling this copy trade is a safe way for earning money but my bad as I started to follow one trader I have gone into deep trouble and lost huge amount of funds with things were gone wrong for me and trader also gone bank corrupt which was really the worst thing happen, so now I am avoiding this all for long time because doing this all is never been easy.
But still I want to say everyone is having his own luck and strategy if you are able to follow anyone better trader then go ahead and enjoy his trades which can give you profit, and please post here links and other related to things hopefully help other members as well good luck to you an all others those are trying to do trading.

That's all about trading. That's why it's good for anyone who really wants to start trading to start with the sum amount that he can afford to lose, especially the newbies who introduced themselves to trading or were introduced by their friends or brothers. It's good for them to learn much about trading. Because trading deserves so much knowledge and also experiences, like you said, you fund some videos that talk about the technical analysis. If you can take time out of your busy schedule and do more research about the technical analysis, it really helps you a lot, because those are the basics of trading and stating points of learning about trading, which can definitely lead you to become an expert in trading, and you can also know how to control yourself to avoid losing so much of your money.
Knowing the in and outs of trading will enable you to monitor market strategies and avoid losing as much money as you did when you first started. You will also be able to choose the type of coin to buy, ensuring that it will perform well and possibly double or triple in value when you purchase it. You purchase a coin at a lower price and then see its rise in value because nothing good pass like that. Along with being joyful, this may even motivate you to purchase more the next time.

Most times It is always Advisable To start with demo accounts for practices before using a Real account .trading requires time And patience before you can achieve huge Success as you are envisaging because It deals With price fluctuation .

However, I will advice you not To quit because  failure begets Success , you have already lost $40 as you said , Do not regret It ,always try And push harder with Good strategies , also try And have self discipline So that you dont jumb in every trade you see without a proper analysis .

Focus your Technical analysis on a particular pair And take much time To observe It with higher time frame, dont be So quick in making decision And do not be greedy while trading because It will make you To Lose more money .

Finally , always see every loss as a challenge , And dont risk any amount that you can not afford to lose, And also learn To hodl as a beginner than trading .

Well, I will also advise you to go on YouTube and check some trading tips and also take your time for some trading platform that is legit that is legit so you can know more on Trading and understand the step you need to take because you may not really know a lot. If you think you are ready, you will just end up on losing like you just lost some money. I will advise you to take a break, ask for advice like you did take your time watch some Trading tips before going to Trading again, because one thing I understand is everyone intention is to make money through Trading to it is necessary and advisable to take your time and avoid any mistake

Have you copy trade before. This is one of the ways you can make free money following people that has been in the crypto market for a longer time and are trading the market with better rewards. Copy trading would help you and give you an edge to make free money from the crypto market without understanding what's goinh on. Trmheirbarr many ways one can make money and all depends on our understanding on utilizing opportunity to earn more from the market.

Even if he follows all your advice, there is no guarantee that he will make a profit from trade. Trading has never been easy, and those who always beat their chest and claim that they have enough experience and skills can hardly avoid failure in trading. The best way to avoid failure in trading is to stay away from it completely when you are not ready to lose money. Because trading is very unpredictable and there is no guarantee that you will win even if you are someone with many years of knowledge and experience.

If you are a new trader then I would advise you to avoid trading. Trading is very risky and interesting, trading without experience is most likely to result in loss. If you don't understand market volatility, you won't succeed in trading. There are some trading platform strategies that you must adopt, one of them is to understand the volatility of the market, be patient and don't be too greedy. If you follow all these strategies then I think you will not fail in trading but I can advise you to stop trading for now.

Success is impossible for a person who keeps rushing themselves to learn and earn. As we can see, a lot of new traders in the market today but in just a few days doing this, some have already gone like dust in the air and I possibly know why. Because these people are not meant for trading as they don't even understand the volatile nature of the market at first. Impatient people reap nothing aside from losses and regrets.
As a trader who aims for success, we don't need to wait for us to suffer big losses before we push ourselves to learn more but instead, consider this as our top priority rather than thinking of earning money. And we have to accept the fact that there is magic in learning how to trade and much more in achieving success.

I don't think his angle is from investing rather, he is coming as a trader...
I think he is trying as a beginner to be honest, when I started I lost more than this that I have to use Dual investment at some point to mitigate my losses. If he keeps up like this and reduces greed with good risk management, I think he will be able to achieve something. If not, is best he uses a less risky way to trade the market like I did

Trading cannot be learned completely in a very short period of time. There is a proverb we all know, little knowledge is terrible. Learning to trade is basically a matter of patience and time. All the courses that are done on the social media you have chosen are very shortcut process, at least the trade cannot be learned in shortcut process. Trading requires a lot of research about coins. If someone you know or your neighbor is involved in then you can follow him how he trades but don't follow him directly. Most of the new traders face losses when trading in the first stage, of course you should trade with money that you won't suffer from losing money. Be patient, stick to it, do maximum research on anything related to trade, hope you get success in future.