Topic: As a newbie to crypto currency - page 2. (Read 516 times)

I see you're a Newbie here, but i won't judge you with that because from your post it seems you have some knowledge about Cryptocurrency before you joined the forum, well it's a good thing to have newbies that would share their knowledge here no matter how little for people to learn from. You did well and i want to add that the first thjng any Newbie in the Crypto space should do is to gain knowledge about Cryptocurrency, it is very important but most people fail to understand that, they just rich into the market to buy and hold coins the see or hear about on the Internet or media. Now how do you get knowledge, by making research, seek guidance from experts then another thing is understanding cause you need to be sure that you've understand what you learnt before going into it and practicing with demo like you've mentioned is another way to be sure you understand it perfectly. Those are the most important among others.

Yes you are right is meant for a newbie to go deep down practice, practice make perfect, before any engagement at least to have a little idea of crypto currency trading and also make a difference research of that crypto currency.

Trading on other hand looks risky but as a beginner that have the strong desire to trade your coin it's pretty okay to you but you must also learn more on the fundamental and technical analysis of trading and learn the strategies experienced traders have been using and it's working out for them.I can't tell you to invest your coin if you feel like trading your coins because everyone has a choice to make but the reason why most people are told to go into investing their coins is because it has less risk compared to trading.Losses in trading can be reduced only if the you've acquired the fundamental knowledge of trading  and continuous practicing with what you can afford to lose

We can only go far in life when we're ready to learn especially when we do it from others experience and not waiting until we have ours ourselves. Truth dey inside learning from your own experience but make we no underestimate wetin people wey dey before us go fit teach us and when dey show us road finish na for we to come modify am to suit us better. Newbie wey wan learn crypto trading, e go better you learn from wetin others dun see before you and like this you no go dey make newbie mistake wey go fit make you lose plenty money. Not learning from people before you buy thinking only you go fit do am alone na wetin newbies dey always think until reality teach dem lessons.


E belike wetin we dey always talk wey be to only use money wey you fit afford to lose for trading especially when you're starting newly in trading. After you dun strong na when you fit dey increase your capital and taking some additional risk wey still dey manageable by you. Trading dey risky because this market wey we dey so dey very volatile pass any other market. Make you no use Forex trading eye dey look crypto trading unless the market go teach you life lessons. This market na the small news dun scatter everywhere as many people dey use emotions do things for this side. You no go blame dem though because na plenty newbies (wey be first time investors of traders) na dem full the industry with very little experiment so make we dey extremely cautious to avoid losses.

OP I don't think you should be advising beginners into trading and even if they have read so many books and research about trading is still not enough to guarantee their success and safety of their investment because when we talk about trading you will need to understand the fundamental and technical analysis of the market to open the coast of your knowledge in other to understand the market movement and even if acquiring all this information you could still blow your account, so as a beginner I will strongly advised you to focus on holding because that is the only way you can be free from some certain risk that's associated with trading and one thing I will tell you is that trading is not always what it seems to be because people always perceive trading as an easy way of cashing out money without knowing that in as much as their is a possibility of making money their is also a higher chance of losing your investment, so perhaps trading should be more considered for those that are more experience instead of beginners.

Most newbies are always enticed into trading even when they don't have adequate knowledge of what trading is all about even with the demo account you talked about, it is just simply the more you look the less you see because the trading may not actually work same way as when using the demo account and when doing the real trading with some money.
Trading drains time and the mental health of traders because it's not easy to always monitor the market and to get the right signals to know when to trade. I don't discourage anyone who is into trading if you know the right strategy to follow to make some profits while trading but I prefer hodling to trading because you just invest and leave your investment for a period of time when you must have gotten some profits and can decide to sell.

Omo no ves but sometimes I dey feel say that demo account sef fit even act as trap wey dem set for you sef because I believe all the people I know that have used the demo account for trading have won and being successful but the moment they got to put their funds and try it, the whole matter just change just in an instant of one second. Trading isn't something that anyone can start doing all of a sudden, I mean it takes years of practice before actually mastering the trade so rushing onto to act can just be seen as suicide mission.

Well, the reason why you see comments like don’t trade and avoid trade is because any trader who lack the knowledge will not make profit at start and I believe you want to start trade and expect the profit to come so quick, this is normal and common, newly traders expect profit without passing through the learning process. Trading is not guaranteed 100% even an experienced trader can sometimes fail during the process but they’ll never share their experience so you don’t feel scared. When trading get so hard holding can stand as another alternative but I feel the need encouraging anyone who want to trade, note, don’t run after signals and other speculation because sometimes signals can be false and they share those signals for gain not minding your loss or gain but for their selfish interest .

Always an opportunity to utilized at our ends. Everything is usually done step by step. We make thorough research because none of us would want to record losses in the system or make our portfolio become liquidated. Cryptocurrency is not for newbies, we understand the volatility of the market and how complicated it can be for those that's missing out on important information regarding the system. Newbies knows exactly the basis of the market and they ought to push the necessary buttons to strive for excellent goals.

Well, as e be so e done too dey obvious say many people wey dey new to the crypto space just dey think am say Bitcoin nah mainly for trading alone. Although Bitcoin fit serve as many purposes, but watin I go like you to put your mind nah for the investment side. Bitcoin trading just dey like say you deposit your BTC for casino den you cin use am take gamble. But as trading dey so, e no get time wey go read for you, all you need nah to just dey active and very sensitive so that as you notice any change in price, it's with you sell our you buy again. So the reasons why trading dey different be say for gamble den get time wey dey always read (like 30 seconds) so anything wey you won do, nah to do am with the time. Investing for Bitcoin dey more profitable pass trading, and again if you won gain big for trading, you go make sure to use big money but so that any little profit wey enter for you e go big for your eyes as e be say you use big money buy, but e still dey riskier say as you lose, your big money done also go.

Trading on en own no be watin dey allow lapses, you gats dey very aware of watin you dey do if you wan start trading. Nothing dey help traders pass when you make your own mistakes and you dey trade the market based on your own interpretations of the market activities.
Mentorship dey important o, even if na online YouTube clips you dey learn from, you go still need to dey practice the strategies you learn. No learn am to pack am one side o, you go dey test am from time to time, dey practice am to see if e go play out. Every win dey make you stronger and when you lose, e go be a teaching moment via say, you go like see at what points way the market go against you and why.
To archive this, you gats make sure say, your indicators way you been use predict the market still dey readily visible for you to see how close you got and where the changes occur.

There's a big gap between trading and just normal investing, which requires that you buy a particular coin or token and hold it for the long term or short term until it gets pumped by the project owners, while trading is mostly done in direct proportion to the price volatility for the results of an instant profit. 

Trading is very risky compared to investing. As a newbie, it's better to abstain from trading with real funds, but for investing, you can't purchase a coin without putting in real money, and when investing, only invest the amount that you can bear the risk of. 

There's one common rule of crypto investing and trading: "Never invest the amount you cannot afford to lose." 

A newbie should always avoid using money in trading, until you fully understand everything about trading, it's better not to use money, I don't know about trading that's why I've never traded with money. I review demo accounts all the time. Moreover, trading is a high risk area, it won't take long to lose all your money due to a small mistake on the trading platform, it can wipe out your account in an instant. So I try to stay away from trading as much as possible until I know and understand trading better. I earn money very hard, I have to suffer a lot if my hard earned money is lost due to wrong decision. So I am always careful.

 
I have been researching about Bitcoin for a long time, I have learned about the profit and loss of Bitcoin and the results of holding it for a long time. So I focus more on investing in bitcoins rather than trading, I decided to hold on a weekly basis using the DCA method and I have been doing this for the past month.

With hope say you understand say these two points wey you raise here na totally different things entirely. One is talking about trading which is the first sentence where you talk about demo. Yes to trade you need to start with demo trading but dat one self no be the issue, the issue na whether the person fit withstand the pressure of trading because loses plenty inside wey make people dey avoid am and go to only hodling, which brings us to the next sentence about using small percentage of your earning. Although a closer look on this could probably mean say you dey talk of investment itself which could also be buying or investing your money on a coin. Some times too it could also mean using the small money to trade, to gamble too fit join since you talk about small amount of your earning and that is a good advise to say whatever decision you take to grow your money through investment, you need to start small as a new person in the business so that you will still be in the business while learning and mastering the craft of the business. E no go make sense say you don lose all your money finish before you understand the business.

Yeah, this one too na true, most people you see today  posting how successful they have been in trading won’t tell how much dem don lose for trading, nobody go post him loss na. So as a newbie wey Dey really plan to go into trading, first try to make so much research, and again make u try get mentor, all these go help you and while u de make research make u no still trade oo until u don know say you don learn so much tins then u can consider trading, advisably start with a demo account for a while then once you are getting it right you fit consider to trade for real account.

And again if you wan start, start with a low capital, start with money wey you fit afford to lose, so even if you later lose the money for trading it won’t affect you, but once you invest with your saving and you come lose e fit discourage you sef from trading. So as a newbie take note of these.

To me I don't see trading as a bad indulgences in the above-mentioned. The only outlook to be considered before venturing is to ensure what side is better of foe you to handle in both finances, emotions and your goals.
So while we're discussing about the crypto sphere with it's investment on this thread, I consider the Op not to had been much knowledgeable to differentiate between traders and investors in the crypto world so I think it's necessary to be let known so that there wouldn't be misconceptions in anyway way while we're in their crypto industry.

Crypto Investors: These are long term crypto holders who buy a specific cryptocoin or variety of Cryptocurrencies to hold with a personal decision to buy more and accumulates and keep holding for a long period of time specifically to catch up a goal with the analytical scalability of the market cap dependently on a target to make profits and utilizes your income.

Crypto Traders: Crypto traders are simply those crypto dealers who basically based on buying and selling without undermining the sentiments such as current market price.
They're specifically on quick chasing incomes in the exchange at short terms.

After the brief, it's encouraged and advisable for beginners to lean at the side of investors in holding and analysing the market trends, accumulate and have an analytical investing structure of a long term goal so that you can always grow in wealth of making profits other than selling your assets immediately after just as the traders may do.
Although that doesn't roughly termed traders to be on the wrong side. Analogically, trading is for experienced individuals because it's a critical and broad system of investment.

To be frank as a newbie or anyone avoid trading especially trading with Leverage. I know there are many Nigerians trading either stock, forex or crypto and its sometimes tempting when they say the figure they make but we usually fail to consider the figure they lost.

This year suppose to be open eye for everyone say na HODLers dey gain m, just see how market dey behave since january though we dey bull season but any small dip you go see news about hundreds millions way traders don lost from leverage while the HODLers dey continue to make profit, traders dey get wins and lost. If you try calculate the total money way don lost for leverage this year you go see say the money don reach billions. JUST HODL

New beginners to cryptocurrency trading are often thrown by the complexities of the market. It's crucial for beginners to start with thorough research and education, utilizing reliable resources and seeking guidance from experienced traders. Secondly, practicing with demo accounts can help build confidence and refine trading strategies before committing real funds. Another important tip is that if you spend money, then only a small percentage of your earnings, which is not critical for you to lose.