Basic things that you need to know before starting in trading - page 2.

South Park

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I am terrible at Fantasy Football!!!

Quote from: dunfida on August 17, 2020, 04:14:44 PM

Quote from: South Park on August 17, 2020, 02:06:20 PM

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

It would be amazing to hear of if those people do still held their coins after that 2017 bubble burst but i do highly believe that majority of those people had already cut their losses specially when the price dumped hard wayback to 3k.What you think? Emotion would be the hardest enemy when you do deal up with crypto investment.Volatility will really stir up your emotion and dedication to held up and
waiting for the next bull run.Even now we are still on 12k and 8k price left to reach that ATH.

When trading or tending to invest then always consider on using those money or funds that you can really afford to lose.

As you say it is very likely that those people that bought bitcoin at the end of 2017 and paid 20k for their coins have already sold their coins and quite honestly I will not blame them as it would have been incredibly difficult to keep holding your coins after losing more than 85% of your investment, but if I take into account that many of those people probably used leverage when they bought their bitcoin then most likely they got annihilated when the price crashed and they lost all their capital during the first quarter of 2018.

justdimin

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www.Crypto.Games: Multiple coins, multiple games

If you get into trading thinking you could get rich in few months even in few years you are doing it wrong, there is no way that would happen, even if you get incredibly lucky and somehow hit a jackpot somehow and get super rich, that is probably 0.00001% chance and you should not aim for it, that should not be the reason why you are trading, the reason why you are trading should be to increase your worth faster than what dollar loses in value, so you could make about 10-20% per year for 30 years and that would be waaaay more than enough, you do not need more than that for your future and you could definitely live a very very comfortable retirement if you do that.

Right now, I am 30 years old and by the time I am 60 and have that much money I would not need to worry about myself until I die and even early 20-30 years of my kids life neither.

tbterryboy

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Quote from: famososMuertos on August 17, 2020, 08:08:39 PM

All good advice is always good, but talking is easy, action is the real blow of reality. (3)

For some it is easy to enter to trade, because they did something related to trade, or they just find it easy because they are talented.

Anyone enters cryptocurrency trading and it should be that way, as it is essential for everyone to be able to exchange their assets.

Hopefully and in the future trading is just an option, and we can directly spend bitcoin, if we want, but a large majority of us must go to the market at any time, sooner or later.

Not all advices are good because sometimes people could be giving bad advises disguised as good however that could be tried and you can see if it is actually doing that well or not and you can decide if the advice is bad or not, aside from that I don't know what is the other option of checking an advice, I mean you can't really decide if it is a good advice or not without really trying yourself.

In any case I would say that it would be a smart decision to study first, without any person, just go out and learn about the TA and indicators and so forth, that is what I think should be the important part of your learning, do not study from other people, study from books and read about them online and you will learn trading basics without hearing anyone's opinions or thoughts and you can make your own.

lienfaye

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It is really important that you understand what you're getting into.

Trading is not too complicated, if you gain knowledge on how it works and aware of the basic things then its not that hard to grasp.

Just condition your mindset, have lots of patient and plan what strategy to use that suits you.

nasipadang

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Quote from: Claymore2 on August 06, 2020, 04:17:38 AM

Older traders know better
Patience and Mind Setup play an important role in the trading market

So before taking any trade, you have to calculate three things clearly
Neither I nor you can survive long in the trading market if none of these accounts match.

Trading is not an Aladdin's lamp that will make someone a millionaire one day.Because there are many traders in this market who make thousands of dollars profit.
We just saw his profit but think about it How profit comes?
Profit comes in the combination of risk and reward.High risk equal to high reward.

And within an hour of taking the trade, he did not make a profit of a thousand dollars
He had to wait
Maybe a day or two or 1 week.

If your setup is ticked, you can hold on to a trade for one month and at the end of the month your profit will be 100% sure
And if you don't setup, sl will hit and you will go into depression and you will be afraid to take it in the next trade.

It's really doesn’t matter if you know more analysis or less this three things will mostly define success of your trading.

Entry Exit & Stop loss

If these you not calculate in a clear way Then your trading history will be random.After a few days of trading, you will find it boring.And the best techniques of trading will not come to your mind.

You can and can't do anything in the market without your own strategy.
So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.
Understand with your own mind how much loss you can tolerate.
If you move slowly trust me your roots will be strong.

Thanks everyone🥰

I appreciate what @OP is trying to say, in changing the mentality of a trader it is really necessary and it is related to what was said. It's just that we also need a lot of analysis and information so that our strategy can be better, so if you say more or less information is doesn’t matter then I think that's wrong. As you said yourself that the strategy is needed and has at least 70% profit, so indirectly a more analysis is needed. You will know that analysis is one of the assistants in decisions making or strategy making.

Xinarae*

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I also think that trading has to be practiced after knowing it well and mastering it first and when you realize that you are a person who can master trading fairly well then you can invest there. Experienced people, especially those who are experienced in trading face the biggest losses and those who lose knowingly even if they lose, can make up for it later.

bocyaj

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Activity: 1313

Merit: 302

Quote from: Claymore2 on August 06, 2020, 04:17:38 AM

Older traders know better
Patience and Mind Setup play an important role in the trading market

So before taking any trade, you have to calculate three things clearly
Neither I nor you can survive long in the trading market if none of these accounts match.

Trading is not an Aladdin's lamp that will make someone a millionaire one day.Because there are many traders in this market who make thousands of dollars profit.
We just saw his profit but think about it How profit comes?
Profit comes in the combination of risk and reward.High risk equal to high reward.

And within an hour of taking the trade, he did not make a profit of a thousand dollars
He had to wait
Maybe a day or two or 1 week.

If your setup is ticked, you can hold on to a trade for one month and at the end of the month your profit will be 100% sure
And if you don't setup, sl will hit and you will go into depression and you will be afraid to take it in the next trade.

It's really doesn’t matter if you know more analysis or less this three things will mostly define success of your trading.

Entry Exit & Stop loss

If these you not calculate in a clear way Then your trading history will be random.After a few days of trading, you will find it boring.And the best techniques of trading will not come to your mind.

You can and can't do anything in the market without your own strategy.
So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.
Understand with your own mind how much loss you can tolerate.
If you move slowly trust me your roots will be strong.

Thanks everyone🥰

Patience is need one to do trade in cryptocurrency. Because anything happen, in a short run. A quite example is current situation of Ethereum. Now the price of Ethereum reduced below 420$ and reached 415$.Many traders may hold, when it had reached above 440$.And waited to see his maximum peak. Now situation reversed and holding is only option to lose your money.

semobo

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Activity: 1498

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Didn't learn about any basic things which is needed before start trading in OP. Roll Eyes

I will say more longer you trade the it gives better safety for your capital and also it is important to set the right targets not the dramatic ones.Even 4% a month is hard to achieve constantly for a trader and if you can do then you are making decent profits already.

bakasabo

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What I have learned during my short trading career is that while trading, you don't need to rush selling your cryptocurrency every time you see price going down. And ending daily trading with a minus or with 0 profit is not a bad sign. Don't be desperate with a bad trade and don't sell 100% of your holding just because you wish to exit with minimum loss. Remember, tomorrow will be a different price. If it goes up - you might get a profit, if it goes down, you can grow your amount holding by re-buying.

rodskee

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Quote from: ?? on ??

Quote from: imstillthebest on August 19, 2020, 03:59:25 AM

i have this sense that the dump of the price wont last long . if there is a new normal outside , bitcoin also has its new normal and that is to comeback easily to continue its journey on increasing its price . this is the new low and if i were to the buyers ill buy now , waiting for more low can be a thing on the past now . not only traders are required to buy but also investors as well because some investors are not yet confident with thier current holding but they are buying more .

When we can see the dump comes, we can prepare the money to buy bitcoin, and start to analyze the price. Maybe we can not always get the lower price, but at least, we can get a low price which we can hold it because to get the lower price will be difficult since the price can move to another lower price. Maybe this dump will stay until the end of this week, so in the next week, the price will start to rise again.

There's no timeframe as everything depends from how traders will move inside the market, they are the one
who can dictate the directions of any trends.
But for sure if you will analyze the sentiments carefully you'll be able to work with your entry position it will
be nice to catch it up while its forming it's barrier
Understand the flow and avoid to rush things up don't follow the FOMO it will save you a lot if you are analyzing
the situations.

imstillthebest

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Quote from: ?? on ??

Quote from: perfect999 on August 18, 2020, 01:44:20 AM

Right now, with strong bullish markets, I guess still the holding option must be the best one Grin

. I guess you are talking for active trader but I am just a long term trader and may hold my bitcoins for years before deciding anything regarding to my long term trading plans. I must say, holding must be the best option regardless of market is calm or wild Cool

.

You need to tighten the bitcoin because the trend is down which makes the price going down. We don't know until when this moment will last, but it is a good time to buy more bitcoin at a low price. The active trader will use this time to make an order buy because they know that the bitcoin price will be back to increase after this. But for the holder, they can still hold the bitcoin until the price increase back.

i have this sense that the dump of the price wont last long . if there is a new normal outside , bitcoin also has its new normal and that is to comeback easily to continue its journey on increasing its price . this is the new low and if i were to the buyers ill buy now , waiting for more low can be a thing on the past now . not only traders are required to buy but also investors as well because some investors are not yet confident with thier current holding but they are buying more .

KnightElite

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Quote from: FanEagle on August 18, 2020, 11:40:23 AM

Quote from: TitanGEL on August 17, 2020, 09:59:29 PM

Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

You sound practical. Yes, we need to focus on where to enter and where to sell and in-between, we must focus on what we need to do if market goes against us. I agree these are all the basic things we must need to address before entering into crypto trading. I believe there are lots of guidelines in this forum are available for beginners to plan up accordingly but unfortunately not all new traders are not making use of them.

Moreover there should be lots of other basic things, a trader must need to address before entering into trading: which coin you are going to trade must be one of them and then where (which exchange) you are going to trade should be another important thing as well. Because, we cannot trade all the coins in similar manner which means we should find a coin which is obeying our technical analysis.

By focusing on what is our goal in trading, we can come up to a nice strategy that can help us to become profitable. By knowing when to enter and when to exit, we can earn consistently but the thing is it is not good to master. You cannot know when to enter and exit if you do not have foundations especially when it comes to fundamentals and technicals analysis. The foundation that I'm talking is able to read a chart, you should know how to plot resistance and support and also able to identify if a cryptocurrencies is trending or not.

FanEagle

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Quote from: TitanGEL on August 17, 2020, 09:59:29 PM

Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

You sound practical. Yes, we need to focus on where to enter and where to sell and in-between, we must focus on what we need to do if market goes against us. I agree these are all the basic things we must need to address before entering into crypto trading. I believe there are lots of guidelines in this forum are available for beginners to plan up accordingly but unfortunately not all new traders are not making use of them.

Moreover there should be lots of other basic things, a trader must need to address before entering into trading: which coin you are going to trade must be one of them and then where (which exchange) you are going to trade should be another important thing as well. Because, we cannot trade all the coins in similar manner which means we should find a coin which is obeying our technical analysis.

perfect999

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Quote from: TitanGEL on August 17, 2020, 09:59:29 PM

There are a lot of trading profile like swing trader, momentum trader, bottom fish trader and a trend following. If you easily identify your trait as a trader you are going to know what type of setup that you are going to use.

Honestly I never come across any of these. If your time permits could you explain a bit more on these? Are these portfolio management things or anything relevant to trading strategies? I am using blockfolio for tracking my crypto investments. But, I am that tool got nothing to do with my crypto trading things.

Quote from: ?? on ??

When the market moves are unpredicted like a few months ago, a hold will be the best solution because if we force to buy and sell the coin, we will find it will hard to make a profit.

Right now, with strong bullish markets, I guess still the holding option must be the best one Grin

. I guess you are talking for active trader but I am just a long term trader and may hold my bitcoins for years before deciding anything regarding to my long term trading plans. I must say, holding must be the best option regardless of market is calm or wild Cool

.

TitanGEL

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Planning is one of the most important when we do trading, a good planning consist of the type of setup that you are going to play, in order to know; we should know what is our trading profile. There are a lot of trading profile like swing trader, momentum trader, bottom fish trader and a trend following. If you easily identify your trait as a trader you are going to know what type of setup that you are going to use. Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

famososMuertos

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LE ☮︎ Halving es la purga

All good advice is always good, but talking is easy, action is the real blow of reality. (3)

For some it is easy to enter to trade, because they did something related to trade, or they just find it easy because they are talented.

Anyone enters cryptocurrency trading and it should be that way, as it is essential for everyone to be able to exchange their assets.

Hopefully and in the future trading is just an option, and we can directly spend bitcoin, if we want, but a large majority of us must go to the market at any time, sooner or later.

And that's where you can start to decide if you take trading as a job. (1)

There are things that are not for everyone, although they seem easy / difficult, it is a perspective. (2)

Good words, but making them bold and larger does not make them better or more influential. (3.1)

Luck"!

FanEagle

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People can make good profit in a day, it’s all about the condition the market is in, if the market is in a good condition like the times it’s going up quick and steady, some people can pack some good profit. And it’s good to make it clear that day trading is not for everyone, I do see some people who wants to get into day trading because they think since it’s a day trading they will be making profit everyday, they just neglect the risks that they can be losing their money instead of profit.

Sometimes it’s best to just be a HODL’er and stay clear from the risks that comes with day trading.

dunfida

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Quote from: South Park on August 17, 2020, 02:06:20 PM

Quote from: RealMalatesta on August 16, 2020, 01:11:15 PM

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

It would be amazing to hear of if those people do still held their coins after that 2017 bubble burst but i do highly believe that majority of those people had already cut their losses specially when the price dumped hard wayback to 3k.What you think? Emotion would be the hardest enemy when you do deal up with crypto investment.Volatility will really stir up your emotion and dedication to held up and
waiting for the next bull run.Even now we are still on 12k and 8k price left to reach that ATH.

When trading or tending to invest then always consider on using those money or funds that you can really afford to lose.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: RealMalatesta on August 16, 2020, 01:11:15 PM

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

2double0

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If it is forex, you need key levels to set as entries and finding them is easier when compared to crypto trading. Patience is needed in both, but crypto needs much longer time to achieve unbelievable results. It is not so easy to trade in crypto because sometimes, we think that altcoins will follow Bitcoin but that does not happen and this is where we need to cut our losses by stopping the trade. We should control our emotions to know where we need to stop a trade in loss.

Topic: Basic things that you need to know before starting in trading - page 2. (Read 808 times)