Basic things that you need to know before starting in trading - page 3.

rexxarofmoknathal

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I agree that one of the few important factors to consider for becoming a successful trader are Entry, Exit and Stop-Loss. I can't argue with these at all but I also think that the right mindset for a waiting-game is just as crucial.

A strong opinion in risk taking is essential as you can see your investment going down but the key is to keep at it and trust (if you can trust the project) that market corrections are necessary and that one day the patience will lead to a reward. In most cases it does but in some others it doesn't.

In the end what matters is how you reacted in the process, what you did and what you learnt Cool

RealMalatesta

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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.

South Park

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I am terrible at Fantasy Football!!!

Quote from: bearexin on August 07, 2020, 02:52:53 PM

Good profit can still come in a day, especially when you’re a day trader. Day traders don’t have to be waiting for days like Hodl'ers, rather they trade every day with a target to make money before the day runs out. But when you’re someone who just Hodl, you’re not going to be making constant profit.

As for trading Hodl, it requires having that patience and waiting till the right time to make profit. Apart from that, Hodl’ers are very careful at the rate they buy in, because if you buy at the wrong time you will probably be wasting your time.Imagine someone that bought bitcoin at the rate of $19,000 in 2017 lol Grin

they will be praying so hard by now.

While holding has without a doubt a bunch of issues that you need to sort out before you attempt to do it, day trading is not as easy as many people think, it is obvious that it is a very convenient way to trade because you are not exposing yourself to the long term volatility of the market and you're only going to hold your coins for a few hours at most, but day trading has a huge disadvantage and that is that you need to be really quickly when deciding whether you will enter the market or not which means that you need to have complete mastery over your strategy something that very few people actually have.

Freddy11

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Trading time is very important issue as Forex markets move with countries stock market any stock open at a specific time like here I trade on FreshForex broker in the Asian session and mostly use my native pairs including USD/INR and USD/SGD.

tvplus006

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To the Moon

Quote from: Claymore2 on August 06, 2020, 05:17:38 AM

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...

70% is a good profit for any trader, but there are very few who can do it. Everyone has their own trading strategy and uses different indicators, adjusting them to their individual abilities. But the correct way to find the entry point to the market and use a stop loss should be used by everyone without exception.

Ridwan Fauzi

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Quote from: usekevin on August 11, 2020, 03:39:48 PM

We can only learn trading by practicing. Trading can be start with minimum amount of 10$. Ten dollar will not be a big one to learn trading, you can easily learn trading with experience. Practice of trading is essential one and sometimes, you may force to lose some thing. You should not thing about it, in your beginning stage of trading. Then you can easily get some knowledge and get more profit from it.

Something that I learned when I start to trade is watching chart everyday and always a drawing like using trend line or using fibonacci is more useful rather we read a lot of strategy and trade directly. That is the best part before we spend money, even I never tried to deposit my money first before I understood the market situation.

I just trade on forex which I use demo account that I don't to deposit and greatfully it works for me. So, when I trade bitcoin and altcoin and I spend my money I have more comfortable and until now I never felt a huge lose. I just use small money around $100 and so far I can earn arround $80 per weeks, I know it's still low but it's been consistent in the last few months.

usekevin

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DGbet.fun - Crypto Sportsbook

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The most important thing is to understand all of them, so the chances for you to get profit in trading will be greater, with the reason to understand all that means we have to learn to analyze, practice and be ready to lose more often so that over time you will continue to get a better understanding of experiences that you have every time. If it's just to get the right entry point but you don't have a great next step, then I think that in the end it will just be useless, because in trading there are many factors to consider from the start and if the basics are strong then of course your trading be comfortable and stay confident.

We can only learn trading by practicing. Trading can be start with minimum amount of 10$. Ten dollar will not be a big one to learn trading, you can easily learn trading with experience. Practice of trading is essential one and sometimes, you may force to lose some thing. You should not thing about it, in your beginning stage of trading. Then you can easily get some knowledge and get more profit from it.

el kaka22

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There are three methods that you could make a profit and all of those are depending on the level you think you are in trading world. One of them is the easiest one, just buy bitcoin and hold it long term, do not go all in, just buy a small portion of it with your portfolio and try to keep buying once every month and just keep accumulating more and more bitcoin until you retire so that you could have a decent sized bitcoin portfolio when you retire, this is a 10-20-30 year method.

Secondly you could get into it a bit in the middle, take a look at some altcoins, check some TA but never do anything too crazy like day trading on high leverages, just invest for short term like a week or a month. Lastly we have the people who do 100x leverage short futures and so forth, those are high level traders who are veterans of the market.

Kasabus

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Quote from: bonjouros on August 11, 2020, 07:27:08 AM

Trading is very complicated stuff especially for newbies as it cannot be learned within a day and you cannot obtain a huge amount of profit in just a short period of time.

But for professional traders, everything is possible. Aside from what you have said, you can also add that you should not be greedy if in case you didn't know yet what you are doing.
Gain experience first, start from small amount of money and learn to gamble high risk trade if you are already confident with your skills the output of your own strategy.

They say one should not come into trading without any preparation. This is the reason why newbies should gather information first and study the crypto market well because everything in trading should be driven with good analysis to avoid losses in the end. And yes experience is really a must and with all those mistakes you committed in the first place will motivate you on how trading works.

Yamifoud

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Quote from: Claymore2 on August 06, 2020, 05:17:38 AM

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.

That would be nice but how we could get assurance with that in this volatility market. It was not I see in the market, not even a month of holding will give that 100%, it sounds crazy (for me) and if that happens, we all holders have millions already... Cheesy

Patience is very important but not also it gives us an assurance that the market will be good after a month, a year, or more. I took every chance I have, I'd never aim for huge profit instead, I consider small amounts but in constant gain. With the right choice of coins to invest or trade and with the help of being patient, it is all we need before we start our journey in crypto.

bonjouros

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Trading is very complicated stuff especially for newbies as it cannot be learned within a day and you cannot obtain a huge amount of profit in just a short period of time.

But for professional traders, everything is possible. Aside from what you have said, you can also add that you should not be greedy if in case you didn't know yet what you are doing.
Gain experience first, start from small amount of money and learn to gamble high risk trade if you are already confident with your skills the output of your own strategy.

Shasha80

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I think the most basic thing to know before deciding to trade, we must be able to control our emotions well. Because by controlling
emotions well, it can affect the way we trade. As we can be more patient for decide when is the best time to buy or sell coins. And
also with controlled emotions the use of capital can more organized. Do not buy coins based on the hype that occurs, but according
to the results of research and analysis that has been done.

CryptopreneurBrainboss

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eXch.cx - Automatic crypto Swap Exchange.

Quote from: wxa7115 on August 10, 2020, 01:17:27 PM

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Some additional thoughts why patience is needed or vital in investing is because you'll have to study the project thoroughly to understand it after that, the patience steps in as you wait patiently not minding how long it takes for the full potential of that project to manifest. In trading you don't have to study the project or understand the fundamentals.

Traders are only in for the money, they don't care about the technology and won't mind leveraging on the hypes of shitcoins to profit from the pumps and dump (not advising this though as the chances of you getting burnt is high). Most recent example is the DeFi hype that flooded the industry. Many smart/lucky traders made huge profit from them while those who weren't smart enough lost.

LbtalkL

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You are correct there are some traders that has their own strategy I knew a guy before he does not into technical analysis more but he is making some profits, but of course he lose too. I don't know if he is just a lucky guy but he is just buying random coins and somehow works for him. I want to add on basic things to learn, I guess we need to familiarize the platform interface sometimes, each exchanges has unique interface sometime we get confuse and we end up buying at high price instead of selling high, it is a common newbie mistake.

Knepala

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Hi guys,

Have a look at my guide also, some great trading tips.

https://medium.com/@sambrans/mastering-trading-with-leverage-a-lucid-guide-b918696384f0

wxa7115

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Quote from: CryptopreneurBrainboss on August 06, 2020, 12:42:00 PM

Although been patience is a good attribute one could say a trader should developed but it shouldn't always be about been patience, In fact in my opinions that shouldn't be the major priority of any trades. Patience is for Investors while smartness is for traders. If you're slow the market would take advantage of you all the time.

But the movement you're capable of turning the market volatility into your profit irrespective of the price directions through the usefulness of your smartness couple with other skills and information made available to you, then you can be said to be a trader.

I will have to agree with this statement, the reality is that traders and investors needs are different even if on the surface they are doing something similar, investors need patience more than anything because they are supposedly invested in an asset for the long term and as such they need to be able to deal with eventual crashes and with seeing their accounts being on the red for years something that is not easy to do at all.

But when it comes to trading the markets patience is not really necessary because you are going to hold your trades for a few days or weeks, what you need to do is to read the market well and in order to do so you need to be really smart otherwise do not really bother.

carlisle1

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Quote from: Claymore2 on August 06, 2020, 05:17:38 AM

...

your explanation is very good, easy to understand...
we have often heard of traders who lose and it is usually caused by that trader's lack of patience. Apart from the ability to read charts and analyze, patience is a very important key for a successful trader.

You also gained that abilities by means of patience, studying the entire market really takes time, if you wish to have a better
edge you really needs to start working with this capabilities.

The more you have patience the more you will be able to evaluate the process, it's not just an easy access to success but

there's always a good way to established your knowledge and create a working strategy.

sana54210

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Also if you go all in with one move you are doing it wrong, which means if you do not invest all your money at once, you will have a chance to profit when there is a bag in your portfolio as well, this way you will trade one coin, if it doesn't work out and it goes down you can wait for it go back up but at the same time you will have more money set aside and you will use that in order to make a profit, that really sounds like something that could work out if you do try it out.

I mean you are still trading, you are still profiting if you can, it is just that one part of your money just stuck at one place while the other makes a profit. So, this works out very well for you unless all of your money gets stuck into bags and you have none left which means you are not picking very well Cheesy

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cabron

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https://www.betcoin.ag

The first thing I tried learning when I started got into crypto is to learn whether its a good time to trade. If the market is bearish, it's definitely not a good time. BTC/USDT or other stablecoin is just the only pair to trade too because its just the only that amazingly inflates. There is no other else unless you are prepared to hold for a long time, can't say its bad but it will test your patience so just trade on BTC/USDT.

sutherland77

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Can anyone recommend a trusted broker where I can trade Bitcoin on a demo account? I previously worked with Just Forex broker (source), but they removed bitcoin from the available instruments in the demo account.

Topic: Basic things that you need to know before starting in trading - page 3. (Read 792 times)