This could also be placed in a Beginners & Help for those newbies that have no idea about trading.
By the way, this topic is really essential so that they will not be shocked about how trading works. They will have prior knowledge that will help them to minimize their losses and earn profits depending on how they are committed in to trading. Not all are getting successful so people should know how to deal with the risks in the market when trading.
They also need to know that the fate of their trading depends on how effective they will become when they grow as a trader.
Topic: Basic things that you need to know before starting in trading - page 4. (Read 792 times)
Patience is the most important thing in crypto trading also proper risk management is important. You have to have keep waiting for price to come in dip and then open trade. Buying in parts is the best things to average your buy. Like besides buy everything at the one is not good. You can buy 10 percent of your fund in one time and keep buying it in every dip.
Knowing about trading and patience will help you analyze the coin that you can buy because you will see from your analysis about the coin that can increase in the short term or long term. But we cannot always wait for the dip because we never know how much the lower price, and as long as we can buy when a low price, we will have a chance to sell at a high price but make sure that you are not greedy to chase the bigger profit. Buying 10% at one time will be good to test if the price is down at that moment, and if the price still goes down, we can buy more with another 10%, or we can wait for more to see the lowest price.
Patience is the most important thing in crypto trading also proper risk management is important. You have to have keep waiting for price to come in dip and then open trade. Buying in parts is the best things to average your buy. Like besides buy everything at the one is not good. You can buy 10 percent of your fund in one time and keep buying it in every dip.
The foundation of the technical analysis is the support and resistance, it is important for the newbies to understand first how to identify support and resistance and how to validate a certain trend. There is a role reversal that the newbies should be familiarize where the support can become resistance if there is a breakdown and also vice versa where the resistance become support if there will be a breakout.
You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.
You got it mate, the new traders out there think that trading is just like gambling because they are just buying whenever they see a green candle or they just buying because their guts say so. Technical analysis is the first thing that the new traders should learn. There are a lot of lessons in technical analysis like support and resistance , stop loss and cut loss and also risk management. The reason why a lot of traders are keep losing in their beginning performance of their trading career is because they do not focus on investing in their knowledge. You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.
The foundation of the technical analysis is the support and resistance, it is important for the newbies to understand first how to identify support and resistance and how to validate a certain trend. There is a role reversal that the newbies should be familiarize where the support can become resistance if there is a breakdown and also vice versa where the resistance become support if there will be a breakout.
You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.
You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.
Trading in a good way is not possible with just a simple thought. Before you start trading in a good way you have to have a good idea about trading otherwise you will not be able to do anything good. If you can't get an idea of everything about trading, you will lose a lot more when you go trading.
Of course patience is an important role in trading, without patience will only make you suffer losses. We can even use patience
for various things, not only for trading. Besides that one who has patience usually easy to run life. And usually patience belongs
only to old traders, which is it nowadays newbie must start to have patience too, don't just want instant profit.
for various things, not only for trading. Besides that one who has patience usually easy to run life. And usually patience belongs
only to old traders, which is it nowadays newbie must start to have patience too, don't just want instant profit.
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
Entry Exit & Stop loss
These 3 things you have mentioned is just the gist of a whole trading plan but at the back of it these 3 requires technical analysis before you can define what will be your entry and exit points as well as your stop loss point as without any kind of analysis you will just be picking a random number just by guessing it is a good entry for your trade. Yeah you made it look simple but you are just confusing members especially the newbies that trading is as simple as you defined but they'll just be risking their money if they plot their entry, exit, and stop losses without any kind of analysis.
One can just truly understand the whole context once they are now under the actual feeling and pressure of doing trades. Honestly, there are lots of newbie traders who really study the basics, do's and don't, pros and cons, and each stuff they need to keep in mind once they do trades but in actual, those reviews and studies aren't actually applied in the situation.
Are they noobs? Definitely no. It's just that some got surprised that trading is not a joke to the point that all pointers they studied become useless.
So how to solve this? By gaining experience. Once these newbies become used to do trades, they can now understand those things that others are telling them to do. That's why for me, a simple advice not to be carried away is the only tip I'm giving to newbies (of course, including the basics). I like them to actually think of a way how to solve those problems they will encounter while doing trades whether technically or mentally.
Well, OP has a point on it, and thank you for sharing your thought before starting in trading.
On my own, --if I am in trading. Patient and try to have a perfect timing in trading because when executing buy and sell action, this need your skills how to predict the market. I know that the market is unpredictable but at least you are predicting that has a reference to have a nearest guesses in crypto price. However, I advise those people who are new in trading to have always research to fulfill your knowledge and skills in trading.
On my own, --if I am in trading. Patient and try to have a perfect timing in trading because when executing buy and sell action, this need your skills how to predict the market. I know that the market is unpredictable but at least you are predicting that has a reference to have a nearest guesses in crypto price. However, I advise those people who are new in trading to have always research to fulfill your knowledge and skills in trading.
If you could have a roadmap for your day trading, you could definitely work out something that would be in your favor. Just know what you want to trade, not just the pair not just the coin but know what you want to trade as entry point and exit point as well, and do not take it as price, just check the indicators and see where if you buy it would be beneficial and would be undervalued and where if you sell would be beneficial and profitable and overvalued.
If you can calculate those things before you do any trades, you would definitely make a good profit in the long run even if you happen to face some sort of troubles along the way. Without being prepared like that, we are not going to see anything profitable, we would just wing it and that would cause you to lose a lot of money.
If you can calculate those things before you do any trades, you would definitely make a good profit in the long run even if you happen to face some sort of troubles along the way. Without being prepared like that, we are not going to see anything profitable, we would just wing it and that would cause you to lose a lot of money.
Whatsup with the large font. You could made the post with normal font size and it would have received the same response as it is now.
Patience is the key to trading profitably. Many people tend to make the mistake of trading in a panic and as per my experience panic trading always results in a loss. A good strategy has to be planned first and then executed accordingly by placing the targets right.
A successful trader can make profits in any market provided his strategies are right.
We often buy/sell at the wrong time and then blame ourselves or the market for the loss.
So it's quite obvious that if we don't follow our strategy then we are about to lose our money.
Patience is the key to trading profitably. Many people tend to make the mistake of trading in a panic and as per my experience panic trading always results in a loss. A good strategy has to be planned first and then executed accordingly by placing the targets right.
A successful trader can make profits in any market provided his strategies are right.
We often buy/sell at the wrong time and then blame ourselves or the market for the loss.
So it's quite obvious that if we don't follow our strategy then we are about to lose our money.
So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.
Wow! 70%. Do you know someone earning this big consistently or all the time?
Average traders would be considered earning 10%-20% of their profit, and take note they're an experienced traders. So, how would expect someone who's just starting to engage into the world of trading and find a strategy that could generate a 70% profit ALL THE TIME
Seriously, that's not possible.
I think that everything depends on the size of the Deposit. With a Deposit of $100, it is very easy to make a profit of 70%, for this you can use a high-risk trade with a large exchange shoulder. But having a Deposit of tens of thousands of dollars, you will not be able to achieve this result, since only 7-10% of the Deposit will be involved in trading.
Another thing that helps traders' patience is how they take profit and plan with it. For some countries that followup paying tax on cryptocurrency, their citizens must know and learn the procedure of paying tax before bullrun. such plan will prevent paying tax with acquired material after bull or over spending, planing in 4-5 years after bull run will help the patience to hold on irrespective of the market condition and perhaps buy good amount into the bear market.
1 important thing that i can't do until now is how to control emotion. Maybe easy to get panic is a bad thing and people should know it. It is all about emotion because it will affect on our decision in trading. But now i only joined copy trading system, so i just follow trader who i think is good, although it is same, no guarantee to be profit, at least i ama not do any deep analysis. And for sure, they wouldn't let themself to keep losses.
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
they will be praying so hard by now.
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
they will be praying so hard by now. 
When I was a starter, I do remember these basic things;
And other things will follow like learning some technica analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.
Unfortunately very few people can actually do the third point that you are suggesting, when people begin to trade they are using their life savings to do so and let's be honest who can afford to lose their life savings? No one, when taking that into account even if that rule is a very popular one the truth is no one can afford to lose the money they are using while they are trading which is why you need to be incredibly cautious in your strategy to try to get money out of the markets. - Risks Preparations
- Emotional control
- Trading money that you can afford to lose
And other things will follow like learning some technica analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.
The most important thing of all apart from having a plan and following it without changing it is the correct and obligatory placement of the Stop and Take Profit, this prevents you from losing more than normal, when you lose you must assume failure and learn from it, in the same way way when you win.
Some traders when they lose lengthen the Stop and change it, hoping that they will recover, and many times in their majority it does not happen, that is, what I recommend most is: Cut the losses and lengthen the gains, the most novice in Trading does the opposite, of course, all this is given by experience.
Some traders when they lose lengthen the Stop and change it, hoping that they will recover, and many times in their majority it does not happen, that is, what I recommend most is: Cut the losses and lengthen the gains, the most novice in Trading does the opposite, of course, all this is given by experience.
When the news start going around naming cryptocurrency as ponzi scheme then you know the bull market is here. Everyone has run away with the bear market and some came late into the peak of the bull market price, they buy and cant endure the pain of the bear market. Short term trading is not the best to take 100-1000x, sometimes it could leave traders without the ability to buy back as price keeps going up.
A true trader can understand that trading won't work instantly and ain't proceeded to an instant gain. Yet, they keep trying until they succeed, but that is not what we observe and saw from the majority. 2 weeks to 1 month without a single gain but losses, the small traders won't actually survive that way, will that be possible for big-time traders.
I'm not sure how patience will be work in trading but a need to learn by starters. If we don't have that kind of attitude, then don't expect that we can go along the market volatility and succeed in trading.
I'm not sure how patience will be work in trading but a need to learn by starters. If we don't have that kind of attitude, then don't expect that we can go along the market volatility and succeed in trading.
Jump to: