Topic: Be a newbie trader. I avoided losing money. how? - page 7. (Read 2518 times)

The market is based on supply and demand so obviously you should keep on holding when the market prices are dropping and just sell your coins when the market start's to pump up.

Unfortunately, the loss of money is inevitable. This is a natural learning process. The market takes a tuition fee for tuition, and this is not a controversial fact. Anyone who tells you otherwise will deceive you. Use the small amounts of money in training, this is the only correct advice. The rest will come with experience after a while.

Technical analysis really works especially when you are using it correctly, but sometimes TA doesn't go on what you have set because cryptomarket are being move by news easily and people react on that. You must consider everything in trading, not just TA but also outside that indicators. Losing money can be avoided but of course its still not guaranteed, just keep on doing the right things in trading even you have loses because profit will come to you in time.

This make sense and a good advise

making the proper usage of an RSI not only for an overbought and oversold but the term R and S levels

through that you could possible look at breakup or breakdown levels and a proper entry point and exit point

This is really good and you are making good progress in your learning. Technical analysis is a must have for every crypto trader or investor. It would enable you know where prices are headed and for you to make good and better decisions. Good stuff

When put money in to trading firstly we should know the risk and we should have money management to reduce it. Technical analysis not work accurately in crypto trading and make sure we use stop loss whenever  buy any crypto. High fluctuacion of crypto make possible to earn profit more than 100% in amonth but also possible loss to 90%. So learn more how to minimize the risk from high volatility is the most important thing. We should be thinking the level high risk first and then make better trading plan to avoid it.

Even after we got experience in trading still it is impossible to predict the lower price and upper price of any coin.But as you said we need to keep on trying until as much as we can the only we can get the enough knowledge to get into success level.Honestly @OP those words you mentioned were still new for be because I am not doing trading as much.

Some good info Anhchang.

Keep in mind that the RSI being oversold or overbought does not automatically the price is actually overbought or oversold. Lots of times the price will enter the overbought or oversold region and then continue to move in the same direction, e.g if enters the oversold region (below 30) it can keep falling for a long time, even though the RSI is showing it's oversold. So if you buy as soon as it goes below 30 there's a chance the price could continue to fall, meaning you might have to endure some drawn down before it goes back up again, well, if it goes back up again that is. There's no guarantee that it will eventually reverse even if it is oversold, so you could lose all you money if you're not careful, though that's unlikely.

Also, support and resistance levels show where the price COULD reverse, not where it WILL reverse. Simply buying at support and selling at resistance is not a good strategy, mainly because the levels get broken all the time, and there's no way to know which levels are likely to hold before the price gets there.

A better idea is to use the RSI with the support and resistance levels, to confirm whether or not a reversal away from the level is likely to take place.

If you see the price fall to a support level, and the RSI is below 30, that's a better sign the price will rise than simply seeing the price hit a support level on it's own or seeing the RSI drop below 30. It still doesn't mean the price will definitely reverse, but it does make it more likely. Also, seeing the RSI above 70 when the price reaches a resistance level is a stronger sign the price will fall than seeing either on their own.

Hope this helps Anhchange.

This is really a good information that I need. i am a newbie. Thank you for sharing

Honestly when you are just a newbie you didn't know what price is the lowest or if the price will be continue decrease or not but if you really want to learn in trading it will be hard at first but don't lose hope because you will understand trading if you really want to learn.

You are so lucky then because you avoided losing your money even you are a newbie because if I remember correctly, most newbies lose their money when they are starting in trading. Some of the newbies just throw their money in trading without proper training.

When I am starting in trading, I have the proper knowledge already. I know how to read candlesticks already and I know how to use indicators but I lost half of my trading funds. What is the reason? Emotion. I didn't know how to control my emotion and I the outcome - I lose my money because of FOMO and others. When you are new in trading, aside for knowing the technical things on trading, know how to control yourself first.

I think its not the best way to go for your trading action. Im not sure whats making you so much reliable over such websites who make technical analysis about the crypto trading. You are new and you will soon find out that crypto currencies are far more unstable than what they look like today. These currencies are changing in values all the time depending upon various facts around us. The news, progress of project, investor relations and much more. In such case technical analysis always fails mate. So rely on such sites but dont rely too much.

I'm sure losses will always be in market position like this, because there will be no clear calculation for the future.
The excellent ingredients given to everyone, hopefully apply it after entering the trade with a fast heartbeat position, the simplest is to buy at a low price and resell at the highest price, most of the rules I'm sure it's not too 100% to get profit.

That's good strategy everyone should learn before entering in trade.  Trading is high risk and newbie with less knowledge can loose his money
 

Thanks for the info, just don't forget the fundamental analysis too

Trading is not about having a lot of money to trade, it is about having a lot of knowledge to trade. Without that, with less or more money, you are bound to fail any which way. It is a good thing the OP brought out some of the things he has learned, which is more of price action at some certain point and a good way to go for any trader. However, there is still more to it, when it comes to stopping loss and market deciding to go against your perception.

You have to be attentive even if you are using a simplest I indicators like RSI. When Whales got to manipulate the market, even the indicators you've mentioned are useless. Anyhow, being attentive when having an entry in trading will further help you more to cut loss if ever or to exit immediately when you already profited.

We all here doesn't want to loss money. For you to not loss money don't risk your money on this. Just trade if you have a lot of money to trade and invest in on a particular project but if you doesn't have that enough money you can join on different airdrops and bounty for you to have some coins and tokens to trade in.

That is a great way to start, but always remember trading indicators can't be rely 100%, and I think the best way to start is by learning candlestick and price action, it can be tricky when you used too many indicators for beginner, and don't trade because of the greed, always check the chart dont blindly following other traders advice

One can learn trading if they decide to manage and add time in learning the basics to advance of trading im also a newbie so it's nice to see someone sharing good info about price analysis. But im surprise your still a newbie but you've manage to learn so much in just a short amount of time. I dont even have any idea about support and resist. I just know some basic indicators.