This tip isn't just for beginners alone. This are tips that should be continuous for anyone. Pro traders still follow some version of this to be sure that they make money.
The thing is that you find yourself going back to it because if you do not you will pay dearly for it.
Topic: Beginners Should Follow These To Be A Good Price Predictor - page 3. (Read 597 times)
Crypto Beginners are those who have just started to know or learned a little about Crypto or Trading. That's why it's very crucial time for them as they don't have much experience. But a good start can change his future and a bad start can make him disinterested to Crypto or Bitcoin. So here are some of my advices and I know they have much more to learn.
1. Doing Fundamental Analysis: Fundamental Analysis is used to Determine how much potential a Crypto or Bitcoin is. Also by this Beginners will learn how Bitcoin or a Crypto works and what are the advantages or Disadvantages of Crypto. So to predict price of Bitcoin you should know about it's fundamental and it's potential for the future. It's also important if any new project launched and we are curious about it's potential.
2. Use Moving Avarage and Chart Analysis: Its a must and common way to predict price of Bitcoin and for this you have to know about some indicators and patterns. You can draw support and resistance level in your chart and can predict the price will pump it it hit support zone or can dump a little or be stable in resistance zone. Also Moving Avarage (MA) will simplify your prediction and will notify you about upward trend or a downtrend. The best app to practice technical analysis is TradingView. You can use some useful indicators for free in this app.
3. Learn from others Analysis: In TradingView you will saw many users are sharing their opinions about market prediction. Some of them are predicting pump of Bitcoin and some are predicting down. They have their own research so try to study their chart drawing and analysis. Then learn from the wining predictions and search faults from the losing predictions. That will help you to grow in a effective way.
4. Experience your knowledge with Demo Trading: Its a good choice for beginners to trade with the demo funds before investing real funds. It will help to find out the faults of your analysis without losing real assets. It will also increase the experience of a trader. Some sites are offering Demo trading like Etoro , Bybit etc.
5. Avoid Emotional Trading and Always Follow the Trend : Beginners are very poor to control their emotions in crypto trading. Even many experienced traders can't control it. So it should be controlled by practice and patience. Don't go for FOMO(Fear Of Missing Out) buying, avoid FUDs (Fear, Uncertainty And Doubt) and try to know more about Fear and Greed Index. And it's a must to follow the trend because there might be a chance to pump together.
6. Learn About Upcoming News or Events: We all can predict that Bitcoin pumps hard after every Halving. So there are many upcoming news and events available of every project which can determine its price. So we should also look at those upcoming events.
1. Doing Fundamental Analysis: Fundamental Analysis is used to Determine how much potential a Crypto or Bitcoin is. Also by this Beginners will learn how Bitcoin or a Crypto works and what are the advantages or Disadvantages of Crypto. So to predict price of Bitcoin you should know about it's fundamental and it's potential for the future. It's also important if any new project launched and we are curious about it's potential.
2. Use Moving Avarage and Chart Analysis: Its a must and common way to predict price of Bitcoin and for this you have to know about some indicators and patterns. You can draw support and resistance level in your chart and can predict the price will pump it it hit support zone or can dump a little or be stable in resistance zone. Also Moving Avarage (MA) will simplify your prediction and will notify you about upward trend or a downtrend. The best app to practice technical analysis is TradingView. You can use some useful indicators for free in this app.
3. Learn from others Analysis: In TradingView you will saw many users are sharing their opinions about market prediction. Some of them are predicting pump of Bitcoin and some are predicting down. They have their own research so try to study their chart drawing and analysis. Then learn from the wining predictions and search faults from the losing predictions. That will help you to grow in a effective way.
4. Experience your knowledge with Demo Trading: Its a good choice for beginners to trade with the demo funds before investing real funds. It will help to find out the faults of your analysis without losing real assets. It will also increase the experience of a trader. Some sites are offering Demo trading like Etoro , Bybit etc.
5. Avoid Emotional Trading and Always Follow the Trend : Beginners are very poor to control their emotions in crypto trading. Even many experienced traders can't control it. So it should be controlled by practice and patience. Don't go for FOMO(Fear Of Missing Out) buying, avoid FUDs (Fear, Uncertainty And Doubt) and try to know more about Fear and Greed Index. And it's a must to follow the trend because there might be a chance to pump together.
6. Learn About Upcoming News or Events: We all can predict that Bitcoin pumps hard after every Halving. So there are many upcoming news and events available of every project which can determine its price. So we should also look at those upcoming events.
These are all good advices but the demo trading thing, I disagree.
Demo trading for me is not completely the exact trading experience you would have when you trade your funds, demo trading let you win most of the time, it's like a bait for you to finally enter the trading world so depending your decision to it is kinda risky at some point, in my opinion.
The following the trend and be updated for upcoming events or news are the best to predict what's gonna happen next, but still, we shouldn't forget to put TP and SL to avoid lossing so much of our money. Newbies always want to earn so much by putting huge leverage which I don't really recommend.
The Op's Compilation is good I do respect it, Information will be also helpful but as the dear above said this is one of those topics which is discussed many times many many times, even though I had done a basic trading series which is incomplete because people don't like reading much stuff, Videography and Charts & Images are more effective for this purpose. I will suggest starting critical topics, on the basis of queries, day-to-day asked questions, and current market developments, It will bring more responses.
The rest of the things are good as your compilation, I think it's enough to read properly still you can improve it by making it visually more pleasant using Bolding, Colors and different sizes, etc.
So, it seems I am correct that the OP's topic isn't new anymore? I noticed it after a few read but I need to verify it through the comments. Maybe the OP's intention is truly good like he only wants to help a newbie and not asking anything in return like getting some merits but still, it would be better if he learn to make a research first so that all are going to be cool with him.The rest of the things are good as your compilation, I think it's enough to read properly still you can improve it by making it visually more pleasant using Bolding, Colors and different sizes, etc.
Interesting on how you admit that you fail in trading simply because you don't like to read and maybe you didn't complete all the trading lessons? But, even if we use other learning materials, we can still be bore if our main goal is only to earn a quick buck and we lack in passion.
Your take doesn't necessarily mean that if you do any stuff with the things OP things listed, it's still no guarantee you will get any of the prices right. Being an indicator of price isn't necessarily equate to just following it. It's still up to the market.
This is very true. Know that the trading market is always uncertain and unpredictable so regardless if you are highly knowledgeable and skilled in trading, there’s no guarantee that you will come up with perfect price prediction in most of your trades. Even veterans in trading still suffer from inevitable losses, that is because their analysis in the market and their market price predictions were never perfect at some point. So I think there’s no way a trader will be perfect enough to predict correctly all the crypto prices in the market.but that does not mean knowledge and skills are not important,
it is an important thing and every trader needs to have that basic skill.
A person cannot become a good predictor even after following all the steps unless he can change himself. So it is not a guarantee that following all the steps will make a good predictor. Self-discipline can make a person successful everywhere, so it is important to be a self-disciplined person to be a good trader, good predictor. Nice try OP, now it's a matter of seeing how one thinks and uses these things.
Your take doesn't necessarily mean that if you do any stuff with the things OP things listed, it's still no guarantee you will get any of the prices right. Being an indicator of price isn't necessarily equate to just following it. It's still up to the market.
This is very true. Know that the trading market is always uncertain and unpredictable so regardless if you are highly knowledgeable and skilled in trading, there’s no guarantee that you will come up with perfect price prediction in most of your trades. Even veterans in trading still suffer from inevitable losses, that is because their analysis in the market and their market price predictions were never perfect at some point. So I think there’s no way a trader will be perfect enough to predict correctly all the crypto prices in the market. 
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3. Learn from others Analysis: In TradingView you will saw many users are sharing their opinions about market prediction. Some of them are predicting pump of Bitcoin and some are predicting down. They have their own research so try to study their chart drawing and analysis. Then learn from the wining predictions and search faults from the losing predictions. That will help you to grow in a effective way.
This part of this post is something i wont advise a beginner 🔰 to partake in yet till you have mastered and understood the analysis you put out for your self, because if one tries to follow others analysis trust me we will all go astray. we have tons of people with different markets analysis out there you dont expect me to learn them all. so in my case this is a NO WAY FOR ME.
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3. Learn from others Analysis: In TradingView you will saw many users are sharing their opinions about market prediction. Some of them are predicting pump of Bitcoin and some are predicting down. They have their own research so try to study their chart drawing and analysis. Then learn from the wining predictions and search faults from the losing predictions. That will help you to grow in a effective way.
This part of this post is something i wont advise a beginner 🔰 to partake in yet till you have mastered and understood the analysis you put out for your self, because if one tries to follow others analysis trust me we will all go astray. we have tons of people with different markets analysis out there you dont expect me to learn them all. so in my case this is a NO WAY FOR ME.
I wrote this step by step guide to any new trader on what they need to take into consideration. What did I forget or do you agree?
1. Do your research: Before you start trading, make sure you understand the basics of cryptocurrency and the market you're planning to trade in. Consider factors like market volatility, trading fees, and security measures.
2. Choose a platform: There are numerous crypto trading platforms out there. Look for one that offers the coins you're interested in trading, low fees, and strong security measures.
3. Create an account: Once you've chosen a platform, create an account and complete the verification process.
4. Fund your account: To start trading, you'll need to deposit funds into your account. Most platforms accept deposits in fiat currency or cryptocurrencies.
5. Choose your trading strategy: Decide whether you want to trade based on technical analysis or fundamental analysis. Technical analysis involves studying charts and indicators to predict price movements, while fundamental analysis involves analyzing news and market trends to make trading decisions.
6. Start trading: Once you've funded your account and chosen a trading strategy, you're ready to start trading. Be sure to set stop-loss orders to limit your losses in case the market moves against you.
Remember that crypto trading can be risky, so start with small amounts and never invest more than you can afford to lose.
Please feel free to challenge or add if I forgot something important. I'm very familiar with crypto but only now after studying for 2 years wanting to start trading myself so I'm sure there are tons of people with more in depth experience and words they want to say to any beginner
1. Do your research: Before you start trading, make sure you understand the basics of cryptocurrency and the market you're planning to trade in. Consider factors like market volatility, trading fees, and security measures.
2. Choose a platform: There are numerous crypto trading platforms out there. Look for one that offers the coins you're interested in trading, low fees, and strong security measures.
3. Create an account: Once you've chosen a platform, create an account and complete the verification process.
4. Fund your account: To start trading, you'll need to deposit funds into your account. Most platforms accept deposits in fiat currency or cryptocurrencies.
5. Choose your trading strategy: Decide whether you want to trade based on technical analysis or fundamental analysis. Technical analysis involves studying charts and indicators to predict price movements, while fundamental analysis involves analyzing news and market trends to make trading decisions.
6. Start trading: Once you've funded your account and chosen a trading strategy, you're ready to start trading. Be sure to set stop-loss orders to limit your losses in case the market moves against you.
Remember that crypto trading can be risky, so start with small amounts and never invest more than you can afford to lose.
Please feel free to challenge or add if I forgot something important. I'm very familiar with crypto but only now after studying for 2 years wanting to start trading myself so I'm sure there are tons of people with more in depth experience and words they want to say to any beginner
4. Experience your knowledge with Demo Trading: Its a good choice for beginners to trade with the demo funds before investing real funds. It will help to find out the faults of your analysis without losing real assets. It will also increase the experience of a trader. Some sites are offering Demo trading like Etoro , Bybit etc.
The demo features don't help much, but might be good for anyone too worried about running out of budget. After all, live trading will give them experience and courage, but of course beginners shouldn't rush with big budgets. While the demo can help you figure things out, your worries will likely be the same when it comes to live trading.My one piece of advice, beginners just need to start trading with a small budget while developing their trading skills. Also don't expect to get rich overnight and stay away from more altcoins.
because the strategy that you acquired throughout the years may not be applicable to the new project you are interested with. hence, your strategy varies depending on the project you want to explore with. and there are so many factors in play regarding the potential of the project in the market such as the actual developments, the capability of the team, marketing, actual use case of the project itself among others.
Just to be clear, new projects are different from some of the older projects I've found. Strategies will vary and will be customized and many factors will influence how new projects have various challenges.
From all that, the most important thing is to keep updating our own knowledge so that we can develop and keep up with how the latest strategies can be applied to new projects that continue to emerge.
If we can't adapt then we can't keep up with the development of several projects that have potential.
6. Learn About Upcoming News or Events: We all can predict that Bitcoin pumps hard after every Halving. So there are many upcoming news and events available of every project which can determine its price. So we should also look at those upcoming events.
Trading cryptocurency relies on market news like others currencies you trade when trading forex. Bitcoin rise and falls depending on the news surrending it is been interpreted. When news concerning the market are bad, the market reacts in a negative way that causes the price of Bitcoin to fall and when the news or event coming up are positive the market will start moving up. An example is the halving coming up very soon.
Learning about upcoming news and event will help you stay informed about things happening in the market but that it won't guarantee you you won't lose when trading and that's because sometimes the market moves in opposite directions of the news and events are pointing at.
Having the courage to face the risk is a big factor for us to overcome it. This is what can help us to be successful in our trading
action in exchange.
But of course, we still need to know the correct use of trading tools when we actually do it so that we can have a realistic analysis about this matter as long as we also know that you must use our emotions correctly.
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4. Experience your knowledge with Demo Trading: Its a good choice for beginners to trade with the demo funds before investing real funds. It will help to find out the faults of your analysis without losing real assets. It will also increase the experience of a trader. Some sites are offering Demo trading like Etoro , Bybit etc.
This should be prime one when it comes to learning trading. Having demo account gives you unlimited access to the fund and full open market view where you can apply whatever strategy you think is best. You have to lose nothing when you are in the demo mode. You can have your wildest trading strategy applied during this session see if it would work or not.
How it is important? Well in my opinion with demo account and continued use of the same you familiarize yourself to the trading environment and with the time that used too platform wont make you afraid of itself so you can end up making good trades. This is simply because you dont fear it. In normal way many people lose their funds because they have no idea what they are doing, they are afraid about it when it comes to real money investment. So yeah train your dragons in the world of demo accounts and nail it.
You have done well by presenting this for those who will be interested in learning bitcoin trading despite the fact that this might have been discussed several times before but there's still more needs to keep reminding people coming new to trading the required procedures and all needful requirements needed for a successful trading, if they can go through the whole process and keep in mind the possible required principles in trading, they will have the best in trading over time.
It will make more sense to provide the link to a similar post if such post has been made previously so that people who might be interested in that topic should compare. It will also help to broaden ideas since the authors are not the same and might have a different idea as well. One among them must be more helpful than the other definitely.Your take doesn't necessarily mean that if you do any stuff with the things OP things listed, it's still no guarantee you will get any of the prices right. Being an indicator of price isn't necessarily equate to just following it. It's still up to the market.
It's obvious and known to us that there's no precision in Bitcoin price and crypto in general. What we have is assumption and prediction. Market is not like a pregnancy that'll will just get into the lab, scan and have accurate result. With your experience and expertise, everything can go wrong sometime. This does not however means that studying market is not necessary or a waste of time. It's highly recommended. Your loss can be minimize even if market does not play to your advantage because you can quickly discover and do the needful.
4. Experience your knowledge with Demo Trading: Its a good choice for beginners to trade with the demo funds before investing real funds. It will help to find out the faults of your analysis without losing real assets. It will also increase the experience of a trader. Some sites are offering Demo trading like Etoro , Bybit etc.
Most of the demo trading apps or platform we have for crypto are very limited, they should be no more than 4 in number, and the don't have all the coins to practice, most of the time they have just bitcoin and it's not enough for practicing for beginners, they don't have all these crazy altcoins to see how one can handle volatility. Tradingview has this features and trade any coin you desire with paper trading.
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5. Avoid Emotional Trading and Always Follow the Trend : Beginners are very poor to control their emotions in crypto trading. Even many experienced traders can't control it. So it should be controlled by practice and patience. Don't go for FOMO(Fear Of Missing Out) buying, avoid FUDs (Fear, Uncertainty And Doubt) and try to know more about Fear and Greed Index. And it's a must to follow the trend because there might be a chance to pump together.
This is easier to say, even professional traders feel the impact when things go wrong and it's even normal for human being to react when they experience a loss but with time, it comes normal under normal conditions of trading accompanied by risk management, you need risk to avoid dashing out money to the market.
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6. Learn About Upcoming News or Events: We all can predict that Bitcoin pumps hard after every Halving. So there are many upcoming news and events available of every project which can determine its price. So we should also look at those upcoming events.
You can't learn about upcoming news but when you stay glued to some media channels and top influencers with reputation who have high number of followers like Twitter, Telegram channels do help, but you should know that there are some information that comes sometimes unexpected, even the media channels don't expect them, they come by surprise and shock and you don't have options than to play along the market.
Having the courage to face the risk is a big factor for us to overcome it. This is what can help us to be successful in our trading
action in exchange.
But of course, we still need to know the correct use of trading tools when we actually do it so that we can have a realistic analysis about this matter as long as we also know that you must use our emotions correctly.
Among the list, I can add is Risk Management.
Risk management is very important and even if you are a "beginner" I can say that practice this even with how much capital you have on trading, you need to already have risk management. Practice it.
Always remember that risk management is not about ensuring profits, but rather about reducing potential losses and safeguarding your capital.
Taking risk in trading is a big step for an aspiring trader but knowing how to manage the risk will develop a great trader in the future. That’s why risk management is very much essential because if you know nothing about it, you will never be successful in your endeavor, especially if you aim to be a good price predictor that will lead into being a successful trader. While trading has its own inevitable risk of losing, but know that you can always minimize the risk if you know how risk management works.Risk management is very important and even if you are a "beginner" I can say that practice this even with how much capital you have on trading, you need to already have risk management. Practice it.
Always remember that risk management is not about ensuring profits, but rather about reducing potential losses and safeguarding your capital.
Having the courage to face the risk is a big factor for us to overcome it. This is what can help us to be successful in our trading
action in exchange.
But of course, we still need to know the correct use of trading tools when we actually do it so that we can have a realistic analysis about this matter as long as we also know that you must use our emotions correctly.
Good advice, I hope it wasn't written with artificial intelligence.
The problem does not lie in the tips, but rather in the application. For example, I can give you thousands of tips to learn to drive a car, but 5 minutes of application equals thousands of hours of reading. The first is to start by creating a demo account and learn the basics such as Moving Avarage (MA), support and resistance points, and Fibonacci analysis. After that, you need to start trading with small amounts to learn how to control your feelings and stay away from psychological factors, and over time you can compare your strategy and advice with other traders or post it here.
Very well said hugeblack. 10% of practice is quite better than 90% of theory. I remember in my tertiary institution days, we were taught theories and at a point I was more than excellent in the theory courses. But after I graduated from the institution I had to face the practical aspect of what I was taught. It was then I realised that I did absolutely nothing in the institution because they lacked the practical apparatus.The problem does not lie in the tips, but rather in the application. For example, I can give you thousands of tips to learn to drive a car, but 5 minutes of application equals thousands of hours of reading. The first is to start by creating a demo account and learn the basics such as Moving Avarage (MA), support and resistance points, and Fibonacci analysis. After that, you need to start trading with small amounts to learn how to control your feelings and stay away from psychological factors, and over time you can compare your strategy and advice with other traders or post it here.
At the workplace, I started afresh, learning those tools and that was actually when I started the real learning.
There is no type of learning that is better than practical approach. Reading theories and rules of cryptocurrency trading will not help anyone. It is better you dive in, especially using demo accounts, then argument it with reading, you could then become an expert.
This ends here, you really have to exert extra effort and time on learning how the market works and since we are talking about trading here, you have to know everything before you can confidently trade and have profit. There’s also a big concern about the resources so make sure you have the good one and never rely on one source only.
There’s a lot of advices already for the beginners and I hope they are taking time to read this one.
It takes extra time to learn how trading works. It is not easy to master, I who have been on this forum for a long time continue to learn how to read the market well so that I know what to do. There’s a lot of advices already for the beginners and I hope they are taking time to read this one.
Some of the trades and investments I make go according to plan but sometimes there are those that do not match the initial prediction.
Regarding good resources, definitely do not rely on one resource. there are many resources available but really have to choose a reliable one.
In addition, do the analysis independently, because it is the best.
Independent analysis will give you a good experience, giving you knowledge every time you do a new analysis.
because the strategy that you acquired throughout the years may not be applicable to the new project you are interested with. hence, your strategy varies depending on the project you want to explore with. and there are so many factors in play regarding the potential of the project in the market such as the actual developments, the capability of the team, marketing, actual use case of the project itself among others.
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