Best trading advice for a beginner | Bitcointalksearch.org

Futurexxx

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Quote from: Crypto Inferno on November 21, 2024, 03:04:18 PM

What advice would you give a newbie that started trading? Let's say he has decided to leave his comfort zone and get his hands on the it.
Are there pitfalls to avoid? Where is the best place to get started with? Any materials to help grasp the concept faster? Do you mind giving hints on what helped you scale through in your early beginning.

As a beginner, it's not easy at all, because it's the most difficult stage in life.
But when it comes to trading, the first thing to do as a beginner is to trade with what you can afford to lose, because trading is a game of emotions, and your ability to control your emotions defines if you are going to be successful or not.
So if you can trade with what you can afford to lose, your emotions will definitely be in check and you wouldn't have to make any rash or stupid decision that may compel you to loss money, so trading with what you can afford to lose is very much important if you want to be successful as a trader.
Another thing you really need to pay close attention to is to know when to stay off the market, this is one particular skill most trader even veterans traders lack, if you can attain all this skill as a trader, then I am convince that you are good to go.

adultcrypto

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Quote from: zuzie on December 27, 2024, 10:59:11 AM

Of course, in the world of trade there must be an analysis to solve the problem, meaning that as a beginner trader you must be able to get profit by applying the consistency of the selling value in the market, namely by seeing and comparing the selling and buying prices of products around you. And do not forget that as a beginner trader you must also be ready to take high risks in trading activities, you must be ready to accept all the risks because competition between traders is increasing and it is not easy for beginners to be good at managing and processing good strategies in running it.

The last thing a beginner trader needs is to take high risk because if he try that, with few losses he will be out of cash and possibly hate trading. Instead of taking high risk, a beginner should even practice demo trading which is paper trading that is available in most exchanges. This will enable the beginner understand how the market works and practice whater strategy he chooses to use for the trading. It will be a disastrous mistake for the trader to be carried away by the desire for quick money so much that they will ignore the need to practice.

leonair

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Quote from: Crypto Inferno on November 21, 2024, 03:04:18 PM

What advice would you give a newbie that started trading? Let's say he has decided to leave his comfort zone and get his hands on the it.
Are there pitfalls to avoid? Where is the best place to get started with? Any materials to help grasp the concept faster? Do you mind giving hints on what helped you scale through in your early beginning.

There is no special secret to trading, the more you research the market, the more you will understand how a coin in the market performs at any given time. Trading is not something that anyone can learn overnight. However, I can give this advice to newbies that in a new situation, without understanding trading or market analysis very well, you should never go into leverage trading such as margin trading or futures trading because crypto is very volatile. If someone enters a coin with high leverage without properly predicting what the price of the coin will be after 1 hour, then his fund can be liquidated quickly, which can be a very bad experience for new traders.

By avoiding leverage trading and trading with small amounts in spot trading, he will understand how the market behaves and he will gradually enjoy trading.

zuzie

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Quote from: RockBell on December 29, 2024, 05:26:49 PM

And consistency matters a lot because the more you are more consistent the more you are doing well because when you don't trade more often you will be left out because a lot of people are always given up easily when they are suppose to be trading and getting more experience because that is like one of the most important thing they need.

The more you are ready to learn the more you are ready to do wonders that is what is making this whole thing very sweet and you will face less challenges.

Yes, that's right, maintaining consistency in trading is also very important besides analysis, so with consistency a trader will also be more confident in how to organize, determine how to sell so that it remains safe even though it doesn't make much profit, because a trader who applies their consistency mostly takes only a little profit with the note that it does not change the spirit of his trading work.

Yes, by learning little by little about the right and safe trading formula, traders will be smarter in organizing and selling their merchandise and I am sure that unconsciously the trader will feel happy because he gets good and satisfying results.

RockBell

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Quote from: zuzie on December 27, 2024, 10:59:11 AM

Of course, in the world of trade there must be an analysis to solve the problem, meaning that as a beginner trader you must be able to get profit by applying the consistency of the selling value in the market, namely by seeing and comparing the selling and buying prices of products around you. And do not forget that as a beginner trader you must also be ready to take high risks in trading activities, you must be ready to accept all the risks because competition between traders is increasing and it is not easy for beginners to be good at managing and processing good strategies in running it.

There is no way that anyone will be able to do trading with the knowledge on analysis because that is part of the criteria that will help you on this journey, when you start trading profit is not a mind set at all because at first you might not get anything based on they are just starting and to avoid lots of money lose coaches or mentors will advise beginners to use demo account at least it will help them reduce a lot of risk losing there money and it's like a new system.

And consistency matters a lot because the more you are more consistent the more you are doing well because when you don't trade more often you will be left out because a lot of people are always given up easily when they are suppose to be trading and getting more experience because that is like one of the most important thing they need.

The more you are ready to learn the more you are ready to do wonders that is what is making this whole thing very sweet and you will face less challenges.

SamReomo

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Quote from: Natalim on December 20, 2024, 10:28:39 AM

Trading can be highly risky that’s why beginners as much as possible should stay away from trading. However, we can’t stop these people to enter trading if they really insist to try trading, hence they should practice high caution, otherwise trading can only be a waste of time and money.

Well, beginners should stay away from doing trading but they can still learn trading by watching good videos by famous traders and or by reading trading related books, and then they can start testing the market with demo accounts. Although, I never suggest anyone to use demo accounts but still when it comes to beginners who aren't financially good or who are students then in such case it's better to begin with demo account.

After learning principles of trading, a beginner should do trades with real money, I know the new trader will most probably lose money in his/her trading journey but from those losses he/she will learn that how he/she could have saved himself/herself from those losses by controlling his/her emotions during trading.

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Quote from: moneystery on December 27, 2024, 11:25:18 AM

Quote from: YOSHIE on December 26, 2024, 02:53:17 PM

....

If this is your first time getting involved in the world of crypto, don't do it straight away, learn from an expert, you have to study carefully what type of crypto you want to trade, Next, understand the current market conditions and the many things you need to learn before you go any further, so that you don't suffer real losses.

learning various things about crypto trading from experts can be a solution for beginners who want to trade in the crypto market but have no basic knowledge about it. they can watch videos on youtube which are usually shared for free, or pay for online classes about crypto trading, and from there beginners can learn slowly while reading how to trade well and effectively in the crypto market.

having no experience or method and immediately trading in the crypto market can be suicide for beginners. that's why beginners must solidify their basics before they jump into the crypto trading market.

Yeah, definitely every Newbie needs to learn various things about crypto trading. Because it consists of a high volatility index. A little mistake can cause you serious hassle. So that's why I often give this advice to new traders that before jumping into trading, you should know about every bad touch of trading that can cause you to lose. In other words, first of all, you should be well aware of all the risks of trading that can harm you, for example, leverage, greed, market dynamics, etc.

According to my theory, newbies should emphasize HODL rather than sub-trading. Because there is less risk in it, and if someone wants to do bill trading, then Spot is a better option. Along with this, it is necessary to follow a few more points. i.e., Always follow the trend, choose a low amount for trade, and prefer minimal leverages as compared to high leverages.

Baki202

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Quote from: zuzie on December 27, 2024, 10:59:11 AM

Of course, in the world of trade there must be an analysis to solve the problem, meaning that as a beginner trader you must be able to get profit by applying the consistency of the selling value in the market, namely by seeing and comparing the selling and buying prices of products around you. And do not forget that as a beginner trader you must also be ready to take high risks in trading activities, you must be ready to accept all the risks because competition between traders is increasing and it is not easy for beginners to be good at managing and processing good strategies in running it.

Analysis is very important when ever anyone have decided to want to trade and aside the analysis the mindset have to be built on another different level and the more we venture into ot the more we learn because the more experience you get the more you learn and if you are someone that actually follow experience trader you can even do better but we just have to be ready to learn because there are people that have intrest but are not ready to learn. And we need to know the importance of knowing and when thay conviction is settled the only thing that will be remaining is to know how to also control your emotions. Traders will take more risks even more than gamblers, because if you want to make it big then you have to be ready to take that risk because the risk is what brings the money. And you just have to develop good skills from making from the market if not you trade and you won't get someone good in return.

moneystery

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Quote from: YOSHIE on December 26, 2024, 02:53:17 PM

....

If this is your first time getting involved in the world of crypto, don't do it straight away, learn from an expert, you have to study carefully what type of crypto you want to trade, Next, understand the current market conditions and the many things you need to learn before you go any further, so that you don't suffer real losses.

learning various things about crypto trading from experts can be a solution for beginners who want to trade in the crypto market but have no basic knowledge about it. they can watch videos on youtube which are usually shared for free, or pay for online classes about crypto trading, and from there beginners can learn slowly while reading how to trade well and effectively in the crypto market.

having no experience or method and immediately trading in the crypto market can be suicide for beginners. that's why beginners must solidify their basics before they jump into the crypto trading market.

zuzie

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Quote from: sotelorene on December 24, 2024, 01:12:01 PM

As a newbie who wants to go into trading he or she should be aware of the risk they are going to take during their time or period in trading. Trading may seem to be easy to some people, some set of people think trading is easy and the reason is because they haven't incur loss or maybe they haven't venture into it already. Trading to some extent is more than just learning, analyzing and some sort of calculation perhaps it entrails or it is beyond just that and having a strategy is very good but one should know that strategy doesn't work all the time because the market is very hard to grasp and in this note I won't advise any newbie to venture into trading yet but they should have more knowledge and understanding and also grow to an extent before they can think of trading. It has render some people useless and some people has also made it through it.

Of course, in the world of trade there must be an analysis to solve the problem, meaning that as a beginner trader you must be able to get profit by applying the consistency of the selling value in the market, namely by seeing and comparing the selling and buying prices of products around you. And do not forget that as a beginner trader you must also be ready to take high risks in trading activities, you must be ready to accept all the risks because competition between traders is increasing and it is not easy for beginners to be good at managing and processing good strategies in running it.

YOSHIE

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Quote from: Crypto Inferno on November 21, 2024, 03:04:18 PM

What advice would you give a newbie that started trading?

My advice if you want to carry out trading activities, prioritize beginners, learn about trading and the methods of experts who are willing to guide you when trading in the crypto market.

The bottom line: trading in the crypto market is high risk, let alone beginners, those with experience and experience in trading can get trapped and experience losses.

If this is your first time getting involved in the world of crypto, don't do it straight away, learn from an expert, you have to study carefully what type of crypto you want to trade, Next, understand the current market conditions and the many things you need to learn before you go any further, so that you don't suffer real losses.

Nwada001

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Quote from: Su-asa on December 22, 2024, 12:24:23 AM

Am not a trader but if you want to trade Bitcoin (crypto) you need to be patient and consistent so that you can understand the market, also be updated on daily analysis in trading. Before this you need to know that trading is not a get rich quick scheme because this is what makes a lot of traders to lose their capital and their profits. However, a trader shouldn't trade with emotions because emotions can ruin their trading career. You also need to manage your risk on risking what you can afford to lose by setting stop loss.

Trading with emotions is one area that kills a lot of traders because their decision will be very biased, and the result will be for them to be losing more money, and another type of trade, which I will also advise beginners not to get involved in, is revenge trading, that type of trade which they will want to chase their loss and try to recover what they have lost in the previous trade, which they will now have to go in with higher capital in order to minimise profit or increase their risk level so that the ROI will be higher; such type of trade also ruins traders.

Ricardo11

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Quote from: Zackz5000 on December 26, 2024, 01:02:54 AM

Quote from: CryptopreneurBrainboss on December 20, 2024, 06:00:29 PM

An advice I can give someone that has not traded before or is just picking interest is to ignore it and focus on being an investors. Just look for how you can be getting steady inflow of cash and be buying Bitcoin.

You are right there is some much risk involved in trading accumulating and hodling bitcoin for a longer time is the best way to go if the money to start up bitcoin investment is available provided you have a steady cash flow you can also set aside your discretionary income and start accumulating Bitcoin gradually using the DCA strategy to accumulate Bitcoin where you can be accumulating Bitcoin regularly either every weeks or months irrespective of the price of Bitcoin and HODL for longer periods of time which probably be between 4-10 and more.

DCA method is the best investment strategy in Bitcoin investment, because if an investor wants to invest away from the pressure of short-term fluctuations and volatility of the market, he must use DCA. And for this, he must have a discretionary income and a steady cash flow. And to prolong DCA, it is very important to keep an emergency fund and reserve fund ready along with discretionary income. And in this way, if an investor holds DCA for 10 years or more, he can profit well from Bitcoin investment, but this is not guaranteed. Because Bitcoin never gives an investor 100% guarantee of profit. So after all, if an investor continues DCA continuously for 10 years, it Only has the "potential" to give good results.

Zackz5000

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Quote from: CryptopreneurBrainboss on December 20, 2024, 06:00:29 PM

An advice I can give someone that has not traded before or is just picking interest is to ignore it and focus on being an investors. Just look for how you can be getting steady inflow of cash and be buying Bitcoin.

You are right there is some much risk involved in trading accumulating and hodling bitcoin for a longer time is the best way to go if the money to start up bitcoin investment is available provided you have a steady cash flow you can also set aside your discretionary income and start accumulating Bitcoin gradually using the DCA strategy to accumulate Bitcoin where you can be accumulating Bitcoin regularly either every weeks or months irrespective of the price of Bitcoin and HODL for longer periods of time which probably be between 4-10 and more.

Alone055

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Quote from: Cityhunter34 on December 23, 2024, 04:52:41 PM

Trading is not a get rich quick scheme but most people normally have this feeling that whenever they enter trading that they are going make quick money which is leading them into losses, just like what one of guy was telling me recently, the guy is a trader he said that whenever they paid him salary that he normally use all the money in trading, and at the end of day this guy would end up losing. I have advise him so many times that trading is not a get rich quick scheme but this guy didn't want to hear which is coursing him more losses.

A clear example of misguidance. The guy you have mentioned must have watched some influencer saying it is very easy to earn money from trading, or he might have seen a lot of clickbait images on YouTube and social media platforms where people only show their profits to instigate curiosity among people but they never show their losses and newbies think that you won't lose much in trading and it is a great opportunity for them to make easy money.

There are indeed countless opportunities in this market, and people are earning a lot of money from it, but everything is possible with knowledge and experience. You can't expect to have the same results as a newbie, which a person gets after spending years in the market and the industry. So, the first step for newbies should be to understand everything properly.

These social media influencers and YouTube content creators only tell you vaguely about things, they won't talk about clear risks because afraid of scaring people away and they don't want that since it can possibly reduce their viewership.

Hyphen(-)

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Quote from: Powerjumboo on December 23, 2024, 05:22:48 AM

I don't have much experience in trading either. But I have been wandering around the trading platform for quite some time. Since I don't have much experience, I can't get involved in trading, and since I don't have much cash, I can't trade on the trading platform. But I thought in my mind that with some cash, I will slowly prepare for trading because if you don't take risks, you can never learn anything successfully.

The best thing to do right now is to keep learning, and at the same time keep looking for capital to start your trading journey; do not borrow to start even if you have good knowledge about trading. If you are able to get it right, you can be confident it the little amount of money you have to start trading in order to grow the capital, and do not be greedy so that you can maximize your profit.
If you want to trade, do always use exchanges that have good reputation to avoid losing your money to exchanges.

Onyeeze

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Quote from: Crypto Inferno on November 21, 2024, 03:04:18 PM

What advice would you give a newbie that started trading? Let's say he has decided to leave his comfort zone and get his hands on the it.
Are there pitfalls to avoid? Where is the best place to get started with? Any materials to help grasp the concept faster? Do you mind giving hints on what helped you scale through in your early beginning.

any beginner that started trading newly, I will only advice the person to learn properly before they involve themselves in trading, because most at times what make some of us to complain about trading is inability for us not to learn properly, trading is not gambling, so it's gambling you will think that it has to do with opportunity only, but in trading you have to know some key things that will make you to overcome loss, but people doesn't know such.in trading the primary thing there is ability to understand the basics things of trading, so that's the thing a beginner have to know, and a beginner should not be desperate in trading because out of desperation leads into lost.

Publictalk792

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Quote from: Cityhunter34 on December 23, 2024, 04:52:41 PM

Trading is not a get rich quick scheme but most people normally have this feeling that whenever they enter trading that they are going make quick money which is leading them into losses, just like what one of guy was telling me recently, the guy is a trader he said that whenever they paid him salary that he normally use all the money in trading, and at the end of day this guy would end up losing. I have advise him so many times that trading is not a get rich quick scheme but this guy didn't want to hear which is coursing him more losses.

I completely agree with you about people wrong ideas about trading. Many people think it is way to make money quickly and easily but that is not true. Trading requires being careful and patient and having good plan. By the way it is sad that your friend did not listen to your advice and kept losing money. It is very important to think realistically about trading and understand that it takes time and effort ot just quick try. I hope your friend will learn from his mistakes and start trading in smarter way.

sotelorene

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Quote from: zuzie on December 22, 2024, 10:42:10 AM

Quote from: Su-asa on December 22, 2024, 12:24:23 AM

Am not a trader but if you want to trade Bitcoin (crypto) you need to be patient and consistent so that you can understand the market, also be updated on daily analysis in trading. Before this you need to know that trading is not a get rich quick scheme because this is what makes a lot of traders to lose their capital and their profits. However, a trader shouldn't trade with emotions because emotions can ruin their trading career. You also need to manage your risk on risking what you can afford to lose by setting stop loss.

Very good advice, yes for beginners who want to enter the crypto world, they must learn slowly about market analysis first because by learning to analyze the market, traders can develop or seek profit in it.
And in my opinion, as a beginner, you must also have a good awareness that trading is not a place where someone will get rich quickly because in it there is a process that is not easy and requires patience and precision in acting.

As a newbie who wants to go into trading he or she should be aware of the risk they are going to take during their time or period in trading. Trading may seem to be easy to some people, some set of people think trading is easy and the reason is because they haven't incur loss or maybe they haven't venture into it already. Trading to some extent is more than just learning, analyzing and some sort of calculation perhaps it entrails or it is beyond just that and having a strategy is very good but one should know that strategy doesn't work all the time because the market is very hard to grasp and in this note I won't advise any newbie to venture into trading yet but they should have more knowledge and understanding and also grow to an extent before they can think of trading. It has render some people useless and some people has also made it through it.

Cityhunter34

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Quote from: Su-asa on December 22, 2024, 12:24:23 AM

Am not a trader but if you want to trade Bitcoin (crypto) you need to be patient and consistent so that you can understand the market, also be updated on daily analysis in trading. Before this you need to know that trading is not a get rich quick scheme because this is what makes a lot of traders to lose their capital and their profits. However, a trader shouldn't trade with emotions because emotions can ruin their trading career. You also need to manage your risk on risking what you can afford to lose by setting stop loss.

Trading is not a get rich quick scheme but most people normally have this feeling that whenever they enter trading that they are going make quick money which is leading them into losses, just like what one of guy was telling me recently, the guy is a trader he said that whenever they paid him salary that he normally use all the money in trading, and at the end of day this guy would end up losing. I have advise him so many times that trading is not a get rich quick scheme but this guy didn't want to hear which is coursing him more losses.

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