Topic: Best trading advice for a beginner - page 2. (Read 946 times)

If you have no trading knowledge or strategy of how you are going about your trading journey then it will be all gambling!!

Secondly, am not a fan of indicators as they lag and as a newbie get to learn the technicals..trade with nakedness charts.

Youtube is not a bad place to get you started with the basic information,  so that could be a start.

Am certain others will suggest baby pips which isn't a bad one too...otherwise after getting the basics trading view is a good place to practice whatever you have learnt especially that you can trade Crypto and other assets of your liking.

For a newbie, the first advice would be, never invest from your food or living money in trading due to risk and volatility, temporary loss can make living hard and can lead to stupid decisions therefore, play safe, and try to make a consistent profit with lesser lose trades.

Never go after big rewards and always diversify, but don't over-diversify because that can surely reduce the risk but the reward will be much lower the newbie might not like it. I learned about fundamentals most but learning technicals is also necessary, so learn some basics from both from anywhere and never follow those free premium telegram groups for trading always check their accuracy first.

Investing in a business and investing money for trading are not the same thing. For this, you have to spend time and research through the internet. If you can learn trading tips and strategies well, trading becomes easier. However, the point is not that I started trading and became the owner of a lot of money. It is better to use a demo account during training. You cannot expect extra profits in a hurry during trading. You have to be patient and not take risks by completely exhausting your capital so that if you lose, you will be completely ruined financially. However, I think it is better to buy Bitcoin and hold it than to train.

Prepare a lot of money if you want to rely into trading. There is going to be a lot of problems that you'll need to deal with with indicators that you're going to use. It's not enough that you just know trading and how it works with its strategy, you need a lot of money because you cannot do it without having that.

Also this, this is true. Investing or trading, never put any amount that you'd definitely going to regret of putting it. You need to be prepared to lose and to win.

Trading is of course something that can make us make a profit, but trading is also something that can make us experience losses, of course in this case it depends on the knowledge we have and of course trading requires broad insight because we have to be able to analyze technical and fundamental analysis, if for example we have mastered that then There is definitely the potential for us to gain profits, but if we don't master it, there is certainly a big potential for losses, but what is clear is that for a beginner, if you haven't got enough knowledge, in my opinion, don't do it yet because you are worried that it will result in losses. Or a beginner can start trading with a small amount of money first, if he can consistently win and his knowledge increases then we can increase our capital.

but according to my experience in trading we have to be ourselves and of course continue to dig for information non-stop and the important thing is that if for example we are trading short term look for crypto which has good fluctuations and for me personally I always use the averagedown technique and that way we will have the potential to make a profit and of course we have to also know the right time to buy. and of course you have to be patient when buying, wait for the right moment and use money that is ready to be lost because of course by using money that is ready to be lost our mentality will be calm. But personally, I prefer trading as a side business. And we also need to remember that we have to be able to control our emotions because sometimes in trading we will get profits, sometimes we will get losses. Yes, the point is, there is a lot to learn.

Perfectly said, newbie shouldn't or is not advisable for them to go into trading because of how risky it is and considering being a newbie which means one don't have an idea of what you want to go into and there are a lot of person that can not control themselves anytime they loss money is a particular thing because they will strive to have the money back with all means and by doing this they might end up losing everything they have. However, any newbie who wants to go into trading should have a self control in the sense that you don't have to strive to get back what has been lost, don't invest with what you can not afford to let go because some people can be greedy and selfish that they would want to use big money because of how the market appears and the strategy they have.

Never put more money in crypto than you can afford to loose.

Trading spot is safer than trading with Margin and Futures, and if you manage to buy low, sell high, it brings profit and it's good enough. However, if you lack of experience and good technical analysis, by trading with Spot, you will have risk of losing your bitcoin.

You have profit by buying low, selling highs, but because you can not predict absolute high with each rising wave, you will sell not at the highest price of that wave, and probably will have to buy back at higher price than your selling price. This makes you losing your bitcoin, from 1 BTC, after trading like this many rounds, you can end with 0.1 BTC. You have profit, but less than if you hold your bitcoin.

The first piece of advice I would like to give a beginner is not to trade. If you still ignored this advice, then you should only trade on the spot market. But in order to make a profit from trading, you should get enough knowledge before you decide to put this knowledge into practice.

Do you have any good trader you are following on twitter or telegram after learning how to trade? If no, I will advise you to have a good trader you will be following his guidelines it helps a lot and you can also follow some other traders online, buy their books to get a better understanding on your trading signals. There's no better way to get started other than starting after having a good training from an experienced trader, no one will tell you this you can never get profit all the time but once you understand that it is your lucky day feel free to forget about your emotions and enter the trade with full confidence you are going to keep getting better if you keep trading and learning.

Trading is what need 100% concentration and carefulness. U need to understand every technique in it, and another vital factor is patience, don't expect it's success so quick otherwise you will fail. It success is been achieved by due process, therefore a bigginer should not be expecting quick success in trading rather passing through due to attain success in trading. Thank you

In my opinion i think candlestick is good but after reading it i will suggest or advise that before starting up the main trading you ought to have used or try some skills with Demo account it may not be or it is not the same thing with main trading but i think it is going to help a lot to help navigate and get familiar with some tools and you can also learn your own strategy from there. secondly, always use what you can afford lose so that you do not panic when you incur loss because loss is part of the trading as a matter of fact profit and loss are inevitable in trading and do not be so consumed in your thought, discipline is very important have this at the back of your mind.

The particular part I bold in your post is where the pitfalls normally starts. As a beginner, the biggest mistake to make is looking for shortcuts just to print you money without learning the adequate knowledge you need to be called a trader. The best place to start from is getting yourself the necessary materials which I have seen others already shared in the first page and where to get those materials. You might also need to have mentor if you find it difficult because there's nothing compared to live experience.

One more thing to know, trading is not a quick money scheme. I can tell from the tune of your post, you are looking for a greener pasture and you assume trading as the way out. If I'm correct with my assumption, you are taking the wrong way because trading can possibly send you back to square one especially if you are desperate to make your way out.

I agree with you, in trading or anything, controlling emotions is very important. Looking for a shortcut to get rich quick is always a bad decision, but beginners often make exactly this mistake.
They think of trading as the best way to get rich quick, which later leads to big losses.
In a risky place like trading, it is impossible to survive in trading, without experience, without having the right strategy, and without controlling emotions.
So a trading apprentice must first be educated about trading, be disciplined, and always have a learning attitude. And when you make a mistake somewhere, you must first find out the reason for that mistake, and be careful.

Only one advice, control your emotions during wins or losses. Newbies often develop false beliefs that they could earn millions from trading and that we all know isn't true because in actual it's not that easy to earn millions from trading, not just from trading but from any other business.

If a trader learns to control his/her emotions then that trader understands that trading like other businesses can give profits but only to those who take it seriously and give proper time to understand the market and its volatility.

Overtime, and with compounding the newbie trader can also become a good traders who earns enough on daily to monthly basis, but only if he/she has controlled his/her emotions and learnt the market in the best way possible.

Do that one strategy that you already know well over and over enough the strategy only brings little profit, so it better everyday.

And remember this always; it's better to miss a trade than loss the trade.

Hodling is the best advice for real

It is also this same Internet that has made it so easy for people to be mislead in terms of this trading stuff because I know of many people who actually think they are experts after watching or streaming some suppposed trading expert video online. The large number of naive people who have gone into trading just because of this is quite alarming which makes me even think if trading is now gambling that people do just because they have the feeling that they might win.

At first before going into anything try and get the concept About that thing you want to go into, like trading now , you need to dedicate your time to it because is not something that you can just learn over night it takes time and effort to be able  understand and know how it works. And you know there are alot of risk in trading so be cautious with your risk management and stuff , the internet has made it easy for us to grasp information without any stress so all you need to start is on the internet you can get some course and back it up with some online videos (e.g from YouTube) , And we also have trading board here where you can interact and talk more about trading.

Having the money and the knowledge are very important aspect of trading. You cannot be a successful trader if you cannot afford to spend on learning the real business, especially when it comes to futures or perpetual trading or even investing on the spot trading, but guys, you also need the emotional stamina and tolerance to be able to withstand loses and take risks. It is one secret you must learn in trading too else you will always regret not joining profitable trades and engaging in unsuccessful trades due to lack of self control over trading.

I agree with you, a trader needs to gain experience before starting trading, first of all trading cannot be considered as a get rich quick scheme, rather a lot of time has to be spent behind it.
Trading is something where you always have to do proper research and use the right strategy to trade, otherwise if you make a little mistake in market research, you will lose your money. And to do proper market research and apply the right strategy, you have to learn everything first.
People can learn only when they make mistakes, failure is normal in the beginning, but at that time those who can believe in themselves and find out why they made a mistake, can find out the reason, and can correct it, can achieve something good.
Failure is a part of learning, a new trader has to learn from that failure, and gain experience. Only then can you achieve success in trading at some point.