Best trading advice for a beginner - page 4.

MAAManda

hero member

Activity: 1694

Merit: 787

Quote from: ndutndut on November 27, 2024, 12:52:57 PM

In addition, controlling psychology, greed, and doubt in trading is also the most important thing in trading. Fear destroys your ability to trade. Greed destroys your ability to make the right decisions. Doubt destroys your belief in yourself and your system.

You are right, our psyche will really affect the results we get in trading. It can be a loss, a full loss, a small profit or a big profit. Therefore, it is necessary to understand the basic goals before trading. If we have $0.2 price target then don't wait for the price to go up higher. If we have an SL target at $0.08, then don't delay until the price goes up again.

Quote from: ? on November 28, 2024, 11:01:41 AM

I think not knowing everything about trading is better than not trading. Because I went to trading with little knowledge, there I only lost my money, trading is not a very easy thing, trading here without good experience you will be in loss.

You may make a profit because of beginner's luck, but one day you will suffer a big loss because you don't have in-depth knowledge about trading.

?

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I think not knowing everything about trading is better than not trading. Because I went to trading with little knowledge, there I only lost my money, trading is not a very easy thing, trading here without good experience you will be in loss.

ndutndut

full member

Activity: 644

Merit: 202

Quote from: MAAManda on November 21, 2024, 07:36:22 PM

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.

Usually, newcomers come for unreasonable reasons, such as seeing their friends making huge profits from trading activities. So, they also want to try their luck in this activity. Beginners usually come with too much haste, and based on my experience when I first started trading, I can only suggest 2 things. First, trade with small money. And second, don't be too hasty, learn a lot about the project first before trading.

True. This is what often happens to beginners, most of them start trading because they follow suit. They see their friends making a profit from trading and then they want to start trading without adequate knowledge, especially with the market like today, beginners are very easily tempted by profits but they have no basis in trading. So what happens is they rush, plus trading with large capital ends up resulting in losses.

In fact, to be successful in Trading, every beginner must first know the purpose of trading and how the system works, then carry out trading activities with small capital so that they can learn while getting real trading experience. The most terrible thing is having the wrong mindset and thinking that trading is easy, even though trading is difficult and complicated. Because your mindset determines your trading fate in the future.
In addition, controlling psychology, greed, and doubt in trading is also the most important thing in trading. Fear destroys your ability to trade. Greed destroys your ability to make the right decisions. Doubt destroys your belief in yourself and your system.

Ojima-ojo

hero member

Activity: 910

Merit: 507

Why trading your bitcoin when you can actually hold your bitcoin, this is most important for a newbie and limit's your number of losses with a larger prepotion since bitcoin trading is like gambling most especially the leverage trading, Spot trading is still a bit better since with spot trading, you keep you bitcoin untill and unless you trade it before you lose, which at the end is still loses.

So my advice is just hodle bitcoin and avoid trading, you can better still DCA as best possible means to accumulate bitcoin on a steady basis.

jcojci

full member

Activity: 784

Merit: 115

I will suggest him to continue learning trading to improve his analyze skill. Without that skill, he will not have a chance to make a profit because the market can moves to anywhere. With his skill, he can know when he can trade and when to quit trading so he can avoid the market when the timing is not right. He need to find many good resources and Internet is the best place to start.

He can search from article, videos and else and he can focus to learn what he want. After he learn some lesson, he can practice in the real situation with real money because that will give him experience in trading. He will learn and know what is lack from him and needs to learn more to improve his skills.

Questat

hero member

Activity: 2982

Merit: 610

Do your own research. Trading is quite complex so you need to know the basics first so you can create a good entry with trading. Make sure to use secure exchanges, and for that, make sure also to protect your private keys. Start with small amount of trading, until you learn to diversify the coins you want to trade. Lastly, while trading outcome is unpredictable, stay cautious and patient all the time. You will never know when to lose or win your trades, so always be mindful and goal oriented.

Su-asa

sr. member

Activity: 434

Merit: 265

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The best advice I can give to any beginner trader out there is to go for knowledge first. It's just like going to college, you are dedicating a specific amount of years to study a course diligently, you also have to develop the same mindset when it comes to trading. You must understand that it's not possible to learn everything within a short time so you must be patient with the learning process. Don't rush into a live account when you haven't experimented with a demo account properly, have the mindset that you can lose at anytime even if you might have strategies to reduce your losses.

HajiBagi

sr. member

Activity: 742

Merit: 349

Quote from: taufik123 on November 21, 2024, 08:26:07 PM

I just want to suggest what I have learned so far, I don't have a paid mentor, I just learn on my own without anyone's help.
But I started learning trading knowledge on various sources on the internet, learning the basics of trading and how to do trading as a beginner.

Always try with a little money to see if the knowledge I learn can be applied well according to the initial strategy and form a trading mentality that will be useful for future trades.

Because the mentality or psychology of trading is very important to determine when to enter and exit, and it will determine the final decision of a trade.

There is no instant way to do it, everything needs a process, and of course the process will make trading skills better.

Having a mentor is not a bad thing for someone who wants to learn how to trade, I think it is normal to have someone who will guide you through some things so that you will not make any mistakes during the process, many people learn how to trade without a mentor but for me having a mentor is not a bad thing because it helps, there is some mentor who is going to guide you in anything you and they will never need anything in return.

Many people don't want a mentor because of what some mentors do to some people but that doesn't stop you from getting a mentor, It depends on the mentor you have, you can learn some things about trading online and if you understand it you will not want anyone to teach you but for me having a mentor is good because you will understand more than online own.

Sebas.tian

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Hire Bitcointalk Camp. Manager @ r7promotions.com

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.

First, he or she should be patient whenever they are trading in the market, because some newbies has lost their income for not embracing patients which is the only way to see good results at the end of the trading. Second advice, newbies should trade what they can afford to lose in crypto trading, because what is gone is gone forever and never you chancing what you have lose in the crypto trading, because it will make you to lose more funds when you are trying to recover the funds. Thirdly, Never you be into competition with anybody in the crypto market if you want to make it in crypto trading, because the moment you are into competition with others traders, it will be difficult for you to concentrate on your goals because your mind will be in other traders success which is not good for newbies to be into competition with other traders.

Rockstarguy

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Activity: 1050

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God is great

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.

Trading is all about understanding, beginners needs to get a very good knowledge in trading as the first priority. When beginners think of putting profit as their main target they become very desperate to get it by all means and neglect every form of knowledge which can be used to gain profit.

It is important as beginners trading to make profit is not guaranteed by the money that is being used for trading. If you lack understanding in trading no matter the amount you fund into trading it is possible for you to lose it all, success in trading is determined by the knowledge you have. Beginners needs to learn to trade with amount they can afford to lose because the market can't be predicted.

KingsDen

legendary

Activity: 1302

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Goodnight, o_e_l_e_o 🌹

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.

Sometimes, it's not always favourable to leave your comfort zone.
Leaving your comfort zone for something unsure is not the best thing to do.
But if you wish to do so, first learn well how to trade
Then look for good funds to start trading and target small profits with huge capital.
With this, your risk will be minimal.
Eliminate greed.

Mate2237

hero member

Activity: 700

Merit: 577

This trade is good in trading board.Investing is more better and it is good you invest for long term and if you know that you are looking for daily profit or weekly profit, I will advise to avoid chasing big profits and as a beginner, don't start your trading with big amount but what you can afford to lose. You can use MetaTrader demo account to practice and when you have mastered the trading then you can deposit small amount like $10 to learn how it works.

But before you start the trading, you have to know the differences between Forex trading and crypto trading. Crypto trading is more complicated than Forex trading.

Wendu010

newbie

Activity: 13

Merit: 0

As a beginner trader you should focus more on learning the basics and dynamics of the market, the mistake a lot for newbies make is that they want to dive into trading without gaining proper knowledge on it. Understanding the financial market doesn't take just a month or two, you need to dedicate enough time to study and research, you must learn before you earn. Another thing that can help you in your journey is to find an expert or mentor that can guide you, this doesn't mean you should go for those that charge too high for their mentorship classes, spending all that huge amount of isn't necessary.

Miles2006

sr. member

Activity: 182

Merit: 120

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.

Well, studying the basic skills will do justice to this no doubt, I can’t provide any reliable source or skill because I don’t trade. I learnt trading basic knowledge but it will not be enough for full time trader I guess you want to trade full time, at the moment I will suggest never put your money first seeing you don’t know much. Pay more attention on trading class including the different strategies involved lastly always visit the trading board there’s a probability you’ll learn and make progress.

Zoomic

sr. member

Activity: 630

Merit: 277

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.

You didn't tell us if you have been learning alot about trading, but from your post, it shows you are still inexperienced and might likely make some mistakes if you do not have the right guidance. I will advice that you use this period to form a foundation for yourself by learning the basics of trading. Understand the market and the coin you intend to trade. Practice with demo accounts and learn different trading styles while at it. It's even good if you have a good trading mentor, if you have one, do not be in a hurry to start trading immediately, learn! Once you become confident that you are ready, start small because there are high chances for you to lose money since you are a newbie.

MANGO_PEOPLE

newbie

Activity: 9

Merit: 0

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.

Firstly I will suggest everyone not to trade in new launched tokens or coins because most of the time they cannot hold their hipe and vanish from the marketplace after a certain period.
I so many coins which got vanished after a period and most of the traders fall in a trap. I will suggest everyone if he want to trade that do not trade in a new project and always try to analysis the potential of the project.
I am not saying that every tookin is like same but some new launched tokens are really worst. So your money your decision but my advice is logical in my point of view.
I can add more trading advises like try to do short term trading and pump your portfolio on the other hand hold BTC and enjoy the race.

BITCOIN4X

legendary

Activity: 1974

Merit: 1150

If you are interested in trading, that is your right, but try to learn before you start. There is a lot of trading advice and strategies that you can learn without a mentor, but you have to be willing to learn it from the internet. Analysis is a factor that will support your success in gaining profits from trading, including fundamentals and technicals. But don't ever hope to get rich overnight, this is almost impossible when you are just starting out. So just do it casually while developing your trading skills.

palle11

sr. member

Activity: 2366

Merit: 332

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.

You need to study from the basics so that you can understand what trading is all about because some beginners get tired or frustrated to learn and they go for copy trading or the use of bots. So you need to first master your trading skills before using any other trading options.

However, you need a lot of understanding with candle sticks and types of trader's phycology. Check the links below, they are good for newbies.

https://www.babypips.com/
https://www.investopedia.com/

Stepstowealth

full member

Activity: 658

Merit: 172

Quote from: hd49728 on November 21, 2024, 10:31:24 PM

Again, I emphasize, don't trade, and if you want profit, buy and hold Bitcoin, Ethereum, Ethereum Classic, and top coins which are Proof of Work. Smart contract coins and tokens are risky to hold and never hold altcoins in bear market.

Tokenized Real World Assets, can be a game changer in the evolving crypto world. Talking of not holding on to tokens may seem like a good advice if the wrong token is been purchased. Most people lose a lot of money on trying to keep up with market trends. But those who hold their assets(Bitcoin) like you advised end up making profits for being patient and meticulous with their decision making. Asset Tokenization is going to take the world on a spin, afterall that is what crypto currency is all about. Digital assets was like a way out of the pandemic. Imagine another pandemic comes. The panic of exchanging goods and services will be modified because cryptocurrency and technology have been utilized.
So, as a beginner try to look out for works best for you. Make your research about whatever it is you want to delve into. Use social medias, company help desk and books etc to broaden your learning scope.

adultcrypto

sr. member

Activity: 476

Merit: 307

Asking a newbie to trade is the worst advice you can give such person because by the time the market is through with such inexperienced person, the regrets will be huge and the blame will only be on you. The best thing you can teach a newbie to do is to invest and hold bitcoin for a long term and you will be forever be remembered for giving the best advice. Even if he will have to trade later, the best starting point is long term investment because that is safer with minimal risk. There have not been any report of any long term investor that lost money in bitcoin but there have been countless stories of traders losing their fortune to trading.

Topic: Best trading advice for a beginner - page 4. (Read 967 times)