Topic: Best trading advice for a beginner - page 4. (Read 1360 times)

Trading is not an easy thing. Even many big traders face losses in trading. To be successful in trading, you must always have a learning mindset, and you can learn better if you start with a demo account in a new situation. You must first learn all the aspects of trading well, controlling emotions during real trading is very important.
However, a new trader must always have a learning mindset at first. Because after you learn all the aspects by trading on a demo account, when you start trading with real money for the first time, you may face losses, but those who can control themselves at that time, and try to learn better, will definitely succeed at some point.

Starting with a practice account is great way to try trading and build confidence before using real money. It is good that you are encouraging people to follow their passion for trading as long as they know it is not easy. Becoming good trader takes time and hard work and always learning. While you can learn basics quickly it takes much longer to become good enough to make money trading. If you keep trying and have right attitude anyone can get better at trading and reach their goals.

Since you said that trading is neither gaming nor gambling, can i ask you this question, do you make profit at every entry in your trading? Listen, anything that has almost equal risks of losing and making profits is gambling because you are not guaranteed of making profits from it. I do hear some people talk about risk management and one's approach to know the right time to trade but above all, it's all games of probability. I know some persons have made huge amount of money from trading and they now feel that there are strategies they use that is why they have been profitable from it but believe me, those big traders lose huge amounts of money sometimes at a trade they feel they will make profits from it after doing technical analysis and all that. Trading is a brother to gambling, take it or leave it.

Trading is not gaming, and trading is not gambling. It's none of gaming or gambling, I am seriously.

If anyone consider trading as gaming or gambling, it's will result in bad trading approach like gaming or gambling, so it contains bad capital and risk management in mind. Then, in practice, I don't expect that trader will have enough proper capital and risk management for his trading capital.

With bad management on capital and risk, loss is nearly unavoidable and even bankruptcy is possible too.

Trading requires to use Stop loss order as one of best weapons in trading.

The game of trading is about experience, Therefore start with demo account to practice trading and when you must gainrd some experience then you can start your trading journey,  there are people that has passion for trading and can do well, encouraging you not to explore your luck in trading wouldn't be a good one , if you have the believe that you can become successful in trading then you can rule your world in trading, However, trading isn't an easy stuff you can learn all just for a week or month, but can learn the basics within this time frame but with time you gonna advance your knowledge while practicing with a life account.

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.