Topic: Best trading advice for a beginner - page 5. (Read 946 times)

A newbie wanted to do trading is that newbies should start learning first before starting to trade. Don't worry about losing profit at the start since that wil be your stepping stone to learn more about trading. Trading isn't easy so having or gaining knowledge first is a must since it will be helpful to you. It is the same as diving into an unknown body of water where no one knows if it's safe to jump or dive or it isn't safe so in trading this means more on losing profit. It is also same when you are planning to start in investment.

All things have been almost elobrated. I don't have anything to say, but anyway, as a member, I would like to express my position. The first thing to do is to educate, after that basic aspect Technical Analysis as well as Fundamental should be learned. From which you can get driven data of projects. After that you should practice touch like it is necessary to gain experience through demo accounts. So this is actually a basic concept of trading. Apart from this, let me also tell you physlogically that you should not have emotional fellowship with trade.
 
Don't rush into the trade, which means don't enter into FOMO. What to grab a perfect time as a booty. Invest as much money as you can afford. 
 
And the most important thing is not to take high leverage, always follow the trend. The trend is your friend.

Testing using demo account for trading is really important to do by newbies since they can avoid those unwanted losses that they don't want to experience. There are several crypto trading platforms offering this demo trading thing so better for them to explore  it and test their knowledge without trying to lose some money.

New people are prone to commit mistakes that's why to be more safe from losing their money using demo account will be ideal for them so that they can learn and adopt on certain flaws that they might encounter. I see so many of it saying they can learn how to trade if they spend time and money to learn trading by help of their courses since  most of the time those people offering it is just a scammer taking advantage the innocence of new people trying their luck to earn from crypto trading.

You are right. Every person needs to acknowledge and understand this, but unfortunately, only some people do. Leaving what you do to get into trading only because it can generate good profits is a bad idea if you haven't evaluated everything beforehand. By evaluation, I mean understanding whether trading is doable for you or not. Just like you mentioned, some people get out of their comfort zones only to get into this space but later fail and rage exit without any gains. That's not the right course of action.

A person should evaluate and do their homework before they get into something before making any changes in their ongoing routine of life. What's the worst thing about this is that some people sell their properties and other important stuff only to have some money that they can use for trading, but end up losing either some or all of it and then conclude that trading isn't for them.

For newbies entering the market, it's important that they don't use money before they understand everything properly and reach the conclusion that they can manage things efficiently and won't be exiting after a few initial losses.

The first advice to note is that trading has theory and practical because a lot of things that would be seen on the trading charts will be better off to understand the explanation on theory, so after learning the theoretical aspects of it, it becomes a bit easier going to the practical face because all you have learned will then be shown to you on a live chart, so that's another aspect that should be well understood because there is nothing like learning halfway and start trading, you will have to take your time and when you see that you are beginning to understand it then you will start practicing through Demo trading to see how effective is your strategy then from there you would no if you are ready or not, so actually that's the little contribution or advice I can give but I believe there are more other things involves but those who knows better will be in the right position to educate you on that.

Use a testnet exchange for trading, do not use real money.

In the first few years you will make mistakes and you will lose money. I do not recommend starting off your trading journey by using real money to learn how to trade and which strategies are most successful.

Furthermore, do not listen to any influencers or people trying to sell courses on trading. They are always scammers.

I tried to get out of my comfort zone several times and start studying trading seriously. However, each time I encountered a misunderstanding of certain points that seemed clear to someone who trades regularly. For myself, I concluded that trading is not for everyone who wants it. If you do not have good analytical skills, if you do not have the patience and persistence to get up every time after another fall or mistake, then you will give up very quickly. I have seen a lot of beginners, and in the end, only a few managed to make a profit from trading.

Trading is easily addicted and people need to experience trading to understand how stressful and difficult it is, before they can choose an easier way to get profit in the market through investment.

In a same market, there are buyers and sellers who can be either investors or traders. With a very good asset like bitcoin, if you can hold it, you can get rich but be able to hold it for a long time, and skip all short term price movements especially in a bull run, is very difficult. You can take profit early than the peak, ATH, but through investment and take profit, you can get profit by holding bitcoin.

Trading is different, and a trader will fluctuate between profit and loss, and eventually maybe there is not profit but a lot of loss. A newbie can start with investment, by Dollar Cost Averaging strategy, and skip trading. Reduce risk of loss and increase chance of getting profit, it's good approach for newbies in this volatile market.

It seems this topic is ideal to move in the Trading discussion also you can see tons of threads right there that might helps you. You can move the topic to the lower left of the thread.

The idea is to learn what the market is, not all tokens are ideal to trade. First, seek a platform or an exchange you will use that is suitable to your trading habit, I recommend if you are a totally newbie use the trading view because they are supporting the paper trade feature that you can practice. Next is to understand at least the basic concept of trading like the support and resistance and then follow the trading patterns, and trading indicators to know if the pairs are already overbought or oversold many newbie traders think that trading is one of the easiest ways to earn, well could be true but again for well skilled and experienced traders.

Trading is so interesting and we can always be proud being a trader, but this is not possible when we lack all it takes to become a good trader who knows what he is doing, just take not of these simple advise as steps needed or precautions for you to observe when going for trading.

1. Learn to have patience
2. be ready to take risk
3. Don't trade what you cant afford to lose
4. always improve yourself by learning continuously
5. Have a desiring trading strategy and stick to using it
6. learn how to make use of the various trading indicators

Lastly, i will leave you with this simple guide to learn more on what trading is and how one can be successful in doing it.

new to trading?
https://bitcointalksearch.org/topic/m.61999785

trading news and tracking
https://coinmarketcap.com/gainers-losers/
https://www.tradingview.com/crypto-screener/

Since he is new, the first thing I advise him to do is to get a good idea about the market. Because he will need to understand something about the market in his new state, I will first advise him to understand the market. Later, when he understands the market, he will try to get involved in different types of coins in the market and identify the tokens. What are the tokens, and how are profit and loss made? Later, he will have to learn to analyze them with tokens. He will have to read many articles to get an idea. Once he gets all those ideas, he will learn to understand which pockets are in a good position in the market and which codes are not in a good position. Later, which tokens will increase or decrease in price in the market? I will give him these suggestions because he has to learn before he can go to the next step. The following steps will become very easy for him when he knows these.

Yes, there is a loss, but this loss cannot be faced. If the newcomers face this loss, they will lose their money, which they will never get back. You have to understand the profit and loss of the token. If you don't understand this, you will face a lot of losses because you won't be able to manage it well, so you will lose your money and be damaged.

If you ask what the main thing to start with is, I will say that it cannot be said in that way because when you learn to understand, you can start from anywhere by understanding it yourself. No one can tell you exactly where to start; you have to understand it.

To understand the concepts, you must analyze them. You have to discuss them on the net and read what kind of discussions others have done well. There are many good sites where important things are said. Keep an eye on them, see what kind of predictions they are making, and then analyze them and find out.

Materials to help you understand the concept quickly:

• Read various topics related to trading.
• Thousands of video tutorials related to trading are available on YouTube and other platforms.
• Read various blogs related to trading.
• Discuss with traders on forums.
• You can use various trading software to analyze charts and trade.

But remember: Trading is a risky business. You can lose money at any time. So trade with caution.

if the person who wants to start trading is someone who doesn't understand crypto at all or has never owned crypto, I'm sure there's a lot to learn and prepare for the beginner.
trading is not really for beginners, at least they have knowledge. where can we get knowledge? I think we are living in a world where it's easy to get information. it won't be difficult to find some basic knowledge related to crypto and trading.
for someone who is a complete beginner, it's better to just suggest investing in Bitcoin. after being able to get profit and know many things, they can trade.

The best trading advice for a beginner should first start with one being made aware of their interest in trading. They may not be not be passionate about it just yet, but with interest comes the need for further information and details and that's the curiosity that would make them follow any advice that is given from the source they choose to listen or pay heed to.

There's the need for the proper basic education into the basics of trading, which will lead to further personal research and this is when a beginner trader can know and understand the kind of trading plan that would be put to the test in the real market.


There would also be the need for using a demo account to start your trading journey as a beginner because I don't think anyone wants to learn from the experience of losing money when it can be avoided with the right knowledge. So use a demo account to build discipline, listen to a mentor and learn the best strategy that suits you and also so that the beginner trader can become familiar with the emotional aspect that comes with real time trading.

When a newbie starts trading, he should consider all aspects of trading, gain experience using a demo account before starting trading, and never be greedy, and trade with emotions under control. It is best if you consult a professional, from whom you can learn everything better.

I would say never join on Groups with payment as most of them are scam stick to self learning the strategies that u can use on trading
also use TradingView that might help you where u can also put indicators  some of them are very helpful

I should have gained ample knowledge before getting started. The market doesn't favor anyone, so you need to understand everything yourself because you can't rely on luck in trading, but knowledge can save you from excessive losses.


I believe people who don't have a general interest in trading and financial markets shouldn't get into trading only for the sake of potential profits they can earn from it. There is indeed a lot of money to be gained from this space, but only if someone can manage it very well. If you can't do it properly, you can also lose significant amounts of money in trading.


Yeah, don't FOMO, never trade against the market, and avoid investing in pump-and-dump coins only for higher profits because the risk is too high for a newbie to handle.


Use multiple sources for any information you get. You can start from anywhere, but make sure you always verify every piece of information from different sources before reaching a conclusion. Don't rush it; take things slowly so that you don't forget things you earned earlier when learning newer things.

I suggest you avoid risking real money when you're just starting out. Try paper trading first, it’s a great way to test your skills and see if you can actually be a profitable trader without losing anything.

You can try the following platforms.

https://www.webull.com/
https://www.tradingview.com/

It's important not to rush and quickly jump to the market to start your trading because you can the market is not what you wouldn't learn study very well before starting your trade. You have to understand the basic concept of trading meaning know more about technical & fundamental analysis, how to enter the market, how to exit the market including how to set your stop loss, Take profit and so the rest because when you know all these it would help you much more.

Pitfalls cant be avoided at all. Theres none traders who doesnt see any red along the way. Maybe the best experience is do some chart analysis or TA, do some simulations or practice with small capital. There some stuff cant control during trading like emotions which we cant handle smoothly. Some got scared when they see a downfall thats normal and if you give in youll only incurred loss due to panic sell. One thing to learn to control in this space then other factors will be relevant later.

When it comes to resources, there’s plenty of free stuff online to get you started. But here’s something you won’t always hear, focus on how you’ll approach your trading journey. Like you will start small, keep a detailed record of your trades, evaluate your performance, and only increase your risk exposure once you see consistent progress. stuff like that....

There’s no need to overcomplicate things. Just stick to your plan and execute it well. And remember, don’t aim for big profits right away as you’ll face failures, (well everyone does) but the key is to learn from them and keep going.