Topic: Best trading advice for a beginner - page 8. (Read 1360 times)

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.

With Bitcoin's price fluctuations, is not the ideal time for anyone who wants to learn trading or wants to do it for the first time, so the best advice is to buy once and sell after making 10% to 20% profit.

It's best to avoid those trading gurus, that's the first step that you should know. Because with them, you'll only see them share the trades that they win.
But the accuracy part, you'll never know how good they are. And for the trading resources, there are various out there that you can search for free like this one: A Complete Guide to Cryptocurrency Trading for Beginners

First you need to understand that crypto trading is hard and it's not a get rich quick scheme, also don't take it as your major source of income because loses are bound to happen. Don't be in a hurry to start trading with your capital, first focus on demo trading while you're learning about fundamentals and technical analysis of trading. If you can find a professional mentor that will guide you, it'll be an advantage to you, also there are materials online as you've been told. When you start actual trading, remember to always use the amount that you can afford to loose so that you wouldn't get too emotional when you lose.

Trading with newbies has many pitfalls, that cause losses and I don't tell newbies to start in Bitcoin market, cryptocurrency market with trading.

If the warning is not enough, and you still want to trade, some to read.
Awesome cryptocurrency trading.
Learn about cryptocurrency trading.
Stop loss order: one of best weapons in trading. A good trader must know risk in this market especially in trading, so must concern on how to defend trading capital. Stop loss order can help but there is another helpful order, stop limit order.
What is a stop limit order?

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.

Pitfalls to avoid? Yes, there's one, and that's FUTURES TRADING. Avoid it at all costs because many already lost their money trying it for the first time. Now if you really want to try it then at least try it with a small amount and don't expect that you will make profit off of it because what's important is you're gaining experience from it. Best place to get started with? There are many popular exchanges out there that you can try and go trading, but please, please focus first on spot trading. The profits on spot trading are lower compared to futures trading, but if you're a newbie, that's the safest place to trade.

Materials to help you? There are many videos online, articles that you can read and watch, but when I was starting, I also learned from my past experiences and past losses and that helped me make better decisions along the way. What helped me when I'm starting? My experience, and other people's experience. I learned from my own experience, and at the same time with others who had shared their own experience here as well, and from there, I made some adjustments and currently, I'm making small profits off of trading already thanks to them and my experience as well.

Trading isn't for the weak-hearted, and not for impatient people. Also, trading isn't for people who can't control their emotions as well. Be emotionless when you're trading and stick with your strategy and always, have a plan. Good Luck OP.

Actual real best advice: don't trade, just hold BTC.

Learn the basics, because it's the core of trading. For example, the trading indicators, you start to learn the basic indicators than jump into some complex indicators that you can see in some social media posts or youtube videos, etc. Don't get lured to it.

Next is using stop loss and don't get too attached to your trade positions, learn to take losses and learn to accept profits (small or huge) - profit is already a profit.

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.

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.

I really appreciate your words about these few things but now if I have few links about learning from social media which can help me because I am also desperate to learn few things about crypto and trading with I love to have any good strategy for having bitcoin accumulation as well.

I am trying, but I am not able to have few things which help me for having good start here on this forum and into my journey into crypto.

Id say as someone just getting started, its better not to mess with leverage trading.  That can make your wins bigger but your losses too.  Its real easy to get over your head.  Just keep it simple early on and dont try predicting every up and down.  

The main thing is learning the fundamentals. There are plenty of resources available online, such as books, courses, and YouTube channels.  What worked for me was following some veteran traders on social media and learn from their insights.

Firstly I always advise before venturing into anything, make sure to understand that thing so well els you are going to loose money in ways you will not understand. When it comes to trading, priority should be on studies because you cannot trade something you don't understand and get the best from it, no amount of advise will help more than the knowledge you gained studying by yourself and having a first hand experience, every other comes in later and you use them to scale up but for the basis, it has ro be from some personal studies where in you develop the skills and discipline needed for trading, this applies to both the crypto and forex market even with their peculiarities, you need patience, discipline and lastly good risk management to scale through in trading, and always make sure to work with reputable and known platforms to avoid been a victim of circumstances.

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.