Topic: Can you help out a newbie trader please? (Read 317 times)

               I have been looking through all the responses still and have already researched on and tried most of your recommendations. I am very thankful that the recent responses have been increasingly helpful and very informative. I have found most of the advices I needed and so I will now be closing this thread. As much as I would like to give merits to every single one of you, I seem to have run out of it. But please bear in mind that I am really thankful for all the effort and intentions to help goven by everyone. I hope someone returns the favor to you in my stead one day as I will also try to help others like how you guys have helped me.

What happened to you has also happened to me. I even paid to take a VIP class which provides trading lessons and free signals for daily trading.
but the result is still unsatisfactory. even my money is getting less alias minus.

but I did not give up and was more patient to learn from my past mistakes. and it turns out that my error is just always wrong time to login. I entered the market not at the right time. and I chose the wrong token/coin that I was trading at that time. You know I'm still a beginner and learning until now.


the safest trading i found is to trade on coins order 1-7 from coinmarketcap. and try trading on the spot first. don't go into futures (binance).

be more patient in starting trading, namely when to enter the market and when to start trading. not always when we monitor the market and at that time we have to trade immediately. don't be like that.(my mistake first).

really understand the chart pattern. and look for the news of the coin that we will enter to trade.

it's better if we spend our time looking for information so we can enter it at the right time. from us as long as we enter and experience losses.

and if you want more security and greater profits. better to join presale, ido or private sale. but the project analysis must still be carried out.

so the important point.
be patient
analyze carefully
just started.
that's just my experience as a beginner.

I was supposed to think that OP wanted instant.
A newbie must not think this way but had to understand the meaning of PROCESS.
- learning the basics
- developing strategies and knowledge
- experience

What OP needs is a person who could really guide him on what will be the next thing to do. Well, online tutorials are good sources of information but if there is someone( or close friend) who could really spend time, I think that was easy for him.

Being a trader requires a very strong mentality because the price situation that occurs in the market cannot be predicted accurately, but if we can read the market conditions on the coins we trade then that is a very good thing and most importantly every coin has a community in it and we can follow all the developments of the coin project so that we can read the patterns that will occur in the market and most importantly don't panic quickly.

The issue here which I think is that you are trying to learn too many things at once instead of taking it bit by bit. And then you get carried away by the success post or study of the pros or profitable traders. Trading is a long life journey just like going to school. So you have to take your time to learn it, take notes about your trades and don't let the losses discourage you. You will be a winner. Learn from your losses thats why I said you should keep notes of your trades. Why you entered the trade, your exit point, SL, TP and  so. You will be happy.

To become a professional trader, we really need to follow the news at all times, whether it's news or market movements and developments,
before going any further we also need to learn what the crypto market is like because many beginners also start trading but don't know anything,
What is clear is that prepare everything, including what you said, self-control is also important

Sometimes you got to give up. Let me give you a real-life example and not just a generic ones.
Back before I went full time holder in Bitcoin, I watched some tutorials in Youtube specifically some crypto youtubers like CryptoJack (not sure if that was still his YT channel though), and I just followed through his tutorials in day trading in Binance. Watching alone gave me confidence to keep on going and do the same stuff on whatever he buys in the video, he then introduced some trading tools like Bollinger Band and RSI. I followed through and did the same thing as in the vid. It just didn't "work out" well for me in Day 1. I was like maybe this is just the beginning. I applied what you said "so don't give up".
Week 1 - Earn cents around >$.56
Week 2 - Loss
Week 3 - Breakeven
Week 4 - Loss
At that whole month, I realized that trading might not be for me at all. I quit and just went straight up into full holding of Bitcoin. Less stress, less time consuming. Might be risky but it is the risk I am willing to take.

Learning the basics and reading indicators will not help you become a professional trader, but other things such as self-control and keeping up with the latest news and developments should be taken into account. Choosing the right markets to trade in terms of trading volume. Also, evaluating your work during actual practice will make you rise for the better.
Tip: Don't try to chase loss when you don't know what to do.

It all depends if you trust technical analysis for the crypto market. Personally, I don't really trust in it as you can prove everything with TA. If you look and search on the internet, there are hundreds of technical analysis and they all will say something else, so who to believe?

Crypto trading is different from other fiat trading where you can trade at anytime and still have something good to achieve from the market. In crypto trading there are two things you must experience as a beginner which are lost and profit, no way you can avoid the two at once, you either experience profit from the market or experience loss from the market. When losses occurred don't give up at the moment than to switch to another strategies other professional traders are using to make income from the market.

We have lots of good traders in crypto right now and I believe that not all of them subscribed for a paid lesson or similar kinds because not all have the money. Luckily there are free tutorials on the web and as well as on this forum that help them to become a better trader. I did a little searching and I got this link here > https://bitcointalksearch.org/topic/cryptocurrency-trading-for-beginners-3140089 I hope that somehow helps you on your journey.

According to your explanation, I can see that you lack of focus and you are a bit confused. You should work that trait out, as that can affect you when learning how to trade. If you are to try your skill, start on lower risks first and see if you're doing good, if yes then that should be the start of increasing your risk.

               Finally! A response to my post that is actually leading me to a topic I should start learning first! I have basic understanding of these already and a bit about bolingerbands but don't know how to use them in unison yet but at least I know now that I should prioritize them first and the order on which I should proceed with. And about the free courses, if there are are options that you know of, it would be great if you could take the time to share them. I have found a few on youtube but yes, I'm trying to look for the best out there. Thanks again brother.

Start mastering the basics such as the support and resistance trading or trend line trading as well as the volume trading and if you already master it you can start with the simple indicators such as the EMA and using RSI to have more accurate analysis in the market. Hiring a coach that will guide you would also increase you to become a better trader but if that is out of the option you can try some free courses that would teach you about trading.

Indeed. Not all had come to that very short experience and they become successful, it all comes to a process.
There are some reasons that make some traders fail,
  1. Courage
  2. Disappointments
  3. Mindset

Quitting sometimes will be the best option but that is not the thing we have to think about first, we have to find a way that could help it out.
Success should be at the top of our minds.
 

many people fall into a hasty attitude, so they get the opposite result, because at first their perception is wrong, where trading is a quick way to get money, especially when we see a pump happening. therefore mental processes and training in real trading, as well as reading trading knowledge from books will be better, as far as I read in the book, psychology is very long to discuss, because this will bring traders to have rational thoughts and build their own trading empire

No one becomes an expert without going through the newbie process, as we know that the thing that distinguishes a newbie can be successful and become an expert is the courage to try and learn from mistakes, never give up and stop when we feel like a failure, continue to focus on the goal and make things happen. what we do as an experience, I'm sure the newbie will be successful soon.

I would not suggest to trade, I would discourage to trade because trade is very risky!

It's like 50% chance, if you are right, if price goes up or not. Nobody can predict market moves because market is volatile everytime.
Trade is considered as a very risky bet and we can save a lot of money if we stay away from it.

               Still reading through the newer responses and most are just the same responses. While others do contain some good advice, none has really lead me to a specific subject or topic that I should focus on about as an aspiring trader. I would really love to be pointed into a specific type of topic or grouo of topics that I should focus on first and knowledge about which knowledge should he combined with another to improve my trading progress. If anyone can tell me this I would really appreciate it. Regardless, I thank everyone who shared their thoughts for all the efforts to help.

In my opinion to become an expert in trading always takes time and experience, the best thing a newbie does is dare to try, don't be afraid to lose or be wrong because we will learn from mistakes, remember that nothing is instant, if we want instant it is better to choose gambling.

It is not always late to restart and start learning the basics again .  Oftentimes, when one is lost on its path (trading in yours)  it's always effective to go back to square one.  Review the basics, internalized them, then you can go from there.  Just one step at a time.  If you established a good foundation in trading, it will greatly help you in your future trading ventures.  And most of all don't rush things.