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.

The OP is a risk-taker that using x5 to x10 leverage on his futures trading despite he has no deep knowledge on market analysis. Even professional traders experience losses in trading but pro traders never take huge leverage when they are doing futures trading especially in crypto since the volatility of the is both up and down in a just a split seconds so your position will always hit stop loss or liquidation if you have a regular position size which typical traders has.

You are right. Leveraged trading is more difficult than spot trading because when the market moves against our position, we have already experienced a loss, and it will get bigger if we don't know when to close the trade. But it's different from spot trading because when the market moves downwards, you do lose in value, but you don't pay for the loss, and you can get back in profit when the price goes up again. It is better to try spot trading first and get the hang of it before trying leverage trading.

If you do not have the ability to analyze market patterns, it is not recommended to trade leverage because it is very risky, you better learn to trade properly and practice for market accuracy in spot trading. I even prefer spot trading to leverage trading because it is very risky to lose margin when market conditions are volatile.

There is actually a lot you should learn before jumping into the world of cryptocurrency if you are a newbie.
The first is what is your goal, if you trade, you must learn fundamental analysis and at least technically understand the basics.
Not only that, learning asset management and experience is also very necessary, if you are satisfied with all that then it is time to really target consistent profits from the money you invest.

You can't venture into trading without knowing the basic concept of trading, at least knowing the elementary foundation of cryptocurrency
trading will make you understand or microscope the loopholes of trading, because without done that you will adventure into huge lost of capital. I will advice you to make more research of trading by downloading articles of trading and read, also watch some basic analysis via YouTube channel or video, so after going through them all, i think you will be able to understand the concept as a newbie before you continue your trading.

some traders have also experienced losses that are not small, that's the risk of being a trader!! So don't give up, don't despair, don't rush and keep learning. remember being a professional trader is not an instant thing

Yes it's true that many people now choose to trade, they think trading is an easy thing.
Even though 60% of them lost a lot of money when they bought the wrong coin for trading.
And I totally agree if we prefer to invest only with coins that have potential.

First and foremost, you need to understand trading and investment. Reading articles and watching videos is a good habit/step to understanding the crypto market but you need to know what you are doing and also have a plan. Trading is all about understanding the market. If you read all these articles and watch all these videos without understanding the crypto ecosystem and market, you shouldn't trade. The best advice I can help you with is to have an investment plan and understand the market. If you are still having issues, you should consider liquid staking and long-term investments. With liquid staking, stakers have an annual percentage yield they earn. When you understand liquid staking, you can easily grow your portfolio without doing any hard work.

Why do you want to trade? Do you want to lose money? 95% of people lose money trading. You're also trying to use leverage to accelerate your deposit to zero. Trading is a dangerous profession and even if you take a course somewhere, it guarantees absolutely nothing that you will start making money right away. If everything were that easy, everyone would be millionaires by now.

I would recommend you to reconsider your attitude to all this and devote your time to study the crypto industry for further proper investment.

Based on your stories and experience, I believe you already have the idea and knowledge of trading, and you also have the skills. What I just say to you is to improve the level of your skills and work on your strategies as well. You don't need to use all the trading tools and even acquire a number of strategies, you only need to use the strategy(ies) that is/are effective base on your experience. I suggest keeping them rather than trying a new one.

Spot trading or Leverage trading? choose the one that you are good and comfortable with.

I saw really great traders that have been enjoying and making such gains with that knowledge that they have. Even the market is unpredictable and surprising sometimes.
If you get to know those lines and have understood the patterns, you can hit them with some gains. Although they're not guaranteed but at least you get the upper hand and advantage by knowing so.

I would recommend using basic long-term indicators and avoid day trading.
There are reasons for this: the market is really not easy to predict on a very short term horizon.

Gathered some resources for you here:
https://altcoinoracle.com/10-tools-to-make-the-right-crypto-investments/

To master trading takes a long time maybe years it is better to start with spot trading and master scalping and arbitrage

Buying on 5x-10x leverage in crypto is crazy risky.  You can go to bed up and wake up getting margin called.  Too volatile unless it's a small portion of your portfolio and you just want to gamble some.  That's a ll that is though is gambling.

Even the best traders are avoiding high leverage. They don't just like to talk about their losses. Real whales started with low caps and succesfull people swing trade them. If you don't believe me, you should take a look what marketcap mid o high cap coins were just couple years ago. Choose coins that have potential to rise 1000x, you can find them from low caps but it takes a lot of luck.

In the early stages of learning, It is almost inevitable for you to be emotional during trading which leads to wrong decisions being made. Optimism, euphoria, panic, or anger are all important emotions we should be aware of and understand them and in doing so learn how to manage them. As we progress, we are constantly learning as we go through different trading experiences. When we see something that doesn't work, we try to analyze and see if we can avoid these kinds of situations in the future. The only way to do this is to continually learn and practice.

After you start trading, there are a number of tutorials and books that are highly effective for helping you understand what you should and shouldn't do on your strategy. There are also many people that can be found online that can help you fine tune your strategy as well. I personally advise trying to do things on your own if possible. Try to focus on what works for you rather than someone else’s process.

I think still learning self-taught is not a problem. keep using a real account with the remaining capital you have. for now of course improving psychology will be better, because you seem to lose confidence. after that, don't be oriented to immediately recover your losses, because learning to trade in my opinion is a long-term project, so we have to keep correcting every transaction, that way we will know the strengths and weaknesses of the strategy we use, because actually there is no perfect strategy

               I have read the responses and am very thankful for the great advice people have been sharing. Yes, leverage is a no no for beginners but it gives much better experience on trading. I do spot trading of course and I do win a lot at spot. The thing is, spot only is favourable for bigger capital. Which is why, I am trying my best to learn leverage trading and nope, I am not greedy since I never go beyond 10x leverage in fact most of my trades are 5x. And nope, I don't chase pumps.

               What I really want is to understand what I should befocusing on first as a trader or which skill should I strive for first. I am bormbarded by the knowledge that are out in the open I am confused what I must prioritize. Is it Fibonacci, price action, orderblocks, amd so on the list just jever ends. I would really appreciate if someone can point me towards the right knowledge I should strive to acquire first.

here I am also a beginner in terms of playing cryptocurrencies, and also including a beginner in this kind of trading, maybe right now what I see from you, you are learning about what is called "Leveragi Trading", and I think this might be your initial mistake, and a little advice from me, try to understand and learn what is called spot trading and you also try it with a minimal deposit of money first, and you have to focus on spot trading first so you don't lose the money you deposited.

For beginners who are not familiar with the market, it is generally very difficult to decide on the right strategy. as a trader i also experienced something like that when i started. you don't worry, the only way you can do when a loss occurs is to hold it. the key is you have to be patient, so before trading, don't use money that you really need in the near future, let alone borrow it. You have to use your saved money to trade, so you don't worry when the market goes down.

Studying the chart and candles will help a lot in understanding how trading works. Better take time to study it while practicing actual trading with minimal amounts to feel the excitement or pressure in it. hough playing with trading simulators can be a opportunity to learn without risk but if you have a bit pf idea in how to trade them trying with minimal amount and knowing the basica atleast of how the chart works and mean then it can be agood start. Just don’t put goo much pressure.

There are ways you could approach trading, but the best thing you can do is know why you are doing it in the first place. Once you have settled that and put it on your mind, you could assess how much You would use in trading—the amount of money to learn. You could quickly get the best education out there if you are willing to check it out.

• You could enroll with trader communities
• Buy Software for trading

This might sound like sales type thing, but this is how I became successful in trading. I bought Gunbot and then learn the strategies built-in already in there and then see if it is a viable trading strategy and then once I realized that it is then I would automate how I would use it.

I am not an expert but one tip I can give to you is not to use leverage if you are not yet confident with your trading strategies or knowledge. Another thing is don't look for an actual pattern since they are rare and usually don't happen exactly like on the books, those things are just theories and maybe different in actual trades and you should take advantage on the indicators since they are really useful in trading.

If you are getting ridiculed in a trading group then leave on it, it is not a healthy group. Join on a trading group where you can learn and will help you to improve your trades.

If you are not familiar with trading, you do not have to do leverage trading because that is different than spot trading. You should understand how to spot trading work and learn it until you can make a profit many times. Then you can try leverage trading. Maybe you join in the leverage trading because you see the profit will be bigger than the spot trading but trust me, that will be too difficult if you can not understand how to trade better. Moreover, that will not work if you do not know how to analyze the movements.

Changing your attitude and strategies may help you to solve the problem.
 
 * Don't go for leverage trading, instead start with the spot trading (less risk and ideal for newbies)
 * Don't get easy with the market volatility - it pump and dump, just stay calm
 * Focus on learning first rather than focusing on how to make a profit.
 * Don't be too emotional - this will thought you nothing but it drives you to lose

Never think there will be an easy trade, never expect you will be in profit once you will get started. There are a lot of things you need to learn, yet it needs experience and time to find those things.

I'm not an expert nor a great trader. They're right just as I guess, the problem is that you've started directly with leverage being a newbie. Start with spot and enjoy your stay there.
You don't have to rush it, I've been seeing traders that are enjoying their trades through spot and that's where they test strategies. Practice there with the minimum amount that you can and include reading of charts and candles and for sure that you're going to improve.

Agree.

You are learning why you are trading with "Leverage Trading", try to Spot Trading first with a small money. Especially for the money can afford to lose, practice with real money but only small money.

I know some people say, there has some platform who offers you a demo balance. But to be honest, the psychologybetween real & demo balance is different. Leverage Trading is like gamble for a new trader.

I can point out exactly your main mistake, which is typical for most beginners, is trading with leverage. You need to focus on spot trading, otherwise you will lose your deposit. Only when you trade without loss, you can proceed to the study of margin trading.

Give up on trading? Come on buddy, you don't have to go this far in crypto trading. If you feel that what you have been through in trading has turned everything into a loss, it means that there are several influencing factors. First, Greed (like your name). Second, impatient and always want to make a profit in a short time. Third, the lack of self-control over fluctuating market changes. The volatility of the crypto market is very fast and you should be aware of it from the start.

All of that would surely easily affect the psychology of someone who was too hasty. Trading requires persistence, patience, discipline and my advice is to take a break from trading for a while. Don't play on the green and try to avoid spot trading for a while. Always take the CL method if you feel you are not a true holder.

What I'm saying is based on experience that ultimately made me more of a holder than a spot trader. Because I admit my quality in futures trading cannot be controlled easily.

               As the title says, will any be so kind as to help an aspiring trader like me? I have read and watched dozens of articles and videos online as long they are free but I still suck at trading and the patterns along with the ways never seem to work. I only do 5x-10x leverage which is why I still have a few left to trade but still, these losses are just so discouraging. I've been in groups about trading but instead of learning I get ridiculed. I try my best but all the information available online are soo intimidating and are bombarding me. I do not know where to focus and I am at the verge of giving up. Making this post is my last push to learn trading. Some may suggest paid knowledge or getting myself a mentor but too bad it's pretty expensive for me right now. I just hope someone here can suggest what I should focus on learning about first or what strategies to focus on first as a beginner. Thank you so much for anyone who would help.