Essential one to new traders in Crypto currency

Zilon

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

Every day some people get into the crypto currency trading.They come to know about cryptocurrency from their friends or relatives.They start trading with some capital and when the bear market comes,their balance will be reduced some value.After seeing a small loss,they will cash out the money and fly from crypto currency trading.The following steps will help such new people to avoid loss from the crypto currency trading.

Those set of persons are obviously not traders rather they were only taking advantage of the bull run. A real trader will make money irrespective of the trend be it bullish or bearish. And bear season is always the most profitable for traders this applies to traders who understands their trend interpretations well.

Quote from: usekevin on April 17, 2023, 05:26:02 PM

5.When the market volatility is high,the market flow will be maximum.You can get profit at any point of the market flow.If you are ready to hold for the longer period,the profit would be maximum then you had expected from your investment.

At this stage in crypto currency growth and expansion, especially Bitcoin it is not advisable to guarantee anyone maximum profit. It best to tell them their patience will yield results which is quite understandable and it takes extra skills to get profit at any point of the market flow. Crypto is one investment that requires more study than investing. The more we know, the more. Profit in Crypto isn't meant to be overhyped to avoid getting into trouble.

omgitsmehehe

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Quote from: Ziskinberg on April 23, 2023, 06:35:41 AM

Well, I assume that the early days of trading are all about learning. And definitely, we can't assume as well that it has good trading results but for sure, losses and disappointment are gonna have to experience. We can't expect newbies to learn fast because even how many tips to read, no matter how much advice they've heard, it all be gone on their minds when they are in actual trading because what they have now is to find a way how to save their own.

I'd rather prefer to make their loss on their first attempt so they can feel and understand how trading really works and make not underestimate the volatility of the market.

Learning then earn, that's the main principles of trading. Newbies should undergone crucial crypto related studies before entering a trade. It's advisable to trade what we can afford to lose, because it's not respectable by any organization, it falls when it wants to, and pump when it wants to. Losing a trade is part of experience, because next time one wouldn't want to make the same mistakes that led to losing. Newbies are panicked whenever a trade is not going to their direction, they quickly close their trade.

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Quote from: MFahad on April 20, 2023, 02:19:16 PM

You are right that a person can only learn when he become engaged in practical use because just knowledge cannot teach you everything sometimes practice is necessary. Sometimes individuals of crypto does not succeed and are unable to get what he wants because he doesn't have any experience but he just read about it and hear about it through which one cannot get complete knowledge. Success will be only attain when you also engage in actual field and work for it by using your money.

And for someone to become a good and profitable trader, you need to experience losses at first so that you can easily adjust to the different market factors that could easily come unpredicted. While practical application is very much important in trading, as that will teach you how to make good market analysis through your various experiences as a trader.

death69

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Quote from: KingsDen on April 23, 2023, 05:37:18 AM

Quote from: usekevin on April 17, 2023, 05:26:02 PM

1.Crypto currency is not a stock market trading,you need to wait longer period as compared to the stock market.In stock,you can earn 5% in short period,but in crypto it take short or longer based on the market flow.

I actually wanted to continue reading your great tips for newbies, but after reading your number one point, I gave up and decided not to go further.
Have you traded stocks before and compared to crypto trading?
I mean, cryptocurrency gives higher return of investment within a short time than stocks.
We are not even talking about Bitcoin. In this case, let us assume some altcoins that can make x10 within 12 hours. This can never be seen in the stock market.
Cryptocurrency is more volatile, more rewarding and more risky.
You totally missed the tips up and it can be misleading.

Alright, stock trading might be yawn-inducing compared to the chaotic rollercoaster of cryptos. But remember, high stakes often come with high risks. Yeah, you could pocket some fast cash with altcoins that explode like a supernova. But what ascends must descend, and if you're reckless, you might be drowning in a sea of regret.

That doesn't mean you should steer clear of cryptos - no way! Just adopt a long-game mentality and make savvy choices rooted in thorough analysis and market patterns. So, dive into those altcoins, friend. Just keep calm, do your homework, and never forget that in the crypto jungle, there's no such thing as a surefire win.

darewaller

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Quote from: hyudien on April 20, 2023, 11:32:19 AM

You are right on some things maybe even more if you want. But all of that is based on the ideal of a suitable trader in crypto trading. Because some people who are carried away by ambition actually fall down with considerable losses. The reason is when you are able to control your mind in crypto trading, all other aspects will be easy to control too. Beginner traders come with the aim of getting instant profits because they are matched with experienced influencers, as a result many conclude negatively that crypto trading is like gambling.

It's not wrong to have an ambition and all of us has it but what is wrong is when are rushing to get it that we are now doing the wrong things. We must realized that our ambition won't ran away so we must calm down as it helps us to think and act better.

The first thing that we must practice before we start learning trading is to control our mind (as you said) because once we can control it, we can now study more effectively and we can later on apply what we have learn. I'm very sure that we will like the early results that we will get. That is what we are talking about here. We are now ready on achieving our ambitions with the help of crypto trading.

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Well, I assume that the early days of trading are all about learning. And definitely, we can't assume as well that it has good trading results but for sure, losses and disappointment are gonna have to experience. We can't expect newbies to learn fast because even how many tips to read, no matter how much advice they've heard, it all be gone on their minds when they are in actual trading because what they have now is to find a way how to save their own.

I'd rather prefer to make their loss on their first attempt so they can feel and understand how trading really works and make not underestimate the volatility of the market.

KingsDen

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

1.Crypto currency is not a stock market trading,you need to wait longer period as compared to the stock market.In stock,you can earn 5% in short period,but in crypto it take short or longer based on the market flow.

I actually wanted to continue reading your great tips for newbies, but after reading your number one point, I gave up and decided not to go further.
Have you traded stocks before and compared to crypto trading?
I mean, cryptocurrency gives higher return of investment within a short time than stocks.
We are not even talking about Bitcoin. In this case, let us assume some altcoins that can make x10 within 12 hours. This can never be seen in the stock market.
Cryptocurrency is more volatile, more rewarding and more risky.
You totally missed the tips up and it can be misleading.

Mauser

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

1.Crypto currency is not a stock market trading,you need to wait longer period as compared to the stock market.In stock,you can earn 5% in short period,but in crypto it take short or longer based on the market flow.

While it's true that there are some differences in stock trading cs crypto currencies reading, o don't think that volatility is so two different between the two. When it comes to the stock market there are medium to small size stocks that have a high volatility and easily move 5% in a few days. This either die to the high risk involved in the company, or the small number of shares publicly available to trade. In the blue chip market however there are some large companies which have a very small risk profile and won't be moving more than 1-2% in a week or two. In the crypto market we have the exact same, there are some high risk alt coins which can easily move 5% and then there are more popular coins which don't move so much. Both in the stock and in the crypto market the general market risk is the main driver of price changes and needs to be monitored. That's why I think that a successful stock trader will do good in the crypto world and vice versa.

cydrix

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In some cases, you could argue that you are even more correct. But all of that is predicated on the ideal trader for cryptocurrency trading. Because some individuals who become overly ambitious do in fact collapse with significant losses. The reason is that once you master mind control in cryptocurrency trading, all other parts would be simple to master as well. Because novice traders are paired with seasoned influencers with the intention of making quick money, many people draw the incorrect conclusion that cryptocurrency trading is similar to gambling.

Quickex Exchange

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You've provided some valuable insights for newcomers to cryptocurrency trading, emphasizing the importance of patience, learning, and understanding market dynamics. It's crucial for new traders to recognize that cryptocurrency trading differs from traditional stock trading in terms of volatility and potential returns. Developing trading skills with small amounts of money, holding for longer periods, and being aware of market fluctuations will help them navigate the crypto market more effectively.

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

The following steps will help such new people to avoid loss from the crypto currency trading.

Rather than saying "to avoid loss", much better if we say "to minimize loss".

Even those considered professional and long-term traders can't avoid losing at trades, regardless of the market trend. To prevent or avoid losing money in trading is something impossible to happen knowing how volatile and unpredictable the crypto market is. We can't avoid it but somehow we can minimize it.

For me, it's better for new players to experience struggles and challenges right away during the start of their trading journey in crypto for them to realize what's the best thing to do in the future. Remember those users who started their journey at bull run? I believed almost the entire of them thinks that earning money in crypto is easy and they are all smart during the bull run. But when the bear trend came, I also believed that almost the entire of them vanished.

Building experience is the key. These new players will soon become experienced ones if they will be serious to build and progress their crypto-trading journey.

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Quote from: Oilacris on April 21, 2023, 05:58:11 PM

2.You have to learn trading by using a little amount of dollars in practical experience.You should not consider such money as loss.After you learn trading,you can earn 10-20x of the loss money.

This is where you should really be minding or needs to be followed initially when you are really that a complete noob.Never ever make yourself put in a hurry on making profits in short duration
because this would really be creating that kind of desperation which is something that you should really be needing to avoid because instead on making money you would
eventually lost money instead because of desperation which would really be derailing you out of your strategies.

Success is achieved not by taking shortcuts, but by following a step by step process. If you are still new to trading, then never act like you’re already a pro in it. Set your limits and only trade with a minimal amount, so that if you lose you will have no rooms for regretting. And when you’re already making consistent profits through trading, then you can set an increase on your capital so you can also gain bigger profits when your trade succeeds.

EdenHazard

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Quote from: bittraffic on April 21, 2023, 01:53:45 PM

One piece of advice I have read and I kept reminding myself about it that new traders should also realize before diving in is that there is a cycle of bull runs and bear markets. When the goal is to avoid loss, it's the investment timing and then waiting for that is to point out for them.

The volatility can be used to advantage but usually, it's BTC that has high volatility even in the bear market.

10% is about buying
10% is about selling
And the rest of 80% is about waiting / timing , that's the formula.

You could always have your own candle lines in predicting the bull cycles and the bear one , but always remember that patient to wait is they key to have your money in crypto gained in value overtime.

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

Every day some people get into the crypto currency trading.They come to know about cryptocurrency from their friends or relatives.They start trading with some capital and when the bear market comes,their balance will be reduced some value.After seeing a small loss,they will cash out the money and fly from crypto currency trading

Great points dear OP, but I think these points only circulate around a few things like "holding for a longer period and stock is better than crypto for profits". But what I think is, trading in crypto is much easier than in stock because I had still not learned a thing about stock trading but in cryptocurrency trading, things are theoretically much simpler. Most of the newbies to whom you aforementioned are also not familiar with stock trading, (like the majority of them) because if they do familiar with it then they are not the ones coming to crypto trading by hearing it from friends and relatives.

So, for newbies, I prefer you guys should follow some basic tips,

1. Buy with only that money that you afford to lose
2. Do not start with real money, start with demo accounts to test your mindset and strategies
3. Always follow your plan which you made at the start before entering the market because once you see the profits or loss you will fall prey to market sentiments which you should avoid.
4. Understand, charts, news, and how many factors try to manipulate you frequently to make and lose profits,
5. Do not waste your time and money on learning complex algorithms and tools because you are not a pro so you don't need them.
6. Do not fool yourself by saying, by joining a VIP group where trading signals are shared, you will get a great experience from it and learn from it. No, you will not learn from it instead you will become dependent on it and your mind will become stagnant not progressive.

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Quote from: yhiaali3 on April 21, 2023, 08:42:00 PM

Good tips, but they are all about patience in trading. Yes, patience is one of the basics of trading, and whoever does not have patience is better not to enter the field of trading.

But trading is not only about patience, there are many basic skills that a trader must learn in order to be able to succeed in trading, in addition to the basic skills there are many personal qualities that he must possess, such as controlling emotions, not rushing, persistence, and not despairing when losing.

One of the most important skills is choosing the best times to enter and exit trades, there are a lot of other things a trader has to learn all of these things step by step.

This sounds interesting. I thought patience is mostly needed in investing because the concept of it is to hodl till the bull run and we know that bull run doesn't come often. Trading is hard to learn so patience is needed at the beginning but once we are ready, that is the time for us to trade non-stop and earn significant profits.

There are newbie traders who lacks in patience and don't finish their training properly. They are the ones that you are referring to, that must not be here in trading. They better do gambling in casinos because it doesn't have a learning curve. There is more in trading but those things can can be achieve as long as we have a patience.

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Don’t get too strict with these rules if you are a newbie. Just trade with cool mind and with proper knowledge. While choosing a coin, do a good research on the coin, it’s background and popularity plays an important role also. Next observe and study the market, at what time of day the price goes or on what special days the market falls down. At last trade with the amount that you can afford to lose. Don’t just put all your savings in trading and make your life in debt. Most importantly don’t become greedy and keep on cashing out little yet steady profits.

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Quote from: imamusma on April 22, 2023, 11:01:40 AM

Quote from: jrrsparkles on April 22, 2023, 05:42:23 AM

This just applies to bitcoin not necessarily for every cryptocurrencies cause that is where most newbies make mistakes, they think Bitcoin is way too high so they are looking for next bitcoin which may become high priced asset like bitcoin oneday and dump their savings or even everything but investment won't work in that way.

The bitcoin price is very unstable where prices can change quickly at any time. A high ROI can be expected over short period of time (e.g. a few months) depending on where the bitcoin phase is at the moment. It is always possible to find price recovery after the bitcoin price dump to low like it did in 2022 which was further followed by recovery during January 2023 to now.

You should sell your altcoin as soon as possible as long as you get returns, altcoin are fundamentally very different from bitcoin so you should handle them differently too. If you can expect bitcoin to bring you long-term returns, then it probably isn't the same for all altcoin. Buy bitcoin and make it your holding asset, but some altcoin also have long-term potential.

Yeah, there are very few genuinely different cryptocurrencies created apart from bitcoin for different purpose but some of then were forced to be dumped so that is the risk of investing even in a good altcoin but bitcoin crossed the stage of controlling anymore which can be manipulated but its the only cryptocurrency can't be controlled even though if a government say a complete ban on bitcoin still its hard to stop the bitcoins circulation.

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Quote from: jrrsparkles on April 22, 2023, 05:42:23 AM

This just applies to bitcoin not necessarily for every cryptocurrencies cause that is where most newbies make mistakes, they think Bitcoin is way too high so they are looking for next bitcoin which may become high priced asset like bitcoin oneday and dump their savings or even everything but investment won't work in that way.

The bitcoin price is very unstable where prices can change quickly at any time. A high ROI can be expected over short period of time (e.g. a few months) depending on where the bitcoin phase is at the moment. It is always possible to find price recovery after the bitcoin price dump to low like it did in 2022 which was further followed by recovery during January 2023 to now.

You should sell your altcoin as soon as possible as long as you get returns, altcoin are fundamentally very different from bitcoin so you should handle them differently too. If you can expect bitcoin to bring you long-term returns, then it probably isn't the same for all altcoin. Buy bitcoin and make it your holding asset, but some altcoin also have long-term potential.

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Quote from: usekevin on April 17, 2023, 05:26:02 PM

2.You have to learn trading by using a little amount of dollars in practical experience.You should not consider such money as loss.After you learn trading,you can earn 10-20x of the loss money.

This is easier said than done.

Not all of the newbie traders could handle the stress they will get in the process, the frustration because of expectations that didn't meet, so automatically they will conclude that trading is not for them, which is not a bad idea since all they wanted is to ensure their funds. There's a lot of opportunities for them, not just trading so you can't really blame them if they chicken out of trading real quick after they lost some of their fund.

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Quote from: MFahad on April 20, 2023, 02:19:16 PM

You are right that a person can only learn when he become engaged in practical use because just knowledge cannot teach you everything sometimes practice is necessary. Sometimes individuals of crypto does not succeed and are unable to get what he wants because he doesn't have any experience but he just read about it and hear about it through which one cannot get complete knowledge. Success will be only attain when you also engage in actual field and work for it by using your money.

Most particularly for trading where an individual needs practical training more than knowledge so that he can be a good and profitable trader later on. However when it comes to losses, there is no exception to that, whether you’re a pro or newbie in trading. The only difference is that pros in trading have gained more and better experiences than newbies, that’s they have the ability to reduce the risk level of losing from trading.

Topic: Essential one to new traders in Crypto currency (Read 263 times)