all of these topics that keep popping up these days advising newbies about trading are good but in my opinion if we consider success to be 100%, then these theoretical discussions are only contributing to 0.01% of it! the remaining 99.99% is all about the experience and without it, nobody can make a satoshi in profit.
another thing that is always missing is the first step! everyone always talks about what comes next, but nobody ever talks about the first step about making plans and making good decisions. as in what to buy, when to buy, and more importantly when to sell. the common theme with these topics is also usually about "have patience" as if you should just buy anything then bag hold patiently waiting for the price to go up!
Topic: [for beginners] on bitcoin trading (Read 253 times)
It is easy to speak, but actions are what determine how much you earn.
I can read not greed, fear, put emotions aside but when it comes to money adjusting emotions will be difficult.
Trading is based on experience, so after reading these tips you have to take some "calculated risk," so you can trade with an investment you are not afraid to lose.
Do not forget that we are in a volatile and high-risk market, it is not an easy way to earn thousands of dollars for free.
I can read not greed, fear, put emotions aside but when it comes to money adjusting emotions will be difficult.
Trading is based on experience, so after reading these tips you have to take some "calculated risk," so you can trade with an investment you are not afraid to lose.
Do not forget that we are in a volatile and high-risk market, it is not an easy way to earn thousands of dollars for free.
I would like to add few more points that it is also important to know when to book profits, How and where to have stop loss, When to market the trade or when to have it trailing stop loss. Also, knowing how to use all these tools and platform effectively.
legendary
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eXch.cx - Automatic crypto Swap Exchange.
Your mistake (which most individuals are guilty of) was trying to outsmart the market at every slight opportunities the market presents, which are usually whales just manipulating the market to their favour. Technically you were trading which isn't something I recommend unless you have the required skills and experience to succeed at it. The strategy doesn't involve selling all your bitcoin everytime you see a spike in price hoping for a buyback when the price corrects.
Instead, It involves selling a fraction of your current hodlings to prepare for future correction to buyback more bitcoin and this selling should be done when the price has achieved a new milestone ATH. That's if you know you won't be comfortable hodling your bag through the rough time.
luckily the correction of price could favour you then you can rebuy more bitcoin with all or some percentage of the earlier withdrew funds. That's what I consider building your account. Take advantage of the big opportunities to accumulate more bitcoin.
Doing like this is not easy for beginners. I want to doing like this one on Q3 2017, but I am failing. The reason is when I come to crypto market i don't have any experience about forex trading nor crypto trading. In that year when trading, I already take profits after I see the price of the coin going up and make me profit 20%, but, after I make a profit, waiting to price down, and make a buyback, the coin was continuing to fall. I sell my coin, and hope i can buy more deep, but i am wrong, coin going up, and I buy when price same as I sell coins, but after buyback coin going to down. BTC become hitting ATH, i buy some of coins that I think can make good profits to gain bitcoin value. But, again, I am wrong and my coin going down 50% after BTC drop. And now my portfolio on 2017 market, dropped 90%: -\
Without any experience for newbie like me in the past, this case, maybe can happen to anyone out there. To play with buyback strategy, newbie must be able to read candlestick pattern.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
For beginners and most experienced traders,you can make more profits by simply holding rather than trading and making effort to make profits.
There is no way you can make the same level of profits from trading without doing something. Holding needs your patience and strategy. That's the advice i always give. "You're far better holding than trading although I recommend buidling. What many short term hodlers fail to understand in holding is that, they fail to utilize the big opportunities to take out some profit when the big price movement occurs then they FUD when they aren't capable of holding through the rough time. When big opportunity presents itself (like the 2017 ATH bitcoin price) there's nothing wrong taking some percentage profits (preferable withdrawing your capital).
That way irrespective of how the market moves you won't be affected totally and luckily the correction of price could favour you then you can rebuy more bitcoin with all or some percentage of the earlier withdrew funds. That's what I consider building your account. Take advantage of the big opportunities to accumulate more bitcoin.
For beginners and most experienced traders,you can make more profits by simply holding rather than trading and making effort to make profits.I am not saying we need to stop bitcoin trading, but we can make the same level of profits when we are giving no effort as well.
Holding requires your patience. You won't make that much if you hold for months, especially in this bear market. Your suggestion contains risk and might not be as good as doing swing trading. Take a look at what happened after 2017, even if you hold till now, you're still in a loss position. On the other hand, if you exit and make some trades, you may have already made some decent profits.
There is no way you can make the same level of profits from trading without doing something. Holding needs your patience and strategy. Remember that lots of coins died and never come back. Even if you said, we should hold Bitcoin or top 10 currencies, remember that they've been dumped as low as $3k just a few months before — not a good time for holding.
When someone holding bitcoins from 2011 or few later he could already made huge but I am not sure this will be possible with someone trading bitcoin from 2011.SInce we got the more probability to lose due to high volatility.
For beginners and most experienced traders,you can make more profits by simply holding rather than trading and making effort to make profits.I am not saying we need to stop bitcoin trading, but we can make the same level of profits when we are giving no effort as well.
Holding requires your patience. You won't make that much if you hold for months, especially in this bear market. Your suggestion contains risk and might not be as good as doing swing trading. Take a look at what happened after 2017, even if you hold till now, you're still in a loss position. On the other hand, if you exit and make some trades, you may have already made some decent profits.
There is no way you can make the same level of profits from trading without doing something. Holding needs your patience and strategy. Remember that lots of coins died and never come back. Even if you said, we should hold Bitcoin or top 10 currencies, remember that they've been dumped as low as $3k just a few months before — not a good time for holding.
For beginners and most experienced traders,you can make more profits by simply holding rather than trading and making effort to make profits.I am not saying we need to stop bitcoin trading but we can make the same level of profits when we are giving no effort as well.
Anyway my tip will be avoid trading too often when you are just new to it.
Anyway my tip will be avoid trading too often when you are just new to it.
Additional:
Risk Management
This is also important because this will help you to grow your trading account healthy. Always allocate some percentage of your available balance for every trade you do, always all in is not advisable. Always put stop-loss, if you lost, accept it and wait for another trade oppurtunity.
You can't become rich in just one day of trading.
Risk Management
This is also important because this will help you to grow your trading account healthy. Always allocate some percentage of your available balance for every trade you do, always all in is not advisable. Always put stop-loss, if you lost, accept it and wait for another trade oppurtunity.
You can't become rich in just one day of trading.
I want to add some
Be carefull about signal service
New trader who want to make a profits instantly, some of them will try to looking signal services. be carefull with offer 30%, 70%, 100% profits a day with their services.
Learn TA
Fundamental, news and suggestion maybe good to make a decision to buy or sell. but, newbie trader must be learn technical analisys too. Because, good/bad news or fundamental is not coming everyday, with TA, trader can be trade everyday he want.
Filter and research
Filter coins you want to buy, make a research about that coin and make a decission after that.
Be carefull about signal service
New trader who want to make a profits instantly, some of them will try to looking signal services. be carefull with offer 30%, 70%, 100% profits a day with their services.
Learn TA
Fundamental, news and suggestion maybe good to make a decision to buy or sell. but, newbie trader must be learn technical analisys too. Because, good/bad news or fundamental is not coming everyday, with TA, trader can be trade everyday he want.
Filter and research
Filter coins you want to buy, make a research about that coin and make a decission after that.
I know this will gonna help traders especially newbie to determine which emotions are you typically having a mistakes with.
In order for us to become successful in Trading, here are some tips that we should not ignore.
In order for us to become successful in Trading, here are some tips that we should not ignore.
- Fear and Greed
-Two most common emotions that we always encountered. Bad decisions will definitely lead to fear and greed followed by unsuccess trades. - Failing to plan is planning to fail
-Just simple. When you have plans, stick to it. Be confident with your decisions as long as you enter the market with stop loss, do not change your plans because of some disturbances. - Treat trading like a BUSINESS
-Having trading plan, journal (if necessary), setting goals and profits. If you are serious in trading, treat it as if it is your business that needs time and effort. - Never watch the Scoreboard
-It isn't healthy to check the market, our portfolio and the status of our trade repeatedly. Set a target. The more you check the status trade, the more emotions are being felt. - Know when to trade
-Trading at the right time, right moment to execute a trade. Just because the hype is present, doesn't necessarrily mean that you will follow the hype. - Trade with the Proper size
-Isnt more comfortable if we just trade amount that we can manage and afford to lose? Executing large scale of fund epecially when you have doubts in your trading will only cause fear. - Have a Life outside of trading
- Trading 24/7 is not healthy, we need life outside with family and friends, etc.
If you have something to add, share it here.
Happy Trading!
Code:Reference:
https://cointelegraph.com/news/bitcoin-trading-7-tips-to-detach-your-emotions-from-your-portfolio?fbclid=IwAR1t5pTy8ZNTJBWJ1NEydo0SqU73A8TfWxaXidFNG23vDdium2l2WUcnPd0
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