For newbies and plebs who want to self-study to become "traders" - page 3.

Wind_FURY

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Quote from: Mahanton on August 01, 2023, 07:56:04 PM

Quote from: Wind_FURY on August 01, 2023, 03:28:21 AM

Quote from: wxa7115 on July 30, 2023, 11:35:04 PM

Quote from: Wind_FURY on July 30, 2023, 03:22:01 AM

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

When it comes on trying out to assess your trading capability then 1 year should really be enough or even on 6 months on doing trading.

I'm a mere pleb, and I'm also just learning but I'm sorry, ser. I'm very VERY confident that isn't true. If you don't believe it, you can ask those traders and investors who have been in it long enough for their thoughts and opinions to matter.

It's also just common-sense. Having just one year of good performance is not indicative of that person having a consistent winning career as an investor or a trader. There might be exceptions, but it isn't the usual.

freedomgo

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Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

Not all that talks about trading are worthy of our time listening and reading. Still, we should be careful on choosing those resources that will come to influence our mind and thinking. If we can do our due diligence to research on the reliable traders online, then that will help us a lot not to fall from believing in their traps.

Trading is not also a means to make profits only. It’s actually there to help us learn the value of bitcoin or any cryptocurrency and realize that what we see at the moment will not be forever, so we should learn to give importance to its value while it’s still available at the moment.

mirakal

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Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

Yes. Be careful at all times. Trading is not a get rich quick scheme that you need to be obsessed on it. So trade at your own risk. And when you trade, acquire knowledge and valuable information first and make sure that you are getting them from reliable and legit sources, and not from random crypto influencers that pretend to be expert in trading when in real life, they are losing a lot from it.

Trade in the best way possible but never chase for consistency in profits as you are trading in a very volatile and unpredictable market, which means profits are not guaranteed in the first place.

lixer

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Quote from: beerlover on August 01, 2023, 06:53:39 AM

The second part is very important, there are a lot of people who made a wrong move but they were lucky that the price of that thing didn't go down, and even went up, they think they did something right. Unfortunately they repeat the same wrong thing because initially it made them a profit, and then they realize that it is not going the way they want it to go and they end up losing money because of it.

I hope that it gets better eventually but when it does, I also believe that it is going to cause a lot of people to realize their mistakes. Newbies need to make sure that they learn how to do it the right way, if they do then they are going to end up making a decent amount of profit without a doubt and should return with a profit.

Newbies usually learn it the hard way, it is very rare that a newbie trader asks someone before taking any trades, they simply watch some influencer or someone who teaches trading on YouTube or Twitter and they blindly follow them without even realizing what they are getting into and whether they should buy a certain coin at that time or not, and this thing causes them losses initially, and once that happens, they realize they need to learn things first.

The first couple of trades are very crucial for a newbie trader because they will either make them overconfident or make them realize that they are not doing it right, if they manage to get profit in their first couple of trades even without knowing anything, they might take a bigger loss in the next one.

Mahanton

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Quote from: Wind_FURY on August 01, 2023, 03:28:21 AM

Quote from: wxa7115 on July 30, 2023, 11:35:04 PM

Quote from: Wind_FURY on July 30, 2023, 03:22:01 AM

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

When it comes on trying out to assess your trading capability then 1 year should really be enough or even on 6 months on doing trading.Its true that trading skills could really be acquired on long time and would really be dealing up with tons of trials and errors before you could really be able to make yourself that find out whether you are doing just fine or not. It is really just that there are people who are really that too in rush on
learning up things and skipping out those basic fundamentals on which it would really be causing for it to have those kind of errors which causes out those mistakes and losing money. Majority of newbies would really be having that urge of emotion on learning things on just few days until they would come to realize that it isnt really just that right that you would really be having that kind of behavior.
Self study could really be that possible but not all would really be able to take up that fast way on learning or having a good grasps on whatever they are tending to deal with.

Adbitco

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For the sake which you said is not better they look for a mentor?
Someone who knows more than them or a kind of school that or institution that focuses on training people to trading independently since most of the resourceful books and videos created over the net and youtube might not be a true way to overcome some difficulties in trading, while some creates those videos to make money but putting up an acts of creating a video on how to teach people how to trade. To me the best advice is to locate someone who is very known to be a trader or an enthusiast who focuses on trading, since beginner are desperate of venturing into trading whereby sourcing information across net and youtube and just as you already said most of them might not be professionals.

beerlover

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Quote from: wxa7115 on July 30, 2023, 11:35:04 PM

Quote from: Wind_FURY on July 30, 2023, 03:22:01 AM

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

The second part is very important, there are a lot of people who made a wrong move but they were lucky that the price of that thing didn't go down, and even went up, they think they did something right. Unfortunately they repeat the same wrong thing because initially it made them a profit, and then they realize that it is not going the way they want it to go and they end up losing money because of it.

I hope that it gets better eventually but when it does, I also believe that it is going to cause a lot of people to realize their mistakes. Newbies need to make sure that they learn how to do it the right way, if they do then they are going to end up making a decent amount of profit without a doubt and should return with a profit.

Wind_FURY

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Quote from: wxa7115 on July 30, 2023, 11:35:04 PM

Quote from: Wind_FURY on July 30, 2023, 03:22:01 AM

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

SharonC

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Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

That's right! Most of the trading experience is based on observations and uncountable number of attempts

wxa7115

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Quote from: Wind_FURY on July 30, 2023, 03:22:01 AM

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

Russlenat

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Quote from: AicecreaME on July 27, 2023, 08:42:46 AM

I agree.

However, most newbies who make profits luckily the first time will surely lose their cool and will act like they already know how trading works. So, in their next trade they will enter a big trade and lose it, so their negative emotions will kick in and do stupid things and that's where they lost their path, chasing their loses without any plan at all.

That’s how tempting trading profits is. You might be winning in your first trade but that will never guarantee the same thing will happen in your next trade. The market is so much unpredictable due to its high volatility, so be careful not to fall too much on your greed.

While this is true for most newbies, but I’m not saying it generally. Some are still wise enough not to fall for their first profits as trading can be sometimes deceiving especially if you think you know everything about trading and how it works in the market.

sana54210

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Quote from: tbct_mt2 on July 25, 2023, 07:01:05 AM

Quote from: Mpamaegbu on July 25, 2023, 04:41:55 AM

With the few years of experience I've garnered in trading, I'm of the opinion that those who jump up and down on social media brandishing one paid signal group, articles, books or the other aren't actually profitable. They're mere marketers. Those who trade for a living don't have time for such unnecessary involvement on daily basis.

Talking about those who think they can be self sufficient by solely learning on their own, my word to them is that they will easily and quickly burn out. In trading, no man is an island on his own. We need the knowledge of others to know where we truly stand. Cross fertilization of ideas is needed to help proper one further in life, trading especially.

They can learn from books, trading courses, videos, signal groups and can learn from warnings such as this topic. Unfortunately, learning by reading is not enough, never enough. They must experience with real trading practice which will help them to test knowledge they learn, test themselves including their deeply inside personal characteristics.

Hopefully they won't be burned out before they learn enough and practice enough in this risky market. If they survive, they will have good future because where there are risks, there are great opportunities.

I believe that learning from any resource is fine, as long as they do not do it just from a single source. If they keep trying to find more and more sources then they are going to eventually end up with a good result one way or another. It is going to end up with a situation that will be better.

I know that it will not be simple and it will have some results that will upset people when they are not doing something that will be better, but when it comes to losing money, if you could see that as learning possibility as well then it means we are going to do a bit better. I hope that people will learn to be better eventually one way or another, should be an important thing that takes time and not something that is quick and easy.

Wind_FURY

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Quote from: nelson4lov on July 26, 2023, 04:03:18 PM

Quote from: Wind_FURY on July 26, 2023, 10:47:55 AM

Quote from: nelson4lov on July 25, 2023, 06:06:23 PM

Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

~Snipped

For under-capitalized plebs like many of us are, you won't have to find quality "trading resources". It would be a waste of our already limited capital. The best use for it is merely to buy the Bitcoin DIP, and HODLing it as a store of value, then DCA any additional capital that you earn.

Plus instead of wasting your time in trading, just find a job, a second job, or other ways to earn extra money.

you just hit the nail on the head. I appreciate your honest response to my question. I do know that not having a stable source of income while relying 100% on trading profits might not be the way to go for most people and it might mess up trading psychology since a new trader would have to choose between their empty stomach and withdrawing a part of their trading capital every time to survive. This isn't the ideal way to go.

I do have some concerns:

Quote from: Wind_FURY on July 26, 2023, 10:47:55 AM

Plus instead of wasting your time in trading, just find a job, a second job, or other ways to earn extra money.

Someone with a stable source of income might just want a trading career or has a passion for trading and numbers. This wouldn't apply to them?

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

gabbie2010

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Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

I was once a believer of reading trading books to becoming successful in trading, I read so many forex trading books especially Al Brook, however most of those stuffs I read is in sharp contrast with reality of Price Action during live trades, I once incurred streaks of losses while trading a crypto/USDT pair while applying one of the trading strategy obtained by reading a book based on Elliot wave, I followed all the methods explained by the writer yet wasn't profitable, I also believe Hodling is the best for a newbie in crypto with a reasonable capital, though I had switched to forex trading which I learnt after I had thrown away many fancy indicators on my chart without any usefulness I now rely on RSI and Ema indicators only with Price Action.

crwth

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Quote from: Wind_FURY on July 24, 2023, 04:27:16 AM

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

I think the second sentence that you gave is the reality of some people who have managed trading and just gave up and go to the sure route, which is HODL bitcoin, and that's one of the things that we need to consider knowing that it could be more profitable if you did that. There are some people who are really built for it in trading as they will show results for sure. Characteristics of this would probably be some patient and also understanding of technical stuff would be easy. It will take time to master for sure.

taufik123

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Quote from: Hamphser on July 28, 2023, 05:15:02 PM

When you do win on your first time trades, then you would really be having that impression that trading would really be that so simple and something that you could really be able on doing without any issues on which

Beginners or anyone will get caught up in this situation and lose their guard because the first win gives a good impression.
Whereas the first win can be a warning that one must be more vigilant and must do better market analysis.

Quote from: Hamphser on July 28, 2023, 05:15:02 PM

this is the primary thing that would mostly be playing out on newbies mind on the time that they would really be making some profitable trades on their first time and just like in gambling on which they would really be having those thoughts that it would really be something that make them rich.
-snip-

Being a beginner trader really needs to be focused and consistent, learning all aspects of trading knowledge.
The first trade does seem like gambling and this is quite common because beginners still do not fully know how to do the right analysis so that they can determine where to enter and exit. The first win is just a fortune that can encourage further trading.

Quote from: Hamphser on July 28, 2023, 05:15:02 PM

There's a significant difference in between those veterans and noobs in dealing up with this crypto space.If you dont know on handling out yourself on this very unpredictable market then you
wont really be able to survive comparing to those people who do have the idea on how to deal up with something like this.

The crypto market is very unpredictable, even if you analyze it correctly and are sure the price will go up.
But suddenly when there is FUD the price will crash and situations like this do require strong psychology and no need to panic.
If financial management is well controlled then it is time to buy and add more assets.

Myleschetty

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I like the advice given by the OP of this thread because some cryptocurrency investors and traders seem not to understand that most content creators creating some teaching, market prediction, and hype videos are not really into the market and they are only creating the content and prediction just to sell themselves to the world.
Therefore, I never put my faith in the predictions of an influencer.

Hamphser

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Quote from: Distinctin on July 28, 2023, 04:55:36 PM

Quote from: AicecreaME on July 27, 2023, 08:42:46 AM

I agree.

However, most newbies who make profits luckily the first time will surely lose their cool and will act like they already know how trading works. So, in their next trade they will enter a big trade and lose it, so their negative emotions will kick in and do stupid things and that's where they lost their path, chasing their loses without any plan at all.

That’s exactly the reason why newbies are not allowed to trade not because it’s hard for them to make winning trades, but mostly because their emotions are high and uncontrollable so they end up making wrong decisions that will certainly become the reason why they keep on losing from trading.

Trading can be mostly deceiving especially for those traders who have high greed, and those who trade with greed are definitely the newbies in the market. So be careful when trading, be cautious not to fall from those who pretend who are winning traders.

When you do win on your first time trades, then you would really be having that impression that trading would really be that so simple and something that you could really be able on doing without any issues on which

this is the primary thing that would mostly be playing out on newbies mind on the time that they would really be making some profitable trades on their first time and just like in gambling on which they would really be having those thoughts that it would really be something that make them rich.Sooner or later on the time that they would be experiencing such loss of money then this is where they would really be telling to themselves that they do really lack of knowledge with trading and need something even more on which this is the time that they would be making out realizations that it isnt really just that enough.

There's a significant difference in between those veterans and noobs in dealing up with this crypto space.If you dont know on handling out yourself on this very unpredictable market then you
wont really be able to survive comparing to those people who do have the idea on how to deal up with something like this.

Distinctin

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Quote from: AicecreaME on July 27, 2023, 08:42:46 AM

I agree.

However, most newbies who make profits luckily the first time will surely lose their cool and will act like they already know how trading works. So, in their next trade they will enter a big trade and lose it, so their negative emotions will kick in and do stupid things and that's where they lost their path, chasing their loses without any plan at all.

That’s exactly the reason why newbies are not allowed to trade not because it’s hard for them to make winning trades, but mostly because their emotions are high and uncontrollable so they end up making wrong decisions that will certainly become the reason why they keep on losing from trading.

Trading can be mostly deceiving especially for those traders who have high greed, and those who trade with greed are definitely the newbies in the market. So be careful when trading, be cautious not to fall from those who pretend who are winning traders.

justdimin

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Quote from: Cookdata on July 27, 2023, 07:47:09 AM

There is nothing I hate seeing like those thumbnails on Youtube videos, sometimes I think those guys that give predictions and guides about trading contribute to why newbies lost money into crypto because instead of them to be teaching the important aspect of trading, they will be busy saying things that will give them goosebumps and make their adrenaline grow over their head and when they rush and start trading without any basic knowledge and get burn, they start crying like babies.

There is another funny thing these trading guides traders do, they don't in reality trade any shit, they only hold coins and freak out the public with trade settings and hype; the Halving is on the way, just watch how they come back to hype people once again about trading guide and when they make their gain, they vamous and come back the next time there is another hype in the market.

I sort of understand it. Not the part where they do not teach the real things, but understand the part where they make it grand and make it sound like something major at the same time. Why do I understand it? Because, it is a medium, and you need to get attention and in order to get attention you need to make sure that you are doing fine.

If you are doing fine then you are going to be making some serious profit from it as well. I understand that it is not going to be easy, and I can see why it is getting to be something a bit more troublesome over course of time, because in the end they are not helpful. But if they keep what they have, and add in some stuff about how they come up with those things, it could be something good.

Topic: For newbies and plebs who want to self-study to become "traders" - page 3. (Read 749 times)