Topic: For newbies and plebs who want to self-study to become "traders" - page 4. (Read 789 times)

It really makes sense and must be really careful...
Moreover, mostly, it is theoretical. Seem like super easy when learning from reading from books, journals, watching any videos, and other sources. Seem like trading is easy and can be done by self easily by following the tips and tricks for trading, for beginners.
But the fact is vice versa.

We always try to learn and understand so many things in trading. But sometimes, this will not work very well when we are going live in trading, this seems so different. But this is the truth, it will be exactly different. because sometimes, the theory is just theory. When we are newbies and we really don't know about trading and self-study, sometimes, we miss certain information, misunderstanding what is meant by the sources, and sometimes we realize that we have understood the study, but in fact, not yet exactly.

But, this is much better when we have that effort to study and learn more about trading before entering trading activities. This is much better than nondoing it yet. Because at least we have an understanding, and further, we can learn by doing because this will be more effective. however, we also must know how to learn by doing that will not risk our funds very much. yeah, do it and start it with a small amount of money until you really know how to trade. Btw doing sharing and discussing what you have learned from the sources with other traders will also help us to synchronize the understanding, fix the misunderstanding probability, and to sharpen our understanding about it.

Just like on gambling or whatever you've been doing specially on first tries, there are really indeed moments on which you would really be making yourself that being that confident on the time that you would be making profits or making out good decisions on your decisions whatever you are currently dealing with but its true that never ever underestimate the market because you would really be finding yourself that you are still that far into reality
on becoming that sustainable on this market specially when you are still a noob and there's still lots of things which you do really to know and needs to learn up first for you to be able to make yourself that survive.

All of the things that we do really need up to learn is already available online on which you can really be able to learn for yourself even if you are a noob and dont make yourself that
too confident just because you have done some good initial trades on start up. Always learn along the way and never be that too rush on making decisions without
any solid analysis when it comes to various things.

There are large number of books which doesn't contains true information so before accepting those books first try to read three or more books and also learn by watching videos.
Although all videos and books are not trustworthy so try to find the same point in more videos and if possible then check those videos and books which are free of cost so if you get wrong information which does not matches to the reality so you money will not be used in wrong way.

You can get knowledge easily by hearing from those friends who are a part of crypto trading and then some knowledge can also be achieved through self participation in the same thing.

Beginners luck! It happen commonly. Having a luck and a careful first trading decision will bring you profit but newbies underestimate the market and make loose decisions like doing a trade without their proper research. They also tend to spend more on their next trade as they are overconfident with their trade. After receiving a consistent loss, that is the time that they will realize that the market is no joke at all. This is why not everyone last long on trading because of the persistence and consistency needed on each trade.

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.

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.

What we heard and see especially if it’s all about making profits can sometimes be deceiving on our part. Even those videos and articles from professional traders, those won’t still guarantee us a decent income knowing in trading, those strategies who might work for others might end up not working for us. That’s why we have to be extra careful when trading. And as much as possible, never rely for others when you trade, but trust your own knowledge and skills because trading indeed is a not a game of chance and luck but mostly a game of your mindset, skills and strategies.

Direct trading practice is needed to be able to achieve victory, because practice will provide extraordinary experience rather than just watching trading videos which of course is just a theory. Knowing how to deal with market uncertainty gives added value so you don't panic in the face of any market conditions. Anyone can do it as long as he wants to learn and practice it. The risk will still occur, but when you know what to do, the risk can be minimized.

Trading does not guarantee profitability in reality. But if you know how to deal with its market unpredictability, then eventually you will get to trade and be profitable on your trades. Those who exert a lot and make tremendous effort will actually end up winning while those who just rely from merely reading and watching trading videos, it’s still uncertain for them if they can survive the risk in trading.

And even if there are people who will always claim that trading can make someone instantly rich, well it’s still not a guarantee since trading is unpredictable and even if you have the skills and working strategies, you are still not excuse from committing inevitable losses. That’s why some end up quitting for good and just settle on bitcoin hodling where they can still make profits without risking that much.

It’s a sad reality that some people are even making a business out on innocent people and see them believing that what they have read or seen are actually the best ways to make profitable trades. But in reality, those influencers are not actually profiting from trading but since it’s their own way to sustain their income and make a living, then we cannot also blame them for that. The reason why we don’t need to trust easily whatever we read in an article or seen in the video as it could be misleading in real life.

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: 

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?

Most of the people claiming they are winning traders are not. They are removing their losses from any feed etc. You can find out what kind of traders influencers truly are from tradingview.

In there you can't remove your bad calls. Everything stays in your history after you publish them, even the embarrassing fails. In there you can see that most loudest and proudest are failing all the time. Just like people who are getting relatively good results.

After spending a while to find a good trader and even when following it, it gets pretty clear why you need a such thing as a stop limit. Because traders are wrong a lot more then they would like to admit.

This is real and very good advice that you have given.

Because it is really easy to get carried away and forget to consider that this people may actually be making money from what they sell than from trading itself. I have seen many videos and materials from tutors who spend minutes talking about something when they can actually just go straight to the point. Some make many episodes, just so they can get viewers to spend more time watching them, making more money off viewers.

If you lose money and leave then you were never really prepared for trading because you should have known.

Trading is an activity with a high risk of loss, so of course a trader must have good skills if they want to make a profit. After all it is true that something can be said more easily than put into practice, it includes a shared strategy.

Traders should learn from experience, it will help them grow and achieve success. Then from that, I also think a trader must not only have experience and expertise, but they also need to have good psychology when dealing with market volatility. Learning from mistakes is a good way to build a good experience, but if they fall into the same hole it means they shouldn't trade, but it might be good to be a holder.

I agree with you, writing advice is easy and marketing it has become more important than being useful. Therefore, trading is one of the activities that requires the user to perform it in a practical way, forming his experience and then starting to learn. It is true that you will lose, but with the passage of days you will turn your loss into success. If you cannot change your behavior so that your losses are below average then trading may not be good for you but reading more books will not change the fact that trading is more empirical work than theoretical philosophy.

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.

That's just the fact you have put out @Wind_FURY. I remember that a few members here have also talked about those trading contents that are being sold online, as the experience of most traders only suggests that those contents are not to be relied upon in order to become successful traders. Another one I talk more often about is those YouTube content creators who are making series of videos with eye-catching titles like, "Learn to Earn $1000 Every Week Trading Crypto" or "Beginers Guide to Earning $100 Every Day in Crypto Trading." There are a lot of related titles like that, and most of those videos are just sh*t. You, dear, do not just believe in everything most of those guys say on those videos; otherwise, the traders will just lose money. The truth is that those who watch, like, comment on, share, and subscribe to their channel are just making them make more money from their channels than they do in real trading.

They can be successful traders and still write books, host seminars if they love those activities but very few people fall into that group. You are right that most of people who host trading learning courses are not successful traders. Most of them are not successful traders and host courses to get money.

It is important to say if they are successful traders, and you learn from them, it won't guarantee that you will become successful traders like them.

Investing will require less time and effort if you pick a good one. After that, just buying, accumulating and holding till a day and price you want to take profit.

Although they might not be a winning trader but still their experience on their trades is somehow helpful to new traders since they can make this as a basis on their potential trades. And its up to them if they follow or not as long as they do another research to verify that what information they read is really good to follow. Not every trader lose on their trades that's why learning new information everyday is needed if you want to be a bullish trader.