Topic: How can I get into trading - page 3. (Read 735 times)

As a new trader, all you need to do first before going into trading is to acquire the knowledge of the trading, because that is what will make you to be serious in savings funds that will make you to use the opportunity during the bearish season to invest in Bitcoin and wait for the bullish season to come before you can trade to make a passive income. You can start the trading with small capital to test yourself if truly you are good in the field of trading before you can increase the capital in the future, because if you start with huge amount of capital and you lose everything in the trading, it will be difficult for you to continue trading again. Since Bitcoin is the major coin that is helping new and old traders to grow higher faster, i will advice you to make use of electrum wallet to hold your Bitcoin and your Bitcoin will be safe in your wallet till you change your mind to trade to make income from the market.

I don't usually use meta trader because I prefer to use centralized exchanges when doing spot trading for some of the coins and tokens that I have seen well in recent times. But if you are happy with the use of meta trader, I also don't forbid you from using it as long as it is safe enough for you. But once in a while, try looking at the big exchanges and try to use them at a time when you have the opportunity to try them, maybe you will be interested and not just rely on the meta trader.

However, if you need a wallet to store assets or profits you get from trading results, I would advise you to convert all profits from trading to Bitcoin and save all Bitcoins in an Electrum wallet. Because on the one hand, you can also consider this as a long-term investment, because if you only want to save money for a while before you use it for trading in the market. You can store it anywhere as long as it is safe enough for your funds, including on the exchange where you trade if it's only temporary.

There must be some minimum amount that the OP can allocate for trading. And this amount should not be lower than $ 10, otherwise he simply will not be able to open an order, since on most exchanges this amount is the minimum for opening an order.

As a newbie that wants to into trading you just to basically learn more on the fundamental and technical analysis of trading where which you can start practicing with a trading demo app to enhance/improve what you've learnt so far.And also don't forget to trade what you cannot afford to lose and don't fix your mindset on the risk but your mindset should be fixed on facing the outcome.

There’s no amount of fund you can start with, you can start with the amount you’re ready to lose and won’t feel bad after losing them. For a starter, starting with intensive research about what you want to do is very important also, without knowledge about trading, don’t start yet.Get the basics, perfect a strategy and use it for your trading journey.


Starting with Demo account is also a good way to start in order to minimize loss of funds as you’re growing and learning. The disadvantage of demo trading is that it has no emotional feelings attached and knowing how to control that emotion is amongst what will make you perfect your trading.

The best thing for you now is to go for information about learning tips about trading, this including how to read your candle, when to sell, when to buy and how to exit the market, what is lot size and many more. If you want to MT5 then its no longer spot trading you should choose what to trade like future trade, spot trading or whatever.
If you are entirely new to the space then you need to go knowledge otherwise you would do serious mistake because lot of people who just focused on starting trading without them going for knowledge are regretting it currently because there things they don't know and they are facing difficulty.

Because I like video resources and it seems very easy to learn watching somebody teach it to me, I find YouTube my go to resource when I want to learn anything new on the internet. It could be very difficult at the initial stage to know which YouTuber to learn from as there are a lot of them.  The way to know the one to follow is the one that teaches in a very simple way that you can understand.

 That is the good thing about the internet if you choose to learn about trading there are many YouTube teachers who would teach it in different ways but there are just a few that will resonate with you and you'll love it. Go for those ones. They are likely not to have a large audience but that is fine. The smaller channels put their hearts into it.

I think that a skill, can only come from within and it's not something that is totally learned but we can practice it to make our skills more sharper. We can also practice the knowledge that we have acquired.

I believe that all things can possibly be done by us but if we think we can't, then there is a reason for it. Maybe we are only lazy but if we have a budget, we think that it's a good idea to just hire a coach to make things easier for us. The lessons that are found online or in the books can still come from the experience of that authors or someone else and knowing them does not mean that we will also now become an experienced person.

Youtube is a good platform where we can learn lot of stuffs for free but for a beginner, it can be really confusing especially when they are completely new so there are high chances of them get into the hands of these fake paid signal group selling YouTubers. It will take time to learn the facts via youtube or just anywhere cause experience is the best teacher.

all of that is true, but I think it will all grow when novice traders finally have experience. Experience can be gained by yourself from trading activities, as well as from experiences shared by other people.
Beginner traders will grow faster when they pay attention to it all. beginner's mistake nowadays is to try first even without knowledge. Maybe it was out of curiosity or persuasion from friends.

we all also started from beginner traders. learn everything we can learn. and don't be afraid to try when we are ready. whatever the initial trading results, we can always learn.

Wallet? You meant trading platform? If you are beginner and don’t know where to trade, then Binance is for you mate. At Binance due to the user friendly interface you can easily able to trade. But before trading, you need to learn how to do it. And the best teacher is YouTube. Get yourself well acquainted with the trading basics then observe the market. At last start with whatever amount you have and trade by taking calculated risks.

Yes because in any case it is always recommended to first learn things first before you finally jump in, not least because by dedicating yourself to learning things first then you will be able to get at least enough basic knowledge to be used as a first step in the world of trading, but actually in the world of trading one must continue to learn things even if they already know a few things, because after all the market will always move which means there will always be new things you have to learn if you really want to become a successful trader in the future.

In addition, try not only to learn various things that have the potential to bring profits, but also learn some things that can make you avoid the possibility of significant losses, one of which is to learn risk management very well and apply it firmly, and if you feel that you are confident enough to plunge into the world of trading using real money then start your steps by taking the smallest possible risk such as only putting the amount of money that you can really be responsible for if in the end the session ends in a loss. And the key is like you said which is one of them don't rush, and I might add that a trader must have good patience, have a strong mentality, never give up and be consistent in learning, and eliminate the thought of "wanting to get rich quick".

If you are new to trading then you must first gain enough knowledge about trading. If you don't gain enough knowledge about trading then you can't succeed by trading well. In trading we must look at the long girls plan and then trade. We are in a hurry when it comes to trading. If we are patient and have a long-term plan, we will surely get success very quickly. Many times it is seen that newbies are too hasty in trading and want to earn money very fast. Everyone wants to earn money in trading field but it is wrong to do it too fast. In the case of trading, if we can patiently make long-term investments and trade after checking the market, surely we will all be traders in the future.

Going for spot trading is a good type of trading that is good for the newbies and their that knows how to find their ways and make money for themselves. Trading actually isneve difficult but the consistency to learn the art of trading is the major challenges many people are facing. We need to be prepared and make sure that we don't put our hands in short time trading which could be very versatile and make us to lose money even when we are supposed to be earning. It is important we trade well on the kind of trade we are good at.

When do you start?
It should be whenyou are exactly ready with all preparations of trading. Remember it is not only money and time. But it is also your readiness in knowledge of trading, wallets, fund management, managing risks, and also your acceptance of the trading risks. So, when you are ready enough, you can start learning trading.

What wallet?
If you are doing trading for daily, it is better to use the wallet of exchange itself. So, you can directly deposit your money into the trusted exchange to start trading, and let the coins there on the exchange. If you are confused of what exchange, see here in the CMC list:
https://coinmarketcap.com/rankings/exchanges/

But, Binance is the most recommended.

How much money?
Well, exactly this will depend on your readiness and the funds. remember!!! Don't use any money that you want to use in the the future real life, or using daily saving, or using daily needs funds. It is better to set the amount that you may be ready if something wrong and you lose the money.

You need to start by learning. Before starting you crypto trading journey, you need to learn some basic concepts which include learning what crypto is all about before learning how it’s trading is been done. After learning about the crypto trading, you will have to start with a demo account in order to test your ability of handling funds and also to test your trading knowledge. You can start if you feel satisfied with the little knowledge you have but make sure you avoid greed.

You can start with any amount you can afford to lose.

For trading, centralized exchanges are best for trading. You can use either Binance, KuCoin or Bybit to trade, they have good trading features and are user friendly.

First of all I will advise you go a d get knowledge and if possible get a mentor so it will make your trading journey much easier because if you get a mentor he /she will help you avoid certain mistakes and make your journey easy. Don't be in a hurry to fund and start trading, get the proper knowledge first and then the rest will be something you can easily get along with, talking about wallet I think it's best to use it for storing your Coin but then for trading you would need an exchange and probably trading view for the purpose of your technical analysis because you can't get to do a proper analysis on your exchange and not all exchange can be connect to mt4 or 5 .

After studying and getting the right knowledge, get a strategy with which you can work with and aswell continually get to remain profitable using the strategy then make sure to staying consistent so you get to been profitable.

If you want to learn how to trade, you need to acquire general knowledge about cryptocurrency. Trading is not what you will start, and you will be expecting profits instantly. If you want to make money from trading, then you have to learn, and it’s always a gradual process. Don’t be deceived by people who make you think you can easily make money from trading.
 
If you want to learn how to trade, there are lots of things you should consider. You need to have knowledge about trading, and you should know that learning should be a continuous thing. Discover the appropriate exchange that you will be using to trade. Don’t depend on trading signals, either paid signals or free signals, always do your analysis yourself. Know the amount you will trade with. I'm sure there are lots of things you should know, but I can’t really remember them all.
 
If you are a trader, do your research and choose a reliable exchange that you can use to trade. Mostly, I do use Binance and KuCoin exchanges to trade, but never store your coin on exchange. If you won’t be trading for some time, always make sure you withdraw your money into your cold wallet. Never leave money on exchange.

Your steps or suggestions are quite good for beginners who are just starting to invest, it is true that what you convey is the best lesson for a beginner, you should choose spot, don't choose short-term trading, it will drain your finances. It's not easy to trade, at least you have knowledge, psychological metal, if we don't have it we will definitely lose a lot of money and of course the risk is much greater than spot.

You cannot trade crypto using MetaTrader, because it is an application for forex trading. If you want to trade forex, then you can trade with MetaTrader, and there should be lots of tutorials on YouTube that you can watch for tutorials on trading forex. And for crypto trading, you can choose to trade on CEX, such as Binance, KuCoin, etc., there are several popular CEXs that you can choose and for the trading tutorial, you should first understand the instrument you choose and then you can choose which instrument to trade. suits you.
Forex and crypto trading strategies, in some ways they may be the same, but these two markets are different, so you need to adjust your trading strategy for both markets because the characteristics of these two markets are different.