How to trade properly for newbies - page 2.

Nasal blisters

newbie

Activity: 5

Merit: 0

Quote from: cryptoaddictchie on September 14, 2021, 12:23:40 AM

Thanks for thr suggested points but I believe not all will employ this set of parameters. Trading is like an art, we have different skills that can apply to those charting and technique. I agree with mk4, not all successful trader follows the set standard. But is there a standard one to begin with? I am also doing trading but Ive been doing minor on your suggestion like set profit on a particular ratio. Nah! I havr my own scaling when doing trading.

They are all kind reminders, and there are no standards. For everyone, there are individual differences. As a novice, preparing for some recent tuition is the first thing to do, unless you are an anti-human genius. Few people can achieve the same heart and hand movements. If you do, you are not human. Haha, I can share a bunch of failed experiences with you. In the Bitcoin trading market, the Pareto rule and the negative sum game have told us that most of them are losses. This is inevitable, human nature is like this, there is no escape.

Husires

legendary

Activity: 1596

Merit: 1288

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

2. Always set the profit/loss ratio above 1:1 (2:1, 3:1)

Implement a strategic plan that calculates losses and profit reasonably instead of dreams of rapid profit.

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

3. Always set stop loss below 10% of the account

Stop loss orders are good but without studying, and do not stop the loss, but working on the accumulation of all previous losses to explain until they are comprehensive loss.

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

5. Do not leave orders overnight
6. Adjust emotions when entering orders. If you lose, remove the other bets

It differs from the way for your account for sale and purchase orders.
It does not matter to adjust the emotions as far as they convert those emotions to power to invest and profit more money. Emotions are not something but the energy you need to be employed correctly.

Issa56

hero member

Activity: 1484

Merit: 928

I agree with some of your points but I disagree with your point number 6.
Point 6: don't always leave order overnight I don't really agree with that point there are different trader so depending on the type of trader you are. If you are a long term trader or mid term trader then you will have to leave your orders over night. If you are a day trader then I agree with that, so maybe you should specify.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

1. Position is the most important thing
2. Always set the profit/loss ratio above 1:1 (2:1, 3:1)
3. Always set stop loss below 10% of the account
4. Do not borrow, deposit too large (under 25X is safe)
5. Do not leave orders overnight
6. Adjust emotions when entering orders. If you lose, remove the other bets

What is the point of this post? Do you really think you can take any person from the streets, give them this advice and they will start making money with trading? There are lots of people who read multiple books about trading, read articles, blogs, watch videos, take courses and they still lose money with trading.

People who try to get rich quick tend to get poor quick when it comes to crypto.

sheenshane

legendary

Activity: 2492

Merit: 1232

I think you need to change your title, it's irrelevant and awkward.
First, I agree above, if you're a newbie you shouldn't enter the trading field if you've lack knowledge. Because there's no proper execution in trading, there's no step on it, it might be what you meant is the tips and suggestions in trading. BTW, there are too many of them and I just like to add one of the most important to your input, it should also be a "trading plan".

Yes, that's it. You have an aiming or targeted on the right trade.
It shouldn't be changed even there's a FUD or even a massive bump of a coin, just stay on it because you have a plan.

As a newbie, I suggest going first in copy trading. Gaining knowledge after gaining profit is far better.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: odolvlobo on September 13, 2021, 11:55:03 PM

~

Gonna highlight this point. I did day trading at my first time trying to get into the field of trading and even with the use of tutorial from Youtubers like Cryptojack, it never went well for me. At least I got to know few indicators though, but earning from it is a different story for me.
And yes, most of them lose money.
This is why I stayed for long-term investment for now.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

3. Always set stop loss below 10% of the account

It shouldn't be a must. It should depend on the market one is trading and how volatile it is. Imagine if someone opened a position on 10x leverage. 10% stop loss is just a 1% move on the spot market for the stop loss to be triggered. You will find more stop losses getting triggered more than you take profit in this volatile crypto markets

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

4. Do not borrow, deposit too large (under 25X is safe)

Anything above 10x is very high. The number of trades I won on a leverage of more than 25x can't be more than 5 Grin

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

3. Always set stop loss below 10% of the account

Stop loss is not necessary in all kinds of trading, it has advantage and it also has disadvantage.

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

4. Do not borrow, deposit too large (under 25X is safe)

Just use leverage instead of the word borrow for not to confuse people, 25x is also still too much, the lower the leverage will be the lower the risk of losing.

Magicalking

full member

Activity: 378

Merit: 135

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

1. Position is the most important thing

Stop loss is the most important IMO. Taking position is as easy as placing a bet

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

4. Do not borrow, deposit too large (under 25X is safe)

This is good. Binance has a restriction on the leverage a newbie can use (x20).

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

5. Do not leave orders overnight

This shouldn't be a problem if you set your stop loss and sell trigers. Automatically the system will do accordingly to the commands set.

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

6. Adjust emotions when entering orders. If you lose, remove the other bets

I
Btw you forgot to add; Don't trade futures until you are no longer a " newbie". Trading futures is not for beginners

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

1. Position is the most important thing

It is not. The most important thing is you have to know how long you should let your position open. You should know you have to close your position, accept a loss, minor loss, a draw. If you can not accept it and let your position opens forever, you will be liquidated.

Quote

2. Always set the profit/loss ratio above 1:1 (2:1, 3:1)

Profit/loss ratio is 1:1 is bad and in my opinion, 3:1 is the ratio to use.

Quote

4. Do not borrow, deposit too large (under 25X is safe)

No. It depends on the market crashes or not and your entry price, your stop limit, stop loss order.

One of the best weapons in trading

passwordnow

hero member

Activity: 3108

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: cosanostra98 on September 13, 2021, 11:19:28 PM

1. Position is the most important thing
2. Always set the profit/loss ratio above 1:1 (2:1, 3:1)
3. Always set stop loss below 10% of the account
4. Do not borrow, deposit too large (under 25X is safe)
5. Do not leave orders overnight
6. Adjust emotions when entering orders. If you lose, remove the other bets

Might also be good to add that don't trade if they're still new and check those trading exercises or simulators where they can trade without risking their own money. I think that's a good start for the newbies to have an idea of how it goes with trading so that they'll make themselves be prepared if it's about putting their money on the line as they trade. And as an addition to that tip, just don't leverage/margin trading, it's not really for the beginners.

cryptoaddictchie

legendary

Activity: 2254

Merit: 1377

Fully Regulated Crypto Casino

Thanks for thr suggested points but I believe not all will employ this set of parameters. Trading is like an art, we have different skills that can apply to those charting and technique. I agree with mk4, not all successful trader follows the set standard. But is there a standard one to begin with? I am also doing trading but Ive been doing minor on your suggestion like set profit on a particular ratio. Nah! I havr my own scaling when doing trading.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Trading properly is trading realistically, methodically, and with actual proper risk control without getting too cocky over good trades, and following your own strategies. There is no sort of "standard" or "proper" way of trading like what you've mentioned even if I agree with some of your points; the right rules to follow will be different for everyone.

odolvlobo

legendary

Activity: 4466

Merit: 3391

How to trade properly for newbies

Just don't. If you are new to Bitcoin and you are new to trading, you are going to lose money. There is no doubt. At least learn about the coin before you start trying to make money trading it.

BTW, most day traders lose money. The ones that lose the most are the ones that are lucky at first and think they know what they are doing when they don't.

cosanostra98

newbie

Activity: 3

Merit: 0

1. Position is the most important thing
2. Always set the profit/loss ratio above 1:1 (2:1, 3:1)
3. Always set stop loss below 10% of the account
4. Do not borrow, deposit too large (under 25X is safe)
5. Do not leave orders overnight
6. Adjust emotions when entering orders. If you lose, remove the other bets

Topic: How to trade properly for newbies - page 2. (Read 322 times)