Topic: My experience as a beginner trader - page 10. (Read 1685 times)

It lies within each other it depends on the trader to choose gambling or learn what it takes to become a good trader

beginners without trading knowledge and skills, making their trading like a gamble. that's right. they can only thrive if they are willing to learn more from their trades, whether they are lucky with profits or unlucky with losses. beginners will take it for granted.
but if consistency doesn't make them develop experience and skills. they will just continue to gamble with the trades they make.
Everyone responds to wins and losses differently. maybe there will be more who leave because of the continuous losses they get.

I'm not saying you aren't right but let me clear this there are two types of beginners  the ones who are willing to learn and the ones who want to make money in a blink of an  eye so they just gamble it all instead of trading  those set  no matter what happens  if they quit trading how are you sir they would make it in investment though,  investment is a perfect fit for some individuals.

But let's talk about the newbies I have also experience some state where it seems like I'm just gambling I had yo do some reviews of errors on my recent trade I made some progress.  The issue is that when a newbie gamble he/she can't know but with consistency he will realise he/she is gambling.  

The game of trading takes a while to master and please don't get me wrong if you feel trading is not meant for you try something else

And that is the problem for most newbies because what is in their minds is that they think trading would be easy and when they fail and suffer losses, they will then think about quitting. I admit that I was also in that situation before but I realized that there are no easy things in trading, we can earn success by working hard. Quitting will just be an option when we really feel that we have no chance at all, when we could see that there is no improvements happen despite the hard work we did.

As a beginner, you often lose than gain from your trades. And it’s very frustrating on part of these newbies because no matter how they try to timing the market, they still end up losing. Perhaps because of lack of knowledge and experience that made them easily lose from their trades, and because they still pursue trading even if the market is not siding on them, or the market does not favor their trades. But to be honest, this is just a test for them if they can actually take bigger risk in trading and afford bigger losses from their trades. If they easily quit because of initial losses, then it only proves that they’re not really bound to be effective traders.

Usually, when you're a newbie in crypto trading or trading anywhere, when you don't have enough knowledge and you feel like you know something or you feel like you're going to get lucky, you're sure to end up losing in the trading activity you're going to do.

This is what happened to me when I first did an actual trade on an exchange. I thought I was going to buy and sell, but when I set up a selling price, I only did it on a guessing basis because I didn't know how to use the trading view tools, like trendline, MVA, and others. I didn't even know how to understand the chart graph. But it's not like that; this is what I learn every time I do a trading activity.

I know what your pointing out here, yeah it is true that doing trade is really frustrating if we don't get any profit and that's because lack of knowledge is being applied for sure or maybe the way is not good or wrong just simple as that. And aside from it, doing trade needs to do a research in a coin that we like to trade, and personally having an understanding with this is a must also, so that in the end our capital will not turn into waste. So when I started to trade of course most of the time I lose my capital and in every mistakes I made it push me to learn a lesson until I discovered the right way of making profit here.

Quitting will never make you successful in the end, and quitters never win for sure that's why it should always be discouraged especially for those who aim to succeed and be progressive in the future. Most particularly for beginner traders, losing is always part of trading so for those who lose at the moment, know that you are not going to lose forever as losing is only the beginning to make you a better person and be a successful trader in the end. Do not be discouraged from losses as it could be a good motivation for someone to finally reach his goals and aspirations as a professional and profitable trader.

To every beginner out there, don't give up. Before I started trading they told I'm gonna lose, it's normal you lose but you keep learning through your mistakes.

With the right practice and right attitude to the market, you can become a average trader that is way better than a newbie trader who experience consecutive losses and just hanging in the word of not quitting. Losses are inevitable but the amount of money you can lose are manageable, paper trading might is a good way of practicing at least on my own experience. The longer we are exposed to trading is the longer we learned on trading. Charts pattern repeat itself, responding to a certain chart for the first time is different from the response you will do after experiencing it multiple times. The response approach will be better for sure.

Even the strong trader experience loss many times in their trading life journey, but the beginning of the journey is attributed to losses more. The word Quit isn't something to embrace, only the fear soul quit but there are some situations that you have to quit and change plans, if you don't quit, you will only be adding to the already damage on the ground, that's why stop loss exist, use it very well.

Trading is really difficult, that I wouldn't lie to anyone and I will not sugar coat it but with the right strategy and using paper trading, it helps reduce the exposure of losses. The advantage of using paper trading is that while learning to trade, you are doing it in real time according to how the crypto market is moving unlike demo trading that's doesn't do that, they gives you high hope that you are an expert and then when you try the real life trading, it bounce back on you with heavy loss, paper trading isn't like that, it helps you understand the market in real life, the only thing you don't loss is the money because it's virtual and very helpful for beginners.

Wise saying "You don't lose because you are a beginner, rather you lose because you are applying the wrong strategy." This is the truth because if a professional trader applies a wrong strategy, he will also lose. So, it doesn't matter if you are a beginner or an expert, the market does not recognise that. This is the reason it is said that beginners should always use a demo account.
However, it is important to also note that it is mostly beginner traders that uses the wrong strategy and that is why they are the people that losses most.

Probably, beginner traders have less or no experience at all. That is why they should only trade with small amount so that if they'll lose, there's no regretting in the end.

Losing is part of trading. You won't be making profits later on if you never experienced losing consistently. That is why losers should never quit, because quitters never win absolutely.

Definitely. In as much as I'm still at the stage of honing my strategy, I still believe that I'll make the most out of it someday. My friends and some of my family members are trying to talk me out of it but you see what this word "determination" means. Am determined in my trading journey.

Even, exchanges are also making it easy bringing up with copy trading and with one topping the rest of the exchanges having a bot copy trading

No, not true. Beginners are the ones who should focus on this the most. Their first few steps will determine their fate. Imagine a beginner driven by his emotions and not being able to control that emotion. They will either chase their losses and in that process lose it all or by greed which will lead to the same fate.
Putting a limit on how much you can lose is always a good idea. Either it's for a beginner or a professional. The crypto market is not that easy and anything could happen at any moment. And when you are driven by emotions and do not have a limit on your spending, the outcome will be messed up. This is why it is said that, only invest what you can afford to lose.

I agree.

But it's not applicable for everyone, because we don't have the same wallet capacity, meaning some of us have only limited amount of money and some of us have enough to continue their trading path. Not all of the quitters are weak, because maybe they are fitted on somewhere else. We all want profits in cryptocurrency, but it doesn't mean trading is the only way to have profits.

It's clear to confirm that most traders come to trading to make a profit, and as you said and I would also say it's not uncommon for them to quit halfway through because they may not be able to cope with the situation that causes them stress due to some or many losses, quite a few of them. Those who survive to the end will be successful but that does not mean they do nothing and just enjoy their success, but the higher the tree, the stronger the wind, maybe you understand this statement. But I will also say, if they have a lot of losses it is not the end of the world, when you stop halfway (fail) with a lot of losses it means it is very silly, you just waste time and money. Remember there is no success without failure, all traders experience the same thing, especially losses, and who can survive? those who have there sincerity, nothing more. That's right, as you said there must be sacrifice first.

Therefore, so for them (beginners) Do not be easily confused with the many benefits that others get and then you do it without any knowledge, all work is at risk, especially the world of trading which has rapid price fluctuations. Prepare yourself mentally, train yourself psychologically so that you can make peace with yourself in any condition and learn more new knowledge or for the mistakes you have made. Remember the process will not betray the results, what you plant and that's what you will reap so keep your spirit consistent.

Good theory, holding on until the end can be successful, but if you have a lot of losses even though you started trading because you want to earn then you will only become frustrated because a lot of money has been spent but no profit has been made.
Beginners must continue to learn to be able to achieve good trading skills, but they must also understand that there are many sacrifices that must be made, both money and time, the more you learn, the more money you lose and the time to spend on learning, but if you aren't capable of the sacrifices that must be made, it is better to invest than trade, which is not easy and is not always suitable for everyone.

I agree with you about learning everything related to trading because that can make us profit.
Trading is not easy and we must have thorough preparation so we must be able to have good trading skills.
And apart from learning about trading, we must also learn to deal with emotions because this also has an influence on traders especially when the market changes direction.
We must rely on something other than advice from other people because that doesn't guarantee we can make a profit.

Yeah there should be a limit but that shouldn't apply for beginner they can only determine their fate by consistency ,if he or she isn't gambling as a beginner trader though