Topic: My First Advice To Beginner Traders (Read 264 times)

Obviously quality information can be gotten from lower ranked members, if you had heard that it can't from someone here, don't take it too serious as he/she must have made a mistake generalizing it due to the experience that most newly created accounts are turning out to be troll account or created just to spam the forum to gain activity for potential ranking up after getting the merits by any means they can't. We have had some quality newbie accounts that have gone on to become a popular name on the forum due to their quality, if you have the potential nothing is stopping you from achieving that too but don't post repeated content and expect us to call it quality.


Contrary to trading, you can invest in Bitcoin and HODL to avoid the whole stress of trading but if you have made up your mind to trade, doing the two things listed above isn't enough. You can have the right mindset and be learning but you need more than that to have a successful career as a trader because the learning don't stop and the experiences is needed to have a successful career, you also have to know how to generate capital because you don't expect things to go smoothly. This advise though is a good start and if you keep building on them you'll have potential of having a successful career.

May I add one more on @OP's list, aside from mindset and learning, attitude is also needed to be a successful trader.  Here is a good to read article if one wants to know the different attitude of a successful trader:

Positive Mental Qualities of Successful Traders
What Kind of Attitude is Necessary to Become a Successful Trader?
Top Five Attitudes of Successful Traders

With all the mindset, motivation and learning if a trader does not have the right attitude, all of their effort will be in vain. Like for example, a trader lacking patience will often end up selling their stash at a lost or at a minimal profit missing out on the supposed to be actual profit if they just waited for the target price to realized.

Every member has a lot of trouble when he is new to every subject but when the new member works hard and tries to learn about the particular subject then the difficult task becomes very easy for him. 

At one stage of education, math seemed very difficult to me at first, but when the teacher explained that difficult math to me, then that math seemed much easier to me, but before the teacher explained that math, I thought that I might never be able to master this math.  Things are similar for a new member. 
Trading may seem a very difficult subject to a new member at first but when he tries to learn about trading and spends time on a particular subject, it will gradually become easier for him. Tips for newbies try to learn and be patient.

Agree!!! Even with the right right mindset one cannot be a good trader. Yes, it is required that you should have a good mindset but in trading what matters the most, my opinion, is "Experience". Experienced trader knows when to trade and when not to. Even with vast knowledge in trading and the best strategy plan, if you are inexperienced, there is a very big chance of loosing.

People want to get reached and other people say that crypto is the most effective way base just make an investment, but its not true you needs to have knowledge and skills regarding the coin you want to invest, if you make a mistake possible that you might lose your asset. Dont chase for the money, chase for the knowledge on that you can easily manage to earn profit and lessen the losses.


Trading is not for all people, if they are not capable yet of making a trade fortunately possible they will just be liquidated which can be an expensive learning but its part of it, getting failure is part to of more knowledge and not all people are already skilled some of them takes time before adopt those things so you do not need to hurry up too much, experience is the best teacher.

However, beginners in trading will not be free from failure and loss. It does provide experience but it all also depends on the trader himself. whether it will maintain his enthusiasm for learning to become a professional trader. or even drop it mentally and then walk away from trading.
Even beginners who only join and follow trading signal groups will not avoid losses. Crypto trading is not just about buying and selling it at a profit. there are many factors to study.

No, buddy, you are not the only one who gets these questions. I guess most of the people who make their pocket money from the internet get this type of question in their real life. No matter how many, but they get the questions from friends and relatives. Sometimes people show their interest in what I do and they want to learn how to make money online.

Most of the time I do not show interest in teaching because I know they will waste my time and leave at some point. But when I get these questions from my closest persons, I cannot deny them sharing how I make pocket money online.

The ending is as usual. When I start to explain, they barely understand what I am talking about and they lose the interest very quickly.

But this is what I can say - stop thinking of becoming traders if we can't afford to risk and are not willing to lose money.
It is indeed a falsehood to get rich quickly in trading but it was impossible to be there either if we do nothing and risking. For beginners, never underestimate the market and never be confident enough that we have learned today, then think that we can earn by tomorrow. Instead, expect mistakes and losses but make this a lesson to learn more and be wise in making decisions.

I think one of the most important things you have to understand as a beginner, not only in trading but in pretty much any domain is that you are going to make mistakes, in fact it's necessary to make them because that's the only way you can learn and gain experience.

You can spend thousands of hours reading about trading and practicing it on demo, but at a certain point you are going to have to dive into it with your own money at stake and that's when the fun begins. You are going to take some bad decisions, you are going to make some bad investments, you are going to miss opportunities, and at the same time you are also going to have some small wins. If you analyze your trades you'll notice patterns emerging, you'll notice what went wrong / well and overtime you'll instinctively learn to take better decisions. Just don't expect to be successful without making a lot of mistakes first because that's impossible.

Those people are just looking on the money he get from internet but they never see the struggles before he earns it. That's why there are people telling something like that because they might think earning some money is so easy online or even in trading but once they are there they realize that its so hard to earn money and quit. That's why sometimes I don't like to teach other people ask me about trading especially if I see that they are not really interested about it and they are there for money since I don't like to be blame if something bad happen to them. That's why sometimes its good to be quiet and live a low key lifestyle so that no people will ask you about anything related to that situation.

It is advisable not to trade as a beginner because it will lead to discouragement and lack of interest in trading. Before the commencement of trading it is better to gather enough information before venting into it and it can be done either through mentorship or self reading through YouTube and some good books by reputable authors.
After gathering the knowledge and experience enough you can now decide whether to trade or hold. Deliberate careful and choose the one which will benefit you more but make sure skills (knowledge) is not left behind because it's key.

I use to think am the only one that comes across this same question on RED, not on till i read between the lines and saw yours. If trading was that easy trust me no body will be broke, its not easy the psychology behind it is something else. And they will be thinking you dont wanna help.

I trade as a side hustle while keeping my job. I think building wealth involves developing good habits like setting aside money regularly for solid trading. Rather than trying to predict and forecast market stability and when exactly changes will occur, a better strategy is to have a portfolio that is ready to face whatever it eventually brings.

If you want to be successful in trading you must have a mindset that takes responsibility for your emotions, not blaming others. In addition to making you feel more guilty about your mistakes, pointing the finger at others will only increase your sense of personal accountability. There is always a risk in every trade, but people still trade and succeed. You have to look outward if you want to be successful in trading. The important point is that successful people didn't become like that overnight. What most people see in terms of wealth, great careers and goals is the result of their hard work.

It is not advisable to depend on trading as a full time job because trading is not what one can predict to be always running on profit. Even professional traders make high losses most times as a result of market conditions as they too can not predict the market most times. Although it is good one trade but not a thing of putting your hope in trading for survival. Yi can just put it as an extra source of income but not fully depend on it for survival.

Lastly as you have said, only investing what you can afford to lose saves you of much stress. It is normal that one should atleast diversify their investment so as not to be aken unawares.

OP, if I may ask are you into trading..I guess NO.
Trading shouldn't be taken as a full-time job, because it is not that reliable and even the professional traders run at loss. For one to be a good trader, that person must learn the fundamental analysis and technical analysis, with risk management for him to be able to understand bitcoin price movement. Reading charts is very compulsory for a trader that want to be successful. Lastly, you must always practice what you have known so that you can have your own market strategy that you be favorable for you. As a newbie it is advised that you stay away from trading because it is similar to gambling, but if you must trade, you use only trade with the amount that you can afford to lose. I prefer investing more than the trading.

You're right but from another angle, we become perfect by undergoing practical. The experts in trading today were once a beginner and they start from somewhere as well. If beginners are discourage from partaking in trading simply because it's risky then, I'm afraid in the coming days we'll be short of traders or possibly have no more traders in existence again when the present ones are no more. I understand that trading is very risky for beginners and even the experts but discouraging is not the way forward or will reduce it risk in anyway. What beginners need is guidance, orientation and experience from experts in the aspect.

Having a good orientation will change their mindset towards trading. Giving them deserve knowledge and experience will prepare them for the challenges ahead. Losing money is part of the game and you must sacrifice for that if you want to venture into it.

Have the kind of mindset that takes risk, have a target and be well determined to go for your goal, learning is also part of the ladder steps you will needed to have the desired achievements and results you wanted to see with your journey being a bitcoin investor or trader, when you have the perseverance for adapt for a learning ground, you will get the aimed and targeted goals achieved over time with deligent due process, everything about life is by procedures and protocols, don't try to byecutt any means to forcefully make your achievements in other for them to last.

You have spoken well OP. Just as you have said, it is good one learns to mastery before engaging because involving yourself without having knowledge would lead to wreckage. So to be on the safe side,it is good you have the prerequisite basic information on trading so you could be able to scale through while building your trading skills coupled with you have a little experience in the process of practical approach to the trading fundamentals.

I believe trading is all about experience and not mind set. It is good one have a good mindset but that does not guarantee that you will be 100% accurate while trading as that has nothing to do with making profit while trading but your skills and experience do because that would help in telling you when to invest and when not to.

Learning is a good thing and experience is better.

Good read! The advise and settings of your thread is easy to understand and read. Going through advises as this thread, will enlighten newbies not to lose everything in trading. Newbies who want to multiply their earning via trading get bitten in the ass. We must learn to earn, if not our mistake can skyrocket. Our mistakes are best known by us. An expert can try to solve it. Yet, it's not to be compared to the way we would have solved it ourselves, if we had the skills. Successful traders, lose out huge on trading due to unaware mistakes, ignorant. People excell differently in trading. That is, they can make money in trading and think of themselves as successful, but learnt nothing in trading and would always fail in some aspect of trading. Unless, they take classes or courses, they may not understand why trading is getting difficult to them in some aspect or extent. Achieving this, learning about trading, a trader must adhere to the first advise. Greed! Avoilding sweet syndrome coming from the emotions, can straighten our mindset to focus. A frustrated mind, can't learn. As newbies, the lesson here is to remain focused and terminate quick money making thoughts. Calculating greed as a thing for the experienced and experts can create in me the zeal to learn for a long time. Before trying to make quick money via trading.

I don't consider myself a trader but in my little experience, I don't find any kind of courses, books and other similar material to be helpful in trading. Even less so when it comes to trading altcoins because of the heavy manipulation that dominates the altcoin market (commonly known as pump and dumps).

The only thing that you need and is useful is going to be experience and understanding of HOW the market works. This knowledge is only acquired if you spend time studying the market, looking at the charts and making trades. You need to know what makes a shitcoin pump and when will the pump gives its place to a dump so that you can make wise decisions for your entry and exit strategies.
Usually these "courses" you mention teach you some nonsense about technical analysis which is completely useless in altcoin market. None of them help you speculate the pump and dump market.