Need advice on becoming a successful trader - page 4.

TimeTeller

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Quote from: Ridwan Fauzi on May 14, 2020, 06:19:38 PM

Quote from: Shasha80 on May 03, 2020, 09:56:54 PM

And most importantly start with a small capital first. My advice is don't follow trading signals or use trading bots, it will only provide short-term
profits. It's better to trust your own abilities by doing manual trading.

It is good if the signal still give you a profit because as far as I know the trading signal especially the free signal will just make you get a lose. Even I just thinking the people who give a signal will make the signal hunter meet a loosing first so as they will try to premium signal. I will feel like that, to recovery lose I'll do anything to gain profit to close my loosing money.

That is true, the safest way become a trader is believe to yourself and your strategy. Someone will be an expert to trade and they will always find a knowledge to avoid something bad happen. At least they will know any situation so as they only have a small chance to lose a lot of money.

Following trading signal groups especially those free ones is really not advisable.
I have tried that several times just to see if what they were saying was true, and it was not.
Only them can gain from this strategy, those who owned the group.
So if you want to be a trader, do it on your own. Learn the tricks thru experience.
Each alt has their own time but you need to follow closely their updates.
You should select only the coins that you want to focus on, as there are a lot of them and you might lose in tracking them.

Ridwan Fauzi

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Quote from: Shasha80 on May 03, 2020, 09:56:54 PM

And most importantly start with a small capital first. My advice is don't follow trading signals or use trading bots, it will only provide short-term
profits. It's better to trust your own abilities by doing manual trading.

It is good if the signal still give you a profit because as far as I know the trading signal especially the free signal will just make you get a lose. Even I just thinking the people who give a signal will make the signal hunter meet a loosing first so as they will try to premium signal. I will feel like that, to recovery lose I'll do anything to gain profit to close my loosing money.

That is true, the safest way become a trader is believe to yourself and your strategy. Someone will be an expert to trade and they will always find a knowledge to avoid something bad happen. At least they will know any situation so as they only have a small chance to lose a lot of money. The important thing is a knowledge/an understanding again trading is already enough, you just need to prefer yourself to diligent learning it.

nelson4lov

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Nice of you to get aboard the bandwagon. Like Software Engineering/development, You only get better by practicing - loads of practice. You're doing really well so far which is a good thing as you still have a lot of gaps to cover. But don't worry, with time, those profits will start piling up.

My advise? Just keep practicing, then learn about the inner workings of the markets, trading psychology, keeping emotional balance, interpret charts more clearly and correctly. With time, you'll grow as a trader.

iv4n

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Quote from: mersal on May 14, 2020, 01:48:01 PM

You need experience to be successful on everything, since you are a rookie you have long journey ahead of you with ups and downs to get success so all you need to do is just do what you are doing, when the market condition changes you also have to alter the strategies then only you can survive.

Experience comes from practice, from trying different things, different options. More you try, more experience you will have after certain period of time. Of course paying attention on what and how you are doing, maybe writing some important stuff in reminder, is necessary! If you relay on lucky guessing most likely you will lose a lot more than you can earn!
My advice for beginners is "take it easy"! There's no need for hurry to make a profit, try to check what others are doing, sell and buy orders, invest something little and have fun at start, have fun with buying and selling, check fees and how it generally goes. You will know when time comes for a try with higher amounts!

mersal

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You need experience to be successful on everything, since you are a rookie you have long journey ahead of you with ups and downs to get success so all you need to do is just do what you are doing, when the market condition changes you also have to alter the strategies then only you can survive.

CarnagexD

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I think you are still in the short term learning in trading because you are just recently making more earnings and it is good that you would like to make an investment even you are early into the world of trading. Recently I make a trades which is good because even there is already have a profit I already pulled out my funds because it is too hard if you are getting too much greedy kind that of mindset may pull you down the same with your investment and one of the good you must do is always know your limits and if you think that is already enough pulled out your investment. Next is always make time to your trades sometimes there is an up and down that, we didn't expect so always grab the chance also if you don't want you can make or set your limits to make a profit. Lastly for me is go become confident and optimistic because I have a term of law of attraction that attracts all of the positive vibes and earnings not full of negative thoughts.

hassancisse

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To be a successful trader you need three things this is what i have learned from my mentor. The first important thing is you need education which is very vital when it comes to trading. the second thing you need is discipline, you need to be able to conrol yourself and above all you need patience.

Lorence.xD

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One advice that I apply to myself too that I can impart is to continue learning because everyday there will be new things that will sprout out of nowhere and having a vast knowledge about almost anything that involves the trading industry at your disposal is a good thing at best but another thing you should consider is while learning and acquirimg knowledge and wisdom, you should simultaneously accumulate experience, because there will be no better teacher than experience, you can practice without risk through paper trading.

danherbias07

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You almost have it all in my opinion.

What is lacking is experience.
You have to go thru many losses and with that you will learn more.
Yes, it is now easy to get a lot of details on how to do it with different videos being spread online specially in Youtube.
It looks so easy but when you are already there you will have so many errors.
That is the difference with an experienced trader and those who just keeps on learning with technicalities and never really tried it out real time.

Sanugarid

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Quote from: Shasha80 on May 03, 2020, 09:56:54 PM

In my opinion it is not easy to become a successful trader. We must be able to analyze the market and also be able to apply risk management.
And most importantly start with a small capital first. My advice is don't follow trading signals or use trading bots, it will only provide short-term
profits. It's better to trust your own abilities by doing manual trading.

It will be very easy for us to become successful when we have a lot to lose, look at rich people they have like unlimited shot to go into the market unlike the less fortunate ones who has like a couple of bucks. However, for some people that is given by fate less stuff they can still manage to cope up and become big after a while and that is because of wise and knowledgeable, whatever should possess in trading industry being wise this is more powerful than being rich and smart.

Sadlife

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Start slow dont rush it, you're still inexperienced it will only widen your loss. What you need is experience to never get influence by FUD and FOMO. I recommend to watch live trading or crypto technical analysis to get how a pro trader thinks and reacts to the volatile market of Bitcoin.
In that way you wont panic if the price drops because you have a stop loss or have waited till a confirmation to enter the market.

globalgaurav

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Quote from: PaySpace on May 03, 2020, 12:10:37 PM

Chris Burniske and Jack Tatar Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

nowadays i'm re-reading -- Technical Analysis For Dummies by Barbara Rockefeller (4th edition)

Negotiation

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At first there will be obstacles to do any work Therefore it is possible to achieve success only if we try to move forward without getting frustrated. To be a successful trader we must first become proficient in acquiring various knowledge about the trade Success is not possible without hard work In order to be a good trader you need to analyze the trading charts. If you know about trading charts you can determine the difference in the price of the currency so the loss is less.

bitgoldpanther1978

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Quote from: VarunAgw on May 02, 2020, 12:05:04 PM

I have been learning about Stock, crypto trading from 2 weeks. I started by learning a bit by reading book about Technical Analysis (only basic/popular TAs) and other basics.

I started with short term trading (1-3 days). Very little profit. After I tried intraday trading with margin, but had loss even in bullish market. I am not planning to touch future trading with a ten feet pole though.

Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL.

I am kind of invested full time into it right now because of lockdowns. But not investing much capital (I am okay if I lose all the invested money). My goal is to test the waters and see where I stand. Can I become an independent full time intraday trader (I am currently a freelance Software Engineer) or it should be a side-income or I should forever stay away from it.

I am wondering if you guys have any tips for me. There are so many things I can do which is overwhelming.

- Monitoring for PnD in advance by their free telegram groups, constant screening of prices. But monitoring so many shitcoins is overwhelming.

- Manual trading bots, grid bots, automatic bots. I am especially curious about DCA bots. It's not possible to do it right manually.

- Learn more about Technical Analysis. Maybe I am not doing it correctly. Is there any guide/ebook which explains it good in terms of crypto.

Any tip or advice is welcome.

Do you think becoming a successful trader is an easy things to achieve it. Being a good traders in crypto business, it takes time before
you have it, then how much more successful trader. Remember that there's no such shortcut in everything. There will be lot of failures you need to succeed before you become successful anyway.

Shasha80

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In my opinion it is not easy to become a successful trader. We must be able to analyze the market and also be able to apply risk management.
And most importantly start with a small capital first. My advice is don't follow trading signals or use trading bots, it will only provide short-term
profits. It's better to trust your own abilities by doing manual trading.

Quidat

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Quote from: VarunAgw on May 02, 2020, 12:05:04 PM

Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL.

When setting up SL's then you should consider on making it on bigger percentage because with crypto volatility then it can easily be triggered up.
This isnt the same when we do trade with stocks or forex.So its just normal for it to be hit since you have set a thin one.For now you already have the idea,experience does matter.

Quote from: VarunAgw on May 02, 2020, 12:05:04 PM

I am kind of invested full time into it right now because of lockdowns. But not investing much capital (I am okay if I lose all the invested money). My goal is to test the waters and see where I stand. Can I become an independent full time intraday trader (I am currently a freelance Software Engineer) or it should be a side-income or I should forever stay away from it.

It depends because as on the current career you do have i believe this is something busy but actually you can still make trades but
wont fit out on active day trades but rather you should stick out with swing/trend ones.

FlamingFingers

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In my opinion two weeks learning is too short to jump into the market, there are lots of things you need to learn aside from technical analysis to be a successful trader you need not to over trade, and always learn to take profits, you need to know how to control your emotions during trading, and perhaps have a daily or weekly target once achieved, you close trade so as not to loose your profit back, these are few out of what you need to know about the market, experience is the best teacher though, but I will advise you to study the market more

Mrengage

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Quote from: VarunAgw on May 02, 2020, 12:05:04 PM

I have been learning about Stock, crypto trading from 2 weeks. I started by learning a bit by reading book about Technical Analysis (only basic/popular TAs) and other basics.

I started with short term trading (1-3 days). Very little profit. After I tried intraday trading with margin, but had loss even in bullish market. I am not planning to touch future trading with a ten feet pole though.

Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL.

I am kind of invested full time into it right now because of lockdowns. But not investing much capital (I am okay if I lose all the invested money). My goal is to test the waters and see where I stand. Can I become an independent full time intraday trader (I am currently a freelance Software Engineer) or it should be a side-income or I should forever stay away from it.

I am wondering if you guys have any tips for me. There are so many things I can do which is overwhelming.

- Monitoring for PnD in advance by their free telegram groups, constant screening of prices. But monitoring so many shitcoins is overwhelming.

- Manual trading bots, grid bots, automatic bots. I am especially curious about DCA bots. It's not possible to do it right manually.

- Learn more about Technical Analysis. Maybe I am not doing it correctly. Is there any guide/ebook which explains it good in terms of crypto.

Any tip or advice is welcome.

It took me 3 month's to understand how the market is, don't be overwhelmed over the market since you are still a novice and don't get this inflame of joining P&D groups due to different kind of advice from T.G (telegram group's) because that's the home of pump and dump. Take your time to understood the market properly... All what you mentioned above has no errors just keep practicing for practice makes perfect.

Twentyonepaylots

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Quote from: GreatArkansas on May 03, 2020, 06:41:44 AM

My little advice to you is don't really rely first on those automated things, especially those kind of bots.
You should first build your foundation within yourself. Like, you do first the manual things, like doing your own technical analysis (analyzing the chart), doing your buy/sell order books. For me, there are still lot to learn, especially the risk management, risk:reward ratio.

I agree man, most people who is new to the market does not have time to look for basic and fundamental stuff they should know before trading, instead they are looking for an easy way like bots to do the trade for them without having a research through the market. That's why we keep having a thread that looks like this, coz honestly I've seen enough of this thread like has anyone really digest what we suggested?

PaySpace

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In a long-term perspective, I recommend you to read books. They contain structured information that is easier to read. Most books are written by specialists who have tested in practice everything that they decided to systematize for followers.

Mark Douglas Trading in the zone
Chris Burniske and Jack Tatar Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
Successful crypto trading for beginners

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