Topic: Need advice on becoming a successful trader - page 5. (Read 823 times)

So far, I have not seen any trader recommending any telegram group from where they have benefited. I mean such telegram groups are functioning only for few people's benefits and not for every member of that group. It would much better avoiding joining any telegram group in general for trading purposes. Never consider pump and dump scenarios (even yobit do mail us frequently about their upcoming pumps) to participant as whales will book and dump before you think about booking profits.

Manual trading must be 100 times better than bots because you cannot control a bot to perform well under a highly fluctuating market conditions which means you may lose at the same probability of how bot are created to get you profits.

Learning about technical analysis will never end until you quit your trading. It means you must need to continuously learning about different technical aspects as well as different trading strategies. There are a lot of guides and tutorials are available across the Internet and especially YouTube videos will be more helpful for the any level of experienced trader.

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.

Thank you so much for a detailed response. I've pretty much stopped leverage trading now since last 2 days. By professional trader, I just meant independent full-time trader.

Here is my trust level. Fiat Currencies >> Bitcoin (not trust much) > LINK/XTZ/XLM (Anything with good volume and is available for margin trading under major exchanges) > Coins which are not available for margin trading and not are available for trading with USD.

(I used "margin trading" in last statement to mean they are slightly more trustworthy since they are available for margin-trading, and not saying I am planning to do margin trading).

Here is my problem with screening. The less trusted one sometime get good returns (HIVE/DGB last week had 100%+ returns). Some of them are also used in PnD (If you long at right moment, you can easily can get 10%+ returns). I am not against taking calculated risks. Otherwise I would have never entered crypto market.

Even if I exclude shitcoins, there are like 30+ good coins like LINK/XTZ/XLM/BTC/ETC. Imagine screening 30 charts several times a day?


I have discovered bots 3 days ago. I don't seem to trust them much, except the smart trading bot which add missing features of crypto exchanges (like trailing buy, trailing SL). This feature seem good.

And yeah I am not having much luck with TA. Maybe it's the bitcoin halving or maybe I am not smart enough, but it's been very unpredictable last few days.

Just one last question. From my understanding, you don't recommend coin/coin trading including let say XTZ/BTC, but recommend XTZ/USDT instead.

Isn't too early to trade within two weeks of reading books and articles? Well, i am sure you can do better than your tradings now. I am not saying you to quit but I will advice you to learn more slowly. Do not rush things. There are so many mistakes we can make while trading. We maybe misread tehnical analysis or we may buy at wrong time.

You can still practice trading, there are  some trial platform trading like bitmex. Or you can still do some practice it by doing some long term trading with few bucks. There is a proper time for everything and just as you think you acquired enough tools but in real trading you will realize which part did you make it wrong.

Take your time buddy, you can achieve being a good trader in due time.

Thanks. I am not really quitting because I am a freelancer who usually works on short project (< 2 weeks). And sorry about the confusion. I care about my hard earned money. I just meant that I won't get into financial trouble if I lose all of it. It doesn't mean I don't care about losing money at all.

In trading, all you need to practice are patience and self-control, after you know and understand the movement of the market then you can now create a strategy that is applicable based on your speculations. When it comes to trading, the result of your transactions or profit is based on your strategy and decision making that's why you should also practice good decision making in order to become an effective trader.

Using bot is only required if you're busy or you have other errands to do and not a full time trader. It is true that it is very hard to predict when you're just using technical analysis in trading but I guarantee you that by doing technical analysis it can give you some hints on what to do to prevent losses and get huge profit in trading.

It seems OP is new to the stock trading as well so he is not yet ready to go with high level profits not even worth risking all the capital as you said.Its better for them to learn with very small capital and once they know they can understand the market and can make profits from it then they should invest big capital and start trading.

Just as others have mention, it's quite too early to start thinking of quiting as you only have an experience of 2 weeks as a cryptocurrency trader. Although you speak like someone that knows what he's saying nevertheless the cryptocurrency market is quite different from that of the stock market especially as it's more volatile therefore you'll need even more time to adapt and understand the market very properly to succeed. So in conclusion, give yourself time.

Intraday trading isn't that bad although I don't advocate for it that much since it's a bit risky then other type of trading. We have professional intraday traders, which you are capable of being one of them someday although you have to understand it took years of experience for them to achieve that and not just two week of test trails. Lastly, get raid of that mentality of not been concerned about you losing your invested capitals, that's just a wrong mindset instead I prefer you choose that you lossing won't hold you back instead of not giving a f**k at all. Goodluck on your journey.

Interesting, you just started trading from two weeks and you jumped into leverage trading. Leverage trading is quite complicated and there is possibilty of huge lose besides of profits. Please learn to control your emotions first and trade with patience. Seems you are greedy enough since you jumped to Leverage trading at the beginning. To be honest, two weeks nothing to learn trading perfectly. You should spend more times to learn before you take any important decision.

Regarding full time trader, I will not prefer for it. Because you don't know about your future. Depending on trading only lead you huge loss and would very difficult to feed your family. Just consider trading as a passive income besides of your main income source. So you will not have to worry about your family feeds. Don't be much greedy, only invest what you can afford loss.

Weeks are not enough to become a successful trader, trading is a process and it takes a lot of time to master the basics. I think it is better if you will paper trading first where you can practice and to do forward testing. In order to learn many things in the market, you should have burning desires that can make you to hard work and work smart. Enjoying and being happy always is also a factor, those successful traders are happy when they do trading and we should also like that especially if we want to become a advanced trader.

Becoming success trader you need time and more experience what have to do when market down and up, many people always buy and invest when market break higher price and forget have to sell assets when bitcoin and altcoin have been higher price.

First off, you've only been doing this for two weeks? You're still taking your first baby step into trading okay. Don't expect to be super good yet, or in a month, or in a year. But obviously just keep on learning and getting experience and getting a feel for the market as you go along and you will slowly get better and better.

You're using margin? Good god stop that! I've been trading crypto for years and don't use margin, I would never even consider using margin. You say you won't touch futures with a ten foot pole, this should apply to margin trading as well. Immediately stop using margin.

Yeah stop losses when day trading can be dangerous, which is why I have yet to ever use them in my years of trading. They are good for protecting from losing a lot on a crash or significant correction, and they are good at protecting most of your profits if you are say swing trading and up a bunch so you put your stop loss at some point still well in profit to protect again missing out on making money if the price suddenly drops hard. But I think its not AS useful for day trading because it seems like you should really only be putting stop losses at major support zones, like if it breaks a support zone your stop loss triggers, which really only applies to day trading in that occasional time when the price drops hard. Your stop losses shouldn't be so close to your trade that they can get met during just normal daily volatility. Its tough to know where to put them which is why I havne't started using them yet because I worry about what happened to you happening to my trades.

Why do you even want to become a professional trader? It's not like a fun thing to just sit on your computer all day looking at charts. And besides, saying "professional" really means you're doing it as a job for some trading company, not just doing it to make money. Right now trading is my only source of income but I wouldn't say I'm professional, its just a thing I do to make money, I check the charts a few times a day, I don't stare at them for hours and hours, because there is literally only so much you can do. Once you've put your trades in you sit back and just occasionally check the market on your phone real quick to keep track of what is happening and if you see an opportunity or if a trade completed maybe you take 10 minutes to check things out again and decide what to do next. It isn't very time consuming. And if it is time consuming, you're doing it wrong!

It's a great easy non-time-consuming way to make money. But of course it has plenty of risk. I wouldn't say walk away from it, because you should be able to make money from it once you have some experience, but I also wouldn't say let this be your only source of income (like me right now) because while it's pretty easy to make money once you are experienced you can also lose money and take a while to make that up. But yeah it can be one of your streams of income absolutely.

Why are you monitoring shit coins exactly? Does the name shitcoin not give it away that you shouldn't bother with them? Just focus on Bitcoin and maybe a few other coins, get to know them and their market and how they move and their price action history. Only trade against fiat or stablecoins. In a bull market if you're trading major coins against fiat/stablecoin its nearly impossible to lose money in the mid-to-long term, but its still very possible to lose Bitcoin if you're trading Bitcoin against altcoins. So stick with coin/fiat pairs and stay away from coin/coin pairs.

Don't bother with bots. Using a bot means you're giving up control of your money. If you want to learn trading a bot isn't gonna do anything for you.

Learning TA is great, but understand the limits of TA. TA basically says, "well, at this level bitcoin will either go up or it will go down". TA can give you advice, but TA can never tell you what is going to happen. TA fails all the time...and there are so many different ways to use TA in the exact same situation. As some people like to say "its just drawing lines on charts". You should take TA into consideration but not have it completely drive your trading. It is a single data point out of many in making a trading decision.


Basically:
- learn TA but don't rely on it.
- learn about a handful of coins and stick to trading them
- don't trade against altcoins, only trade against something stable: fiat or stablecoin
- keep gaining experience and don't rely on trading as your only source of income.
- don't trade with margin
- use stop losses but learn how to use them and be careful and understand they, like everything in trading, can backfire and can actually lose you money when you would have gained money without it
- also: trade small, take profits early, and always have some money set aside to buy in on serious corrections so you don't have to rely on never being wrong or having great stop losses

A lot of people asking how to become a successful trader but nobody has turned back after and says that they are achieving it and let everyone knows also how they work on it. Maybe they are not turning back because they either fail and losing confidence or they have the fun of doing it now.

And to tell frankly @ OP. We should get rush into trading and you can't either underestimate it because trading won't go that way pretty easy. Learning a lot of time is good enough for you to gain knowledge and most likely, it gives you also a way to make your own strategy the same thing as the other make. 

Definitely suggest the same thing because trading cant be learn in few weeks and do rather need years of experience for you to grasp up everything but still doest guarantee that you would succeed even up to those years.
Well this would vary on each person on how he do learn up things since people are different in terms on how fast they do absorb basing up into their experience.Dont chase up for profits but the main target or goal is to have a green result in the end of the day.Mistakes are inevitable but these are stepping stones for us to improved.We do have our own trading style which would be molded by time.

Two weeks means you are new. It is very dangerous to trade margins with this short term education. The volatility of crypto is greater than all other markets. So if you want to trade here, you need to know well about crypto market. Otherwise, I don't think you will be able to stay in the market for long. Take your time to learn more and more. I don't think there is any need to hurry. Improve your trading knowledge and create your own trading strategy that will make you a better trader in the future.

In fact, technical analysis is good for financial markets. But you need to have experience in each type of market. for the crypto market, it will fluctuate very strongly and you have to accept to put a stoploss further and accept to lose more, because it's a small market capitalization. for forex it is a large market so you can follow the rule of 2% capital management. But I realize that you are quite inexperienced in the crypto market and lead to failure. You should trade in a demo account before trading with large amounts.

If a trader is familiar and having good experience in stock market means then they can easily kick start with crypto trading right away even basically crypto market is highly volatile unlike stocks. Still, I agree in taking time to get better insights on crypto markets before risking will work in positive way for any trader in avoiding unexpected losses while trading. We must take time to make ourselves ready for crypto trading which must be the very important aspect of preparing for a new markets.

When traders are working on learning and practicing without risking their actual capital that will definitely help them to groom like a professional trader. But, as far as I have seen people go directly risking their big capital and then may try to recover losses. In this process of losing due to lack of knowledge and then recovering process, they may learn something to trade for minimum profits.

You need passion to go through. If you don't have passion in anything you are doing, there are chances not to succeed. About books to read, I don't think you need more to read, the one you have could be what you are looking for. Keep trying and learning TA and reduce your risk so that when SL is reached, you won't lose much.

You are literally very new to the market condition so it will take time to get familiar with the volatility which is far more compared to stock market.If you are not making profits in day trading but able to make some in short term trading then just go with what you are good at, so more your trading activity increases then you will get better insights over the market condition.

Only 2 weeks into learning process? Then you entered into short term trading and then margin trading? Don't you think like you are in rush?

You sound like you are familiar with most of aspects of trading but probably you must need some plans like when to trade and when to stay away. I mean you must work on finding what are you are favorable market conditions where you are able to make profits and what other situations where you are unable to predict market fluctuations.

Even crypto market is available for trading all 24 hours, you can make profit only when there are more major news are happening or not happening or like when USA traders are sleeping like that you need to find your appropriate/favorite session for trading. This is just an example. but, it will help you to understand what you exactly need to be successful.

Finally, you must focus on learning and getting familiarize with predicting market directions. Youtube tutorials will be more than enough for that. Then slowly develop your own strategy which should be specific to your capital and risk levels and then test it in papers then enter into market with least capital.