Topic: Need advice on becoming a successful trader (Read 836 times)

It is very difficult to form an accurate forecast because the market isn't stable you're right albeit we invest all the cash we'll be during a lot of frustration if the market goes down therefore the quantity of investment must be reduced first. watching the market situation after investing with a touch something will increase the quantity of investment crypto trading is simpler than other markets gain knowledge by analyzing different trade markets than trade.

wise choice when trading is used as a second income, because trading will not guarantee someone gets rich quick. It takes several steps that must be done to be successful in the world of trading. starting to put in some money from a career or major job will help keep trading trading, but it must be remembered that the money invested must be adjusted. never invest all your money in trading, there must remain a reserve.

Losing money is part of trading and I do not think anyone here exists who without making loss will be able to make any trades. But always have a limited amount initially invested for trading, invest in good coins which can grow in future even if market falls for short time, do not trade on just one coin which can block your money.

Please have a look at my guide. I'm sure you'll learn a few things

https://medium.com/@sambrans/mastering-trading-with-leverage-a-lucid-guide-b918696384f0

There is no instant way to be a successful trader. I began trading and losing so much money, for me you if you are losing money due to trading it will become an experienced, and you need to learn from it and not do the wrong thing on it. You need to learn to take a risk and it is not always losing of course, lose some win some. When you fail you are one step away from the success.

true, mistakes are very meaningful lessons for not taking action a second time. although it is clear that we do not want to experience mistakes when doing steps and actions, but what steps we do sometimes do not correspond to what is desired.
continued learning is the best step to avoid actions that might be detrimental, because by learning and being willing to accept input and often reading information will certainly reduce things that we might not want.

You are right but to know that majority will not really be that too confident on making mistakes from time to time.They will surely think of on how to avoid it in next time, yes its normal

and part of trading but as said we shouldnt really be that confident but people instinct and intuition will normally react on how things should be done.You will realize it sooner or later

when you do gain enough experience along the way. Mistakes are best teachers but dont let it happen on constant manner.

In my little experience i can tell that with in two weeks is very short time to learn about trading. So with that knowledge you can't trade successfully. Trade is not just a degree that you complete your education and got your degree. It's a thing that you need to achieve experience and it takes much time to get that. If you still continue your trade journey then you might be know already why it take times to be a good trader.

You should stop considering "loss" a normal thing when trading. It is not normal when you keep on losing your money consecutively. You are making some mistakes and you should should try to fix those mistakes instead of thinking that it is totally a normal thing.
True, all traders make losses but at some point they manage to minimize it. I wouldn't say youtube is the best platform to learn. They tend to always shill for some coins or platforms they are affiliated with.

There is no instant success, even if there is luck. Your step is good enough. I suggest you keep learning and practising, always updating market information and also a good coin and always learning from mistakes. If we are diligent in learning and trying, it will get maximum results even if it is not as imagined. 

@OP, at this point, you should be focusing more on learning trading concepts rather than chasing signal groups and playing with margin. Even if you've learnt a couple of stuffs, you still have a lot of ground to cover as far as trading is concerned. Fill your knowledge gap.

Also, I want to add that, as a software engineer, you should take trading as a second income. this way,  you won't go broke while you still explore the trading world. And when you you have some experience and knowledge up your sleeves, you can start putting some money from your software engineering career to  your trading account.

While doing crypto trading you don't need to build any connection with anyone, just learn the analysis skills and read the market condition on your own.There will be losses for sure because even the trader with years of experiences are also making mistakes.So try to reduce your mistakes and increase your earning chances.Don't hurry towards number of trades because even single trade can give your huge profit and also you can save a chunk in the form of fee.

To be a successful trader can not be instant, requires a long process. If you are just learning to trade for 2 weeks and want to
becoming a successful trader is clearly impossible. When learning to trade must be patient, and loss in trading is normal. Because
all traders experience losses, the most important thing is we can learn from the mistakes we make, so we don't lose anymore.
For newbie like you should stay away from trading bots, because you need to improve your skills first. For technical analysis you can
learn on the youtube platform, better explanation with videos.

You wont able to make it right when you dont totally engage with it or do have experience.No matter how you do read up context and other trading analysis from other people

it would still not be enough but rather you should need to grasp on it for yourself.You wont learn if you wont try and if you are afraid of the risk on losing money then try to accept

it yet we can still be profitable if you do made it right..All of us does need this kind of advice i believe but only time and effort you had put into this one will always matter.

To be a successful trader, first, preoccupation with how to grow the business without thinking about profit and loss. Then for the sake of business, we need to have good connections with partners, obsession with customer satisfaction, business acumen, skills in economic justice analysis, strategy. It is possible to be a successful trader if you have the integrity to diversify to all circumstances.

There is no other way besides learning about trading to become a successful trader. You need to learn the lesson from any source so you can get more information on how to trade with the right. You can watch a video about trading, so you know how to analyze the market and find the right time to trade. Maybe it is difficult for the first time, but if you still trying, I am sure that you will understand the lesson so you can have a chance to improve your skills. You will have time to analyze the market to find the time to trade, and you will have the opportunity to make a profit. The successful trader is someone who is still learning and discover more lesson to improve his skills.

True! The only advice is that you have to make it yourself! Investing your time in learning the knowledge, reviewing other experiences, studying skills and techniques such as chart analyzing skills, market analyzing skills,.. It is very important to know that you can't rely on trading signal groups. Those groups may bring you some profit, but overall, it is created to work based on the creators' interest!

That should be, no one could make you grow and become a successful trader but it is actually YOU. In this tricky market, following signals and other trading groups will eventually leading you to nowhere and even drag you the worse ends. That is why they created such groups to manipulate the market and fool us, but not the intent of helping new learners.

I'm glad that you have finally noticed it and that newcomers will also realize how important it is to have confidence. And not relying on other's hands to help.

For me, the best practice in trading was to see a "paper account". When I lost money in order to return to normal,
I stopped trading for real money and used notes on paper, a kind of demo account in which I tried to avoid any negative transactions. Only when I succeeded did I allow myself to return to normal mode.

You might be right that demo and real thing are different and when you are doing real trading you will be more careful because when you lose you are not losing demo money, you are losing your hard earned cash there. However starting without demo is not the solution for that, just because you are trading in demo doesn't mean you are going to act like your money is demo money too, so when you do demo and get better and eventually go to real trading you will still act as if it is your money and be careful.

Hence, I do not see any reason to not try the demo part out first and see how it is and how it feels and how you are doing, if you are doing fine you will end up with simply going to real thing, but if you are very bad even at the demo part you could hang around and learn a bit more.

I am not a successful trader right now but I am on my way to recovering the money I lost. I used to be like you, always following signals in large groups and open orders according to their signals. But after a while I realized I was a fool, I never trade!
In order to be profitable in trading, we need to learn for ourselves and indicators. Only use the indicators that you trust the most. After selecting the tools, set the plan for the amount you are about to trade, which is the most essential management. Then follow the plans you have laid out. That's the formula and the steps that helped me to trade successfully in the last 3 months. Hope it helps you succeed.

Two weeks is a very short time to learn how to trade and you should learn more about trading. It is wise to gain experience by trading the stock and forex markets before trading cryptocurrencies directly because cryptocurrencies are very volatile.

Losing is always a part of trading experience that will make you learn some unforgettable trading lessons in life. And when it comes to crypto trading, most of the time your TAs are not working here especially if you encounter a pump and dump coin. This is the reason why if you want to trade alts, you should know the background of the coin and the current happenings for that particular coin. It is also advisable to follow their social media channels because they may give you hints on the real status of the project. At least you know what to do with your coin in case they are about to abandon their project.

Trading successfully is not for a beginner but experience and professional traders. You should first master how to manage loses before thinking on how to make profits. Trading is not for everyone but for those that are ready to accept the reality of loses.

Stay away from the PnD groups will be a good tip for you now as you are a beginner in trading because I am worried that you can be late to take action after you know what the coin that will get a pump. It will need more than experience to follows the PnD groups because it will be related to your internet connection too to enter the market at the right time. It is better if you can improve your skills, and don't use the bots because that will needs you to learn how to set the bots to running related to the current market. It is about how you can manage your capital in trading, and you can analyze the coin so you can get a profit. No matter if that profit is small, in the future, if you can improve your skills, you will be able to make a bigger profit.

If you're trading daily and making little profits, then you should be happy. You people end up losing because of greediness, you want more, instead of taking the one you can afford for now. You said it clearly that you were making profit from the short term trading of one to three days, and you only lost when you tried margin trading.

So, my advice would be that you should continue with the short term trading that you were able to do and make profit, get perfect there and save the little profit you're making and you will grow from there. When you become an expert, you can then look to go further. It means you should not rush toward trading like a pro. Being slow and steady will help. At the same time, gaining knowledge and fine tuning the strategies kind of other works should be taken care.

The key goal of becoming a successful trader is "patient" even when you have understand all the pro and cons of trading, your patient is very vital and it determine your success. In order to understand how to trade, you can either read ebooks about trading cryptocurrencies ( you can check some of the post i created for sharing cryptobooks) or watch videos on youtube and other online course platform such as udemy. There are also some trading platforms that provide demo such as hitbtc https://demo.hitbtc.com/. from there you can start to understand how to trade and play along with the tools that are being used in trading. I hope this help you.

Technical analysis is good for financial markets. Successful traders are disciplined, and a very small percentage of traders actually make money and go on with trading. There’s a learning curve when trading forex, and if you don’t have enough start-up capital or do your research, you’re starting at a major disadvantage.

Tips to help you become a successful trader:

1. Start With Sufficient Capital
2. Trading Isn’t Easy Money
3. Be Very Cautious With Leverage
4. Learn All About Risk Management
5. Build Your Own Success Strategy

Hi

Here.I think you can try to use Copy Trade at Bitget .

To cope with the development and expansion of the digital asset market, Bitget Embedded Copy Trade Function will be launched soon. "Copy Trade" allows user to copy the trade strategy from Elite Traders on Bitget. It is user-friendly to those without or primary contract experience, user can select multiple preferred Elite Traders, and follow them to automatically synchronize their trading behaviors to achieve profitability just by one click, no more keeping eyes on market.

First and foremost, there is no shortcut to become successful in trading. Always bear in your mind too that doing trade is not easy to apply.
This is not about something you buy and sell only, of course it needs a good strategy, good analysis, when you read the flow of the market when it comes into crypto trading.

Understanding the historical record/trend, fundamental and charts reading is what will make a newbie trader to become an experienced successful trader, and diving into any form of leverages trading is totally dangerous for every crypto traders including an experience. However, i will advise the OP not to use bot trading either because 97% of bot trading machine out there is not good enough.

You must know the fundamentals, must be aware of what’s going on globally, and you must know the types of contracts you want to trade. If you want up to 10x leverages, trade Perpetual contracts (on MCDEX, dydx). Understanding of Perpetual is a must. It’s not that difficult, let me tell you.

sometimes it is best to try using crypto to risk because this will give us more motivation because we are losing money and not
 just a computer amount in free demo trading.imagine if you are thinking of not losing any you will never make more serious
 decisions but if there are risked money?i am 100% sure that we will do everything we can just to
save amount though we can use smaller money since we are starters.
we dont need to become expert just to give advice and opinion because each word is important to the one who needed most,experts may
miss some part that newbies can give so just give yours and let OP decide if they will take it seriously or just for nothing.
Good share and i will ad this to my collection of trading paraphernalia as i am seeking more before starting trading again maybe late this
year or early next year so this stuffs are important to me.

But the important part here is we will need to use legit exchange like binance,okex and other platform that has serving this market for
 long years without big issues.

I don’t really have any expert advice or sorts but rather very much simple thought to be shared. I believe that in order to be successful in anything, you need to have that extra time with your decision making and that whether in case of doing it in rapid moment or having patience to wait.

A lot of this comes through having sufficient knowledge and I am quite grateful to FXGiants, my broker which not only is amongst the top broker but also got several features including educational based ones, so all this is what helps me with becoming successful.

2 weeks are not enough for you to say that you are fully knowledgeable about trading so do not expect that you can become successful trader by just spending your 2 weeks in studying and practicing different strategies. In order to become successful trader, there are a lot of factors that we should be considered like knowing what is our edge over the market or what I can say NICHE. Trading is not also about technical analysis because trading psychology is also important and we should consider it. Trading psychology what we should focus and professional traders or those traders who can considered successful are aware about how important it is.

Trading is a learning process where it requires a lot of time to develop a skills and to have a mastery in a specific trading setup so short period of studying is not enough especially for those new in the market who want to become a advanced trader. The best thing that you should focus is understanding yourself first which is evaluating our own psych because of its importance. Remember that our financial intelligence is consists of 90% emotions and only 10% technical so understanding our own psychology while trading is very important factor to consider.

I would recommend you to start with demo trading . You can lose your money if you don't have a previous knowledgement about what happened in crypto.
Start with demo trading for few months and then you can invest some money and trade with them

That is why when you are using a bot everything is dangerous. You set so many stuff to the bot that you need to make sure that it sells at a certain price if it drops but buys back if it goes down even further to level it back, you end up with same amount of coin you had but you did it thanks to stop loss AND buying lower as well which combines them two, not just stop loss.

Or you could sell further up but if it sees it going even further up it waits, waits for it to stop before it sells, so you do not sell beforehand when its going up. All in all one thing is never enough while trading, you have to combine many things together to make sure it will work, it could still fail and thats a possibility, but I could promise you that the results will be at least better, even if not greatly successful.

I myself used to lose a lot of money precisely because of the triggering of a stop loss. It is a whole science to correctly set the limit of its operation. Obviously, you set it too close to the current price, so when the price changes impulsively, the stop loss is triggered and the price then reverts to the previous one and you get a loss. If you only use spot trading, you can try trading without a stop loss.

Learning trading would take a lot of patience because it would not make you a good one without spending more time in gaining knowledge about the crypto world and developing your own strategies which will only be molded by time. Experience is still the best teacher after all but do not keep on chasing more on profits because you won't stay long in trading if that will be your mindset.

If we have that kind of courage and eagerness to become pro and successful trader we need to be patient as well. Because becoming a trader is not an easy job that we can learn instantly and becoming pro in a day, a week, or even a month but instead, it usually takes a year and it also needs continuous learning. And if we don't have this kind of attitude, ain't no wonder why we fail.

The common misconception about trading is that they think a year of learning how to trade will make them better, which is not a good point for me. To be a successful trader, always carry the title "new" why? because the market changes constantly in no particular time which makes the most of us wonder where it could be in the next run. Riding the mass speculation does not guarantee a good return, don't base the success in quantity, instead depend it on the quality. For the last, don't be afraid to fail that's where the most of lesson will come from.

Everyone asks to get a good response for "how to be a good trader" but there are literally tens of these topics in the last pages alone, more if you go further back. If you want to be a good trader either do not care about what the people here says and go study it from a bit more professional people who literally are professionals of this instead of internet strangers here who you have no idea about. At least if you study from the people who are more professional and have experience you would basically just learn a lot easy.

If you really want to care about people here tho? That means read the other freaking topics with the same freaking name, you don't have to start a topic, there are similar topics opened every single day, no need for another one.

It is never easy to become a good trader because you face a lot of great risks, and without the knowledge, you will soon lose money in this market. I have been here for a long time, but sometimes the knowledge of trading still does not help me when the market suddenly collapses, so please be careful and consider carefully before trading a coin.

Becoming a successful trader is not easy and you have get more experience with your trading fund lost, maybe many successful trader there lost much money first time before become success and get many trick how to get much profit with trading or investing, they know good time when enter for buying and selling.

Actually it is not too difficult to become a successful trader, we only need to obey the basic rules of trading. Like using money that we can
afford to lose, do an analysis before making a decision, always be patient, avoid greed, and be confident. By following these basic rules,
then added with increasing practice. I am sure to becoming a successful trader can be achieved.

It's never too late to start learning and trading stocks, right?

There are a lot of free resources that you could digest and learn from with all the possible strategies to profit from. The possible thing that you could integrate other trading tools. As seen from your list, trading bots help you a lot and I could help you with that.

There are a lot of ways you could trade but stick to one principle and make it consistent could help you profit in the long run.

People who do keeps on questioning and trying to find or seek answers are the ones that would likely succeed on any career that they do take.
You can see the seriousness on where they do get involved into things.Its always been a bad habit or kind of character to be boastful or do know
everything even if you dont. Keep learning and dont stop on a certain point because we know that there are still lots of things that needs to be learned
until you do able to achieve success.

Someone notified on another similar topic about continuous learning and I agree about it because I too believe only with knowledge anyone can become a successful trader. At the same time, knowledge alone will not help anyone to be successful all the times in trading when they are failing to make use of their experience. Experience must be more critical factor in deciding the level of success in trading. So in summary, both learning and making use of experience will make anyone a successful trader.

This is the reason why people are not recommending to go for copy- trading or buying signals. Because when you are not capable of generating required signals for your trading purposes then you cannot make timely decisions based on market fluctuations. Signals (copy-trading) along will not help you in being successful but timely decisions.

In terms of trading always make sure you need to find out the trading platform that is suitable for your needs and wants to make higher gains of money. Some of the people today are making deep-diving into the world of trading that has not to have enough knowledge and it causes losing their funds immediately. If you are trying to make trading it is better if you know how to read graphs first because not all the time you can do good sometimes on every single detail your mistake into the world of trading can cause too much loss to your funds. I highly recommended if you think you are not quite sure to your funds decrease the amount of the leverage because don't trade that you can't afford and use the trading signals and indicators it can give you a huge tip what is the next kind of market movement. In my long time into the world of trading, this is the concept I need to make sure to avoid getting lost of my funds.


Once you enter into the world of trading make sure you are prepared enough because it is full of risk you cannot make a lot of money if you do not make a huge risk on your money.

I'm always impressed for people who always ask if they don't know on what they doing on some situation since they are the one mostly became successful since they didn't act anything under their knowledge, And mostly those losers are the one who confident that they know everything on ventures they do. This is really the most important attitude to bare by many people so that they became a pro on trading since this option needs a lot of patience and research

As I believe so seeing OP's reply to @thecodebear...

And I believe he realizes and corrected his mistakes. People have this kind of appreciation will certainly be going far from his position today. He keeps asking, he keeps learning, and that is a thing it needs to build in order to achieve our goal.

I will assume you have gotten so many tips from the forum, so there won't be any repetition.

I will advice you to be confident of your capabilities and skill before embarking on trade

Likewise, you need to understand perfectly two basic concepts, when to go in and when to get out of a trade

I'm in a similar boat to yourself, but i have been paper trading for two years before lockdown happened boredom pushed me fully into it. Now i can make shitloads of money papertrading, the real thing is a whole different ballgame, im just about managing to stay even most of the time, when you make a bit of money its a lot easier to lose that gain. the best advice i can give you is make the smallest trades possible and do not "try" to make money, try to enjoy learning the right way to do it instead.

Two weeks of learning really is not enough, but that being said if you can afford to "pay" for your education i.e learning from your losses then its totally fine, as long as the money you are losing isnt from your mortgage fund.

Definitely studying the technical analysis would work, however knowing those indicators and those analysis would only help you to see whats going on, not what will happen, you will have the tools to realize what you could do, however you will not have a ready made thing. Many people look at TA like the end of studying, no TA is the tool, what you do with that tool still depends on you.

Let's say now you know what Macd is, does that help you? Sure it does, does that tell you what bitcoin will be alone? No it doesn't you need to know how to use that in order to see. Plus on top of all of this, you are still not going to suddenly get a lot of success, sometimes you are going to get a big loss because that is how bitcoin works, sometimes you win and sometimes you lose.

It is very easy to give advice on how to become a successful trader, only when you start trading, all your theoretical knowledge goes against the reality of the market. The market does not forgive mistakes and you need to consider the risks in order not to lose your Deposit.

Hello, mate welcome to this forum.

I suggest that if you are the only beginner, you should not try first to trade, try to make some research about it and if you think you have already enough knowledge then you marry it now.

Here are some of my advice when you are going to trade.
1. Trade at your own risk - you should know that trading is not a 100% sure profitable, you may lose and you may win.
2. Trade you can afford to lose - when you are trading, you should think that you may lose, so always limit your budget when you are going to trade.
3. Observe the market - this is really the most important, you should learn the movements of the graphs. Always observe the bitcoin.
4. Do not be greedy - People tend to lose their money because of greediness, think wisely when to stop and to play.

One of the best advice to keep in mind is following: When you profit that happens because someone loses and opposite.
Everyone wants to be a good trader but we can't have all winners, so competition rises and average guys in past are now on a lower level. A good trader has to be kept in touch with everyday news around the crypto world and analyze it, both, news and market chart.
There were a lot of moments when those who were looking through news, used those moments collectively while others lose. For example moment when coinmarketcap removed some Korean exchanges from listing and it affected price, one famous exchange in 2017 locked fund withdraw for 1 day and it affected price, also hashocean's scam run affected price, china's mining ban and etc. You have to read news everyday cause people act like news pushes them to act. Positive news sometimes arouses positive feelings in them regarding price and for a lot of times negative news arouses negative feelings among crypto users and as a result, we get price falls.

The first rule of being a successful trader is to conduct research and gain experience by applying the knowledge obtained through the research by trial-and-error method. A good trader always researches and never claims he knows everything. Also, in order to be a good trader, you should watch trainings, read articles and apply them with trial accounts. When you do all of these things, you will have more experience and knowledge. This will be the biggest proof that you are a successful trader.

You do learn up trading for you to earn up money and not to give out or paying up some fee just for you to learn.All of learning tools or informations are
already on the internet and all you do need is to study up on yourself and learn up things along the way which would be a great help for you to become a
better trader.In logical side, if those so called experts where profitable then they wont mind to let theirselves to be followed by several people or either
handle out or management funds.

if all people depend on signals then it will be ez pz but nah  . many feedbacks i heard were bad  . its really true that no ez money on this world not even on the trading scene  .

if you want good signals then you need to pay for premium but this does not mean that all premium are legit just because they require  fee  . i think it would be better that we still equip our selves with few knowledge in general trading and on the group that we are trying to join

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.

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.

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.

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!

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.

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.

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.

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.

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. 

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.

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.

yes, i like reading, maybe a lot.




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

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.

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.

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.

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.
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.

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

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. 

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?

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

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.

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.