Topic: Need help trading. - page 5. (Read 1220 times)

Since you are new and hard to save 500 dollars I would say avoid investing in trading without learning trading well.  Trading is a very difficult and complex task.  No one can excel in training immediately after entering the market.  Trading can take a long time to master.  Learn the rules of trading first and follow the best profitable traders.  Invest in trading only after gaining enough knowledge about trading.  Otherwise, your entire money may go to the line of loss.  You must first know about market analysis and have an understanding of the market dynamics.  Also you need to be very mentally strong and have a lot of patience. Trading is not possible with little patience.

Fast of all do not join any group that promises free signals. These are mostly scammers and will fool you. If you depend on them, you will never learn anything good and you will always be dependent on others.

Also watch YouTube regularly and try to master a subject. There are many good trader on youtube and they share their experiences so you can choose any one of them and keep trying on it..

Don't invest too much in the beginning learn slowly and try to master.

Not just some basic things but there are a lot of things to know, especially for someone who is just getting into trading and has never done it before. People often make the mistake of getting into trading while not knowing much about it because they just have heard that trading is profitable so they rush into it and think that they can start earning a lot of money right after they start trading unaware of the fact that it is not as easy as described by some.

So when a newbie is entering the market, they need to do their homework very well before they start involving their finances, they should first learn everything and then practice everything they have learned using a demo account somewhere just to check that they have understood everything well.

So here's my recommended path for actual beginners.

1. Finish course on Babypips.com
2. Make use of small amounts on trading Ex. $100.. Dont expect for making profits
3. Trial and Error
4. Learnt up with those Technical analysis
5. Exchange recommendation? Binance or other top tiers
6. Try to make that balance getting bigger gradually

The thing you should bare up in mind is that you shouldnt really be in a rush on dealing up with the market. Dont tend to have that kind of behavior
because once you do have it then you are really that prone into tons of mistakes on which this is something that you must avoid in the first place.

Yes, as you talk, $500 is not a starting point for trading, but as a newbie, this $500 is ok for you to start your trading, because it is good to start a trade with the sum amount of money you can afford to lose. Since we are all aware that trading has a high risk, people's always given the advice that anyone who wants to start trading, whether they are newbies or not, should actually start with the amount of money that they can afford to lose, so that even if they lose all of their initial investment, they won't be as devastated.
I see that many of our fellow members here have presented you with a variety of sources and essential points from which you can easily anticipate to learn about trading. The only thing you can do is go through them and master the fundamental skills as well as technical analysis. These are the best places to attend if you want to become a trading expert.

There are lots of people who enters into the market without knowledge and they loss their huge part of income so I think that if you don't have knowledge about trading then this amount will just be lost without giving you any profit. Few mistakes can be overcome through experience but without basic knowledge you cannot earn or learn.

Learn well and then initiate by investing some amount instead of trading and this amount is suitable amount for investment. If you think that trading will give you quick profit then without learning and knowing the basic skills you cannot go towards a successful destination.

Pay attention to trading techniques before deciding to jump in there and from what you said, it's good to ask even though outside the forum there are lots of sources that can be found on how to do it.
For me, first identify the potential of the coin that will be traded with capital of $500.
In my opinion, it's better to buy Bitcoin with capital of $500 and hold it until the price reaches the latest ATH.

I think you did the right thing by not believing other people's signals. Doing with your self on trading is a responsibility about all your assets. Maybe your first step should be to find the coin you want to trade with. Look for it at Coinmarketcap and find the top list. On their, you can find the market that listed the coin for trade. You also can ask on this forum for suggestion coins or market if you get stuck. You must learn about technical analysis, there is so many of them, but you learn one by one. You can find it on youtube or website.  After that, you can start trade with small value to practice what you learn on your source, then you increase the value slowly. And also you must learn about how to control emotion on trade. This will help you to think when you get trobles. Don't hesitate to ask questions in this group when you have problems. The people here will be willing to help you. Hope you will be success.

500 dollars is enough to start trading, but since your capital is limited you cannot afford to waste it, to begin with you must drop the idea of trading anytime soon, at best you could be ready to make your first trade in a few months.

Now I know this is discouraging as the price of bitcoin has gone up during the previous months and you may think you are missing a huge opportunity, something I cannot deny but there is no way around it since you are not ready, the next step is to take your time and see what trading style could fit you the best, and once you have taken this decision you could study the books of famous traders which use that style in particular.

You have saved $500 and you must have some important reason behind this saving. You may have saved $500 with the plan that when you save $500 you will start trading with that $500. $500 is enough to start but before starting you need to study enough about trading. Then since you are a student you have to manage this trading along with your studies. What time you are free and what time trading will not affect your studies badly you take that time. You can take out the remaining time and study about trading during that time and then you can trade during that time. However, in the case of trading, there are some basic things to know.

Trading is quite challenging, yet I won't dissuade you if you've taken a liking to it. However, it's crucial to understand that mastering trading demands time and unwavering dedication. It's not a skill acquired hastily over a few weeks, leading to instant profits. To truly excel as a cryptocurrency trader, one must possess a solid understanding of trading principles. This entails grasping market dynamics, risk management strategies, technical analysis techniques, and staying updated on industry trends.and

Learning to trade did not require a large amount of money; honestly, infact $500 you want to start learning with is too much, you can start with a very small amount of money, like $10 to $20. You are a learner; you should stop thinking about putting big money into trading because of the profits you make. I will not advise any learner to start learning trading with a large amount of money.


It's more beneficial to learn trading independently rather than relying on signals. While signals do exist, the cryptocurrency industry is rife with scammers. Out of all the signals you encounter, hardly even 2% are genuinely reliable. Many claim to have accurate signals, but most are deceitful. They'll request payment for their services, yet still provide inaccurate signals. Consequently, investing based on these signals often leads to financial loss.The technical analysis they offer may not be of high quality, further exacerbating the risk. Therefore, it's prudent to invest time and effort into understanding trading principles and strategies on your own, rather than trusting dubious signals that could potentially result in significant losses.

There are no 100% correct signals, so you don't need to look for them. You should understand that if you buy paid signals, you will lose your money twice: the first time when you give money for access to the signals and the second time when you get a loss by following an inaccurate signal.

If you are learning how to trade, then you don’t have to use all your $500 to trade, because when you are learning how to trade, you are likely going to lose all the money which you started trading with, just imagine you lost the $500 which you have accumulated for a long time, and you lost everything to trading, and you will have to start everything afresh. If I will be recommending you learn how to trade with just like 10-50$ of the money, but if I am you, then I won’t use more than $20 to learn how to trade.

If you want to follow signal provider, then meaning you just  want to waste money, people that are following signals don’t really have passion for trading, because if you have passion for trading, then you will do it yourself, most people that are using signals are the once that do hear that their is money in crypto trading, and they also want to make money without learning, which at the end, they do fall for scammers, because if those signals are real, then people will hardly release it.

I will like to repeat what I have said sometime ago here, know the kind of learning that is good for you. If you know that you are the type that can easily learn online, then follow up with the links online that you will be referred to. If you also sincerely know that learning online is something that you have always found difficult, then find an offline academy near you to learn from. It will be a waste of time for you to be trying to learn trading online when you know you will find it difficult.  

Well currently I don't know any community that could help you with trading, because I stopped doing community trade and trade only on my own accord, I recommend for those newbie in trading to join a community trade, community trade means that you have a community where in there are many traders there, newbies, expert and experienced traders, in that community you all could share your thoughts in the market some can share trading analysis or technical analysis and some could share their trading signals, the difference of community trafe in other channels is that you could learn from them because they will share the information why they enter in this market or why they come up with the strategy, and as you can follow them you are earning why learning from them. I'm sure you will find community trading; you just have to be resourceful now. It's a better place to start for beginners in trading.

Start by learning the basics of financial markets, different asset classes, and the terminology used in trading. Focus on understanding fundamental and technical analysis.

Before risking your real money, use trading simulators to practice your strategies. This allows you to experience the market without financial consequences. TradingView has a good simulator feature.

Avoid Signal Services, relying on signals from others can be risky. It's crucial to make your trading decisions based on your analysis and understanding.

The best advice i will give to you is to look a physical mentor otherwise you would fall into the hands of scammer, see listen scammers comes in different ways and they are too trickish where you wouldn't know when to fall scam to them, most of them can easily deceived you that you can investment with them to get some percentage at some stipulate period of time.
Then that reminds me avoid some pm because the scammers will keep sending personal messages to teach you or show you how to get started.

Are you sure that you afford to lose $500 in trading? You've just said that you saved it up and then willing to lose just to learn.

If that is so, I admire your bravery because not all newbies in trading are okay with that and all they ask is on how to trade safely.

But even with that, there's no such thing and your approach is the only approach that one can learn from it. Start making exchanges account and only do it with the top ones like Binance, kucoin, Coinbase for centralized ones.

The fundamental step before entering the amount of money you have collected into the exchange to trade is to learn all about trade because to find out how the level of risk that will be obtained even though the purpose of trading is to get a minimum profit of 2x from capital.

One user has provided a link that allows you to visit it.
For me, learning to find out about trading before trading is a good suggestion because not a few traders who suffered losses despite a long time to trade.
If you only think about profits with available capital, indeed anyone will be tempted. But trading should not be blind.

I recommend this old book but it is gold - Fibonacci for the Active Trader by Derrik Hobbs. Its is going to be helpful for you as a trader when you start learning about technical analysis. Like I said, it is old way before crypto but the ideas are the same. I don't know if there is a free version of the book online but try to get it. Or rather read the synopsis of on the internet and decide if this is what you want to be reading now.

The starting point is not the actual trading but in reading. Scammers can smell desperation and they will try to sell you some fake signal group whatever to get your money. Beware of any message of such.