Looking for advice from this community might have already ensured your half of success in trading. If it is possible for everyone to start as a professional trader, I am sure that many people would have been making money the moment they start trading and we will not see any mistake at all, but it is part of life, we have to learn to become perfect and sometime, it takes a hard time to actually learn.
I don’t think that it is ever possible for anyone to trade without losing at their early stage. It is through some of these mistakes that we actually learn our lessons to become perfect in that which we are doing. When I started my own trading first, I lost so many dollars, and my own mistake was to even start trading with huge amount of money which I will advise any newbie against. We have to follow your advice for any trader to make a successful trading.
Topic: Newbie looking for some strategic advice - page 6. (Read 1704 times)
Let us say that you are confident enough to do some trading now since you have said you already know the basics, you gain knowledge and you are prepared now to take the risks given by this volatile market.
But if since you are new to this, go on the long term trades first. Followed by short term trades if you know how to read charts, volumes and technical analysis. Margin trading is a complicated one, so if you are making good profits in your tradings, you can still try doing swing or margin trading. Bitmex offers a testnet trades before doing some live trades, so it is better if you practice first before deciding to do margin tradings.
But if since you are new to this, go on the long term trades first. Followed by short term trades if you know how to read charts, volumes and technical analysis. Margin trading is a complicated one, so if you are making good profits in your tradings, you can still try doing swing or margin trading. Bitmex offers a testnet trades before doing some live trades, so it is better if you practice first before deciding to do margin tradings.
According to statistics, only 5 percent of all new traders remain in the market and receive good income for their activities, while all the rest remain in the red almost the entire first year. So you need to first understand that the trader will not be able to quickly enter the market, develop a lot and leave the battlefield in the pros.
It is not just 5% of the new traders that remains in profits but according to research "5% of the traders make profits from the loses $95 make" it is a risky market and you should trade after you are very sure that you will reduce risk and minimize loss from the beginning before you start making profits.
Thanks again everyone for your advice and encouragement.
I have started with some small trades, limiting myself to $100 max. per coin, investing in coins I have researched and analysed the charts on - so far I've made $16 and lost $4 - so about $12 up. In addition to that the recent price-hike in BTC has netted me some profits too - but that's pure luck as I didn't anticipate BTC would go up.
Either way, it's great to learn this way. I understand the point some people made about using a demo account, but I think the psychology of having "real" money at stake (even a small amount) is something I want to learn to deal with. I always set appropriate stop-limits to avoid big losses, so hopefully that strategy pays off.
In addition to some small short-term trades I have also bought into some well-known blue chip coins, with an aim to just leave the money there long-term.
One more question: So far all my trades are in BTC to whatever, when I reach my target I convert back to BTC. Is it sensible to do that, or should I also look at trades in ETH, XRP, USDT, etc?
I have started with some small trades, limiting myself to $100 max. per coin, investing in coins I have researched and analysed the charts on - so far I've made $16 and lost $4 - so about $12 up. In addition to that the recent price-hike in BTC has netted me some profits too - but that's pure luck as I didn't anticipate BTC would go up.
Either way, it's great to learn this way. I understand the point some people made about using a demo account, but I think the psychology of having "real" money at stake (even a small amount) is something I want to learn to deal with. I always set appropriate stop-limits to avoid big losses, so hopefully that strategy pays off.
In addition to some small short-term trades I have also bought into some well-known blue chip coins, with an aim to just leave the money there long-term.
One more question: So far all my trades are in BTC to whatever, when I reach my target I convert back to BTC. Is it sensible to do that, or should I also look at trades in ETH, XRP, USDT, etc?
According to statistics, only 5 percent of all new traders remain in the market and receive good income for their activities, while all the rest remain in the red almost the entire first year. So you need to first understand that the trader will not be able to quickly enter the market, develop a lot and leave the battlefield in the pros.
It is strange why everyone is worried only about making big profits and at the same time in a short time. You need to think not only about your wallet, but also about interesting projects that should be developed, which in the future will still bring profit, and not just pursue greedy goals.
Everything should be started with the choice of crypto. A beginner should choose cryptocurrencies with medium volatility. Low volatility, i.e. weak leaps and dips, is disadvantageous. However, too high, also rarely brings profit to novice traders, because it is associated with high unpredictability of the course. Average volatility allows making pretty good profits, and risks here are minimized.
From all option, I prefer to choose number 3 because with using the number 3, you can find any profitable coins for short-term and in this time, we have so many altcoins which could be a good coin to buy and make a profit. But we need to be careful because we don't know which is the right coin and that is why we need to analyze one by one of the coins. That will be too difficult if we cannot analyze with the right because we need to spend more time to find the coins. I think if you try with short-term trading, you need to have the skills to analyze and you need to learn more about the analysis.
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First at all please do not use those money you couldn't afford to lose. For newbie those steps are really interesting. But i strongly prefer to not going with 2 and 4 idea. I think it's too much risky for new traders. In my opinion 3 is a better option for you. It's too much easy for newbie. Then you can jump on 1. Do not give up if you fail it's totally ok at first you'll not reach your goal but one day you'll understand not given up was the right choice.
You fairly have an idea of what the market is and what you want. You are right on the part.
Researching and buying new coin is a good idea.
I think "swing trade" is used for longtime and short time is simply called day trader, maybe I could be wrong though
Researching and buying new coin is a good idea.
I think "swing trade" is used for longtime and short time is simply called day trader, maybe I could be wrong though
If you are newbie here, I think it is good to start with learning in trading. You cannot do trade without any knowledge about it.
Especially, day trading is not that easy things were once you start, it means you can get easily profit of course its not like that.
There's no short cut here you need to work hard first before you earn, in short no gain no pain.
I learned more doing short term trades.
Yes there are a lot of technicalities but I promise you, there will be a lot to learn there.
Dont go long term. There will be a possibility to be in loved with the coin and you will become a hodler.
If you want to hold a coin then do it from the start and not like giving it some timeline when to sell for there are a lot of possibilities in crypto that you would not expect.
That's it, IMHO short term.
Yes there are a lot of technicalities but I promise you, there will be a lot to learn there.
Dont go long term. There will be a possibility to be in loved with the coin and you will become a hodler.
If you want to hold a coin then do it from the start and not like giving it some timeline when to sell for there are a lot of possibilities in crypto that you would not expect.
That's it, IMHO short term.
My advice would be that if you want to learn to trade and gain experience from it then you should do short term trading as it will teach you how the market acts in various situations.
If you want to earn some money then you should try trading for a long term. This will take time but will but will eventually get you good profits.
If you want to earn some money then you should try trading for a long term. This will take time but will but will eventually get you good profits.
Trading always needs experience whether we are following the technical analysis or fundamental analysis. In the short term, we might easily understand the market movements because without acting it is impossible to learn. If you want to make more money then target them for the long term.
You kidding me bro ? That's the same thing I said. You just changed the sentence while keeping the same context. Get some new shit bruh! 
I see that you really learned about trading before, from the 4 strategies you mentioned above have advantages and disadvantages and that you will know when you try it.
I myself prefer to divide my trading strategy into 2 namely long term and short term. in the long term only choose coins that I know are solid enough or are ranked 1-10 in CMC (BTC, BNB, ETH other coin that have potential), where as for the short term in other coins and the real purpose is just to keep earning money to pay some bills.
I myself prefer to divide my trading strategy into 2 namely long term and short term. in the long term only choose coins that I know are solid enough or are ranked 1-10 in CMC (BTC, BNB, ETH other coin that have potential), where as for the short term in other coins and the real purpose is just to keep earning money to pay some bills.
Try trading to improve your level and earn money. Because psychological factors are important while traders or holders of coins.
You say that you have budgeted $2000 to start trading, how if you use $100 to try trading? You can try with short term trading, or you call "swing trades" so you can know the feel of trading. The important thing here is you should practice what you learn so you can get experience in trading. You can use $100 to buy various coins but don't buy the expensive coins because the increase in the price will not be too high as the cheap coins price. If you can do that over and over, I think you are succeeding for learning to trade, and you can move to the next level of trading. But if you cannot make a profit in every time you trade, then you should continue learning and practice.
Right, a newbie should not have too much capital to trade. Well I used to also capitalize $100 to trade and increase amount as my analytical skills increase. It is very risky when directly with large capital because we will never know what we have not learned. If it is felt that knowledge is enough then increase investment capital gradually, I think that learning to trade is quite safe.
It's no problem if we only use small money to trade because we can manage that money and try to make a profit from trading. While we trade, we can also improve our skills by learning the market situations so we can be ready for anything. With the time pass and learning on trading, we can be able to get more profit many times, especially if we can get the right price to buy and sell.
- On TradingView.com, when you analyze a chart, do you look at the hourly chart, 2 hours, 4 hours?
It depends on what time window the market seems to respect. One day it can be the hourly chart, the other day it can be the 4 hourly chart. It's impossible to say right now, you have to figure that out whenever you start your trading session.- I know it's called "day trading" but how long should I expect to hold on to a currency on average - hours, days?
- What's an acceptable and sensible target profit percentage and stop-loss percentage?
Some people are happy closing positions that yield 1-2% per trade, which if you day trade is a respectable profit margin, especially if you combine that with a 2x leverage multiplier, but that's something you have to research first.- What's an acceptable and sensible target profit percentage and stop-loss percentage?
As for the stop loss percentage, I would say that it's good to start with a ratio similar to your minimum profit expectation, that way you don't lose too much-- from there you can adjust your stops based on how much experience you gain.
Bollinger bands and RSI indicator are the most preferred indicator for technical analysis by any kind of trader so you also can use this to make your predictions ad you already mentioned you are not going for short selling then being strong with fundamental analysis will be enough to make profits.
My advice would be that if you want to learn to trade and gain experience from it then you should do short term trading as it will teach you how the market acts in various situations.
If you want to earn some money then you should try trading for a long term. This will take time but will but will eventually get you good profits.
If you want to earn some money then you should try trading for a long term. This will take time but will but will eventually get you good profits.
I think there would be no problem if you are accepting your risk in advance. Now you can trade from an natural perspective which is always best for traders. If you really want to learn Price action charts, then study Nail fuler searis "Learn to trade the market" and wrote a book named "The Discipline trader" by Mark Douglas. These are good sources to gain some knowledge about Crypto.
It depend on the level you have build yourself to in the trading system and how conversant you are with it. If I am to advise you as a newbie, I would advise that you go for a long term trade but on the basis that you are not yet familiar with trading and you have not built any strategy to support you for short term trade, but if you feel that you are already an expert, you can go into short term trade.
It is better as newbie to just buy and hold coins, then use the period that you are waiting for your long term investment to yield result to learn more on trading, at least within that period you would have become a guru to start trading on a short term trade. For now, just stick with long term investment but make sure that you research those coins first before buying them.
It is better as newbie to just buy and hold coins, then use the period that you are waiting for your long term investment to yield result to learn more on trading, at least within that period you would have become a guru to start trading on a short term trade. For now, just stick with long term investment but make sure that you research those coins first before buying them.
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