Topic: Newbie - need your advice after first trades (image joined) thnk you in advance (Read 362 times)

OP good on you for starting with a small amount and learning to trade.

But a couple notes.

I'm guessing paying no fees was a temporary promo thing, instead of gaining a little bit of money during that week you would have lost money when taking into account trading fees.

Seems like all the trades were with half your trading stash ($13 out of $26). I recommend splitting it up into several different trades. If you're trading with half your stash on each trade, if you buy and the price drops you either have half of your money stuck in a trade waiting for it to come back up, or you have to take a loss with half your money. That's far too risky. Each trade I do only uses about 10%-20% of my trading stash, sometimes even a bit lower than 10%. 20% I consider a large trade. So sometimes when I happen to have most of my trading stash in the market I might be in more than 10 trades at the same time on several different cryptos.

And you want to make larger trades. As I said above, trading fees will eat up all your profits on small trades. I almost always pick an integer percent of profit to put my sell order in for (ie. 3%, 4%, 5% profit, etc) and it is usually in the 3%-5% range but sometimes I just look for a real quick trade and do 1% or 2% and sometimes if a crypto is being especially volatile or there was a dip or I just think something is about to break out I'll do a bigger trade like 10% profit. but I include the trading fees in that calculation. So I'll show you how I calculate it, if the trading fee is 0.1%, I'll get a calculator and do .999 * .999 * 1.05 = 1.0479 where the .999's account for the losses through trading fees and the 1.05 is for a 5% profit trade. So this shows me I'd actually only make 4.79% profit on a 5% trade because of trading fees. So then on the calculator I increase the profit amount until it actually equals 5%. With 0.1% fees this happens to be about 0.22% above the profit I want: .999 * .999 * 1.0522 = 1.05. So instead of putting in a sell order 5% higher than I want (or 3% or 7% or whatever profit I'm trying to get) I'll put it in for 0.22% higher, so I'll set the sell order 5.22% higher than what I bought it for in order to actually get 5% profit. Anyway, that's just how I do it, that way I know how much percent I'm making on each trade while taking into account trading fees.

For reference, I know the market has done really well so far this year, and trading depends on how the market goes so I definitely expect to normally make much less than this, but in January I made 45.9% profit on my trading stash, and in February so far in the first 3 days I've made 5.9% profit on my trading. stash. I'm up 52% in 34 days. Generally I think a really good average profit to make on a monthly basis is probably 15% when factoring in the fact that some months the market will go down and I won't make anything or won't make much.


So, in summary, trade with smaller amounts of your trading stash, rather than half of your trading stash in each trade. And look for higher profits on each trade, I think 3-5% is generally good unless you're just trying to do a real quick trade then maybe 1-2% is good or you want to do a bigger trade so maybe 10-15% if it is an altcoin with a lot of volatility. This will give you good enough profits on each trade to not worry about how much trading fees are taking out.

On the rush to get profits traders enter the markets when they are not ready, thinking once they find themselves in a difficult situation they will figure out a way out of it, but instead the opposite happens and when those traders find themselves in a difficult situation they either get paralysis by analysis or they simply do not know what to do to solve their current problem, then it is necessary traders stop themselves from getting into the market before they are fully ready or they will suffer heavy consequences because of it.

When you jump to getting profit as quickly as possible like learning to trade overnight and you are very confident to do trade after that you will lose. I don't know if others experience this but I've experienced this before when starting though I only lose the bonus money when I've signup on to the platform. Ive just learn the basic use of some indicators and now trade and it turns out I lost it all, I learnt a lesson that time. So always take your time. Learn first before you remove the "L" in Learn

to gain experience I think it can be done. no problem with a small loss. as it could give him quite a bit of experience while learning trade skills he could use.
it is not easy for beginners to day trade, but every beginner may have an interest when they want to focus on trading. most importantly, prepare capital and don't get too obsessed with profits first. and never give up when we get enough losses in the learning process.

That's right, for beginners it's better not to be obsessed with getting profits first,
don't be too naive and like you said it's better to learn both knowledge and skills,
beginners definitely have no experience and when trying to trade it only makes a loss.

Don’t rush making profit, instead focus more on your knowledge about trading for the first three months because as a newbie, you should not expect to make money right away.

Imagine, trading with that kind of profit might not be worth it because of the fees, I also suggest to save some money for your capital so you can have more possible profit. Trading is a long process, beginners or newbies should not take any shortcut and have to go with the process.

to read the charts. scalping mode is highly recommended, but you also have to use a lot of capital, if it's only minimal then every profit will be very little like you are doing right now.
It is not easy to become a day trader. starting your trade for 6-7 days is quite a drain on your brain and psychology, do you not intend to become a holder and collect capital and do DCA on bitcoin? That would be a good suggestion instead of day trading small amounts with a big risk.

Actually theirs different between trading and investment of cryptocurrency or a particular coin for period of time. A long term investment is that kind of investment of cryptocurrency that have to do target and a specific months and Year the investors can run before harvesting or withdrawal, while trading is the kind of investment that run within short period of time and the end product or point can result out positive or negative due to your ability to know what you are doing. So long term investment which is buying and saving for future reference or purpose.

It is nice to see a newbie actually doing their research as he has indicated that he is not really interested on earning money right now, and he is still figuring out what to do on the markets so I doubt the amount he is using to trade is his whole capital and instead this whole thing is a test for his skills, however it seems he is a day trader and this is a very difficult way to trade and this is made evident by all the traders which begin to trade this way only to lose everything in a relatively short amount of time.

In a general sense, I think that the first most valuable piece of advice to choose an exchange is to be very secure, usually many go for Binance, and I don't blame them, it has a large volume and many things can be done with a great capacity to admitted to the big speculators and investors in the market, but you have to keep in mind that when money enters an exchange, that money is no longer ours, it belongs to the exchange, a KYC must be complied with, when trading with a lot of money it is You have to comply with another KYC category and that can become a problem, practically making and leaving money in an exchange is risky.

Dear Op as you mentioned that you took many trades for 6 to 7 days and now you are in profit of 0.5$ but dear this is not enough. Many of the seniors and members are already explaining to you different sorts of thing but my view on your history is that its good that you are taking low-risk trades and going well dear your strategy and speed is too low s in last week's market was bullish enough so that you can easily make 5$ at least.
As BTC is 20% up from last week's prices currently and this was a very good opportunity.
Change your strategy and shift it to per trade close profit rate for 1= 4% I know its a bit overestimating but in altcoins currently it is possible to book half on 2% and half on 4% and increase the per trade closing time. Split assets into 2 or at least 3 equal parts one for BTC and 2 for other trusted altcoins.

Not financial advice just a friendly strategy according to your funds. DYOR.

I could say that he might already doing some scalping.If he goes into the path of very low spot trades then having on 20 bucks of capital and getting 32.5% gain in just 6-7 days which is something
that you can call it considerable for a newbie but since he isnt really still able to last for 1 month then there's still lots of things that might happen.@OP, stick on what you are doing and if you do
see that you are making profits with the current method you do have then better stick to it and dont make yourself that uncontended on what you are earning now because
majority of traders arent really be able to achieve on being sustainable.

It's great that you earned profit from doing that.
I think you'll be interested to hear about scalping. Basically it is similar to what you are doing (getting quick and small profits on the small timeframe). If you want that kind of trading, scalping do have some strategy such as the parabolic SAR indicator and RSI.
Goodluck!

As a newbie in trading, i think what you need to Excel in trading is the understanding of trading and the hidden secrets behind it success. So for you to know all this you have to undergoes training or tutorial even using internet kind of tutorial and especially knowing the advantages and the disadvantage of trading, and mostly knowing the basic things of trading.

Woh Woh Woh! Hold your horses man. He's a newbie. He just started trading here. He's learning how the whole thing works. Don't just discourage him like that. As far as I can tell, you are a believer in HODL. You can do as you wish with your money. Let him do what he wants. If he can make profits from learning this, then that's no problem
As for OP. You are doing a good job learning this. Keep your focus on one thing until you've mastered it. You have done a great job by starting low, as you are just beginning your journey. Many newbies make the mistake of putting their all assets in one trade and lose it all for the lack of proper knowledge.
I hope those assets you put it won't affect your personal life. As they always say, don't invest something you can't afford to lose.
For a suggestion, you can follow many signals available on the market. They don't give out 100% accuracy, but you don't need to trade according to their signals. You can watch them to learn how the market moves. Try to follow pro traders and learn from them.
Keep your assets in a safe wallet while you are not trading. Start slow and keep a track on your progress. If you can make good progression on the way, only then put more money in it.

I do not know why some people look down on small profits when they are way better than the alternative which is to obtain losses, besides by obtaining those small profits in your trades this gives you confidence and improves your faith in your ability, while losing many times in a row can decrease it, especially if you are a newbie trader and this could even lead you to abandon your strategy completely and then take very high risks to recover the money you have lost so far.

I think it is better to sustain a capital than to lose it no matter the days or months of trade. There is something the sustainability and not losing part of our capital does to a trader and that is confidence. If you keep losing your balance , that will bring uncertainty, anxiety and fear in your trade and you will keep making wrong trade decision. If you sustain your capital after trying then you can learn more from what you have done better that has made you sustain your money and you continue with confidence.


Just like I have said, it is better making little profit, sustaining it than losing your money just as soon as you started trading. You can learn from that.

OP you didn't made attractive returns and if you mean low risk trading then you shouldn't trade at all in one week time frame unless the market spiked 10% or higher, fortunately there was a considerable rise but even with holding you should made more than what you said.

With such low capital and low risk trading you can't make any real changes so wither go for altcoin trade and if you got lucky there will be 10x profits or it will down to zero.

this answer of yours is really helpful for me. beeing new in this crypto world , we are not always aware of what it really is only when you dive in

thank you for sharing your thoughts

The main trading system used in cryptocurrency trading is based on the fact that there is constant inflation in the world. 

This is why all deflationary assets rise in price over time.  Because bitcoin is a deflationary asset, it will continually increase in value over time. 

This is the foundation of the best trading strategy when trading cryptocurrencies.  You buy Bitcoin and expect its price to rise! 

At the same time, you can significantly increase your profits if you track the price dynamics of bitcoins. 

This will allow you to buy the first cryptocurrency at the best price and increase your profits many times over.