Topic: Newbie - need your advice after first trades (image joined) thnk you in advance (Read 432 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.

hmmm ok, i think i will have to learn to expose that too

but i really appreciate you took time to feedback , and just for that, i thank you very much

i really see now that this is a big big challenge , to learn , to get through

thank you all for the precious feedback, it will help me a lot - the positive as the negative one -

i didn't think i would receive so much from you all ,

thank you all

i will try to explore more on reading / analyzing while trying to trade and get better result step by step

For a beginner in crypto space, I believe that you are in right direction. Instead of risking too much in the beginning days itself, I guess low in capital must be a great idea but you need to be high in technical analysis and need to strictly follow risk management principles to ensure similar kind of experience in upcoming days as well.

Slowly increasing your capital and accessing the nature of market like where market is heading kind of things will help to sustain for long run. Simply not rushing for profits will help you. Always have 2nd plans like trading in spot market and if market direction is not in favour then convert your trade into holding.

I think this is nice and all for someone to ask our opinion on something like this, but the reality is that it's really very very low, it's nearly nothing. I cannot really make any type of calculations and be bothered with it. People may tell you what's good or not, but they are going to be needing some chart and check all the moves you did and their timing and where it was positioned in the chart.

Anyone who doesn't do it will not be giving you a good feedback, it would be just "looks nice!" and nothing more which is not good enough at all. This is why I believe we should be focusing a bit more detailed and I am not willing to spend that much time at all.

Seems not really profitable with your first trading in cryptocurrency around your fund increase up to $26.51 from $26 after 6 and 7 days later, I don't think you bad in trading because you can't risk loss and although with little profit earn. I am glad with you because have right choose altcoin for trading in first your experience.

I remember with my self started $100 and few days later my fund drop become $80, I have little guide with trading management keep profitable and patience is the key how to earn profit later. Use your fund and start trading when market have going dump, don't be hype and following other way for buying some coin after reaching to higher price.

Good decision is to hodl especially by now where we already experience the bad season of crypto so most provably the reversal might happen then we see a bullish season after this. So its good to have some balance to prepare for good times to happen.

But also make sure that we also have spare money to use since what you said about day trading is also a perfect training ground by newbie to experience trading difficulties and learn from it.

OP, sooner or later your emotions will get the best of you and you start making bad mistakes after another. It's definitely better to just buy the DIP and HODL, while looking for more capital to add in your investments. I believe have the right market condition for it. Day-trading might work for you, but without its own "assortment" of risks. Because to be frank, how can we ordinary plebs out-trade those professional traders who are smarter/more exeprienced than us, and with their massive capital and army of trading bots.

Most of us here will say that it was a kind of small profit for 6–7 days, but for me, I would say it was a good start since you are a newbie and you are just touching the water. Just continue it, and you will develop a more robust strategy and double your profit. Just don't think first about the profit; think first about how you strengthen your strategy. Also, don't be scared to lose, as that will be your teacher as long as you reflect on those mistakes you've made, research why you lost on that trade, and then try to not do it again in your future trades.

Basically it all comes back to each person because everyone has their own choice,
per week making 2% profit I don't think that's a bad thing,
it's really important to minimize risks and with that it also makes us learn not to be greedy.

well if you do it to earn experience that it's good. but for real earning its not worth it, the capital is too small.
with current situation i usualy get arround 30% in 3-4month depending on price movement. some token can even hold for 6month -7 before i sell it. this is spot trading btw.

If you are satisfied with the result, then continue. Of course people may underestimate the profit of 2% per week because they are probably used to taking bigger risks (according to their experience) in pursuit of bigger profits as well. However, congrats, you basically avoid losses as a beginner by keeping your risk as low as possible.

There are many traders here, who have been trading for several years but until now they still haven't understood the depth of cryptocurrency trading.

   And that just goes to show that trading is not easy to understand especially if you are a newbie in this industry mate. Now, even if you made a small profit, I can say that it is not bad for a newbie like you who is starting here. All that matters is that there is development in your trading activity here in the crypto space.

To trade, you will need a larger deposit than the one you have now. Since the existing deposit size can be liquidated after several unsuccessful deals. In addition, on most exchanges, the minimum size for opening an order is assigned, which in most cases is 10 dollars. In my opinion, even $100 will not be enough to start trading.

i totally agree , and that's the point of my post : where should i "start" , i ve already learned / read some articles there and there but the path is not straight

do i have to explore more about strategy ? which one if we see those trades i ve made


i do not intend to be "simplify" the way but have a more clearer vision of the path to follow

Such a short period of time cannot give an objective picture of your trading. And your resulting profit during this time can eventually be liquidated along with the deposit with just one unsuccessful deal if you do not adhere to risk management. Therefore, it would be best for you to start not with practice, but with theory.

yes, leverage is good to increase earning
thank for the leverage tip
as i mentioned , i am not at this stage of "earning" , i shared my case to have landmarks. i appreciate your strait forward point of view , always interesting to get advices from experienced mate

He said that he is trading with a very low risk, so you are right that adding some leverage or increasing the risk might help him earn more so that he still can get something decent even though the trading fees are high. On some crypto exchanges, they do have some promotions which can help the trader to save a fee. He should learned this as well in order to maximize his earning potential.

Trading can be done in automation or by using a bot, so don't worry about the time that he spend in trading, as he can still do other activities while doing trades on the background. If all fails then his last resort would be to try investing/hodling and then working on real job.

thanks for your point of view,

and yes, it's an amount for the discovering for crypto trading, i don't think a lot about the amount but really the process behind the little trades i've made

thanks for the support , i will surely take time to dive more deep in , but for the first week of trade , i needed advice to landmark myself

so, big big thanks for the the precious feedback, i did hesitate for al long time to dare trade for the first time

Mate he said he is a beginner. You expect him to make 500 USD profit in 7 days? I mean at least he didn’t made losses in his first trade. Let’s appreciate that at least. I know the amount of profit mentioned in the OP is very less, but to be honest it’s really great and fun to see that without any great knowledge or experience OP has shown some guts and thought of trading with real money. Moreover he has also maintained the minimum risk throughout the trades as he didn’t want to face a slight loss also. So far the game is great, but i guess it won’t be sufficient. OP I would suggest before using more money, just track the market and learn the terms. Then after you feel confident, buy coins and trade with perfection.

I guess @OP is someone who dared to learn to trade. $26 is the amount of money he can afford to start trading, while I don't think many people dare to take the first steps to trade.

I saw @OP using slow scalping to buy and decline. That's great @OP but be careful because if the price goes down again, you will have to wait until the price can exceed your buying price. I see @OP trying to understand how trading is and getting used to buying and selling, no matter if he can make a profit or a loss. This process must be passed by everyone who wants to learn to trade. You are on the right track, in my opinion, and you need to learn to analyze market direction using indicators such as RSI, Bollinger Bands, MACD and MA.

You’re only burning money on the trading fees with your small trade. You can earn more if you will just buy and hold for a week rather than continuously doing small trade since your gain is just small as the fee you are using per trade. For that small capital of yours, I suggest to you to trade in long term basis or add some small leverage if you want to earn good profit that equivalent to your waiting time.

The time and effort that you put on that trade is not worthy for a 0.51$ profit for a week mate. I’d rather focus on my job and have an overtime pay compared to that small return that requires too much of my time.

Thanks Maus0728,

i will take time to see all of those.

i appreciate your feedback

Maybe this would help you out in your journey as these are my go-to resources when learning about trading!

https://www.reddit.com/r/RealDayTrading/ - Though the strategy they are using is mainly applied in trading stocks, people in this subreddit still apply the same strategy (Relative Strength/Weakness vs SPY or BTC) in crypto. Plus, this is the only resource I have seen where people generously share their trading experiences/journey most articulately and FREE.

https://github.com/SpiralDevelopment/Awesome-Crypto-Trading - Just to get your feet wet with the basics (e.g., SnR, trends, indicators).

You are incredibly fortunate that you didn't lose money on your first trades. And I think this is the ideal method to become familiar with the platform and tools you are using while also cutting the learning curve. Additionally, consider educating yourself in risk management to get a better concept of how to manage your bankroll in line with your trading strategy and risk appetite.

no, i am not . it's an old interest that i wanna explore more, for my curiosity and for knowledge . i wanna discipline myself and discover people in this field

i really appreciate how all of you feedback me,

i will see when i will increase my capital, but at this step , i think i am not ready yet and have much more to learn

That's cool mate. But you are not quitting your job in order to become a trader right? You should only do trades in your free time. If you are getting confident after a week of trading then maybe try to increase your capital to $100. Always start small and only increase it little by little depending on your confidence. You can feel it anyways but do not get too overexcited because the crypto market can swing big time. A single losing trade can erase your whole month of hard-earned profit. Take your time because there is no such thing as late when it comes to trading. There are always opportunities when you become a good trader.

Not sure why you'd immediately think that trading is not for you just because you barely made anything in 7 days. I'm pretty sure it's going to take A LOT more than 7 days to learn the craft.

If anything, OP is lucky enough to not lose money(as most people do).

yes, the learning process is what i am looking here at this point , seeing how the crypto moves, learning more about the world of trading

and sharing my progress - if i can call that - is a way for me to get landmark and exchange with people

i appreciate all your feedbacks

But he is just using the amount to learn how to trade and perhaps test a strategy. I don't see anything wrong with someone using $26 to learn how to trade, or even $10.
In fact, if anything, OP did the right thing for a start.

You don't want to put all your life savings trading, yet you know nothing about it. This is where they say over 90% of the people fail to succeed in trading in the first attempts. I do have friends who went in to trade with over $10,000 and after getting burned in the first attempt, they don't even want to hear anything to do with trading or cryptocurrencies  

I don't see it as a waste of time. I also remember starting small. I learnt a lot.

yes, i have lack of knowledge clearly , that's why i am curious to learn / know the system behind trading

i have already some investings beside but i am really curious about how trading system works


i am starving of knowledge about trading which fascinating me

thank you very much for the welcome btw

With only $26 is capital, you should not trade. Hold it and take profit when Bitcoin increases 20% or 30%.

Trading with only $26 is wasting your time that can be used to learn more about Bitcoin, blockchain and hunt cryptocurrency jobs. When you get jobs in cryptocurrency, you can receive salary from your jobs and use it to buy Bitcoin.

Learning, working and buying more Bitcoin is better than trading with $26. 0% trading fee won't be applied forever.

[Information] Online Job Websites about Crypto and that pays in Crypto

OP Thank you for landing on the Bitcoin Forum. I see you started trading by landing on cryptocurrency. There are some trading strategies that you may not know properly. That's why in just 6-7 days you earned 0.51$ from 26$. It is not enough income for a man from trading platform. This way you can invest without trading. If you invest and keep it for a long time, you can be more profitable than the trading platform.  Investing is much less risky than trading.

yes, this scenario where they will end up this 0% fee is what i fear and that's where i have to learn a more efficient reward ratio

but thank you, i really didn't have landmark to know where i am at this point , so all your (you all ) point of view are very welcome

thanks again

Trading is not easy, especially for a newbie. I applaud you on your current progress. Otherwise, so many people blow off the $26 in just a matter of hours or days. People who said that trading is not for you just because you made $0.51 after 7 days and yet you are still a newbie are probably not giving you a good piece of advice. They think trading is all about making x10 in a week, which is very wrong.

Number one thing I noticed is that your risk management game seems good. Now what you are going to work on and improve is the risk reward ratio so that you can improve your profits.

Also think about a scenario where Binance stopped their zero trading fees promo. How do you go about making sure the trading fees do not eat up your profits since you make so many trades vs small profit.

I encourage you to continue trading while you learn. Stick to your working strategy and keep improving it where necessary  

thanks for your feedback, i really appreciate

i am totally newbie and don't know more about strategy so, i try to dive in on my own ,

as you say , to get fun on trading and discover it more and more

thank you again for your point of view

0.51$ out of 26$ are 2% - in seven days or 0.3% a day (not 0.02%) - if I calculate right, this will give you 300% as APY. That's much more than my bank gives as APY. For me it sounds good.
And you choose a pair in Binance without fees right now even as taker. Clever. Buy low and sell high. Or higher. That's the rule you follow and it's a good one. I would say: just continue and have fun trading.

thanks for your response ,
yes by this time, i do not mean to make profit but just really to see how it works , the tools, the environment

i know that there is a very loooong way to go through

i appreciate your feedback

if you have advice , i'm totally up to get it

So you only make $0.51 from 6-7 days with initial deposit $26? it's mean +0.020% for 6-7 days, it's less than bank interest account APY.

I will say trading isn't for you because most people can earn $0.51 in less than 6-7 days, even how poor the country he live is. I don't really understand why you need to trade with very low risk if investment is quite similar with that, you only need to hold your Bitcoin until the price reach very high in the next few years.

hi everyone,
hope you are all doing well

just landed on the forum as i was searching for some mates to exchanges and discuss as i started - finally - to trade

started from 26$ basis jsut to get to know more about the movement and so on

, ended up to 26.51 after 6-7 days of very low risk trading


wanted to know your thoughts about those trades of mine ,

advices and tips are very welcome

thank you in advance all

hope to evolve with you all

Cheers

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