Topic: Newbie should trade or not? Please give me idea. (Read 33421 times)

Many think that the key to confidence in crypto trading is because of the strategy used and of course the factors
luck. The traders began to implement a number of strategies which turned out to be confusing for them. This presumption is not
always true, it turns out that there are two things that can affect the success of this crypto trading, which includes management trading psychology precisely and wisely.

More or less, I'm sorry.
There is not much I can give you, I hope this short explanation will help you. Here is a little explanation from me :

1. Risk management, where there are a number of special tips that can be applied by you as a beginner trader, including:

a. Do not trade excessively, because world trading, including crypto trading, will be filled with losses
financial. In order to trade fairly, you have to consider a number of factors including the opportunity factor, initial funds
which must be deposited as a deposit, as well as your physical and mental condition, and other influencing factors.
b. It is advisable to determine your level of risk, where here you are assigned to determine the level for each position
taken. This will help you decide when to close good trading positions
and right.
c. It is recommended to use stop and limit orders that suit your needs.
d. It is recommended that you also calculate your risk / reward ratio, which is usually the case for the participants
world traders, with a minimum ratio of 1: 2 which is 1 risk to 2 profit / profit.

2. Control of your emotions and psychological conditions when trading, where you have to get rid of your traits
greed and fear. These two traits will certainly influence your trading psychology where in the end
improve the way of trading without clarity of analysis and qualified strategy, divert you from the right system, as well
will make you ignore risk management. As well as taking away consistency and patience, fear will
makes you not focused on trading goals and results, so that you will never learn from trading mistakes
ever done.

Due to problems, to be able to control your emotions when trading including this cryptocurrency, you are advised to
have a trading plan; risk management system, and always stay healthy and fit no regrets used to carry out the execution
trading.

Trading psychology has to be controlled as a newbie you wouldn't learn all these things until you started trading real or live account before you will be able to control your emotions and psychology or not despite having a working strategy, trading is not an easy task and is highly risky it encompasses different things that needed to be learnt so as to be profitable in a long run else a newbie might rekt and lose all their investment if not well nortured  and mentored.

I guess we all went through being newbies. Often in the beginning we even thought it would be the worst until the end because we are just new.
At first you need to gain information of what is really trading all about.. like... find out each of its contents and how in the end you will not make a mistake that you will regret a lot
Trading is a central economic concept that includes buying and selling assets. Frequently in trading, dealers attempt to exploit market volatility.
To start, of course, you need capital to trade with. If you don’t have savings and start trading with money you can’t lose, it can have a seriously detrimental impact on your life. 
Trading isn’t an easy feat - an overwhelming majority of beginner traders lose money. You’ll need to expect that the money you put aside for trading can vanish quickly, and you may never recover your losses. So you should start with the amount you can really risk.
Especially if you have an exchange that you have already chosen.. For example, in kucoin .. you can trade various coins like BTC, ETH and XRP and many more.   

If you are a beginner and do not know anything about trading, I advise you to first study at least trading strategies and then open a demo wallet on one of the exchanges, there you will learn to trade without investing your hard-earned money, as there you will learn how to switch to real trading on the exchange.

I think it is important to test your strategies and learning on backtesting(bases on historical data) and Papertrading(Bases on Live Data without real money involved) and study those results and improve your strategy before you jump on the real trading. There are some good platforms who offers backtesting and papertrading. You should definetely need to be testing your strategies based on bakctesting and papertrading for months before going for real. You need to understand certain circumstances, market behaviour, understanding the underlying strategy etc. That is also what I am doing as well.

I think what is important is get to know yourself first by practicing and learning and how to you use this knowledge. Learning your weak points. You can have that practice by paper trade and backtesting. Trader generally are considered to be risk averse, risk seeking or risk neutral.

I think trading style shapes within the person's personality. Everybody has different risk appetite, different goals, different way of seeing things, different mentality. Psychology plays a big role in trading so people's trading style varies a lot. There are quite lot of of factors actually, some people do their trading only by listening the influencers and carried away by the herd psychology which means they are most likely to lose. According to some studies more than 50% of the traders ends up losses coz of psychological factors. We tend to act with panic or ego or greediness or over excitement etc. during our trade which drift us away from rationality. In order to eliminate pyshological disadvantange I can suggest you do a bit research about automated trading. But you need to search well because there are plenty of misunderstandings about this concept. Here is an article that might help you to get a bit of a sense about the concept.

There are also rules of thump, well planned risk and money management. You have to do the planning before entering the trade and stick to it till you are out. Self discipline is crucial. Since not everybody cant manage that it ends up with quite different results. Personality is heavily involved when trading and because of that it ends up with so many trading different styles.

Newbies could trade mate, how can they learn if they will not try to trade 😅😅, But it's much better for newbies to watch tutorials or join some trading groups for them to learn more about how trading works. They could also use some trading algorithms like Mudrex. This could help them trade easily and get some strategies on how to read the market.

From my views no one are exempted via trading because to trade is a choice anyone who have zeal can develop and personal determination to trade, based on my six or seven months staying in forum I have not come across of article that stipulates that trading is meant for a special people, the answer is no, even people outside the forum are trading base on the little knowledge heard concerning crypto Trading, so from my perspective we don't have to obtain permission before going into what will benefit us, so op, go into trading with precaution since you have joined bitcointailk forum that will help to enlightening the basis of trade with questions and answers.

but if it is not started, beginners will not be able to learn quickly, because it takes direct practice with a smaller portion so that if there is a loss it can relatively be overcome. because the best teacher is to make transactions right away.

although analysis is also needed in everything we will do, prepare what will be traded and what prospects will happen. whether only for a short or long period of time. because the anticipation is clearly different and requires patience and does not panic quickly, we can be sure to overcome and continue to get to know trading faster.

Did you said you are a Newbie? What are you looking for in Trading now. Did you want to loose all you money. What have you learnt that want you to go TRADING. I would advise you to think twice about it, if you still want to go ahead with Trading. You will need to do some extra job by doing more training to know about what trading really is. You can't just jump into it, else you will be regarded as a joker. Trading is not a child's play, and should be done with care and probably. That's my little advise for you.

Every trading expert once became a newbie. And that's what every newbie has to gain, experience. But with that experience, it also includes frustrations, losses, small wins and lessons.

A newbie that wants to learn more about trading should be consistent and is okay to accept those challenges. Because if there's no risk, then don't except that you can overcome more challenges in the future and in trading, it requires a lot of patience and dedication.

You are not sure that you'll win with your trades.

In any case, experience is the number of your mistakes. You cannot gain experience without making mistakes in any business. This is how life works.
The only thing you can do is try to minimize the damage from those mistakes that you will inevitably make. How to do it? A small deposit divided by interest or trading on a demo or paper account.

Yeah. A demo account will go a long way but that is not enough. It will only give you an experience and how trading looks like. The real experience is in when you start trading. You will gain and lose real asset. That's where real experience comes from. Just trade wisely

Before starting business exactly with bitcoin and altcoin trading better think how risk by joining there, many people only take moment with profit after show off by the other trader, but never get how much loss before when trading begin. I think need strong mentality how to start trading because not always bring us profit but also many time we need holding coin after price dump. Maybe when you have enough mentality when know with your assets you will strong to faced with with trading in bitcoin or altcoin.

Whenever you start a business, it starts in a new way. So you have to start somewhere. But before you start, you should know about the cryptocurrency market well. As new, you shouldn't trade for big bucks because trading is very risky. Invest less and work harder. It takes hard work and time to get successful results.

I know this is an old thread, but this theme is extremely useful for aspiring traders. Beginners should DEFINITELY TRADE - and as often as possible. Only by getting repetitions you will become proficient at this game. BUT, and this is a big but, do not trade with real funds until you prove yourself on paper that you're profitable over a set of 20-50 trades. There is absolutely no reason to start trading before that besides being greedy and reckless. You will pay your tuition to the market through money or time, or the worst... BOTH!

My friendly recommendation: get a demo account and start trading if this is what you want to do in life. Don't do it for the money.

Hello guys, here is an interesting video from Tyler Winklevoss, talking about his predictions of bitcoin at 500 000$ and ethereum at 75 000$
https://shrinke.me/bGnUm

Every successful trader start his journey from Newbie level. A popular proverb, "Practice makes a man perfect".
So, your continuous struggle will make you a good trader. Firstly, you try the demo exchange for practice. When, you feel you can trade with real assets then practice on your assets after sometimes you will be a successful trader.
Internet is also a good source for learning. You can also learn basics of trading through internet.

Everyone needs experience. Without experience you can't do any work properly. But to gain experience you have to take step forward. So a newbie should start his trading career with small amount of money. After gathering knowledge about this platform you can start up the real business with your assets.

I think they can learn at a slow pace.

You can't just force them to be ready to do some trades and take it as their own profession. The OP is just asking about some ideas and tips we can give him. Not all of us here that do trading have trading or investing as their professions or career. I think most of us here have a main job or main source of income and take trading and investing as a secondary source. This forum can help you give a lot of ideas about trading and also investing. There are a lot of available information too about exchange platforms so you just need to venture this forum about it.

200$ is still a big amount for a newbie trader to learn trading.
Instead I would advise to start less than 50$ at first.

And if coming to the OP question, yes you should do trading. It doesn’t matter whether you are a newbie or a veteran. But as it is always advised that before doing anything in practical you should get the theory of that concept clear. Same happens with Cryptos.
Before investing make a brief idea on how the price of the coin fluctuates.
Then you are good to make huge money.