Videos are really helpful when it comes to learning because you will be seeing everything you want to learn being played out on your screen and it is more easy to understand than when you’re just reading an articles that talks about the same topic.
Secondly, learning technical analysis and everything about trading is a normal thing that newbie traders should do, although a lot of people find it hard to take the time and start learning all these things, I can’t tell why, maybe because they are being lazy or something. What they do most times is that they just learn a little thing about trading and then they start thinking that they experts already.
Topic: Newbie traders - Learn from my mistakes - page 4. (Read 896 times)
Newbie traders, that sounds a bit somehow to me anyway, and I still don't know what a newbie doing with trading. At that level he or she should be learning one or two things on how the market is been run. Why do you want to start trading anyways? Hope it is not because of the money in it? If that's your primary purpose you have to put a stop to it first and go and learn what you are supposed to know first. Else, you are heading for a biggest mistake that is going to cost you so much. After you have learnt one or two things, then you can start to trade bit by bit. And learn from your mistake per time.
It is known that those that have a legitimate interest in the activity they are pursuing perform at a greater level than those that only care about the things they can get out of the activity.If you only care about trading in terms of what you can get out of it most likely you are never going to become really good at it and you will lose money, only those that actually have curiosity about the markets and how they work and are marvelled by its movements have a real chance to become successful, as they will dedicate enormous amounts of time not only to figure out how to make money in the markets they will also dedicate a huge amount of time just to understand the markets better even if this does not benefit them economically in an obvious way.
Everyone start in trading as newbie but it doesn't mean that you don't have knowledge in trading because I know before you will enter in trading you know about it even slightly. Honestly when I try to trade, I don't have any idea or enough knowledge what to do in trading as a newbie. So, while I'm in trading platform I learn step by step about it, of course at first , you can't avoid to have losses but from your mistake and little experience you will get knowledge.
As a rule, the loss of their deposit forces people to start learning the basics of trading. Some people lose their deposit several times before they start trading with a profit. The main thing is to understand the reason why your trade brings loss and disappointment, and after identifying such a reason, you should avoid its repetition.
All pointers and good suggestions are useless to a totally newbie in trades. They won't understand those suggestions as they don't experience the actual environment of being trade.
Not really, as a newbie it is good to know from the experienced community things like how to avoid panic and FUD. Yes things like analysis and reading charts, candles, etc. will come with time and experience but basics can be learnt from reading content and knowing other's experiences.I am part of many crypto groups on telegram and I often come across individuals complaining about getting scammed in ICOs and fake projects. As much bad I feel for them, I feel like its important to face those loses and learn their lesson the hard way. I tried to tell a guy who seemed new to ICOs that almost all of them are scam and he ignored me, not sure if he got scammed later, so people who are not ready to listen have to learn it the hard way.
legendary
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First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another
While staying disciplined to your strategy and plan is very important to become successful at trading, you should also have to be able to adjust to the market at every condition. Be very adaptable because the sentiment of the market can change at anytime, the bull or bear market can start at any moment, you been able to identify this trend and adjust your trade to stay on the winning side is very vital and not that easy to execute as you may think.
The market trend change could be a false alarm as the whales could be manipulating the market or a fake rumors must have caused panic. To become a successful trader you must be willing and have the ability to learn from mistakes and what better way to do so then learning from mistakes of others, you don't have to wait to make that mistakes yourself, it might cause you and affect your physiology if you do.
I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another
not all are suitable for trading because those who are not do not want to learn how to trade properly. The shortcut if you don't want to make trades can use the Hold strategy. Buy cheap and hold then sell at a high price for a long time. Trading inevitably has to be mastered and learned. Although patience and psychology are also important, which is the main advice to learn technical analysis and fundamentals, that's the main thing.
For Newbie traders, the best option is to use long-term trading. And under no circumstances do not use margin trading, which will necessarily lead to the loss of the deposit. This rule does not need to be tested on yourself, it is easier to use it as a postulate.
Newbie traders - Learn from my mistakes
Most of us don't know how to trade or how to understand the market and when is the best time to invest or quit with profit. Basically, it is happening that if you are not enough knowledge holder, you may face many problems in trading even your funds can be lost. Knowledge is power in trading. Invest that amount which will not affect if you loss your funds. Affordable amount should be invested in trading and there is always a risky thing in trading. So, you have minimum knowledge about risk management which will help you a lot. legendary
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Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management
I believe this is the major reason most new traders don't succeed or record profit then quit. While the market is bullish, all the sentiment are bullish as well which might mislead traders into thinking putting in any stoploss now could deprived them the opportunity of future gains incase the market flash crashes and recovers almost instantly.
Risk management is one of the most important skills traders hoping to succeed in the space should have. Many traders do know about managing their risk but are yet to understand the right way to go. Many are yet to understand how stoploss are to be the set and the best strategy to use to avoid losses and potentially take you out of the market in profits instead of minimum losses.
I guess I immersed myself when you mentioned that we shouldn't use demo account to practice trade because emotions aren't really going to kick in.
Or maybe such platforms would make limitations on making demo accounts so that learners would get the feel of actual loss.
Problem with demo accounts is that the decisions and trades you do in the demo account are not the same which you might do when you know that real money is involved. We are humans and subconsciously we know that the money we are using right now is demo and free money so sometimes we take more ballistic approach and take bigger risks. While when you are trading with real money you panic and the pressure is completely different.Or maybe such platforms would make limitations on making demo accounts so that learners would get the feel of actual loss.
I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another
Not everyone is a trader but also not every successful trader was a "born trader" so if one is determined and has the right mentality to learn as he trades, they can develop into a decent trader. Yes some skills are god gifted and not everyone can acquire them but trading is a very technical thing so if you want to learn, you can learn.It is like learning Java and C++, some will learn faster who are good at coding naturally while some might be slower but everyone can learn, if they want to.
Actually people become expert when they learn from their mistakes. So it is better to analyse the mistake that you have made. And try to figure out why it hasn’t gone to Your assumptions.
So its better to learn from reading at first and than by investing small amount of money and gaining Knowledge
So its better to learn from reading at first and than by investing small amount of money and gaining Knowledge
Newbie traders, that sounds a bit somehow to me anyway, and I still don't know what a newbie doing with trading. At that level he or she should be learning one or two things on how the market is been run. Why do you want to start trading anyways? Hope it is not because of the money in it? If that's your primary purpose you have to put a stop to it first and go and learn what you are supposed to know first. Else, you are heading for a biggest mistake that is going to cost you so much. After you have learnt one or two things, then you can start to trade bit by bit. And learn from your mistake per time.
Experience is in fact the best teacher but the issue with that in the markets is that any mistake can be costly and sometimes the price you have to pay is so high that it is impossible to become profitable ever again.
Basically trading is incredibly unforgiving, think about almost any other activity you do and you will see that a mistake is for the most part not costly at all, so you can make several mistakes, learn from them and improve until you are good, but when it comes to trading if you make a big mistake it is impossible to fix it and for the most part that mistake causes you to make yet another series of mistakes which can end your career as a trader before it even begins.
Because of this, traders or investors who are totally new in crypto market have to be careful with every decisions. They need to have preventive plans for their capital and lives. Borrow to trade and go gamble with margin then high leverages will make them paranoid, weak and end with terrible decisions.Basically trading is incredibly unforgiving, think about almost any other activity you do and you will see that a mistake is for the most part not costly at all, so you can make several mistakes, learn from them and improve until you are good, but when it comes to trading if you make a big mistake it is impossible to fix it and for the most part that mistake causes you to make yet another series of mistakes which can end your career as a trader before it even begins.
Cost of learning will be a mixture of time and capital. You have lot of time to spend but you won't have much capital to waste. If you use all capital to do trading or invest at the beginning, you will lose it after one or two big failures.
Let's get started to trade or invest with small part of your capital, and use a few other parts for later lessons.
While the one that lost a small amount probably learned to make safe trades in the process and has a very good idea of where to set his stop loss to avoid catastrophic losses, which means that he only needs to improve his timing to the markets and he will go from having small losses to small profits which will become bigger as he accumulates more experience and knowledge.
You can learn a few things and start trading and then with your daily experience you’re going to be grabbing more knowledge and becoming better than you used to be. This is a normal thing with every kind of business that one is into, there will always be a time they will make mistake and with these mistakes they will learn to correct their steps and take the right steps.
Yeah, all traders make mistakes, there is nobody in the entire world that never made any mistake at all, everyone has made some mistakes either big or small but they did, there is no way you can learn to be a great trader without mistakes first.Newbie traders will make mistakes, no matter how much they read, no matter how much they learn, there isn't a world where they make zero mistakes, which is why I believe we are going to end up seeing a lot of these new people that came in during the new bull period of 2020 to make huge mistakes along the way, however reality is that they will make a big amount of profit in the long run as well, next time there is a hype and a bull run most of them will make profit and the rest of them will make a profit on the next bull run, it may take few years but they will all make a profit over time because crypto is definite profitable in long run.
All pointers and good suggestions are useless to a totally newbie in trades. They won't understand those suggestions as they don't experience the actual environment of being trade.
Let those mistakes came in and that will make a person a better trader in the long-run.
Even the most trading experts still lose. The important is, we learn from mistakes.
Let those mistakes came in and that will make a person a better trader in the long-run.
Even the most trading experts still lose. The important is, we learn from mistakes.
I agree to you.
Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.
Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".
Despite all the losses and challenges, we are still able to stand strong and make a change. I think we all had to experience losses before we learn and that can't be avoided no matter how good you are. But, it is a big difference when we keep losing, because that simply tells us that we don't do anything to improve, we never learn from our mistakes and therefore, we are not meant for this. Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.
Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".
That is why, before we decided to become a trader, we dare to accept the challenge and that prove that we are not wrong with our decision to become a trader. Otherwise, we better leave if we never see any improving results since from the start.
After reading your long message, what struck me is the Demo Account.
It depends on the person in order to really have the feeling of trading completely. Usually, demo accounts will always make you feel good because you are not risking anything and you are not going to lose anything. So it's an only positive way, so it's kind of okay to use it but it's still preferred to have that real feeling with real money. It's what I agree on.
Most of your message is kind of redundant with other posts but thanks for sharing your experience. I thought you would have an actual experience like how much you lost etc.
It depends on the person in order to really have the feeling of trading completely. Usually, demo accounts will always make you feel good because you are not risking anything and you are not going to lose anything. So it's an only positive way, so it's kind of okay to use it but it's still preferred to have that real feeling with real money. It's what I agree on.
Most of your message is kind of redundant with other posts but thanks for sharing your experience. I thought you would have an actual experience like how much you lost etc.
I agree to you.
Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.
Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".
Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.
Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".
I think what turns an average trader into a professional trader is experience and capital management. I have seen some very discipline day traders who know their limit and that came with time and now they are trading with $100-200 difference and make easy profits, not very big but stable and sustained profits. There are times when they have to wait for weeks but there is enough patience and discipline which they have learned with time.
I like that you made the point that newbies shouldn’t be trying to learn everything all at once, because for sure it never works. Learning how to trade cryptocurrency is not what you’re going to learn all at once. I usually advise people that they should calm down and take everything one at a time.You can learn a few things and start trading and then with your daily experience you’re going to be grabbing more knowledge and becoming better than you used to be. This is a normal thing with every kind of business that one is into, there will always be a time they will make mistake and with these mistakes they will learn to correct their steps and take the right steps.
Just like OP mentioned, trading cryptocurrencies isn't something one should just dabble in else you'll burn your fingers. Like I used to tell people, trading takes more than just the willpower to be a successful trader, you have to actually take time to invest in yourself. By investing in yourself, I mean taking time to gather all the necessary skills and knowledge required for trading
Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management
Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management
When you do talk about being skilled then that would already be a package because you wont know on what you are doing if you dont know risk management. Being skilled does signify to be good in all angles from
emotion handling, risk taking, good decision making skills etc. and with this you would able to handle out situations according to your plans even though this market is unpredictable and cant really be known then
having these qualities and characteristic would really be good to have to sustain yourself to the market and making yourself profitable.Yes, its hard but not really impossible to attain.
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