Topic: Newbie traders - Learn from my mistakes - page 6. (Read 896 times)

A mistake is a gift, not a threat. Instead of being disappointed because we once fail but use this as a tool to improve and develop our skills.

Actually, we can't be perfect no matter how good we are, even though some called as an expert. It is a common thing to happen and we don't need to worried about it. Having them corrected and will be fine. It is just a need of time to figure out where we are wrong, where we are less effective, and what strategy is not helping. And by taking an action, we solve the problem and that leads us to a better trading result.

Not only you who have a rocky road experience in trading. I have been not doing good lately. But that doesn't stop me from believing that my mistakes are part of growing up, part of improving the way I trade. There are enormous reasons not to give up.
 
 Reading indicators are also not that easy, even an expert reading technical analysis may experience failures and lose. When times that we tend to lose more than we take profits, reimprove and find the mistakes where you will gonna change and improve.
 
 Believe me, if we believe we are confident enough because we trade longer than the others. The more we should continue to learn more because crypto market is really hard to predict. One's mistakes is one's inspiration to grow.

Serious day trading is only for those who are serious enough to face the tough trading training and studying. If you cannot survive the learning process, you should just trade occasionally and with smaller funds. But if you are determined enough to understand the likes of MA, EMA, WMA, KJD, MACD, and many other patterns and technical analysis tools as mentioned, then you can get on to it more often and with a larger fund. But you will still start small and slow.

I have often said this time without number, there is nothing a newbie want in trading. Take your time to learn about how it is been done. If you don't want to waste your Investment. Do not rush to start trading, and what caused this is greed. You want to make quick money, just because you heard if someone making it big time in trading. And yiu think you can start and start making the money on that same day. I pity you. Let me ask you a question, is it the day you enter into a university you will graduate? No, the answer is capital NO. To everything worth doing worth doing well. Learn this thing before going into it.

Trading is indeed not for the weak hands and we should not feel discourage every time we lose money because that’s the game here in the market.

We lose 5 times in a month but of course, we have to bounce back and win more than what you’ve loss. Trading is a profitable job if you take this serious, it will bring big money to you so keep learning, and keep doing good strategies every time you trade.

Newbie traders - Learn from my mistakes

I, myself have not been a Trader very long, but now, I have a gist about trading. In the beginning, when I first started trading, I was stupefied by enormous number of things I had to look out for, inorder to place a successful trade and knowing when to exit the market. So many signals to look out for while keeping an eye on the markets. These things left me in confusion and ultimately, I lost a good portion of my capital.

I am aiming this article mainly for newbies who has recently started trading. I faced a lot of hurdles myself not knowing which side is up and which is down. In my state of daze, I sought all the wrong help that a professional traders avoid themselves from, which only made me lose more money and sinking me lower. I seeked helps from proclaimed trading gurus (them telling me when to enter the market and which cryptos I should invest in). All their predictions came at a price and nothing was free. But hardly any of their expert opinions made me any profit. So I kept jumping from one professionals to another, hoping that I'd find my golden goose. I was totally wrong. I didn't find any treasures at the end of a rainbow. All it did was lighten my pocket. It was excessively discouraging and almost made me give up trading.

Feeling depressed, I stopped trading for few days and looked at my past trades from every perspective and in doing so, I learned few things one should accomplish beforehand. After rectifying my past mistakes, I am fairly doing fine now. So let me share these few gems with all traders-in-learning.

First and foremost, it is imperative for a newbie to learn the chart and various signals such as MA, EMA, WMA, KJD, MACD, RSI, DMI, MTM etc. When I say learn, I mean thoroughly. If you are averse to reading, there are hundreds of directive videos in YouTube. These videos have really helped me out in understanding various concepts to trading. So, I am assured that it would help you too.

Never try to learn all the signals in one or two sittings. As complicated as it is to master oneself to reading particular signal, you are liable to find yourself in confusion if you try to cramp all knowledge at once.

Most importantly, learning to read the chart should come foremost. I use candlestick myself. Charts plays the most important role in making decisions. So you should learn each and every shapes and forms there is since every pattern depicts what the future outcome might be like. It is not 100 percent assured, but to some extend, the chart is often predictable, as long as the market is not extremely volatile.

Coming back to art of learning, initially, I would suggest that you learn to read two to three signals and see if the signals are aligning with the chart. I recommend you to use candlestick for chart since it has numerous ways to tell you how the future market rating could be by the past market chart patterns.

Now, coming to practical world, I don't suggest a demo account to test your knowledge. Demo accounts dosen't enable you to test your emotions because there is no account for you to lose or gain anything. As a result, you fail to give your attention fully and leads you to learn almost nothing.

I'd suggest you invest the least amount of capital that cannot hurt you even if you lose. And as I said earlier, try out few signals and see if they are aligning with the chart. If they are, then its time for you to enter the market and wait for it to see if you read the signals right. In the same manner, try out the rest of the signals according to your liking and try out. Try to experiment using different signals with another till you find your niche.

Placing your trade is all about timing. So patience is a major factor. Look out for the market, right along, reading signals and chart. If you find that the market is very unstable, I suggest you take a break from it. Wait for it to come back to a normal trend where you can most likely predict the future by reading the adjoining signals and patterns. Then, make your play. Anyways, who is to say that the market trend is normal.

Don't be discouraged if you fail to predict the market but consider it as a stepping stone. You remember that even the top professional traders also fail more than one-third of times they trade.

Trading is an art where you are the teacher as well as the student. One can teach you how trading is done or how to read signals, but eventually, the final outcome will be up to you.

So, I wish you good luck.

Viketo Sumi (Armani123)