Topic: Newbie Trading Question? - page 2. (Read 563 times)

If you are that scared, I think you shouldn't trade yet. You're taking risk in trading, so you must have the courage.

No one can tell you what's right or wrong, there's no certainty in trading. We have different targets, high for you might be low for me or vice versa. Your techniques might not work for me either.

Since you have price alerts, most likely you have a target price. If I were in your situation, once I reached it, I'd sell already. I don't know what will happen with the price after that, but I'll be at ease because I sold at my target price. If the price go down, then I have a chance to buy again, while if it goes higher, then I'll hold and wait for the price to go down if I want to buy again.

Don't trade if you're not ready.
Don't go all in at once.

If you really want to trade or become a trader. Don't rely too much on fundamentals, just like what you saying which is some whale things and I think you are saying that some people are manipulating the market.
Since you are just starting, it is much better for sure to learn first some technical analysis especially on using chart.
Don't just based on percentage gains,  you should also check it on the chart, with candles or volume indicators.

You have to take advantage of market conditions when the price moves higher above the purchase, no matter how much profit you get, which is important when the market is increasing, you have to take the opportunity

Seems to me like what you really need is courage.
I dont mean HODLing are for scared ones but that is also for the busy people.

If you are not busy though and getting bored of just HODLing and want to try something new then you might be in the right spot.
Just needs a little push.
Don't doubt your instinct. You already have the technical side of it and also some experiences of what happened before. You could always try it for just a couple of hundred or maybe lesser.
Finally, look at how much you earn in BTC and not USD.

Greed will turn you into zero my friend. Learn how to use stop-loss so the button will automatically triggered. That's how you manage your gains and losses. I encountered that too. Or much worst than you experienced. I already gained 10x way back 2017 where all altcoins are pumping crazy. I didn't sell it because I thought this will break the ceiling even more. Then suddenly the price plummeted to recent price. The worst part is Bitcoin dropped huge too. So I had to do something before it's to late. I ended up selling my cryptocurrency at a lowest price. The point here is, just be content of what you received.

Because selling off is also gambling. Any kind of trade (with the exception of some arbitrage) is effectively a gamble on whether or not you believe the price is going to rise or fall further than it already is.

You didn't have the risk appetite to gamble against the price rising further, so you didn't sell. It's as simple as that. You didn't make the 'wrong' choice in the context of the information (i.e. none, unless you can tell the future) that you had.

Op I say to you, stick to your working plan, use your alarm to monitor your trade. Following whale order might not work for you.


100% confidence isn't true in trading. As far as trading is concern, you can't be too sure even when it is glaring which is the reason stop loss is there.

OP at first you have to remember that during trade, you profit because someone loses and also trading depends on luck at some point.
Man it's very hard to catch all the good moments in trading but as I see you catch some one, that's still great result. It's better to catch some good ones rather than catch all of them or mix of good and bad ones.
I'm 100% like you and still can't risk sometimes, it's so hard to make decision and for that reason I missed great opportunities of gaining money. Idk what to do too, still prefer to stick with long term holding or sell when I'm really 100% confident.

You are not wrong with your reasoning. No one knows what will happen next so basically you became confused about what to do.

Riding your so-called whales or not will still lead to 2 results, win or loss.

That's a tough decision you need to make for every trend. You already know how to analyze. There will be really a time that you need to do a trial-and-error just to see if your strategy is effective. Just continue and take the risks with caution. Your experience will teach you how to deal with that problem as you progress.

Thanks. I don't think I got greedy at all because I didn't do anything. I bought at $3600 and I've been sitting on it ever since. I didn't close out because I didn't open anything up. I'm sitting on my Bitcoin and doing nothing when these pumps are happening when I know I should follow these big moves upwards and sell. Like I said, I get too scared and do nothing. I don't think that's greed. It's more like I don't want to lose my Bitcoin but how can I if I'm selling high? So let's say (for example) I bought 3 Bitcoin at $3600. I still have 3 Bitcoin now because I just sit on it. I haven't followed the whales when they pump. Twice now I put in a sell/limit order and then 5 minutes later I cancel because I think I'm doing something wrong.

I think you should just go with what you think would be the best and for the record I think you are already a trader .
You have some good instinct or eye on the market but the problem is you are scared to trust it ,
You have seen it but you just ignored it and I think there are only few that could see those movements in the market or could predict it right.
You just need a little push and try it on a small amount first in order to gain some confidence on your own skill.

You've experienced your emotions overriding logical decisions for the first time, and you FOMOed into a trade- that's a good thing to realize, and that's something you'll need to get past if you ever want to become successful in trading. Most emotionally driven decisions you'll ever make, including and outside of trading, are generally not good decisions, and though it can be tough at times, always do what your analysis tells you or ride things out 'till the risk/reward of a particular scenario is no longer worth it. Not every pump follows through, and not every dump follows through either. That's what makes trading tough, and in this case you were greedy and didn't close out when you knew it was right.

Because you are worrying in just a short period of time. Bitcoin investment isn't like that. You should patiently wait until you can see that your profit was there and this is good for the long period of time holding your bitcoin. I don't know what you are afraid of selling when the price is high. For me, when I saw my profit was there I will immediately cut it off and reinvest again when the price of bitcoin falling down again from the bullish period.

Wow... I am so surprised with all of your comments. Thank you. I hope I am being clear with my explanation. I am a bartender and the grind of making $200 a day is just getting to me after the last 14 years of my life. Now I have this opportunity to do something with Bitcoin and I'm not doing it because of fear. I did get fairly lucky in that I went all in when Bitcoin was at $3600. But now I'm just hodling. Then came Friday's pump up 35% and I just sat back and watched out of fear instead of being proactive. Then I said, wait a minute, I could've made more than 10 days worth of work in just a matters of hours if I had sold my Bitcoin around the $10,000 mark. You see, I don't want to be the type of trader that tries to guess the market. I just want to have enough courage during those rare times when Bitcoin pumps up quickly to sell high in hopes that it will come down again and make money by rebuying on the low. This extreme pump has only happened twice recently, when Bitcoin pumped up to over $13,000 in September and just Friday pumped again to over $10,000. It's "only" during times like this that I want to take the risk and trade high. I just feel like I'm missing a piece of this puzzle because it seems too easy. Someone tell me that I'm missing something because if were that easy everyone would be doing it.

You've got to understand that it is hard for the big accounts to fill their orders so they need to come with ways to engineer liquidity for themselves. They do it by hunting stop-losses or by creating FOMO in one direction and then go full force in the opposite direction leaving people confused and nervous about their positions.

Well, you can be a holder(long-term holder) and still be a regular trader. The best way to go about this is by having two seperate addresses, one for holding Bitcoin long-term and the second for regular trading. The regular trading involves buying when the market is down and selling when it is up... it's as simple as that. You could buy low and sell high on daily, weekly or monthly basis. Focus on what works for you.

Buy low and sell high which is is always been a thing for most traders.No matter what kind of decision you would make as long it do gain you up some money or profits then you're good to go.

Why you havent sell out when the price had pumped? Why you do need to wait for the price to dumped down once again?Damn man! You just missed out to make some easy profits.
If you do tend to long term hold in the beginning then these movements wont bother you out.

I don't understand one thing, why do you start staking at high price when you have to sell off and book your profit? Re-read your statement below,


Given this scenario, you should have sold off and wait for the price to come back to a normal level to buy again! It's probably a psychological quotient called "FOMO" or "Fear of missing out". You are chasing for bigger profit which is turning into a loss for you! Don't be greedy! set a profit target for yourself during staking and sell off as soon as it hits the bulls eye. Then wait for the next cycle! That's how swing traders trade and make good profit!

You already set the alarm, to be honest, your alarm crypto just like your target. I have some rules to avoid one of your problems its "Do not remove the order book" and "Set your target (How much percentage profit you want & how much percentage you can afford to lose). The problem trading went you on profit condition, you want more profit went the target was reached. The good trader always ended the trade with the profit that's why i never move my order books/target went they already reach, I know you want more profit and don't want regret to sell early. But i think went doing a trade better we ended the trade with profit than losing the trade.

Since you asked a suggestion, here a few suggestion from me about your problem :

• Set your target % trade (Profit/Lose)
• Do not regret went the coin still doing a trend ( Better ended a profit than lose the capital)
• Make decisions: Don't just hold without a good reason, honestly one of the problems from Newbie Trader went their asset decrease they will just hold until the asset price back up again. You should make a decision, if the trend continues to bearish you should make decisions to cut lose your asset. With cutlose you can get more crypto amount than just holding the crypto and your crypto amount still the same amount.

Because nothing is certain. Because you don't have the confidence for it.
You should have had money at the exchanges when that happened. Would you have been waiting until the right moment or would you have been selling too early or too late?
Why did't you sell yesterday to buy back today, so after the heat lowered? Do you have a certainty (or something close to that) on how low Bitcoin will go until it'll rise again?

I did some tiny-amounts trading in the past. I've got the things right 2 times, 5 times, 10 times, then I've got them wrong and wasted most of the earnings from 20-30 of times getting it right.
I learned an interesting thing: trading is not for me.

Maybe this answers to some of your questions.
Of course, you can get some small amount and see how it goes. You'll need many trades to get the confidence you can do the things right in most of the cases (don't fool yourself, you'll make mistakes too).