Topic: Newbie Trading Question? (Read 543 times)

Yes, this is exactly what is happening to me. Unlike what others have said here I do not think it's because I'm greedy. I've been hodling since February and it's time for me to up my game. If the whales are doing it I should be able to make some kind of decision that will have a positive outcome rather than just hodling and hoping for the best. But yes, I pushed that sell/limit button many times to only cancel the order a few minutes later. I plan on only trading Bitcoin but I want to do it when the whales are moving only. These small day-to-day, week-to-week fluctuations make me nervous and it's just a guessing game.

But seriously, has anyone used Gunbot before? A quick Google search seems to find paid advertisements for this service. I expect the money to be made is in the selling of the software and not what it can actually do for people.

If you look at the history of all successful traders, they were like you in the beginning. No one is born perfect or expert, people learn all by the passage of time. But as you said, this is the major quality of traders that are ready to take risks but for you, I will suggest trading with potential coins which have history of generating nice profits in the past. Just stay positive and confident.

Lol, this type of confusion will always be in trading as we are not a super being to know exactly what will happen to bitcoin at a time, but we can only do things that would make us to have shocked it from every angle.

Like this type of case now, it has happened to me several times too because of fear of missing out, I would want to sell my coin to take profit when the value is going up so that I can buy again when it dumps, but another thought will come to me and ask what if the price grows higher than that, and then I found myself canceling it, but what I have learnt to do is to have money to play both game, I put money for long term investment and I have money that I use to buy dump that when  I see case like that, I take my profit without hesitation.

It's simple, you have to do the most difficult thing in trading - it is to follow the plan.

You have already indicated your mistakes, you already know what to do, but due to the lack of the proper level of discipline and experience, you could not implement your plan in time.
Consider these errors, use the advice given to you in this thread, and do not give in to emotions during the next movement.

Always determine the points at which you will enter or exit the market. No matter what happens next, do not adjust your plan directly during the session.

The recent pump of Bitcoin occurred for more than 12 hours until it reached its maximum price, which immediately began to decrease. You had as much as 12 hours to make the decision to sell. For some reason, everyone is sure that he must sell at the peak of the price, otherwise he is an unsuccessful trader, even if his portfolio has already increased by as much as 20%. You know what, no one knows where the maximum price will be at the pump of Bitcoin. Successful investors are advised to sell the asset when the current profit already satisfies you, rather than looking for the maximum price to sell. It's a trap of your brain for which everything should be perfect for you.

The moment you accept yourself as a trader. You should stick to your guts, stick to your plan. I know what seems to be the problem now. You are lack pf self confidence and you are indeed scared of any negative results. Make sure you are a risk taker if you want to become successful in trading

Always remember that you must go on with your decisions. If you are kinda hesitant with it, give a break. That is why I am always saying that stop loss is really helpful in this kind of situations (sideways and sudden pump or dump).

You are ready to go mate. No need to be worried as long as you are aware of the increase and decreases. You have the tools, and knowledge. Try it but always discipline yourself of course do trading moderately do not fool yourself with fluctuations sometimes it is just a show-off. In addition do not let your emotions control you if something went-off away from what you expect.

Again, thank you everyone for your comments. Recently someone private messaged me about using "Gunbot". Like I said, I know nothing about trading and Gunbot seems like a good idea on the surface but it's also adding more confusion. Also, I don't have a 4 core computer to run the program. Has anyone used Gunbot and liked it? Also, with every Google search I do on Gunbot every article is positive but I can't find anyone who has had bad experiences with Gunbot though I'm sure they are out there.

O.K., here is another question. I live in NYC. Is there anyone who lives in NYC that would be willing to get together with me and show me how to read the charts and, better still, how in install and configure Gunbot? I would appreciate it.

You have predicted the price but it looks like you are scared to take the risk.
Just take some little steps in order to gain experience and confidence on your own.
Who knows maybe you could be a great TA that would give out some help for those who could not do what you could.

Your risk of following the whales is that you are always in the tales, there is nothing wrong with you. What you experience is new when you enter trading, feeling anxious when entering the market, trying to look at crypto prices. You need confidence, what you are doing is quite right for a newbie, over time you will certainly arise a confidence in your analysis and actions.

One more thing advice for beginner trader, we don't have to always get profits in our trade. Sometimes cutloss is needed to reduce more loss.
But make sure we can control our risk management and make our profits is more than our loss. Not easy at first, maybe we'll struggling for a month for doing daytrading, but when we know the cycles i'm sure taking 1-3% profits a day is not hard.

Trading is not as easy as we imagine, its basic strategy is only to buy at low prices and sell at high prices. But in practice it is
difficult to implement it, as many people do when they want to buy it is always delayed and want to sell also delayed. Because
trading does indeed test our emotions, like when prices are already high we should take profit instead delay because greedy
wants higher prices, but in the end the price actually dropped. This is a lesson for us all that in trading does not need big profits,
the most important small profits but often.

You already mentioned that you don't want to be a trader so those bumps didn't tempt you to trade and make some profits or you are afraid of,but I don't think you waited for the price to dump again after that whale bump,most of us expect the price to hang at the level and then move forward to make more profits.

But if you want to be a trader,first thing is don't be afraid of taking risk you may either make profits or loss but you have to be ready to face it.

The good thing here is you area already aware of what is happening.
The bad thing is that you are too worried of what might happen next.

With that you dont want any large risk. That means you will have a difficult time when it comes to trading. Risk will always be there. You should just forget about regret whenever you decided early or late.
It happens. Shit happens all the time.
If you cannot get through that then stop. You might lose more on the long run.

Seconded. I have the same opinion as you. I've been where OP is and how I got out of it is by setting trading goals and discipline myself. If there's one thing you'd know about the market is that it can go both ways. Sometimes, you might get it right, then you sell at profit - either via a Trailing stop or otherwise. Either way, you're out of the trade. The pump might continue without you in the rocket. You'll definitely feel bad but if you've a trading system/plan/goal in place, this shouldn't be a problem. The goal of trading isn't to make $1M per day but learning to make right decisions in the face of the market.

Hi Hal! Welcome to crypto. I, probably along with a lot of people here, have been in the same boat as you. When it's pumping it's quite easy to get carried away and expect MORE. However, one important thing you should consider is that the SELL button is your friend, all you need to do is ask yourself, will I be happy with my profit if I press this sell button now?

It can always go both ways and whats important is that you set trading GOALS and follow them.

If you are truly a newcomer of this platform then you must be more watchful and attentive for those activities what's going in recent time, There are a lot of things we have to know very clearly and properly, I think this blockchain system is a vast and potential for the future perspective, that's why it's very important to know what's your role here, I think in the early stage, Trading option should not be taken because it contains a lot of risks, if you can manage it properly then you may gain a huge profit but it's not an easy task for a newcomer. so I suggest you hold Bitcoin for at least six months, In the meantime, if you get any price boom then you may sell and gain yours. It's a simple trick in order to make money.

So instead of selling because you have profit you cancel it. Maybe you want more profit thats is you dont sell it.
And now you are regretting why don't sell it and buy back again once bitcoin goes down.
Maybe you gonna be learn the short trading so that you can get a profit in short time.

I think you're psychologically greedy. I had a case just like you. In the first trading session when I saw strong purchasing power, I removed the sell order and continued to wait for higher prices. but soon the price went down and I was really disappointed.
The lesson is that in trading, we need to follow what we intend in advance to discipline ourselves. That's what it is to avoid mistakes.

It's common for people to panic dump when the sentiment is bearish, and panic buy out of the fear of missing out when prices are going through the roof. That is the natural instinct of all traders, who are irrational by nature.

And don't think that this is just a newbie thing - it's not. Even seasoned traders can be affected by this.

Set yourself a clear target and try follow it - it won't work all the time but at least you are able to take profit when necessary.

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).

Basically, you are a trader already considering that you have alerts with what the price Bitcoin could be. I'm just not sure why you are getting scared to sell high, knowing that you could profit from it? What should you be afraid of? Are you getting out too early? I think as long as you are profiting consistently, you are going to make it. There are a lot of ways you could improve on your trading, and that could be with the use of bots. I could help you guide through it. Message me if you want.

Hello,

I got into Bitcoin last February. I don't know anything about trading though I often watch Krown's Crypto Cave on YouTube. It's just as confusing to me as it is fascinating. I don't want to be a trader because I know nothing about it but since I bought my first Bitcoin I set up alerts on my phone for sudden increases and decreases and I've noticed patterns.

For instance, on Friday when Bitcoin jumped 36% from $7,400 - $10,300 my alerts on my phone were off the charts. I've seen this before, most notably when Bitcoin jumped up to $13,600 in September. Both times I felt that whales were pumping and dumping and I pushed the button on my phone to sell high but then I started shaking and canceled the sale. Sure enough, a couple of hours later Bitcoin gets dumped and goes back to reasonable levels.

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.