Topic: Newbies say no to Trading. - page 5. (Read 718 times)

No matter how much money a beginner decides to invest in cryptocurrencies, if he starts actively trading, he will eventually lose his money. Therefore, until a beginner acquires the necessary knowledge and experience, one should refrain from investing large amounts of money.

Trading is not an easy skill in the crypto space. Before newbies should emback on that journey they should know their TA very well, they should know when to enter and leave a trade and also deploy a good trading strategy in trading the crypto market. Most times the news of 100x and 1000x makes newbies to start trading Bitcoin with out having a good knowledge of trading and they end up losing their assets.

I mean, say no to using actual money in Trading. They can use dummy balance from TradingView, it will help them manage their assets. I would share some examples on how you can start learning:

1. Go to TradingView and click Paper Trading in the bottom, and it will give you an option to select an amount of money which will be given to you for dummy trading.


2. I would suggest you to enter an amount which you were willing to use for real money trading. And then for a month or two, you do your trades and It will keep a journal for you of all the trades.

This way, you can still learn Trading without losing money.

The orientation some of them gets from the start is very important because if they are told that there is money in there, they will undoubtedly believe that it is something they can easily make money from, and thus, instead of waiting to learn about the security and basic knowledge behind cryptocurrency in general, they end up rushing due to FOMO and possibly making the wrong move in the market.


Yes, that's right, FOMO will not allow some newbies to concentrate on learning because they want to follow trends, and maybe they were told that the particular altcoin they are investing in has huge potential, and the trading strategy they were given will be missed by them.


Quitting your job for Bitcoin or crypto trading as a newbie is not advisable because you never know how it will end up and because you need basic knowledge about Bitcoin trading and Bitcoin in general before you can rely on trading.

There’s no strict rules about trading that it’s only done by professionals. At some point everyone needs to undergo to newbie phase even if you study for 2 months like what you mention. The real start of your trading journey is when you made your first actual trade. You can’t consider yourself professional if you don’t do any trade and just do book learning and demo trades.

There’s a long term and short term trading. Long term trading aka position trading is suitable for newbie that is still learning so that they will have enough time to learn and adjust their strategies. You are talking about scalping or day trading on your description which is really not advisable for newbie. Position trading is holding an asset for an extended time to achieve profit

https://www.investopedia.com/terms/p/positiontrader.asp

For me, "newbies say no to trading" is not the key; rather, they should say no to having the mindset that trading is like gambling or a get-rich-quick scheme. Let them say no to trading without having the proper knowledge and without learning how to trade very well before they fully Invest in it.

Those who have become professionals in trading today were once newbies who made up their minds to take a long time to practise how to trade, how to use the required trading tools, and all that is required to analyse the market in order to make a successful trade. There's no investment that doesn't have some risk attached, but it becomes more risky for you when you don't have any idea what you are doing at all. There are different types of trades out there, and normally, before any newbie should decide to go into trading, they have to learn how to do so first.

Newbies should be fully aware that it didn't take a month or a year for the price of Bitcoin to reach this point, it took years to reach this point. Investing in Bitcoin is a good choice for newbies, but trading Bitcoin or any cryptocurrency for newbies without experience can lead to losses. The first priority of newbies should be investment. Trading is a tough job. You are right that a newbie should follow the DCA method to invest in Bitcoin and hold Bitcoin for a long time to get good returns. I think newbies should try to learn trading from professional traders if they are interested in trading. There are many platforms to learn trading from where one can gain useful knowledge and experience related to trading. You are right that trading cannot be learned in days or months but I would advise newbies to learn trading instead of avoiding trading. A lot can be achieved with hard work, passion and courage.

My understanding, especially beginners about behavior and trading/investing activities in Bitcoin, if I interpret it broadly, not all beginners are considered stupid in the crypto market related to Bitcoin.

Many newbies that I read their history are successful in carrying out activities with Bitcoin, where they really learn and ask for help from crypto trading and investment experts, of all things to overcome losses and they are in no rush to dream of making big profits, before really understanding the ins and outs of Bitcoin and the crypto market.

The bottom line: whatever beginners want to do, especially regarding Bitcoin, of course they have to have a teacher to get good knowledge, do something without a teacher, it can make things worse and it's a big risk, do anything based on the knowledge you have under the guidance of a teacher, that's the best decision.

Say it louder, newbie say no to trading!

There are so many newbie looking to make quick money via online, one of them is trading. Although trading is definitely could able to make money, not like gambling where you will lose in the long run, but not all people can be a daily trader who's live through trading. Usually people are trade for short term like every 2 days or a week and you're live not only depend on trading as you have job in real life.

You're right, bitcoin is not a get rich quick scheme and a beginner should know this before investing. But I would like to say that before a newbie buys his first bitcoin he should first of all try to know about wallet security and how to keep his Bitcoin safe before buying. It would be wrong to buy Bitcoin first then be looking for how to keep it safe because the person might end up losing it or keep it poorly secured.

Just like every other skills, trading should be learnt and mastered. A newbie should learn the fundamentals of trading first, test his trading skill by opening a demo account and when he feels he has learnt enough, he can start trading with Bitcoin. I think it's unwise for anyone to quit his job because of trading, one can still combine trading and another job or business.

There's nothing bad in seeing a newbie into bitcoin trading if he truly knows what he's doing, newbies have no restriction to what they can do in bitcoin but we only encourage them to learn first before making moves to taking some steps that might be beyond their comprehension, if you think you can learn trading, why not give a try, all we want is for you having the equiped knowledge and understanding of whatever thing you're doing in other to make it right.

No one will be able to give comprehensive advice in less than 5,000 characters so that it is easy to read, but trading in Bitcoin is a high-risk investment and without any knowledge and understanding of the nature of these risks, you risk turning all your gains into losses. A good trader is not the one who makes thousands of dollars, but rather the one who knows how Dealing with losses and turning them into profits.

There is always a good opportunity in trading, no matter how bad the market is, but it is a skill that requires years of experience, and until you get enough experience, start with

• DCA.
• Don't trade in something you don't understand.
• Control your feelings and don't let greed blind you.
• Always trade with amounts that you are not afraid of losing.

Trading can become a job depending on your level of expertise, knowledge about the market, and movement of  coin, which to acquire all these, it normally takes time,  and as such not a good idea for Newbie to trade, as they have little or no knowledge about what they are doing. But rather seek for more valuable trading materials to read the they can be a good trader tomorrow.



Trading is a lucrative side hustle, and as such, I can never advise anybody to quit his/her job if you are not yet sure if money gotten from trading will be enough to carter for your daily needs and still have some for savings. Or until your trading gives you 5x to 10x of your salary, never quit your game.

I think this topic would be best suited in Trading discussions board.

A lot of people get the wrong idea about bitcoin, they think because you made profits from it they can just invest make money from it too fast. The annoying part is that they don’t bother to acquire any form of knowledge about bitcoin they are just blinded with making profit off it as soon as possible. Like you pointed out, holding bitcoin for a long period of time is the best way newbies without knowledge can actually make profit from investing in bitcoin. After investing they should spend their time in learning about other investments they can participate in in order to make money while waiting on their bitcoin investment, they can also spend their time to learn about trading and make sure they have learned alot before they start trading, they should make sure they separate their investment account from their trading account so they don’t end up losing their investment.

Taking a trading course is the best thing to do as a newbie and it takes several months in order to understand it because it’s a very risky thing that can make you lose so much in a few days. Even experts are always cautious while trading that’s why it is advised for a newbie to avoid trading in their early crypto days. Even with all this being said some newbies may still neglect all the advice and proceed to trading without having any knowledge about it that’s why sometimes the only advice i have for them is that experience is the best teacher.

The good (and I suppose also bad) thing about trading cryptocurrencies is that you can enter the market so easily and with so little amount of money. For example a lot of altcoin exchanges have a small 20k satoshi trading limit and there have been some with smaller 1000 satoshi trading limit!
That means anybody who wants to learn and become a professional in trading can start very easily and with the least amount of money at risk.
But at the same time people tend to get cocky when they make a couple of good "bets" specially during the bull seasons like 2017 when anything chosen blindly would have given you profit. That can lead to increasing the investment at the time when the losses are kicking in like 2018 till today where altcoins have been dumping.

Bottom line is that in my opinion if you want to make an investment just buy bitcoin (using DCA) and avoid everything else and if you want to trade, altcoin market is good for short term profits but make sure to start slow and don't suddenly go big.
As for the percentage of income, there is no rule that fits everyone. It depends on how much money you can spare and how much risk you want to take.

I am certainly agreeing with the fact that no one should jump into crypto trading very soon after they entered into the crypto trading which might intriguing for someone who see the potential in profit making but with lack of knowledge they are going to be anywhere other than in a loss.

If someone wants to become a trader then they should acquire enough knowledge about it and then start with as small as possible for example 10% as capital of their total crypto portfolio value which will give enough room for them to learn further and if it ends bad then their 90% will be there which is not big loss in the crypto investment to be honest.

Accumulating bitcoin over the time as you said with 10 or 20% of your monthly income is one of the long term safe strategy but not everyone is going to have such patience to play the long hand.

I agree with you that trading is not the best way to go not only for newbies but for veterans also. I don't believe in TA, not even in FA: with the tools we have at the moment, pretending to know what the price will be tomorrow based on all these data is a bit childish IMO, in a market where so many random events and news affect the price so easily. All these predictions are more pseudoscience to me.

But, while hodling might be the best investment strategy in the mid/long term (who knows, I don't have a crystal ball either), it is true that playing (betting) a little bit with orders intra-day can be motivating for newcomers who want to learn about different cryptos and concepts like sell walls, stop losses etc. in a more practical way.

So, like with gambling, I would recommend to trade responsibly, being aware that the chances to make some money this way are lower than he could've expected at first glance, and just as a way to have some fun, not make a career out of it.

So many newbies have the wrong orientation on bitcoin and they think that it is a get rich quick scheme,which makes them rush into investing and after investing,what comes to their mind next is trading. Trading should be the last thing on  your mind as a newbie here,what matters is after buying your bitcoin is to learn on how you can keep your bitcoin safe and how you can also add to your bitcoin by using the DCA method or how to take advantage of the market when bitcoin price dips. The best way a newbie can make profit from bitcoin is when he holds his bitcoin for a very long time and the profits will come by itself and not through trading.

Trading is done by professional and people who understands the fundamental analysis and technical analysis,you still also need to know the risk management in trading. All these put together can't be learnt in two months that is why a newbie should shy away from trading and don't think that trading is very easy and rush into it,or else you will end up losing your bitcoin to a professional trader because even the professional traders also run at loss. Don't see bitcoin trading as job that you can use to earn a living because you will get disappointed after a great loss,or something that you can use to earn high profit within a short period of time because that is not how it works.

 Don't quit your job because you just purchase some fraction of bitcoin, and use like 10% of your income to buy bitcoin monthly or weekly and hold for a very long time because this is the only way that you can enjoy from your bitcoin investment. Your bitcoin at hand is worth more than millions in the market and don't allow your greed or anxiety to trade make your loss your bitcoin because it is more precious than gold when you HodLi. Any fraction of bitcoin that is gone wouldn't be easy to replace back. Learn and have a concrete knowledge on whatever you want to use your bitcoin for before rushing into it. The forum is where you can learn a lot on bitcoin and DYOR.

What are your suggestions on this my seniors. I want to hear from experience members.