Topic: SIMPLE ADVICE TO ALL NEW TRADERS - page 4. (Read 584 times)

This is a good advice and anyone who listens will mostly make a good trader. Just like you rightly said, trading is not child's play because at every point funds is involved which will either be lost or gained more and the only way to gain more is by sitting down to learn. Most people today that complains about trading are likely those who jumped into it without enough knowledge. Therefore my suggestion is still same as yours, which is, anyone who really want to trade and make the best out of it should first and foremost learn about trading.

Are there any real steps on how a newbie can do better on trading? How a newbie can start trading? This is quite common advice actually. I am not good at trading and I'm starting to learn about it.
But, what I know if we are going to enter in trading, there are some basic things that I must prepare:

1. Mental preparation (psychologically)
We must be ready for the profits that will make us very happy, but we must also BE READY for the RISKS of LOSING OUR MONEY. Many newbies like me may not be ready for the risks so that when we are losing, we will be so stressed and cannot move to the next step.
2. Fund
We must prepare the number of funds in which they are "free money". The mistakes commonly done by the newbies like me are about using non-free money in order to get more profits directly through trading because of following other people. And in fact, we lose the money so easily. And we can get stressful again. Moreover, the money must be sued for other very important necessities.
3. Strategies and how we analyze the market
this is what I still feel confused because everybody will have their own strategy and system on analyzing the market. we cannot follow the other people's strategy because it may not work on us. This is so difficult to do. And amount of money will also influence how we trade. Of course, I think that trading $10 will be so different from trading $10k.

Actually, there must be still several things to consider and think if we are starting ofr trading. But the three above are at least the things we consider basically.

Before these traders become successful, they suffered a lot of losses.
And if we are talking crypto here, experience will help you a lot in understanding the market.
Most of the time, the knowledge of TAs doesn't help in attacking the situation.
However, having the basic knowledge will be useful in some cases.
So if you are a newbie in crypto trading, you really need to start small up until you grasp the market.
In time, you will learn some tips and tricks in trading.
Even veterans in crypto can make mistakes, because the market here is very different.

It's not only the psychology but remember when there was no liquidity in the market and it will be much more difficult to liquidate your money too.
Trading is about how to combine all of the things related to the sentiment, psychology and fundamental to be analyzed by us to get how potential a coin.

yes discipline is needed to be a succesful traders, but you need to understand how to trade properly,,
know how to analyse the market with fundamental analysis and technical analysis
and don't be greedy, because a trader's illness is fear and greed

I believe that traders who have no trading experience for more than 10 years should not use credit money to buy assets. I had a very sad experience in 2018. 

I believe you interchange the amount, it should be "The same discipline you apply to a $10k account is what you should apply to a $10 account.  Else you are just implying to not get serious about trading which is the contrast of what you are trying to convey.



I think it should be "it is too good to be true that anyone can be a good trader when they only show you the profits they make." 

Anyway, I do agree that a person must do a research and study any venture they wanted to get in and that includes trading.

That’s very true. Successful traders usually show their histories of trade where they have made tremendous profits and not the part where they have even lost lumpsum amounts. Doing so makes the new traders believe that making money via trading in the crypto market is easy. And when these new traders lose, they get disappointed and lose their hope and calm.

The reason behind this is that they were never taught that there are also a ton of losses that could happen while trading as the market is highly volatile. Patience is the key to be a successful trader. Life cannot always have highs; it also has lows.

That's why we said that trading is not for everyone, because it really takes a lot of preparation not just financially, but you need to be mentally tough as well. Can you take seeing negative in your account? Are you emotional trading? So you need to have discipline and learn to control your emotions, you shouldn't trade with your heard, but used your brain to make logical decisions.

Have you ever traded in the market?
Trading with $ 10 fund is completely different from $ 10k fund especially trading psychology. It is possible to achieve a high profit rate when trading with a small money, but once you have achieved a large amount of capital, all of your decisions will be affected by your psychology. This is what I went through when trading.

TRADING is not something anyone rush into because it's paying people, its something you sit down, read and understand and also learn by doing. To trade furures, no good trader will tell you to jump into futures trading with a small capital and high leverage ,  to be a good trader you need discipline , the same discipline you apply to a 10$ account is what you should apply to a 10k$ account.

your trading capital is just numbers on the screen, the method and ways by which you manage those numbers is what will determine and make you a good and profitable trader.

ITS GOOD TO KNOW THAT ANYONE CAN BE A GOOD TRADER WHEN THEY ONLY SHOW YOU THE PROFITS THEY MAKE. DONT LET ANYONE RUSH YOU INTO WHAT YOU ARE NOT PREPARED FOR