Some essential trading rules beginners! - page 2.

tambok

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Quote from: teosanru on November 01, 2019, 11:09:28 AM

Quote from: elyorman on October 23, 2019, 09:01:04 PM

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

Let us also take into consideration our attitude in trading, it is not enough that we do have a lot of learnings and experience if we don't know how to keep calm.patience and discipline, then all those learnings that we have cannot apply properly, so we need to be careful on it.

teosanru

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Quote from: elyorman on October 23, 2019, 09:01:04 PM

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

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Quote from: Bitcoin Seller on November 01, 2019, 03:56:41 AM

Quote from: elyorman on October 23, 2019, 10:14:21 PM

Quote from: Periodik on October 23, 2019, 10:02:36 PM

Quote from: elyorman on October 23, 2019, 09:01:04 PM

7. Always invest the money that you can effort to lose!

You must mean afford.

All in all, these are great points to remember. These reminders and warnings have been discussed her many times though. I hope they have helped a lot of traders. Take note, however, that it is always easier said than done. For example, the most common advice is that be objective rather than subjective or emotional in your trades. The problem is that the objective assessment could be both erroneous and uncertain. And secondly, emotions are really hard to turn off, believe me.

thanks fixed it! Yup agree with you it's not easy to turn off your emotions which means trading is not an easy job at all. Anyway traders must follow teach themselves how to control over the feelings or do another job.

Guys, it does not matter. I think we have all understood what is meant here. Being a beginner in trading, you need to be 100% sure that even if you lose in this business, you will have at least one-two other reliable income sources bringing you profits constantly. Trading cannot become a single job for a newbie.

Not really sure if newbies tried to understand this or they are just eaten by their emotional greed and low thinking. For us who experience already losses in trading, it gives us a lesson to learn and quitting isn't a solution but rather to take another try. Trading is not all about the money that we can afford to lose cause we're not aiming for that in the first place. And thinking for that will only give us a hint that we surely lose any time soon and could put negatives in our mind.

Bitcoin Seller

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Quote from: elyorman on October 23, 2019, 10:14:21 PM

Quote from: Periodik on October 23, 2019, 10:02:36 PM

Quote from: elyorman on October 23, 2019, 09:01:04 PM

7. Always invest the money that you can effort to lose!

You must mean afford.

All in all, these are great points to remember. These reminders and warnings have been discussed her many times though. I hope they have helped a lot of traders. Take note, however, that it is always easier said than done. For example, the most common advice is that be objective rather than subjective or emotional in your trades. The problem is that the objective assessment could be both erroneous and uncertain. And secondly, emotions are really hard to turn off, believe me.

thanks fixed it! Yup agree with you it's not easy to turn off your emotions which means trading is not an easy job at all. Anyway traders must follow teach themselves how to control over the feelings or do another job.

Guys, it does not matter. I think we have all understood what is meant here. Being a beginner in trading, you need to be 100% sure that even if you lose in this business, you will have at least one-two other reliable income sources bringing you profits constantly. Trading cannot become a single job for a newbie.

BartS

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Quote from: kanayaTabitha on October 30, 2019, 04:14:08 AM

I think it's okay if beginner trader doing trade with less knowledge first, they have to experienced loss and learn how to avoid it.
No traders that instantly become pro traders, i'm sure the pro traders are having a hard time in old times. and by experience and learn much technical and fundamental analysis, they can manage their loss and profits.

The truth is that a beginner trader is not going to have too much of a choice, it does not matter how many books or videos he watches he is never going to be fully prepared until he becomes a full time trader.

Only then he will discover if he has what it is necessary to become a trader, because even if has all the knowledge of the world it does not matter if you do not have the necessary control of your emotions that is a must when you are trading with money that could change your life.

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Quote from: TheUltraElite on October 30, 2019, 03:37:46 AM

Quote from: jazmuzika217 on October 26, 2019, 09:51:19 AM

First we need to always knowledgable and have a continues learning to become motivated.

Being knowledgeable about bitcoin is easier and more simpler than going for altcoins which done reveal what they are doing and dont have enough of a marketplace to sell their service. In other terms those which do not have a sustainable market of their own are easy to detect and not invest in.

Quote

And last one is avoid too much greed because it will drives you going to loss.

I think greed has an importance but the more important thing is the FOMO. People need to stop getting FOMO over some coins. Do not buy at the all time high. If you feel a certain coin is worth putting money in watch it for when it does go down and not go up, because once its up it will be dumped hard.

Watch them like a hunter preys its food. Pounce on them when they are weak. Wink

even though it doesn't guarantee you anything even you are knowledgeable at least that is better as the starter.

experience is everything in this trading business and to gain the experience -as everything has a beginning before it turns experienced- just do it ! execute more important rather than thinking too much , sometimes it even makes you stepping back doing it.
you can learn more when things has been running, don't scared to fail.
i learned a lot from the mistakes that i made in trading and it makes the better version of me after that.
the real learning is through experience, even if you bought it on the all time high which it is really a big mistake but in the next days , next time you will become a better trader as you have gained experience.

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Quote from: TinaK on October 29, 2019, 02:10:36 PM

Quote from: Jellachrist on October 29, 2019, 01:26:22 PM

This points are indeed helpful I'm actually new here and my inttention is to focus fully on trading coming across those points just give me some inserts about some possible risk and what to do to limit them. I was actually thinking of selling a landed property but with what I see here its not advisable thanks for this brief information.

That is not voice idea dude, do not focus in crypto trading because already many traders lost their funds and mood out for investment kind of businesses.
Well if you want to try the trading still without any hesitation, please take some time to learn trading strategies and then you can invest for day trading.

Why discourage him/her to do crypto trading? don't you think its good to have people like him/her who wants to learn and understand the risk involve in crypto trading. Let me remind you that traders plays a big part on this industry because they are one of the reason why we have a lively market so for me its a good thing to have more active traders in crypto-space.

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Quote from: kanayaTabitha on October 30, 2019, 04:14:08 AM

Quote from: alexsandria on October 30, 2019, 03:21:06 AM

I have these just four suggestion for new traders. But sometimes new traders aren't taking friendly tips over here. Most of go without any of in depth knowlede. So here it is. Remember What, While and How. So let yourself know what you really need to watch closely and not to watch closely to avoid false conclusions. Second is How should you work with what have you seen in the chart and lastly is While you are in there, if there are some shortcomings you should be always ready to coped up. Final is that never ever let your emotions control you.

I think it's okay if beginner trader doing trade with less knowledge first, they have to experienced loss and learn how to avoid it.
No traders that instantly become pro traders, i'm sure the pro traders are having a hard time in old times. and by experience and learn much technical and fundamental analysis, they can manage their loss and profits.

The more experiences they can get will help them to build characters in trading so they can have the power to control themselves. Profit and losing are something that every trader will face it, and they should accept if they lose because that is part of trading. If the traders can learn from the loss, they will know how to prevent it in the future, so that will help them to gain more profit. They will see more things that will happen in the market because one experience in one coin will not be the same as the other coin.

kanayaTabitha

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Quote from: alexsandria on October 30, 2019, 03:21:06 AM

I have these just four suggestion for new traders. But sometimes new traders aren't taking friendly tips over here. Most of go without any of in depth knowlede. So here it is. Remember What, While and How. So let yourself know what you really need to watch closely and not to watch closely to avoid false conclusions. Second is How should you work with what have you seen in the chart and lastly is While you are in there, if there are some shortcomings you should be always ready to coped up. Final is that never ever let your emotions control you.

I think it's okay if beginner trader doing trade with less knowledge first, they have to experienced loss and learn how to avoid it.
No traders that instantly become pro traders, i'm sure the pro traders are having a hard time in old times. and by experience and learn much technical and fundamental analysis, they can manage their loss and profits.

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So anyway, I applied as a merit source :)

Quote from: jazmuzika217 on October 26, 2019, 09:51:19 AM

First we need to always knowledgable and have a continues learning to become motivated.

Being knowledgeable about bitcoin is easier and more simpler than going for altcoins which done reveal what they are doing and dont have enough of a marketplace to sell their service. In other terms those which do not have a sustainable market of their own are easy to detect and not invest in.

Quote

And last one is avoid too much greed because it will drives you going to loss.

I think greed has an importance but the more important thing is the FOMO. People need to stop getting FOMO over some coins. Do not buy at the all time high. If you feel a certain coin is worth putting money in watch it for when it does go down and not go up, because once its up it will be dumped hard.

Watch them like a hunter preys its food. Pounce on them when they are weak. Wink

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I have these just four suggestion for new traders. But sometimes new traders aren't taking friendly tips over here. Most of go without any of in depth knowlede. So here it is. Remember What, While and How. So let yourself know what you really need to watch closely and not to watch closely to avoid false conclusions. Second is How should you work with what have you seen in the chart and lastly is While you are in there, if there are some shortcomings you should be always ready to coped up. Final is that never ever let your emotions control you.

TinaK

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Quote from: Jellachrist on October 29, 2019, 01:26:22 PM

This points are indeed helpful I'm actually new here and my inttention is to focus fully on trading coming across those points just give me some inserts about some possible risk and what to do to limit them. I was actually thinking of selling a landed property but with what I see here its not advisable thanks for this brief information.

That is not voice idea dude, do not focus in crypto trading because already many traders lost their funds and mood out for investment kind of businesses.
Well if you want to try the trading still without any hesitation, please take some time to learn trading strategies and then you can invest for day trading.

panganib999

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Quote from: elyorman on October 23, 2019, 09:01:04 PM

1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!

I highly agree with this. The market movement is very unpredictable, investing and trading will be a rollercoaster ride of predictions, hoping and thinking what would be next. Prices, which is highly affected by the actions and movement of crypto enthusiasts inside the crypto space could kick up to the highest possible price now then go back down to the lowest, that's why being impulsive doesn't have a place here. Everything should be calculated and decision wise.

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This points are indeed helpful I'm actually new here and my inttention is to focus fully on trading coming across those points just give me some inserts about some possible risk and what to do to limit them. I was actually thinking of selling a landed property but with what I see here its not advisable thanks for this brief information.

ufaiz50

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Almost all points I agree, many things are missed by traders from these simple rules. I see a lot of traders who missed point 5, here if you can control your emotions it will be fine, but those who don't usually panic easily and end up with self-inflicted panic. I do not agree with point 7, because in my opinion you do not trade seriously if you are willing to lose money.

aysg76

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See there are many tips which can help the traders to trade in this highly volatile market but most important of all is that level of knowledge and skill that one implies in trading techniques to gain huge profits even when the market is low.But you have mentioned some good points like controlling your emotions in the market while trading and invest only that you afford to loose.

DoublerHunter

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Quote from: Ucy on October 28, 2019, 11:44:26 PM

~snip~
Finally, "invest what you can afford to lose"... this's the most important of them all.

^ These magic words are very common in trading. Invest that you can afford to lose is good advice as well. It means not the daily needs you are going to invest in. OP has shown good advice but I noticed that it is a lack of tips there are too many not to mention and need to have improvement. Nevertheless, if you are a trader just research your own and dont rely upon others. Reading here in the forum will bring good benefits if you want to trade and gain knowledge.

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Quote from: supercanada1 on October 26, 2019, 10:47:58 AM

Quote from: zeze18 on October 25, 2019, 09:40:42 AM

Quote from: GreenStox on October 24, 2019, 05:46:30 PM

indeed the rules you mentioned are some that should be important points of traders because they are new and do not have trading experience so they do not know the position of buying the right coin and selling coins at the right price, and usually beginner traders are also still easy to panic.

Not only beginners, even the experienced trader often to panic when something wrong happened in the market.
Crypto market is so different with stocks, everything can be loss in one night or price dropped more than 20%
So it's really hard i think for not panic because sometimes a bad news can effect the entire market

Anyone who lacks understanding of his asset will do blunders regardless of his experience. There is always dear of losing when a person does not understands the potential of his asset. That fear is the major cause of such mistakes like panic selling. Even bitcoin investors fail to become rich because they never ever understood their coin but only focused on making money and did what news said.

I don't see anything wrong for those bitcoin investors who do sell off on earlier time and as long they are profiting then I do consider it to be a good move.
Yes, its different compared to those who hodl for long but profit is profit they do only differ on the intensity.Feeling of regret is there though but past is past and we
cant changed it up. Trading rules for beginners are quite basic which do involves out mostly on emotion matters.

Ucy

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You made good points.
Number one is a good advice especially for the newbies. They need focus on making little profits until they become experienced enough to try the big profits.

Number three is another good point. Not advisable to trade coins based on advice or recommendations from any kind of trader. You could however follow the advice of traders with good trading records.

Finally, "invest what you can afford to lose"... this's the most important of them all.

supercanada1

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Quote from: zeze18 on October 25, 2019, 09:40:42 AM

Quote from: GreenStox on October 24, 2019, 05:46:30 PM

indeed the rules you mentioned are some that should be important points of traders because they are new and do not have trading experience so they do not know the position of buying the right coin and selling coins at the right price, and usually beginner traders are also still easy to panic.

Not only beginners, even the experienced trader often to panic when something wrong happened in the market.
Crypto market is so different with stocks, everything can be loss in one night or price dropped more than 20%
So it's really hard i think for not panic because sometimes a bad news can effect the entire market

Anyone who lacks understanding of his asset will do blunders regardless of his experience. There is always dear of losing when a person does not understands the potential of his asset. That fear is the major cause of such mistakes like panic selling. Even bitcoin investors fail to become rich because they never ever understood their coin but only focused on making money and did what news said.

Topic: Some essential trading rules beginners! - page 2. (Read 686 times)