Knowledge is the most important key in order to make the most profit from the market. Without knowledge it’s impossible to make even 1 cent from the market. So it’s very obvious that you need to educate yourself more and more before actually placing a trade. Secondly the most important thing is managing the funds/bankroll. Trade the amount that you can afford to lose. I have seen many newbies dive into trading because with trading they can become rich overnight. But that doesn’t happen at all.
Together with knowledge, you also should consider being wise. It's a much more royal version of knowledge because you can almost apply it anywhere and with wisdom, you will also be able to stop yourself from making bad decisions that's disguised as good or presents itself as a good decision. 
Topic: Step you have to take before venturing into the market (Read 577 times)
(2) you must learn how to be patient: without patience it's nearly impossible to be successful in the crypto market, that is one of the virtue required in the craft.
Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.
Patience is indeed needed in this market because it is not an overnight task to learn things.
Those tips and strategies can be learned throughout the years of your experience.
And do remember, each project is unique, thus, it is quite difficult to apply your learnings. You still need to assess every situation.
(1) Go for knowledge first: as a crypto enthusiastic or an investor it's very necessary that you knows all that it entails on how to navigate your way safely in the crypto industry.
Knowledge to me is paramount because with it, you will know how to react in certain situations, which will really be helpful in your crypto journey.
Knowledge to me is paramount because with it, you will know how to react in certain situations, which will really be helpful in your crypto journey.
Knowledge is one of the most necessary thing in order to get success because without Knowledge a person looks like a blind whose thinking power is zero during difficulties. A successful person is that who know very well about getting profit during difficulties because with in favorable circumstances everyone can get profit but a real investor or trader will always look towards an opportunity and will tolerate harsh condition with his patience and Knowledge.
You should not think that from trading people have obtained profit but you are unable to do so but remember that every successful person was once like you therefore you can also work well by getting knowledge, and enhancing experience.
(2) you must learn how to be patient: without patience it's nearly impossible to be successful in the crypto market, that is one of the virtue required in the craft.
Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.
Patience is indeed needed in this market because it is not an overnight task to learn things.
Those tips and strategies can be learned throughout the years of your experience.
And do remember, each project is unique, thus, it is quite difficult to apply your learnings. You still need to assess every situation.
The strategy you used for one coin doesn't mean it will be applicable to your next coin. They have their own strengths and weaknesses, and that's for you to find out.
(2) you must learn how to be patient: without patience it's nearly impossible to be successful in the crypto market, that is one of the virtue required in the craft.
Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.
Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.
That is the thing we supposedly but unfortunately, many people underestimate how the crypto market works, they simply just think it is too easy and can still manage to trade so well despite the lack of knowledge and preparation. And so no surprise how they suffer losses later. We just hope that newbies will spend their time digging and learning more ideas, and stop rushing. We keep in mind that in order to gain success, we also need to work hard and stop assuming that we are well-prepared yet to continue learning.
- have a concrete plan
- strategies
It all works efficiently and successfully.
And this is because when you do not know anything about trading, it may seem very easy to predict the markets, as you only need to buy at the bottom and sell at the top, which are easy to identify when you look at the charts, but what those people are not taking into account is that when you are trading for real no one really knows when the bottom or the top will be reached, and everyone is trying to make their best guess about when this will happen.
Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.
That is the thing we supposedly but unfortunately, many people underestimate how the crypto market works, they simply just think it is too easy and can still manage to trade so well despite the lack of knowledge and preparation. And so no surprise how they suffer losses later. We just hope that newbies will spend their time digging and learning more ideas, and stop rushing. We keep in mind that in order to gain success, we also need to work hard and stop assuming that we are well-prepared yet to continue learning.
- have a concrete plan
- strategies
It all works efficiently and successfully.
Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.
(5) plan your entry and exit point: most times this lack of planning cost us dearly, because failing to plan is like planning to fail.
This would be your best shot on doing this, on which you shouldn't really be that making yourself that greedy on which on the time that you do see the opportunity on making up profits then it would really be just that right that you should really be planning on having some exit rather than on holding your position, unless if you are really that holding it for long term. Somehow we do know that there would really be different types of traders or investors on which there are ones who do really love to see profits in a short term and there are ones who do love on holding just because they cant bare up with the risks involved.
This is why it would really be that best that you should really set up those kind of targets and plans so that you wont really be ending up on regretting on the time that you do see opportunity and grab
it rather than on letting it past and waiting for very long time before you could see that window of opportunity once again.
(7) know how to manage your risk: in other to stay in the market for long, you have to know how to protect yourself ( your capital), protect it with all your might, pay more attention to this, because you might win five trades in a row and lose everything at once if you don't know how to manage your risk.
Even though it's quite far behind in your list, number 7 is the most important one for me. In trading it comes all down to risk management to make a long term career. For me I will always prefer to keep a closer eye on risk than to get the highest possible return out of it. Because we can only lose our capital once and after the majority of our capital is gone, it's going to be nearly impossible to recover again. I feel like a common mistake newer traders are making is to only focus on the return side of trading. It's so much cooler to chase the highest possible return and when you can show off among your friends how much money you made with your trades. I always feel like the higher we aim our returns to be, the more risk we need to take to get there. It's similar to the banks where risk management departments are not that popular, because they hold back everybody else to achieve higher profits and bonuses. In the end it's a very important department and we should accept the limitations they give.
The first step for a newbie when starting trading is to stay away from futures and leverage trading because it's too risky for a newbie to manage and they can easily get liquidated without getting any profit unless they are lucky otherwise.
i feel this, so many newbies out there after figuring out that there are feature like future trading they try to do with really high leverage just because they think it would be great making some good profit within short amount of time but we all know that these future trading are so volatile and with high leverage even slightest price dipping could cause our capital to get liquidated, its these price dipping or sudden flash pump that truly could disrupt the plan with future trading and these kind of thing happened so frequently that I think if anyone try to leverage like 25x or even 100x then be ready to maybe gonna get liquidated along the way even though the general trend of the coin itself is rallying when we are trying to long.
The first step for a newbie when starting trading is to stay away from futures and leverage trading because it's too risky for a newbie to manage and they can easily get liquidated without getting any profit unless they are lucky otherwise. The second step is to start learning, as you mentioned because you can achieve anything if you don't know anything at all. A lot of people might think of it this way, but trading is not like gambling where you place a bet, and wait for the outcome and you might win it. If you want to be a profitable trader, learn about it first.
A lot of newbie investors get into cryptocurrency trading without getting enough knowledge because they think it's very easy to earn money in this market which isn't true. Earning money is not easy, it's as simple as that. If you have money and you want to make money with it, you will need to learn everything about the investment you are going to make with it.
A lot of newbie investors get into cryptocurrency trading without getting enough knowledge because they think it's very easy to earn money in this market which isn't true. Earning money is not easy, it's as simple as that. If you have money and you want to make money with it, you will need to learn everything about the investment you are going to make with it.
I definitely agree.
You will also need some self-discipline in order to execute those things you have mentioned. It might be hard in the beginning but as the days goes by, you'll earn enough experience that will teach you how and when you need to apply each of those. Most of the newbies always think trading as a quick rich scheme, that's why they always in a hurry using a high leverage hoping to make a big profit in a very short period of time, resulting to a very huge loss.
you are damn right bro. Self-discipline and patience are two of the most important requirements for trade. Believe me man most of the money lost by newbies is lost because of a lack of these two things. they start trading thinking that they'll earn some money quickly. so they buy a spicific token. but as crypto is volatile so some time that token's price start dropping which is normal in market. Experienced and knowledgeable traders know that so they Don't bother much. but newbies and unexperienced trading don't know anything and start panicking, and when they panic they loose patience and end up selling the token with lose..You will also need some self-discipline in order to execute those things you have mentioned. It might be hard in the beginning but as the days goes by, you'll earn enough experience that will teach you how and when you need to apply each of those. Most of the newbies always think trading as a quick rich scheme, that's why they always in a hurry using a high leverage hoping to make a big profit in a very short period of time, resulting to a very huge loss.
so Newbies should always learn every aspect of trading before starting. and if they don't have self-discipline they should avoid trading at first place unless they are willing to take risks.
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wait for the right setup: trade only when you are sure of the market, if you don't see the right setup don't trade, it's better your capital is intact than risking it when not sure. Even though it warrant you to trade once in a week, it's better than losing.Mood is truly an important aspect of trading. Because a trader who is having problems in his daily life and causing him to be in a bad mood will definitely not be able to concentrate on trading.
The very first thing that you have to do before venturing in the crypto market is to establish your knowledge about bitcoin and the crypto space. With that, studying diligently and doing extensive research will help a lot so you will come up with valid information. When you already gained adequate knowledge, you can easily set up your plans and work on it to make a successful venture on bitcoin and on the crypto market.
Right. Before diving into the crypto scene, make sure to do your homework on Bitcoin and crypto in general. Once you've got the lowdown, you can craft a game plan for a successful venture. Happy crypto exploring
Without experience and knowledge, I think it is difficult to trade futures considering that these two things are really needed. Sometimes many people keep quiet about trading losses and tell stories about their successes, this is why many people are proud to be called great traders. or on the other hand, maybe they prefer to subscribe to signals, making their trading easier
More than ever people want to sell a specific image about themselves in social media, even if this image has nothing to do with who they are in their real lives, and selling themselves as expert traders is attractive to many of them, as if they succeed in doing so then they will gain a massive amount of attention as other people will want to be like them.However they are just the image without the substance to backup their claims, so soon enough they will find themselves unable to sustain the lie, as their losses become too big for them to hide anymore.
Many people trade futures without having any knowledge because they think futures trading only requires guessing up or down and looks quite simple. But when they always lose, they will understand that futures trading requires good trading skills to analyze and manage when trading. whatever money is used for futures trading will be lost if one is not alert and does not have any plan.
But in the end they realized that any trade was not easy to do even though some people thought futures trading would be much easier to do. People will realize that their abilities are not there in the trading when they experience losses on a scale and when they start to realize that they will give up instead of learning to understand how to trade correctly. Skill is indeed quite important and when someone does not learn properly then the opportunity to lose is quite large because there is no plan regarding trading patterns.I am also not an expert in trading but I will see the moment when I want to get involved in it, or in other words I am not a day trader who has the ability to get involved in it regularly. It is better to decide to invest rather than maximize trading because everyone has different abilities and this must be seen before getting too involved.
Knowledge and experience are the most important keys for someone who carries out trading activities because basically trading does not guarantee regular profits and trading also has a large level of risk if it is not carried out correctly. Believe me, trading will be much more difficult than investing.
Many people trade futures without having any knowledge because they think futures trading only requires guessing up or down and looks quite simple. But when they always lose, they will understand that futures trading requires good trading skills to analyze and manage when trading. whatever money is used for futures trading will be lost if one is not alert and does not have any plan.For the first time, perhaps we will try and adhere to these steps, but if we feel a profit and then our emotional desires take over our control, then these steps will get better one by one, then get worse and result in losses.
It is necessary to exercise self-control and consistency in doing everything, this is also very important in the smooth running of the strategy stated by the OP. good luck
It is very wrong of any trader not to be fixed with what they want to do in the market, you do not do a thing today and do another tomorrow, the ideology and psychology must be fixed, which will help traders to be decisive, thorough and focused in what they do. If you lose, preserve your trading psychology and the same goes for the time you gain, it must be the same so that nothing shifts the trader out of the balance of their core value in trading. The best part is that trading is so strategic, just first get the right trading strategy that can vouch for winning for the long term, then find the best management that will support the strategy so that it will never be discouraged.It is necessary to exercise self-control and consistency in doing everything, this is also very important in the smooth running of the strategy stated by the OP. good luck
It is after this you blend them together to form a good and working system, and when the system is truly good, more winning will be achieved than losing, and this is a pretty good encouragement that will be able to challenge any iota of discouragement in your trading. Mind you, you work well on your ego, overtrading, greed and other psychological issues which positive results of trading could cause, and if it is negative, you work on the fear which I do not think will come to one's mind again when they are indeed good with their trading system. Above all, find a working trading system and preserve your psychology, and then you are good to go in trading at large.
Of course, to get a trading system and emotional stability in trading requires several trials, experience or repeated trial and error. To avoid large losses related to this, we also need money management. Where MM is very vital in trading. And more importantly besides these 2 things.
Knowledge and experience are the most important keys for someone who carries out trading activities because basically trading does not guarantee regular profits and trading also has a large level of risk if it is not carried out correctly. Believe me, trading will be much more difficult than investing.
Many people trade futures without having any knowledge because they think futures trading only requires guessing up or down and looks quite simple. But when they always lose, they will understand that futures trading requires good trading skills to analyze and manage when trading. whatever money is used for futures trading will be lost if one is not alert and does not have any plan.even on the slightest possibility would really be that important because if you do just neglect out these things then its expected that you would really be ending up on a disaster.
This is why you should really be knowing on taking up some balancing in regarding reward and ratio and this is something that you should be having in mind.
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