Step you have to take before venturing into the market - page 3.

boty

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Quote from: Questat on January 09, 2024, 09:21:30 AM

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Going through the process of learning about crypto can sometimes make us bored because we don't understand crypto well, but if we can be patient with what we learn, we will be able to get results that are equivalent to what we learn, even if we experience a loss on the first try. Of course, this is normal so that we can correct these mistakes by not repeating the same mistakes again.

You are right, if we still have doubts about crypto it would be better to postpone jumping into the world of crypto and do further research about crypto so as not to make a mistake in deciding to enter crypto.

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Quote from: EL MOHA on January 05, 2024, 02:47:52 PM

Nice thread mate, one thing I will add is one needs to avoid greed, some newbie traders sometimes get too greedy that they so much trust their analysis and end up either putting too much funds on a trade or do not know when to apply a break even point or even take partials. Greed can also be associated to the reason why most people rush trading lessons or class and jump on trading themselves.

The thing I want us to know concerning trading is that, if you are determined in trading their nothing will make you to experience lost more profits, because before someone ventures into trading you have undergoes the concepts and know the rudiments of Trading and that is while people who did not learn very well will not understand the basics things that have to be the barrier in trading as well, secondly greediness is another factor that makes people to lose in trading so therefore I would like us to remove greediness and set it outside during trading so that we will make a profit.

Finestream

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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.

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Quote from: Questat on January 09, 2024, 09:21:30 AM

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Of course, this is why knowledge should come first and foremost. To be a successful trader, you need to devote time and some money to learn about crypto trading because trading is more difficult than crypto investment because crypto investment is easy because you will only learn how to buy and save your coin in your wallet, then learn how to secure your wallet and also have patience for a long time in order to gain the adequate profit they deserve; trading entails a very high risk because money moves extremely quickly due to a small mistake, which is why one must be an expert in trading before fully committing to trading.

The mindset of maintaining every business is similar to that of cryptocurrency because all of them involves risk management.

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Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(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.

As a newbie I can say that after you lose your deposit several times, you will become much more patient than in the begining of your path. I deposited into my account at least 4 times and every time I lost everything due to fomo and lack of knowledge. After my last loss, I decided that this is not my business and I don’t want to do this anymore. But a week later I decided that I would make my “last” deposit and do everything according to science. And for some reason, after I deposited it, I realized that I didn’t have the same excitement that I had with the very first deposit, I was no longer angry when I lost and I didn’t smile like a fool when the price went in the right direction. I just draw conclusions and, if it was a losing position, I review the charts and look for my mistakes, and if it was a profitable position, I don’t feel anything at all and just prepare for possible future losses.

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Quote from: sana54210 on January 09, 2024, 02:15:02 PM

Quote from: Questat on January 09, 2024, 09:21:30 AM

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Proper execution of those steps are the hardest part, that's what people have trouble with, that's what people are trying to avoid as well. I understand that it may feel like it is an alright situation but the reality is that knowing something and being capable of doing that said thing are two different situations.

Some people out there are capable of knowing and doing the same, some people do not know and can't do, but there are some people who knows what they should do and still fail to do it and these suggestions are not for them, they are going to need to be careful with what they are doing, and that's the most important part. I believe that we are going to be forced to focus on what we could do, that's the deal.

Agree, we can set all of those things before or on the time that we are really just that making those plans on which on the time that you are on the actual condition or situation then this is where things
do start out to be challenging on which there's no way that you could really be easily making yourself that be following all through all of those things so easily or simply you would really be bounding yourself
into those mistakes and errors just because applying those things that you had planned earlier do really fail on doing so. Somewhat making yourself that be wary about those guidelines is much more better
rather than into those people who do just simply jumped in without any preparations and awareness about the things that could happen ahead.

It would be always important and it would be always recommended that you should really be that making yourself that wary or prepared at least. You might missed up something
but doesnt mean that you wont really be able to patch it up, this is why it would be important that you should really know on when to adjust accordingly
if you do encounter those things.

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Quote from: Questat on January 09, 2024, 09:21:30 AM

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Proper execution of those steps are the hardest part, that's what people have trouble with, that's what people are trying to avoid as well. I understand that it may feel like it is an alright situation but the reality is that knowing something and being capable of doing that said thing are two different situations.

Some people out there are capable of knowing and doing the same, some people do not know and can't do, but there are some people who knows what they should do and still fail to do it and these suggestions are not for them, they are going to need to be careful with what they are doing, and that's the most important part. I believe that we are going to be forced to focus on what we could do, that's the deal.

Questat

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All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Bloodseekers

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Quote from: Fuso.hp on January 09, 2024, 03:30:08 AM

Every investor or every trader must make these decisions and plans before entering the market. Come to trade with crypto currency but you don't know about crypto currency then what to trade. We need to gain adequate understanding about trading and we must accept everything that may happen to us after trading. Trading cannot be done with wrong ideas in mind. Someone might have put it into your brain that trading means profit and if you trade with the idea that the more money you trade with, the more profit you will make, then you are sure to be in danger. That is why you will be in danger because trading will not only give you profit but also you have to accept loss. You can do good if you trade by accepting that you can make a profit and you can make a loss.

Of course, it is very important for every investor to first understand market conditions well before making a decision to start trading and we also have to learn about the possible losses that we will incur if we make mistakes in trading.
If we think that by trading we will make a profit, of course this is a wrong understanding of trading, even for those who have a lot of experience, there are still those who experience losses in the trades they make, so it is very important to have the correct knowledge in trading so as not to experience loss and loss of assets that we own.

Fuso.hp

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Every investor or every trader must make these decisions and plans before entering the market. Come to trade with crypto currency but you don't know about crypto currency then what to trade. We need to gain adequate understanding about trading and we must accept everything that may happen to us after trading. Trading cannot be done with wrong ideas in mind. Someone might have put it into your brain that trading means profit and if you trade with the idea that the more money you trade with, the more profit you will make, then you are sure to be in danger. That is why you will be in danger because trading will not only give you profit but also you have to accept loss. You can do good if you trade by accepting that you can make a profit and you can make a loss.

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Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(1) Go for knowledge first

This. Before you start your trading journey, gaining knowledge is the first one that we should focus on. How can you succeed if your mind is empty and you're just simply guessing. Those who just watched an experienced traders earning a huge profit through trading and became interested for thinking they can earn the same amount too by just trying. But didn't take time to learn will likely experience losing their capital for not being aware of what a trader should do when they trade.

Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(3) Do not see trading as a get rich quick scheme:

A mindset that can take you to a wrong decision. Because if this is your goal, then trading might not be the way that you're looking for to profit in snap. Because it takes time, moreover the profits are not guaranteed because it depends on the trader's knowledge, strategy and skills.

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Quote from: SquirrelJulietGarden on January 08, 2024, 09:49:54 PM

Demo accounts and trading with demo accounts only can help you to test your knowledge about technical, fundamental analysis but it won't be too helpful when you switch to trading with your official account and real money.

With real money, you will start to be greed or fearful and it will be start of many problems in trading.

Reducing risk in trading is a very good point. To reduce risk, don't use leverage, don't use futures. Just don't.

People can advice to use maximum x2 leverage, I don't call it is a bad advice because with x2 leverage, you reduce risk of forced liquidation. Just reduce that risk but does not guarantee you will never be liquidated.

So to reduce risk of liquidation, to avoid it, better just don't use leverage, even x2.

Even a level of leverage that may seem harmless requires a trader to be way more careful with the way they trade, since a 2x leverage not only means that your profits can double but this is true about your losses as well.

So a movement that at worst could give you some important losses when not using leverage, now becomes a movement that could threaten your account and your future as a trader, and the higher the leverage, the greater the risk this could happen to a trader and they could deal with it in the wrong way.

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Quote from: Yamane_Keto on January 07, 2024, 08:21:44 PM

These steps are supposed to end with a simple answer: Do you want to trade or not, thus reducing the risks, but they will not benefit you much since you have made up your mind and want to trade, but they remind you of the risks of trading. The necessary advice, in my opinion, is to have experience in creating a demo account and experimenting with trading, and I am certain that the results in the medium term will give you a better understanding of what trading is, and then you will have more logical reasons to accept or reject trading based on personal experience and not based on the analyzes of others.

Demo accounts and trading with demo accounts only can help you to test your knowledge about technical, fundamental analysis but it won't be too helpful when you switch to trading with your official account and real money.

With real money, you will start to be greed or fearful and it will be start of many problems in trading.

Reducing risk in trading is a very good point. To reduce risk, don't use leverage, don't use futures. Just don't.

People can advice to use maximum x2 leverage, I don't call it is a bad advice because with x2 leverage, you reduce risk of forced liquidation. Just reduce that risk but does not guarantee you will never be liquidated.

So to reduce risk of liquidation, to avoid it, better just don't use leverage, even x2.

Yamane_Keto

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These steps are supposed to end with a simple answer: Do you want to trade or not, thus reducing the risks, but they will not benefit you much since you have made up your mind and want to trade, but they remind you of the risks of trading. The necessary advice, in my opinion, is to have experience in creating a demo account and experimenting with trading, and I am certain that the results in the medium term will give you a better understanding of what trading is, and then you will have more logical reasons to accept or reject trading based on personal experience and not based on the analyzes of others.

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Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(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.

The right term in trading is that, STOP-LOSS.
This is very important in trading especially if you're new to this battlefield. You should have all those battle gears in order to start trading.
A lot of people lose their money quickly because they don't have even a knowledge or lack of knowledge entering the market, they just rely on their luck, not their skills.

We've seen a bunch of advice from newbies about trading tips but I don't know if they apply this in real trading activities.

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Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(3) Do not see trading as a get rich quick scheme: mostly the set of people that falls into this particular trap is the newbie's, but after some series of losses, they will discover that it's not really what they thought it is.

Honestly, it's not just trading that the newbies see as the rich quick scheme but the entire crypto market as well.

So having to tap with trading crypto, that's two things for them and a combination of it will be thought by them as an actual way to become rich so quickly.

But they are all getting it wrong and they need to understand that people who have became successful with crypto or trading have been through a lot.

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Having the right amount of knowledge will give you an edge in trading. While trading can be of high risk that can let you experience sudden losses, but with knowledge and enhanced trading skills, you will minimize the risk and prevent your funds from instant losing. That’s why being knowledgeable is very crucial when one decides to trade, otherwise he will go trading not knowing what to do and end up trading like gambling.

Where there is no knowledge, a beginner should not jump into trading. Because in reality, one who has not gained something, has nothing to give in the process, and would likely end up like a loser and put all his funds into waste.

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• No matter how good the project is, you should really learn on how to take profit, so that it wont really be giving out that huge regret. Been there, done that and i could
say that you should really be having those considerations on taking profits so that you wouldnt really be ending up on having regret.

•Dont get yourself easily affected with FOMO or FUD. Stick to your plans, set plan B's C's and further more as long you could be able to sustain yourself
then this is always be the best thing.

•Be realistic and dont be that over optimistic because this is where things starts to mess up if you do set those high bars.

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Quote from: Nrcewker on January 05, 2024, 12:16:05 PM

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.

I would say knowledge and skills are definitely what’s required before trading. That’s why before you go into live trading, try to experience a demo trading account first so you will gain ideas on how mostly live trading goes through. With little knowledge and little skills, you can still be in profits as long as you can manage your emotions when trading in the market.

Greed mostly becomes an obstacle in trading. A lot of newbies are jumping into trading due to their greed and hunger for profits, but we all know that they are not advised to trade unless they gain experiences in the market, hence a lot of them still end up losing and regretting because they have lost all their funds.

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Quote from: Barikui1 on January 05, 2024, 10:45:49 AM

(3) Do not see trading as a get rich quick scheme: mostly the set of people that falls into this particular trap is the newbie's, but after some series of losses, they will discover that it's not really what they thought it is.

Above all other points, and from my experience, I see this point is most important for investors and traders in this market.

First of all, let note that this market is very volatile, even we're talking about Bitcoin. With altcoins, surely that they are much more volatile than Bitcoin.

From this first note, investors and traders must get rid of their thinking that this market is a free ATM for them to join, and withdraw money to get rich easily and super quickly.

The painful fact is they can get poor easily and super quickly if they can not control their greed and join scam projects, Ponzi, meme tokens.

They will see some crazy ROIs on social media but it is tip of iceberg only. Under the tip, many people lost money to scam projects.

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