Topic: Step you have to take before venturing into the market - page 4. (Read 490 times)

I want to emphasise this because it is the most important thing in trading, and this will never be gone. Even if you are an experienced trader, you need constant knowledge as the market is unpredictable, and every time there is a change in the movement in the market,.

Sometimes this important thing is skipped by many beginners in trading. They sometimes decide to go into copy trading or signals by other traders. Yes, they can earn from it, but it will not take too long because, as long as they are dependent on other people's trading decisions, they can never earn from their own trading skills or analysis. It's like their trading is limited or their profit is limited, and it's hard because you can't get satisfied and you will regret the potential earning you could get if only you were knowledgeable in trading, so knowledge will be your foundation in this field.

About leverage, much better if you do not go for it because it is not for everybody.

It is nicer if you revert your attention and interest into leverage trading to being patient. I am speaking based on  my experience and being patient and holding worked better for me.

I have done leveraging but it is not the type that I can be productive of.

I've seen a bunch of these tips and tricks lists for trading before.  Sure, they seem helpful in theory, but let's be real - most folks don't actually follow them.  Tradings complicated stuff, with a lot of moving parts.  When money's on the line emotions kick in, and it's tough to stick to a neat little list. 

The stuff you wrote is solid advice, no doubt.  but that's just table stakes. and  To make it in trading, you gotta go deep - understand the market on a fundamental level build your own strategies that work for you, practice the self-control needed when the heat turns up.  Lists help get the ball rolling.  But the real work? Thats on you.  Ain't nothing easy about it.

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

A newbie should avoid trading if he is not knowledgeable enough to start trading.if not he will run at loss because trading is more skillful than what we think. However, if he must trade then he should only use the amount of money that he can afford to lose to start trading so that he will have the experience of the market. The fact is that as a newbie, you will keep on losing to the market until you have improved in your trading skliis and that is when you will definitely have a strategy that you will use to trade in order to limit your losses. Emotions is also what should be controlled when trading because trading can mess with your emotions.

Knowledge of trading covers everything that the OP mentioned, because without  knowledge there is no how that a crypto trader can have accurate understanding of how to make profit and avoid loses in trading. Whether it's to avoid greed, being patience, learning the fundamental and technical analysis, they all comes down to aquiring accurate knowledge to be able to attain near perfection in trading. Despite the steps taking to make profit in trading, the trader can still encounter loses, but having accurate knowledge and understanding of the essential steps to follow will help to minimize the loses.

I agree with you, if you acquired crypto knowledge before going into trading will make your journey faster and smooth in profits making because, it will open your eyes to see the opportunity to buy BTC when the price is low in the market to take the advantage. Patient is another tool you can use to study the market price to know the right time to sell to make more money from the investment, if you can endure during the bear run to exercise patient.

Make sure you are active in the platform to be use to the current market price so that you can always be following when potential traders are making profits from the market because some of the information about market are right some time.

Most newbies fail in trading because they think it to be an easy, pizzy thing, they think it to be a get rich quick scheme, some think it to be gambling, and some think it only requires a common trick. So many newbies have misconceptions about trading, and that's why they end up blowing their accounts.

There are so many misleading trading video tutorials on YouTube and other social media, and some people get so attached to these videos, thinking that trading is just as easy as it is being described in those videos. If a new trader considers following these few steps that you have detailed, they will stay on the right track to becoming more successful in their trade and will also prevent them from burning their account without archiving a little profit. Like you have said, trading is about being patient and consistent as well.

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.

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.

The coins or tokens a trader is using to trade is also very important. You may not use leverage with some coins or tokens, but they are too volatile and can result to money loss or liquidation. I prefer to use bitcoin to trade. I use altcoins at times, but the ones with high marketcap.

What to be paid attention to also is the leverage just has you said. Too much leverage is mainly the cause of liquidation. It makes traders to be afraid and leave market which might later favour them. It is even good to trade with less than 1x leverage.

In as much as trading can be very profitable if carried out properly, it also can be very risky, because you can lose all your fund if not done properly, so today I will be listing down step you have to make first before venturing into the market;

(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.

(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.

(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.

(4) learn how to control your emotions: as simple as we mostly thought it is, it's one of the most difficult,  but it's very advicable that you trade with what you can afford to lose so that your emotions can be in check.

(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.

(6) leaverage : before trading, know how to use your leaverage properly, almost all unprofitable traders is a victim of this, they uses too much high leaverage which can make you get liquidated easily.

(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.

( 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.