Topic: Things to know before trading. - page 4. (Read 855 times)

Well the important things that we should know as a traders here such as follows:

1. Know what type of trader are you? is it day trader or long term holder?
2. Must have a dedication and passion with it.
3. Willing to take risk.
4. know the risk management.
5. Do your own research before you buy a coin where you gonna trade in.
6. Must know your target and goal.

These are the significant factors needed when we are planning to trade for here
in cryptocurrency.

Yeah, your analytical and management skills are the core part as the deciding factors for your consistent success in all types of trading. But, being dedicated and fully committed toward the preparation of successful trading is self driven which means it cannot be learned from books or videos but should be developed by our own interests. I agree that we will become more dedicated and committed when our trading support us for a living.

Knowledge and experiences are directly proportional to your success in trading. But the thing is, your knowledge needs to be updated regularly so that you could tackle all types of market fluctuations and this is where most traders do fail as they never find time to keep updating their knowledge on trading analytical part.

If you are a beginner with trading you don't need to hurry up all the things because it takes time it's better to make an investment to your knowledge first as a stepping stone before getting into the world of trading. Knowledge is the most essential thing if you think you are ready go ahead and try but if you think there's something missing to your knowledge, know it so you can prepare yourself for the possible outcome. Still, we have different concepts because in making a trade some of us learn through experience and some of us learn from the things we read. You need to be focus, have plan, and aware for every trade. In trade accept if you got a profit or loss not becoming more greedy can cause too many losses. Well, it's trading a high-risk reward.

Understanding the whole concept by acknowledging the basic principles of trading, with proper education you'll learn how things works inside this business, it's true that better to deal first with all the tools that you needed before you start is more safer than jumping in and try your some luck.

There are many available training materials that will help you to understand, guides that very useful if you really aimed to succeed from this industry.

It takes time and focus; you are the one who holds your fate. Taking things the right way will give you edge from those who are only trying some luck in this market.

what is described is correct that there are several things that must be done before deciding to trade. Trading is not something that can be done arbitrarily because it requires proper analysis to decide when to sell or buy coins. what is certain is not to be careless and also greedy to be able to get big and fast profits so be careful. that's why before deciding to trade people must be equipped with good knowledge and also mental readiness so as not to be surprised by the crypto market and be able to follow it well.

Although time is very important to get the full skill and start trading as a newbie trader before gaining some  sense of knowledge to determine the market by oneself without waiting for speculators to analyse the market. There are many things to know before trading the crypto market. Strategy works fine be personal working is very important like working on yourself.

^ Definitely right, it should have dedication and courage when you are trading and of course, the last part is the focus of your goal target.
There are too many factors to consider before you will start trading, this is not an easy task and it should be wise to pick and have a decision while the market is unpredictable and volatile. If you often doing trading and keep the practice on this, there is a high chance that you will improve including your skills and analysis in trading.

Trading is not an easy thing. And I do agree that before doing it, we must prepare many things in order to be exactly ready for trading.
Actually, the first point of finding a strategy that matches us is yes that is basic.

We can know the right strategy actually from learning by doing. We can do what others doing or combine the strategy or modify certain strategies on it.
And we must also decide what kind of trader we are. Are we a day-trader? Scalper? Short trader? Or others?
Because these will also influence how we will determine the next points.

About the risks management, I will add also the management of funds or emotions. We must be able to decide how much we will trade for certain coins, how much we will get to the target, and how much we can use for others.
We must also be able to manage our emotions in order to be wise, smart, and not panic. And these management systems will influence the risks.

I am wondering about giving my time or not trading. Because I am sure that I will need certain spare time in order to take a break from trading, getting entertainment, fresh air, exercises, and others. This will really help.

Commitment, yes, exactly.
Dedicating all times for trading? Well, it will depend on what kind of trader we are. If we are a day-trade, yes of course.

All points are important for any trader. To be a successful trader, it is very important to change yourself and acquire all the knowledge of trading. Because it is very easy to be a trader that anyone can claim to be a trader, but the big thing is whether that trader can make a profit from the market.

To stay in the market, you must follow the rules of trading, because the market will not give you a chance again and again. You need to prepare yourself as a professional trader to make the right decision at the right time.

everyone has different thoughts about trading. I think the above point can be implemented but with many different methods. maybe education for beginners should be carried out before carrying out the points you mentioned above. The most basic and initial steps for beginners must be understood first

I guess these two are more than enough to be successful in crypto trading as once you are good with analysis and all management skills then you will not rush and you will start showing more dedication and commitments. I mean when you are fully dedicative but if you are not good in analysis and management then you may not able to make consistent profits in crypto trading.

These are the things that every trader must need to get practiced to, rather than just simply getting aware of. Hope you are aware of the differences between these two.

It is the most important thing that you must be aware of loose in trading. Impatience person cannot get benefits from trading. Before trading, you must have some planning for trading. You should know about trading strategies. You should have patience in trading. Then you can easily achieve your goals.

Learn from your mistakes and make research on your own since everything could really be attained nor be able to searched up through online.You dont need any gurus or mentors for you to learn of which is really a common mistake for some noobs who do consider on following someone.

Get learnings from real experience and this is where you should consider on starting with small amounts and make learning from it and make yourself sustainable in the end of the day.

Dont rush up on everything because this would be a reason for you to commit mistakes because you are on haste to make profits and wont mind off much that well.

Yep, Everybody sometimes makes mistakes but learning from them is the most important thing
And for noobs, there are some awesome people that have been in the crypto world
that are knowledgeable to follow but  at the end of the day, you have to DYOR

Newbies will literally make a mistake with their first trades. But as they commit a mistake that's how they're going to formulate their strategy and what's a better approach that they can do from the market.

Those people who are saying that trading is easy might be the, trading experts and not trading at all.

It is true that risk management is a necessary thing in trading. A trader must have good risk management to avoid big losses in trading. One of the ways to prevent it is to set cut loss. For a day trader, it is very helpful to ensure he doesn't lose his capital easily. When the price of a crypto coin drops to a certain rate, commonly it can execute "cut loss" automatically. There is a cut loss feature on the exchange.

Hi,
Earning money and paying bills with this income that is what drives a person to perform a non-traditional work activity, at the point that everything depends on you, unlike a job that you can be lousy at what you do but still get paid.

And that's what I mean by "dedication" I don't know where I say in my post that you should be dedicated to trading if you don't pay your bills, your responsibilities.

From theory to practice in unconventional jobs there is a lot of effort, a lot of sacrifice, perseverance but if the skill does not come definitely let it go, of course.

_________________
Edit:
+1

We could really create our own strategy as we do engage with trading or simply when we do get sufficient experience.We can stood on our own and we should not really
forget on knowing the basics and of course other things needed which would be discovered when you do make trades. There are lots of things to be considered
and always mind off about those mistakes where you should learn from it so that  you would make yourself more better as you do gain experience.

I think every trader should have his own strategy, whether if he made a mistake then it doesn't matter he should learn from it and next time he have to be careful about with having new trading startegy. As people can say that trading is easy but it is nor that easy it needs time and the person full concentration. So, risk management is also important in trading.

True, Don’t compare your grades with the grades of someone else. If you feel you did the best you could,
your results are a mirror to help you in learning who you are and what you’re good at.
We only know what we're exposed to. Failure only exists if you understand the game.