Things to know before trading. - page 6.

Wicked17

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Quote from: Issa56 on August 20, 2021, 06:13:09 PM

Many people have been investing in cryptocurrency, and some have been complaining that they are losing money, particularly newcomers, so I believe this will really help you as a trader. The following will guide everyone to be a successful trader.

There are four keys to successful trading.

1. Find a strategy that works for you: If you are dedicated and forced to put in the effort, you will undoubtedly find a strategy that works for you. There are a variety of strategies available for you to try out.

2. Risk management: You must work on your risk/reward ratio, know how much you must invest in a coin, and only invest what you can afford to lose. If you are trading futures, always use a low laverage and don't forget to use a stop loss.

3. You must give yourself time: Because cryptocurrency requires patience and dedication, you should not rush to make money at the same time This is impossible since if you buy a coin now, it may take weeks or months for it to pump, so don't expect to make money quickly with cryptocurrencies. Give yourself time to investigate and plan. Because trading is a long-term endeavor, you must devote sufficient time to learning.

4. Dedication and commitment: If you truly want to be a good trader, you must be able to devote all of your time to it. Since you are making money from it I believe it really worth giving all your time.

I think ill go with # 1 and #4 We really have to find a good strategy for our self because we don't have the same mind and goals. Even though our goal is to make profit still we have to consider if that strategy would fit to us. Commitment is always a part of success. Putting a lot of effort to study and of course dedication will make you succeed in trading.

Rb48

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These are just some of the goal setting shareware that you can use. Before you start trading, you need to research the coins you are going to trade.You need to see the trading volume in the market. You have to look closely at how many dollars have been bought and sold in 24 hours.Need to know about the signal. You have to do a lot of time analysis with coins.

Hendra gunawan

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The Standard Protocol - Solving Inflation

Learn technical and fundamental analysis. Trade on coins that have good fundamentals. Then technical analysis to find out the right time to buy or sell coins. In addition, prepare patience when the coin price decreases, don't panic.

Yamifoud

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Quote from: gabbie2010 on August 23, 2021, 04:00:02 AM

These are indeed valuable points to know as a new trader, personally I had a trading strategy which I tweaked to my trading style coupled with candlestick patterns and Price Action.
I also deployed the use of stop loss in my trading using support and resistance zones where I place my SL above or below those zones while considering risk to reward ratio of each trades.
I had given a lot of time and dedication towards finding a suitable timeframe that suit my style of trading, finally settled with daily timeframe to pick signal while using 1 hour timeframe to enter trade.

In general, it was not just to know the things needed to start trading but it was also important to keep motivated and aggressive to learn more on trading rather than being contented enough as what we know at the start. Some strategies diversion might often happen if we can no longer see the effectiveness of this.
Personally, I do the check all the time frame for further analysis but honestly, it can't be all good enough. But at least, we have a higher chance for a profit opportunity than to do nothing.

SquallLeonhart

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Quote from: jostorres on August 22, 2021, 05:09:08 AM

That's why most experienced traders are some of the calmest people. A trader who panics quickly and gets excited with small losses/profits will never really go a long way. Such people are usually teenagers who have the energy to do everything but lack patience. Actually now that I think of it, this is also the reason who so many young guys get addicted to gambling. They want to get rich quickly.

Knowledge about trading and strategies can be learned but the attitude required to trade and the calm mindset is not something you will learn from anyone.

Getting rich quickly is something that older people do believe in as well, just not the same method. If you look at all those people that got tricked or scammed in one of those ponzi schemes or pyramid schemes you will realize that they are usually older people, because they believe in the project itself and that is the main problem. I have to say that we should not be really getting involved with anything like that no matter what our age is, and what we believe in.

I get that it is not something simple yet I do believe that it is also quite difficult to fall for something that tells you ways to get rich quickly. The only way to get rich is by hard work, if you have a lot of money to begin with, that makes it easy, if your parents are rich, that makes it even easier, almost every single rich person you see on forbes richest list are people who already had money, just had even more. However hard work is definitely the only method, young or old.

gabbie2010

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Vave.com - Crypto Casino

These are indeed valuable points to know as a new trader, personally I had a trading strategy which I tweaked to my trading style coupled with candlestick patterns and Price Action.
I also deployed the use of stop loss in my trading using support and resistance zones where I place my SL above or below those zones while considering risk to reward ratio of each trades.
I had given a lot of time and dedication towards finding a suitable timeframe that suit my style of trading, finally settled with daily timeframe to pick signal while using 1 hour timeframe to enter trade.

iv4n

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Things to know before trading is trading require money, and when the money is involved you can make more, but you can also lose it. People who get into trading without thinking about all aspects will soon find themselves in problematic situations, and problematic situations in trading often mean some loss.
Trading can be a nice source of income if you how to do it, and to come to that you need to learn and practice trading, the only way to develop your skills.

Rajamuda

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Another important thing is that we must have high intentions, such as equipping ourselves with more knowledge about the ins and outs of trading. besides that, we really need to trade according to the abilities and potential that we can take, such as doing step by step from the bottom to getting higher in level, here crypto is clearly promising in trading, the right coin can be a profit driver.
And don't forget that we must remain optimistic but still realistic, success does not come instantly once we decide to trade, there are other important things that we need to keep learn and to minimize risk while trading.

CryptoDROI

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Quote from: Issa56 on August 20, 2021, 06:13:09 PM

2. Risk management: You must work on your risk/reward ratio, know how much you must invest in a coin, and only invest what you can afford to lose. If you are trading futures, always use a low laverage and don't forget to use a stop loss.

When it comes to active trading, risk management is a must. It can help you cut down on losses and protect your account from complete and total destruction. A successful trader must be using risk management techniques- which is integral to effective trading. If you don't, you'll end up with massive successes followed by just as huge failures.

Planing your risk management method is an essential step before you begin trading.

While taking risks is always a part of trading, it's essential to stay in control. Having a strategic approach to cutting losses is the key to maintaining profits.

If you don't want to risk losing, you will need to incorporate risk management practices like stop orders or profit-taking.

Thank you for your remarks. I just wanted to poke more about risk management cause I think it can't ever be overemphasized.

Cherylstar86

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Quote from: Hippocrypto on August 22, 2021, 06:15:58 PM

They're complaining to something that's nobody to be blame but our personal decisions. In trading we should be smart enough to take precautions specially in times of no assurance.
Before you're going to sell an asset, always consider the top gaining factors so you'll able to decide what's best to fit with your satisfaction.
Risk factors needs to be corrected before taking actions.

Indeed. We must not blame others for our own mistakes. It's our decision why we experienced it. When we trade, we must have knowledge about it, we must know how to read chart for us to know what steps we need to do or for us to make our own strategies to earn money. In trading, we must need to be smart and expect risk. And lastly, we must control our emotions for us to avoid panic during dump and pump of price.

24Kt

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Quote from: Maslate on August 22, 2021, 05:59:06 PM

First, must know your capabilities if you are really prepared to take the risk.
2nd, must know your capital, the money from your pocket, not from others.
3rd, you already have a prospect exchange to use in trading and have to familiarize it already,
The last one, set up a plan and then go.

We all need these things as this will help and guide you in what you are doing. Many had failed because they never know what to do next. If you want to succeed in trading, never think that was so easy but rather to think that this is very challenging as this urges you to decide and act wiser.

Also, before you trade big, start small. Learn the ropes, tips and tricks before being confident to shell out large amount of funds. You can only learn those via experience and not from hearsay of others. The actual experience is different from what you are reading, even if there are existing self-help or guides, when you enter the trading, it will still be different. That's when you learn your own tricks on how to attack the market as it deviates from one coin to another.

Silberman

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Quote from: Issa56 on August 20, 2021, 06:13:09 PM

Many people have been investing in cryptocurrency, and some have been complaining that they are losing money, particularly newcomers, so I believe this will really help you as a trader. The following will guide everyone to be a successful trader.

There are four keys to successful trading.

1. Find a strategy that works for you: If you are dedicated and forced to put in the effort, you will undoubtedly find a strategy that works for you. There are a variety of strategies available for you to try out.

2. Risk management: You must work on your risk/reward ratio, know how much you must invest in a coin, and only invest what you can afford to lose. If you are trading futures, always use a low laverage and don't forget to use a stop loss.

3. You must give yourself time: Because cryptocurrency requires patience and dedication, you should not rush to make money at the same time This is impossible since if you buy a coin now, it may take weeks or months for it to pump, so don't expect to make money quickly with cryptocurrencies. Give yourself time to investigate and plan. Because trading is a long-term endeavor, you must devote sufficient time to learning.

4. Dedication and commitment: If you truly want to be a good trader, you must be able to devote all of your time to it. Since you are making money from it I believe it really worth giving all your time.

If am being honest I really think the third point is the one were the majority of newbies fail, it is true there are many that do not learn to use any strategy and they do not know about risk management, but I find out there are also a good number of newbies that do take the time to learn those two aspects of trading but where they fail is that they expect to make huge profits immediately and sometimes the market does not cooperate and you need to be patient, but they cannot do that then make a bad trade and then everything goes downhill from there.

Hippocrypto

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They're complaining to something that's nobody to be blame but our personal decisions. In trading we should be smart enough to take precautions specially in times of no assurance.
Before you're going to sell an asset, always consider the top gaining factors so you'll able to decide what's best to fit with your satisfaction.
Risk factors needs to be corrected before taking actions.

Maslate

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Message @Hhampuz if you are looking for a CM!

First, must know your capabilities if you are really prepared to take the risk.
2nd, must know your capital, the money from your pocket, not from others.
3rd, you already have a prospect exchange to use in trading and have to familiarize it already,
The last one, set up a plan and then go.

We all need these things as this will help and guide you in what you are doing. Many had failed because they never know what to do next. If you want to succeed in trading, never think that was so easy but rather to think that this is very challenging as this urges you to decide and act wiser.

sherenikaw

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Managing assets that are owned properly is the responsibility of the individual so we are indeed required in order that to be more careful and also understand more about the crypto market. Trading is a profitable thing and can also be learned so use it well to get the desired profit. it's true that there are several things that need to be understood before trading so that our assets are more secure and avoid losses. always cultivate positive thoughts and do not rush to make decisions in trading. we must remember our goal to be more careful and patient to wait for the right time.

RealMalatesta

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Quote from: Cling18 on August 22, 2021, 09:26:47 AM

A positive and proper mindset before trading is also an advantage. We should always consider the fact that losing is part of trading and it isn't always about gaining a good profit all the time. Dealing with the market changes would help us cope up with the pump and dump easily. Trading by knowledge and skills is still better than trading based on our emotions.

Trading with data on your hand also helps you keep your emotions in check. If you know that a particular project is really good but because of the lack of attention is undervalued right now, you will never panic about its price because you know in the future the value will do justice to the price. No decent project can remain underpriced forever. Similarly, no garbage token can remain on top for a long time because it has nothing but the hype behind it, something like dogecoin or shiba Inu.

Knowledge will come with time but at least you can gather data available to assess a particular project.

perfect999

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Quote from: Johnyz on August 21, 2021, 02:57:31 PM

Quote from: layoutph on August 21, 2021, 11:03:38 AM

Learn first how to read chart. I remember I bought 3 ETH for 30usd.. I sold it all when ETH reached 20usd.
One of my biggest mistake as a newbie

This is the biggest mistakes of every newbie, they are too greedy and they always forget to analyze before invest simply because they are too dependent and they trust trading signal that much. There’s a lot of things to learn first about trading, it can’t happen within a day so always have your patience and trade with your analysis.

Too much greed or panicking too quickly are both hindrances for a crypto trader. If you have decided to trade in this volatile crypto market, you must be well prepared to see the ups and downs every day. If you have a tendency to panic too quickly then surely crypto isn't meant for you. I cannot believe someone managed to buy 3 ETH for 30 bucks but still ended up losing overall.

The technical and fundamentals of trading can't help you one bit if you are too emotional about trading. I would suggest any new traders work on their emotions and then learn other things. Someone with strong control over emotions might earn more than a technical expert who panics too soon.

tygeade

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Also, I would like to add, it is okay if you lose money. A lot of people gets upset when they lose money and it is understandable money is a big part of our lives and when you lose some then it becomes a big problem for you and for everyone around you, and that's why it is totally alright if you get upset.

However if you could at least pump yourself back up, and realize that it is money and you can earn it back, no matter how much money it was, if you got it once then there is a good chance you could have it again, in rare cases it is quite difficult, but most of the time every human in the world faces moments where they can make more money in a quick period of time than they do for years, I remember a month where I made more money than I made in 5 years total, which is why do not be upset and wait for the next time you are going to end up with profiting for this.

Cling18

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A positive and proper mindset before trading is also an advantage. We should always consider the fact that losing is part of trading and it isn't always about gaining a good profit all the time. Dealing with the market changes would help us cope up with the pump and dump easily. Trading by knowledge and skills is still better than trading based on our emotions.

ipanks

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Quote from: Pasa32 on August 22, 2021, 01:23:11 AM

As i recently saw a post about trading that i needs full concentration and constant time. But i have to say and seen there are many traders even they are not giving much time to trading, but they are good at trading, and earn a lot and took a great profit from it. I think they have a good fortune that's why.

Some traders do not need to analyze too long to know when entering the market because they can get to where the market will move. But some others will need a long time before they can enter the market. That will depend on how we analyze the market and the purpose of trading is we want to make money and I am sure that we have our own target in making a profit as long as you know how to analyze and the time to trade, you will have a chance to make a profit.

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