Topic: This will help day traders and newbie traders. - page 5. (Read 1284 times)
Hope many beginners traders will follow it because the mindset of the newbie once they entered to the trading journey they expecting instant earning money . Which is very wrong so they need to see this to know what they do.
I would like to focus on being mentally prepared in trading, a lot of people think that trading is only about technicals but they are wrong because trading of cryptocurrencies, securities, forex and stocks are about 80% psychology. Having good mindset wherein you accept that trading is about possibilities and there is no profit that is really guaranteed. I always telling a lot of traders that they should always have a plan especially if they will do a day trade where in the market is too volatile and they are using short term time frame . Having a plan have a connection in our psychology, we should not expect to have big gains especially if you doesn't create a plan. Plan your trader and trade your plan, this statement is really helpful not only for the professional traders but also in newbie traders. A good plan consists of 4 things, having a good entry point, having a cut loss point, having trailing stop or target profit and having a good risk management.
^ Really? Professionals would always say, "Real coaches will not do coaching for living". Real coaches aren't there offering to teach you how to trade. Because if they really are the best, then you will never be able to see them having their hands off their computers and trading. I would suggest you find a real person and seek assistance and mentorship from him. And that is the best time that you can learn the real game. Nevertheless, never trust radom people online, seek the professional one in person.
Trading needs skills, coaches will just guide you but of course, not all the time he's with you and even teaches everything he learned. It is a top-secret dude, they keep it for their own. That is a reason why we should have to work hard, learn from our mistakes, and tried to adopt the market faster as we can. Because if we keep relying on them, we never have to improve also. 
It is a great article, I like those tips, they usually speak in a general sense, although I give more importance to learning to know the market, its movements, the way to interpret the volume and not only dedicate itself to only doing technical analysis, but Try to understand the market movements.
I couldn't agree more. There is little purpose in knowing and respecting all the other tips if you fail at the main one - learning to predict or become comfortable with the market volatility.
Technical analysis is also important and to be fair all of these factors are good in their own right which is why you don't have exclusivity. A good trader painstakingly learnt all of these tips and is able to grow more comfortable with both risk and loss.
Into the world of risk of trades there are a lot of people would like to earn but it doesn't like easily because there are a lot of things we should consider.
These are the things i commonly experience.
1. Fear of missing out.
Some of the newbies always click buy and sell because they think they don't skip any profit on this day they becomes too much greedy.
2. Lack of confidence
When they see that the market price of the coin drops they immediately pulled out their investment. Which is wrong and could cause of loses a large amount of money.
I don't see any problem with lack of confidence. You know what they say that in trading, always remember that you're always wrong until you're proven right. It's better to stop your loss as early as possible rather than wait until the to coin bounce back but then never really happen and just continue to dip. These are the things i commonly experience.
1. Fear of missing out.
Some of the newbies always click buy and sell because they think they don't skip any profit on this day they becomes too much greedy.
2. Lack of confidence
When they see that the market price of the coin drops they immediately pulled out their investment. Which is wrong and could cause of loses a large amount of money.
^ Really? Professionals would always say, "Real coaches will not do coaching for living". Real coaches aren't there offering to teach you how to trade. Because if they really are the best, then you will never be able to see them having their hands off their computers and trading. I would suggest you find a real person and seek assistance and mentorship from him. And that is the best time that you can learn the real game. Nevertheless, never trust radom people online, seek the professional one in person.
These tips are the basic thing to know as a trader, we must keep this in mind in order to become aware of what to expect and the risk associated with it. We are not certain if we can gain or lose when we trade since everything is up to how we react on a different market situation. Thats why its better to have a plan and strategy to follow so you wont panic incase something went wrong. Its fine even you have a small gain, as long as you're not losing your capital then its a good starting point to be a pro trader by improving your skills and strategy.
Yes. These tips are very helpful not just for beginner traders but even for those who have been in trading for a period of time. Having a positive and right mindset could be the best key to end up a successful trading. Of course you won't engage into trading if you're not willing to take risks and suffer losses. Learning the best entry and exit in trading cam be very helpful too so you can prevent more losses and attract huge gains.
Yeah, mastering entry and exit is something incredibly hard, nobody can do that very easily, it takes time to master that and it involves a lot of patience in order to reach that level because you are not going to get in and get out at the right time early on, but you will learn about it over time.
Literally money management is another, if you go into bitcoin and want to get out at 100% profit you are either going to lose money or you are going to wait years for it, but if you do that with smaller coin and 5% profit you are going to be fine, plus if you go all-in with all your investments eventually it will hurt you a lot, but if you go in with just 5-10% of your portfolio even if it goes down 5% that is only 2.5% of your portfolio so you should be fine in the end.
Literally money management is another, if you go into bitcoin and want to get out at 100% profit you are either going to lose money or you are going to wait years for it, but if you do that with smaller coin and 5% profit you are going to be fine, plus if you go all-in with all your investments eventually it will hurt you a lot, but if you go in with just 5-10% of your portfolio even if it goes down 5% that is only 2.5% of your portfolio so you should be fine in the end.
Into the world of risk of trades there are a lot of people would like to earn but it doesn't like easily because there are a lot of things we should consider.
These are the things i commonly experience.
1. Fear of missing out.
Some of the newbies always click buy and sell because they think they don't skip any profit on this day they becomes too much greedy.
2. Lack of confidence
When they see that the market price of the coin drops they immediately pulled out their investment. Which is wrong and could cause of loses a large amount of money.
These are the things i commonly experience.
1. Fear of missing out.
Some of the newbies always click buy and sell because they think they don't skip any profit on this day they becomes too much greedy.
2. Lack of confidence
When they see that the market price of the coin drops they immediately pulled out their investment. Which is wrong and could cause of loses a large amount of money.
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1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.
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1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.
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Proper and best working mindset is the key for everyone's success in trading. You can also apply this characteristics for other purposes in your life. All of the next mentioned tips below already belongs to this category. If you had a proper mindset, you will not find it hard to those micro adjustments and important set of discipline in yourself toward trading. Set yourself up properly before engaging to this kind of investment. For this will help you be filled with knowledges that you can use to your trading adventure.
These tips are the basic thing to know as a trader, we must keep this in mind in order to become aware of what to expect and the risk associated with it. We are not certain if we can gain or lose when we trade since everything is up to how we react on a different market situation. Thats why its better to have a plan and strategy to follow so you wont panic incase something went wrong. Its fine even you have a small gain, as long as you're not losing your capital then its a good starting point to be a pro trader by improving your skills and strategy.
None of these tips or tricks or eBooks or any type of video tutorial will actually help you become a trader in real life. Right now every Tom, Dick and Harry is making boatloads of money on the stock market like every Tom, Dick and Harry made back in crypto in late 2017 and eventually the markets will trade sideways or bearish and people will lose all their realized gains.
The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.
Having those tips in mind will help you remind when things get muddled. I agree that experience will teach you the biggest but isn't it wiser to learn from other's experience too. It is better that they have knowledge doing daytrading rather than diving straight into it and gaining the experience, atleast have something in your belt to help you right?The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.
Another good tip to add is do not compare your profits to other successful trader or even your experienced friends, it will leave you the feeling that you are doing something wrong. Roll with the punches because there will be losses.
I agree with you that the above points are really good especially for newcomers. Analyzing these strategies before the trader gets involved will help the business and will rise to the top. All must think equally positive bad mindsets lead to bad moods if the business does not plan and strategize such a thing there is a risk and not enough capital is available. This is why you have to keep your mind right and control your emotions and move forward with patience this will make it easier to earn and prevent.
Points To Note
1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.
2. You need to be mentally prepared to take risks and suffer losses.
3. Have in mind that no one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)
4. Master your entry/exit strategy
5. Have money management understanding
Mastering entry and exit with good money management of trades caught my attention in the OP write-up this two rules ensured proper planning of my trades before pulling the trigger to buy or sell while using 4 hour timeframe as the minimum trading frame.
I used resistance and support zones as the point of exits thus giving me the opportunity to calculate my stop loss and take profit while taking into cognizance the risk to reward ratio of that particular trade I am about to enter whether it worth trading to a earn decent profits or not else I leave it for another one.
I used resistance and support zones as the point of exits thus giving me the opportunity to calculate my stop loss and take profit while taking into cognizance the risk to reward ratio of that particular trade I am about to enter whether it worth trading to a earn decent profits or not else I leave it for another one.
There are many possiblities in the trading field, sometimes it will broke your confident to make a profit. Yeah, I often to find this situation, I collect a bunch of riset for my trading system and I tried to entry but there always time the strategy didn't give me a profit event just give me a huge lost.
So, those points that OP mentioned is really usefull for new trader like me. Having a good mindset and always getting used to don't have a high expection especially to get a consistent profit, the avarage's expectation will only new trader leave the crypto trading. Just trade and use money that you can afford to lose because it will make you stay longer and learn many new strategy to trade.
So, those points that OP mentioned is really usefull for new trader like me. Having a good mindset and always getting used to don't have a high expection especially to get a consistent profit, the avarage's expectation will only new trader leave the crypto trading. Just trade and use money that you can afford to lose because it will make you stay longer and learn many new strategy to trade.
This is what I have been telling to young people (and sometimes even people on my own age) to do but they are really not listening. If you think that you could get rich inside one year, have a life changing thing that makes you from a regular paycheck to paycheck worker to suddenly a person who doesn't have to work and could make money, you could literally go bankrupt, that type of greed really hurts everyone.
However if you could wait and if you could manage to actually aim for a 20 year plan, you could be richer than you can imagine. Buy bitcoin right now (hell buy gold right now) in bulk and wait for 20 years and you will be able to retire early, it is a long term plan and you could benefit from it instead of focusing on how to get rich over night which could lead to you being scammed.
However if you could wait and if you could manage to actually aim for a 20 year plan, you could be richer than you can imagine. Buy bitcoin right now (hell buy gold right now) in bulk and wait for 20 years and you will be able to retire early, it is a long term plan and you could benefit from it instead of focusing on how to get rich over night which could lead to you being scammed.
I think what should be the most important part is.. You should have money. 
A lot of it.
Being a day trader ain't that easy.
Let's say you will have a lucky day and it all went well.
But those things do not happen for so long. The end of line will always be there and you should be prepared for that. Have some spare to get it back.
Just stating my own experience. It's like a streetfight out there. You can be punched anytime and everything will go black.
A lot of it. Being a day trader ain't that easy.
Let's say you will have a lucky day and it all went well.
But those things do not happen for so long. The end of line will always be there and you should be prepared for that. Have some spare to get it back.
Just stating my own experience. It's like a streetfight out there. You can be punched anytime and everything will go black.
The volatility of the crypto market makes it a perfect market to profit as a day traders. If you pay close attention you would realize it quite easy to make thousands just buying some random tokens on an exchange that has major development ongoing or just got a news update from it developers on their social media platforms. What actually occurs daily that leads to coin getting pumped excluding the manipulation from pump and dump groups is, these projects are traded based on news in upcoming events ore development.
I'll assume the OP isn't referring to trading bitcoin daily as that requires more funds that could lead to the trader getting emotional when the trades aren't going his/her way. With bitcoin the idea of day trading shouldn't be included in your investment strategy.
Day trade is still considered or can really be included in investment strategy.It only varies on the intensity and level on how you do deal up with prices.I'll assume the OP isn't referring to trading bitcoin daily as that requires more funds that could lead to the trader getting emotional when the trades aren't going his/her way. With bitcoin the idea of day trading shouldn't be included in your investment strategy.
Day trading isnt something that someone can achieve or able to do so yet this one do require sufficient knowledge and skills in the market.
You cant just dive into it without any preparations thats why some people do tend to hold instead on dealing with price actively.It doesnt matter on where
you would choose, just be sure that you are prepared enough to deal with it.
None of these tips or tricks or eBooks or any type of video tutorial will actually help you become a trader in real life. Right now every Tom, Dick and Harry is making boatloads of money on the stock market like every Tom, Dick and Harry made back in crypto in late 2017 and eventually the markets will trade sideways or bearish and people will lose all their realized gains.
The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.
Like the famous saying goes "Anyone can make money in a bull market". Don't need to be a experienced trader at all.
It is precisely because of this we need to be awfully honest with ourselves, there are many people in this market that earned fortunes by just being at the right place at the right time, in short they were lucky, but they confuse their luck for skill and they keep investing in the market thinking they can replicate that kind of success only to be disappointed because it seems they have somehow lost the Midas Touch, the truth is they never had it and even if the results of other traders are not as impressive over the long term they should surpass them as they will make consistent profits on the markets while the capital of those that were lucky will just go down. The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.
Like the famous saying goes "Anyone can make money in a bull market". Don't need to be a experienced trader at all.
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