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Topic: Tips for newbies to trading (Read 586 times)

sr. member
Activity: 952
Merit: 251
December 06, 2019, 02:32:31 PM
#83
''Start small: There is no hurry in trading and as a newbie, you should start small and grow with time.''
Totally agree, don't just blindly invest and wait. Start with simulators since they are risk-free and easy to use..
You are right if we are new so we should try our best to gain trading skills and trade for long term. As day trading for new one is not good but for experiences people day trading can be good. I like to learn trading before I get in as it’s all about to maintain our risk and risk takers makes more money than those who get worries with market changes.
newbie
Activity: 14
Merit: 2
December 06, 2019, 12:40:53 PM
#71
Probably the best tip is test it by using paper trading first! Test it, test it, test it. At least for a week or so.

After paper trading shows satisfactory results on a longer time frame, then consider using real crypto. Start small and move from there.

Control your greed!

I guess that is more then 1 tip!
full member
Activity: 1834
Merit: 166
December 06, 2019, 11:02:56 AM
#70
Trading can be very complicated especially for newbies. Lots of people are still split on whether it's down to luck or skills on the analysis (technical and fundamental). As a trader, there are bery simple steps you can take to improve your chances of gaining and also minimize your losses and they can be useful for day traders as well as long term traders (investors)

1) Read and research: This is important for both newbies and experienced traders. The internet is a repository for information and lots of knowledge can be gotten from reading through it (this also includes watching helpful videos). Also do your research, knowing what is happening on what exchange or what currency is planning a fork or a halving can help shape your decisions.

- Practice: Through regular practice, you will find the strategy that suits you, this can be done through demo trading.
One important point to note is that during g practice you have to treat it like it's the real thing. Use only the lot size, capital, leverage, etc that you will use during an actual trade.

- Start small: There is no hurry in trading and as a newbie, you should start small and grow with time. Losses are ineluctable, so a small capital will reduce your losses.
At every point, only invest what you can afford to loss

- Be patient: Every trader should have the quality of patience and also timing.
It is important to know how to control your emotions and only act on your analysis. This would also help you handle losses and profits.

- Explore every option: There are lots of tools at your disposal, signals, technical and fundamental analysis, etc, not every one of them would be helpful to you, discard those which are not and stick to your strenghts. Bitcointalk can also be a useful tool, it's an interactive forum where you can ask questions.
The points you have mentioned are quite good and will help newbies to trade wisely in the market taking help from you tools but i would like to add some points of my own which i think are key factors in trading
1)Gain knowledge and expereience in this volatile market and try to learn from your past mistakes which will help you to earn good profits

2)As said by some on this forum "always invest the amount you are willing to use" that will help you to have strenght in worse time

3)Keep control over your nerves and don't easily get panic in dump situations if you want to have profit or higher returns

4)Try to buy at cheap prices rather than investing at peak levels which means choose investment point of your own

5)Dont get too much greedy and be satisfied with your profits

So these were some of my suggestions but i am no expert to give proper trading tips so try to be your own mastermind.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
December 06, 2019, 08:28:14 AM
#69
Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
Trading is not for everyone thats why I agree that it requires hard work and most specially, patience.

I have a lot of experience where the answer to my losses is just because I sold too early or I panic. Trading crypto is different from trading stocks. In stocks, news are very important, unlike trading crypto, its not the news that matters.
Newbies should not yet invest in cryprocurrency market if they are still new, it is good if they will invest in learnings first. They do not yet know how the market works and they will lose their money easily if the invested without prior knowledge about it. They should have knowledge first about trading for them to protect their capital and make profit.
It all depends on the perspective bro. Even if you start investing now it won't be considered as a bad idea because then you are just using another method to learn and that is learning from mistakes. I consider it as a good way of learning because you gain a hell lot of experience method through this method.
full member
Activity: 882
Merit: 126
★777Coin.com★ Fun BTC Casino!
December 06, 2019, 08:11:34 AM
#68
Everything mentioned above (tips for newbies to trading) can build up a strong foundation for a trader, if and only if he/she implements the above mentioned tips correctly. Another thing i will like to add - as an advise, is that newbies should have a good mentor (who has experience in trading) that can guide him/her.
I disagree that because when we try to reach someone to guide then they will try to make benefits for them, don't trust anyone to make you as rich.You have to work for your profits but if you have someone close who will never backstab you at any situation then you can get tips and guidance from them.
sr. member
Activity: 1470
Merit: 359
December 06, 2019, 03:47:13 AM
#67
Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
Trading is not for everyone thats why I agree that it requires hard work and most specially, patience.

I have a lot of experience where the answer to my losses is just because I sold too early or I panic. Trading crypto is different from trading stocks. In stocks, news are very important, unlike trading crypto, its not the news that matters.
Newbies should not yet invest in cryprocurrency market if they are still new, it is good if they will invest in learnings first. They do not yet know how the market works and they will lose their money easily if the invested without prior knowledge about it. They should have knowledge first about trading for them to protect their capital and make profit.
jr. member
Activity: 147
Merit: 1
December 06, 2019, 03:21:45 AM
#66
''Start small: There is no hurry in trading and as a newbie, you should start small and grow with time.''
Totally agree, don't just blindly invest and wait. Start with simulators since they are risk-free and easy to use..
full member
Activity: 938
Merit: 105
December 05, 2019, 10:35:03 AM
#65
I would like also to recommend to watch in Youtube videos so that newbies will be able to see how things are executed especially when they have a chosen exchange. Probably Binance would be their first exchange because tutorials for trading in that platform is quite many and it is a good startup for them to get into the UIs, TAs and trading tools in a certain exchange that they can also apply somehow to other exchange in case the coins that they're gonna trade isn't listed on Binance.
Learning and experience are the best things we need to acquire for us to know what trading exactly is all about. Yes, watching youtube tutorials and some trading tools could help but it wasn't good enough to teach everything rather than to have our own trading experience. Better to empty our minds about trading and welcome new knowledge and learnings cause the result will be amazing. We can't be an expert for one day, even learn to trade in a day, it will always take time.
sr. member
Activity: 396
Merit: 250
December 05, 2019, 06:02:19 AM
#64

Read and research:

- Practice:
- Start small:

- Be patient:

- Explore every option
much needed tips for newbies if any newbies is reading this and apply in trading it will be much helpful, starting trading without knowledge is equal to gambling , learn practice and have patience  , I am saying this from my experience I did all this mistakes, disciplined trading is professional trading
full member
Activity: 602
Merit: 102
December 05, 2019, 01:27:01 AM
#63
Everything mentioned above (tips for newbies to trading) can build up a strong foundation for a trader, if and only if he/she implements the above mentioned tips correctly. Another thing i will like to add - as an advise, is that newbies should have a good mentor (who has experience in trading) that can guide him/her.
legendary
Activity: 3346
Merit: 1128
December 05, 2019, 12:37:33 AM
#62
Starting is very important. There are some people who start trading cryptocurrency and they don't start small, despite that they have no single idea on how everything works. They just jump on it because they heard from a friend that made millions of dollars by trading cryptocurrencies, and they didn't care to ask how it works and whether there are risks involved, they just get in and start investing big money and later they start complaining that they have been scammed lol.

Anyone that wants to trade crypto should start small, since you have no experience, it's best to start small so that you won't lose everything. With that small amount you will be trading and seeing if it's really something you should go into fully, and if yes, you can then start to invest more money on top of what you have already.
sr. member
Activity: 952
Merit: 251
December 04, 2019, 02:18:38 PM
#61
Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
Trading is not for everyone thats why I agree that it requires hard work and most specially, patience.

I have a lot of experience where the answer to my losses is just because I sold too early or I panic. Trading crypto is different from trading stocks. In stocks, news are very important, unlike trading crypto, its not the news that matters.
That’s much better for new traders to gain experience with their own way but for gaining experience we should first learn it well from other people. Asking other people to tell us the stories of succeed trading and mistakes that a trader should avoid while trading. New traders should control their greed and never try to get fast profit.
hero member
Activity: 1036
Merit: 521
December 04, 2019, 10:54:52 AM
#60
I agree on all your thought but I think you need to add one more thing which is avoid too much greed because I think it is the most important thing that we need to remember before doing and dealing in trading industry. You also need not some but huge or lot research and study before doing trading because it is very complicated activity.

how are you sure that we don't need research to learn to trade?
even those who are experts with their analysis and research still have 100% lost their money. I think a newbie really needs to learn even though it's just basic how to trade
thats totally wrong if didn't need research and observation to find best opportunity in market. So if we dont do this , based on what our decision? If we feel research was complicated acitivity , i am sure there is something wrong with our way. We must have some checklist in analizing coins to trade, so it will look simple and easy to.

Research is good and helpful but it's not enough people. For newbies, they should learn and analyze basic things, we all know that. But the most important thing to practice is to apply the fundamentals in order for you to become used to it. After you apply those things over and over again. That's when you get EXPERIENCE, it is the most efficient skill you should have in trading.

Research is good, analyzing is good, learning is good, but APPLYING is the best.
But I cannot say that if the remaining thing are kept in good then applying should be kept in best because of the trader will focus on the starting and will not give importance to these other things then he will lose their money and will be disappointed. It is better that we consider the research learning etc at the best and after that we have to suggest for the applying and getting experience. As if he will go through bad experience he will leave this field very sooner.
jr. member
Activity: 88
Merit: 3
December 04, 2019, 10:31:59 AM
#59
Thank you for the tips! I'm thinking of starting to trade, but I'm slightly afraid something can go wrong. I guess it's about staying cautious all the time!
sr. member
Activity: 1498
Merit: 374
Leading Crypto Sports Betting & Casino Platform
December 04, 2019, 10:00:33 AM
#58
Anyway, that will also depend on how we manage ourselves.
It really depends on us and the points/tips given is just a guide for likely a successful trading.

Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
There are traders that tends to get comfortable with trading when they win on their debut, that makes them more aggressive playing in the market thinking they could just easily win and profit. When did become trading a trend? after 2017? 2018? We can say with 1 to 2 years of traders from that time til now, they were not totally used to see the prices low as market has already grown and that causes them to panic.
legendary
Activity: 3346
Merit: 1134
Leading Crypto Sports Betting & Casino Platform
December 03, 2019, 10:22:16 PM
#57

- Practice: Through regular practice, you will find the strategy that suits you, this can be done through demo trading.
One important point to note is that during g practice you have to treat it like it's the real thing. Use only the lot size, capital, leverage, etc that you will use during an actual trade.
I agree with this. But feel the trade like it is your real money so that you will have the little tension while using the demo.
There is no sense if you know yourself that it is fake money.

- Start small: There is no hurry in trading and as a newbie, you should start small and grow with time. Losses are ineluctable, so a small capital will reduce your losses.
At every point, only invest what you can afford to loss


Doing it hands on with a little experience could be really scary but with a little courage it could be fruitful.
Do not be afraid to lose something and that is why you are starting small. You want to gain some experience out of it first.

To newbies, I would be more careful with what you watch on youtube. The so called "pro-analyst" might not really be and you are being pulled to a trap.
hero member
Activity: 1092
Merit: 501
December 03, 2019, 08:01:05 PM
#56
Trading can be very complicated especially for newbies. Lots of people are still split on whether it's down to luck or skills on the analysis (technical and fundamental). As a trader, there are bery simple steps you can take to improve your chances of gaining and also minimize your losses and they can be useful for day traders as well as long term traders (investors)

1) Read and research: This is important for both newbies and experienced traders. The internet is a repository for information and lots of knowledge can be gotten from reading through it (this also includes watching helpful videos). Also do your research, knowing what is happening on what exchange or what currency is planning a fork or a halving can help shape your decisions.

- Practice: Through regular practice, you will find the strategy that suits you, this can be done through demo trading.
One important point to note is that during g practice you have to treat it like it's the real thing. Use only the lot size, capital, leverage, etc that you will use during an actual trade.

- Start small: There is no hurry in trading and as a newbie, you should start small and grow with time. Losses are ineluctable, so a small capital will reduce your losses.
At every point, only invest what you can afford to loss

- Be patient: Every trader should have the quality of patience and also timing.
It is important to know how to control your emotions and only act on your analysis. This would also help you handle losses and profits.

- Explore every option: There are lots of tools at your disposal, signals, technical and fundamental analysis, etc, not every one of them would be helpful to you, discard those which are not and stick to your strenghts. Bitcointalk can also be a useful tool, it's an interactive forum where you can ask questions.
To all of these I will add backtesting your system, many begin to trade without really knowing if their system is effective at all, they only test their system for a few trades and if the test is positive then they think they have a winning system, but things are not that simple, if you really want to know if your system is effective you need to test it against many markets in all kind of different conditions and only if you come up as a profitable trader in all of them then you can use that system.
sr. member
Activity: 1638
Merit: 255
December 03, 2019, 08:26:00 AM
#55
The points mentioned by the OP are options that must be understood by traders who have just entered the world of crypto, especially for analyzing charts every day and fundamental analysis will be very helpful to determine the success of a trader. Being a trader at crypto does require patience if you want to succeed and get consistent profits. So trading requires skills and learning.
legendary
Activity: 1834
Merit: 1036
December 03, 2019, 05:23:27 AM
#54
Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
Trading is not for everyone thats why I agree that it requires hard work and most specially, patience.

I have a lot of experience where the answer to my losses is just because I sold too early or I panic. Trading crypto is different from trading stocks. In stocks, news are very important, unlike trading crypto, its not the news that matters.
hero member
Activity: 2828
Merit: 518
DGbet.fun - Crypto Sportsbook
December 03, 2019, 05:15:48 AM
#53
These are not tips but the basics before you start trading. Following them may expose you to losses.
That's why I included newbies in the topic, to show it's for those who are just (about) getting into trading. Trading us a broad topic and I only highlighted simple steps a newbie should take. Losses are bound to come in trading, but I do not see how following basics could expose you to losses.
I know what you would like to emphasize and newbie must do before to start in trading. These will be simple hints and exactly basic tips to avoid possible big losses. Yes, it can be of simple and quite to say but really hard to make it.

Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.
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