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.
