Tips for newbies to trading - page 2.

AniviaBtc

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Quote from: viananda2525 on December 01, 2019, 07:30:05 AM

Quote from: bobyhodob on December 01, 2019, 06:13:56 AM

Quote from: jazmuzika217 on December 01, 2019, 06:06:56 AM

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.

Murat

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I think every newbie should research this cryptocurrency very carefully because, without proper knowledge, no one can cut a good figure in this system, so they have to go through regular news and should make good research for the own purpose, obviously, they have to start with a small figure, beginning with a big amount could bring a heavy disaster to him or her at the current context, and don't depend on the emotional decision, be cool and patience, don't take any decision without proper thinking, take your time and learn how to control your emotion, if you can can then it would be a good platform for making profit by trading.

KnightElite

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For those newbies, you should not join in trading signal groups because they are giving wrong information and all of them are scams. Most newbies are following their prediction and they experiencing losses. In trading, you should only trust yourself and do not follow the other's opinions. I know that newbies will not easily earn money in trading but you will learn through experiences.

Maslate

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Quote from: target on December 02, 2019, 11:25:04 AM

Its the Practice that they may not really do here since the only way to practice is to Start small and starting small still will cost money. I myself have been losing money and are still practicing almost every time there is a spike and price dive. Self control and being patient is hard to do when you are already losing money. So training yourself to be patient is hard when you already lose money. Best Tip I got is to only trade when the price take sharp edges on BTC/USDT pair.

Things are really hard when you are already in a losing point. But if you follow these tips, i know this will really minimize your losses somehow. Trading is a very profitable way to make profits but you should also learn to overcome all the risks its takes. Although losses is inevitable, but as long as you only invest on the amount you can afford to lose, then it would still be fine.

alisonwonder

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Quote from: tambok on December 02, 2019, 10:55:10 AM

Quote from: alisonwonder on December 02, 2019, 10:44:56 AM

Quote from: Wexnident on December 01, 2019, 03:13:00 AM

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

Other than that we should learn how to control our emotion, we should learn how we are going to manage our time, and fund wisely, how much we are willing to start as a capital on trading, for how many hours we are willing to sacrifice everyday and are we mentally and financially ready if ever the market is not good and we may lose sometimes.

its true, but if we can put a cut loss on every trade it means we are disciplined enough not to lose a lot of money, besides that don't be greedy to determine profits. for example a minimum of 10% increase directly sell it. because the current market situation won't fly too high, 10% is a good result.

target

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Its the Practice that they may not really do here since the only way to practice is to Start small and starting small still will cost money. I myself have been losing money and are still practicing almost every time there is a spike and price dive. Self control and being patient is hard to do when you are already losing money. So training yourself to be patient is hard when you already lose money. Best Tip I got is to only trade when the price take sharp edges on BTC/USDT pair.

tambok

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Quote from: alisonwonder on December 02, 2019, 10:44:56 AM

Quote from: Wexnident on December 01, 2019, 03:13:00 AM

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

Other than that we should learn how to control our emotion, we should learn how we are going to manage our time, and fund wisely, how much we are willing to start as a capital on trading, for how many hours we are willing to sacrifice everyday and are we mentally and financially ready if ever the market is not good and we may lose sometimes.

mirrasel

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I think, understanding the overall sentiment of the market is a big issue before investing or trade!

alisonwonder

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Quote from: Wexnident on December 01, 2019, 03:13:00 AM

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

seramania

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These points are mandatory for novice traders, but there may be one thing that beginners cannot do consistently. it is patient. a lot of beginner traders who can not be patient with the situation and also they are in a hurry to get a big profit. so it is not effective for a trade that they run

nutella_11

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Everything is easy to say, but hard when you want to implement it. So, be patient and learn from your mistakes, that's the first tip. Another one (important!) is to never invest more than you can afford to lose. Buy one of the hardware wallets, for example Trezor where you can store your funds safely. Use only reliable websites to buy bitcoin, I recommend you rather to use cryptocurrency exchanges (like for example Kraken, Coindeal or Coinbase). There are a lot of scams so be cautious.

aTriz

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Quote from: el kaka22 on December 02, 2019, 09:45:30 AM

My simple tip to newbies regarding trading is, do not enter into trading as a newbie. Gain experience and knowledge then trade with your actual capital. (I still appreciate OP's suggestions for any newcomer of trading field)

how can someone gain experience without doing that thing? to gain some experience one must do that. he might fail once or twice. but at the end of the day he'll learn it and can do it properly.

Quote from: el kaka22 on December 02, 2019, 09:45:30 AM

I agree everyone must be a newbie in a new environment but trading provides lots of opportunity to gain knowledge on it for free of cost. We can practice in demo accounts to learn all the fundamental and technical things to start with. It means there should be no compulsion to start trading as newbie; we can gain all the required minimum things before entering. This way a newbie may not remain as naive trader to being with trading.

I don't see any Good Crypto currency exchange, offering any demo accounts. I saw this demo account thing in forex trading platforms. but not in crypto exchanges. not in Binance, Kucoin, Bittrex at least, I must say.

anyway. your point is good. if someone can find a way to earn some coins for free. then he could be saved from investing his own money.

CarnagexD

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Quote from: dimonstration on December 01, 2019, 04:29:33 AM

Quote from: kolonel_x on December 01, 2019, 04:24:48 AM

Quote from: Upgrade00 on December 01, 2019, 02:34:13 AM

- 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

Yes, this is suitable for beginners with small capital because the risk is minimal if the funds are small, where beginners can learn how to trade without the fear of losing your capital if you use small funds.

As long as they are newbies starting small is much better as they can test their understanding in the market through it without risking too much. Or if they really in short budget then using simulators will help them. Applying money without knowledge sometimes leads only to lose so better invest in learning first.

I guess this is the very important among the tips. Starting in small scale will really teach you how to do trading, although trading with huge amount is not similar with small ones. And having small amount to trading does not limit yourself, you'll start to learn taking the risk. Then eventually, try to add more capital after a while then continue the process until you fully have learned the techniques suitable for you.

el kaka22

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My simple tip to newbies regarding trading is, do not enter into trading as a newbie. Gain experience and knowledge then trade with your actual capital. (I still appreciate OP's suggestions for any newcomer of trading field)

I agree everyone must be a newbie in a new environment but trading provides lots of opportunity to gain knowledge on it for free of cost. We can practice in demo accounts to learn all the fundamental and technical things to start with. It means there should be no compulsion to start trading as newbie; we can gain all the required minimum things before entering. This way a newbie may not remain as naive trader to being with trading.

ReiMomo

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Thank you for those tips but this question clogging up in my mind, they know those tips but they dont execute very well. I read a lot of tips here but it seems it was already on reading and not doing on it. Those newbies who want to try they should practice in any small amount so that they will learn of their mistakes. Basically, for me, trading is just a trial and error but it won't never perfect. Indeed, these tips are useful to us.

plvbob0070

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Quote from: cutesgirl on December 02, 2019, 08:37:45 AM

Quote from: TheUltraElite on December 02, 2019, 08:02:15 AM

Quote from: ragavancoin on December 01, 2019, 11:39:19 AM

YouTube videos so that you get more information.

I disagree with that part. Youtubers tend to promote their own shitcoins and shill them while attempting to sabotage the names of other coins. While this may not affect a veteran trader, newbies are easy to fall prey of it. They would believe every bullshit being told and make the mistake of buying some shitcoin when the channel owner is actually dumping their bag full of it.

Thats how these channels run. If you are immune to them then its well and good but would not advice it for a newbie. On the other hand stock market trading for a newbie in crypto trading would be good to learn about trading and then apply that to crypto markets.

Youtuber not have good ideas and method how to start trading for newbie, they only take chance to get many viewers with their youtube channela nd try to get income with ads promoting, maybe telegram channel become most interested way to learn and know tips for trading as newbie and beginner, when you active for joining with crypto will find with many telegram channel giving information about how to trade in bitcoin or altcoin.

It's true that some of them are just being greedy and doing it for money but we can't also judge their abilities because there are some videos in YT that helps the some of us especially on handling our trade, we can't just focus on watching in YT it's better if we have our research and if you already feel that they are just about to advertise something then try to look for more because there will be different option. I agree with you on the telegram, I've learned a lot of things in there and I'm glad that my friend told me where I can find legit news and information. If you wanted to earn a huge profit in trading then be patient and apply your knowledge because it's one of the characteristics that you need to apply on yourself to be successful because there are opportunities sometimes lies at the end of the path that you are walking through.

cutesgirl

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Quote from: TheUltraElite on December 02, 2019, 08:02:15 AM

Quote from: ragavancoin on December 01, 2019, 11:39:19 AM

YouTube videos so that you get more information.

I disagree with that part. Youtubers tend to promote their own shitcoins and shill them while attempting to sabotage the names of other coins. While this may not affect a veteran trader, newbies are easy to fall prey of it. They would believe every bullshit being told and make the mistake of buying some shitcoin when the channel owner is actually dumping their bag full of it.

Thats how these channels run. If you are immune to them then its well and good but would not advice it for a newbie. On the other hand stock market trading for a newbie in crypto trading would be good to learn about trading and then apply that to crypto markets.

Youtuber not have good ideas and method how to start trading for newbie, they only take chance to get many viewers with their youtube channela nd try to get income with ads promoting, maybe telegram channel become most interested way to learn and know tips for trading as newbie and beginner, when you active for joining with crypto will find with many telegram channel giving information about how to trade in bitcoin or altcoin.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: ragavancoin on December 01, 2019, 11:39:19 AM

YouTube videos so that you get more information.

I disagree with that part. Youtubers tend to promote their own shitcoins and shill them while attempting to sabotage the names of other coins. While this may not affect a veteran trader, newbies are easy to fall prey of it. They would believe every bullshit being told and make the mistake of buying some shitcoin when the channel owner is actually dumping their bag full of it.

Thats how these channels run. If you are immune to them then its well and good but would not advice it for a newbie. On the other hand stock market trading for a newbie in crypto trading would be good to learn about trading and then apply that to crypto markets.

Dart18

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I didn't went thru practice but thanks to trading commodities I got the idea of what is happening in crypto.
Although there is a huge difference the fluctuating candlestick is still the same. Graphs and charts are almost alike too.

I did actual on my first trade. Spent just a little to just experience it. I did lose it though but it was a good experience and I already learned a lot for just a little amount of time.

Reid

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Quote from: Upgrade00 on December 01, 2019, 02:34:13 AM

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.

A smart person would do this.
He could also end it here. If you did your homework then everything is possible.
Trading is a high risk work and if you don't listen to what others have already experience then you will lose a lot more.
Sit with someone who is really doing it and not those who just analyze the market.
It is different when you are doing it live. The panic is there and so does the greed.

It will be better if those are offered for free. How? Read in this forum and maximize its benefits.

Topic: Tips for newbies to trading - page 2. (Read 589 times)