Trading advice for newbies | Bitcointalksearch.org

LastKiss

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Quote from: Vaculin on February 05, 2024, 10:18:58 PM

Several discussions about Trading and Newbie's advice, yet many newcomers fail to follow, many still fail.
The is why? it varies on several factors
- it was not just because we read, we can perfectly understand it
- it is not just we know the tips/ideas, we can make them right as it matters in the decision-making and application

Honestly, it was too easy for us to say do this and this but feel it hard in an actual scenario. Most of us just noticed it was wrong when it was done already.

Yeah since we never know where the market movement then the near possibility that we can predict where the market moves is only from analysis, but in the end just like you said still many people fail at making decisions. Not because their decision is wrong but because the market is hard to predict and when we get wrong we can use that as our experience and keep growing, lots of things influence our decision making like our greed, lack of experience, panic, lack of patience, etc.

Vaculin

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Several discussions about Trading and Newbie's advice, yet many newcomers fail to follow, many still fail.
The is why? it varies on several factors
- it was not just because we read, we can perfectly understand it
- it is not just we know the tips/ideas, we can make them right as it matters in the decision-making and application

Honestly, it was too easy for us to say do this and this but feel it hard in an actual scenario. Most of us just noticed it was wrong when it was done already.

Tipeform$

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Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

OP All the trading strategies you have covered here I think all these trading strategies will play a very important role for a new trader. But what I know as a newbie is that you can't be too greedy while trading, never lose patience while trading and you must be experienced about volatile markets if all these qualities are present in a trader then I think a trader is trading. Can survive by trading on the platform. But it must always be acknowledged that trading is not an easy way to make money.

snowpega

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Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

Dear, To be very honest there are a lot of things a newbie should keep in mind in the crypto space before starting trading well those key points you aforementioned are also good and a newbie should keep in mind before starting trading besides that newbie should have control over impulsive decisions because if he doesn't have control over it he/she has to face some loses and many newbie traders fall prey to FOMO easily due to insufficient knowledge.

on the other hand many newbie trader fall prey to greed as you also mentioned above. they start to take many trades in day which is the very bad habbit a newbies should also have control over this bad habit if he/she will not control his/her this bad habbit he/she will destroy his/her net portfolio n a short time frame.

irhact

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Quote from: God bless u on February 02, 2024, 12:40:08 PM

Trading is risky for all trader not for only beginer because from market condition no one can know that what will be the future. From the past we are seen that one news can change the condition of market while it is bad or good. The most mistake of beginer are not to trade with patience and sold out all bought coins in loss.

Newbies and professional traders have different reactions to the conditions of the market changing. A newbie will be panicking and selling his tokens but a professional trader won't do that as he knows how the market behave and have understand the market. Newbies shouldn't rush to make decisions when trading as some of the decisions would be wrong. Newbies shouldn't think that the market will keep moving in one direction but they should know that the market changes direction always.

A newbie should take profits when trading, don't think that a project will keep pumping always. Take profits and relax and you won't be losing when you're trading. A newbie trader should have a stop loss option activated on their account when trading. Stop loss will help prevent you from losing more when the market starts dumping. Stop loss can also help you to sell in profits when the market is dumping.

Lantind

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Quote from: RewFrew on February 02, 2024, 03:56:46 PM

Welcome to Newbies to cryptocurrency and cryptocurrency trading. Trading is no very easy. For trading we need to proper knowledge about trading. Trading is very risky. So to start trading as a newbie everyone need to learn More and more. Training is not gambling although both are huge risky. I will advice for newbies please study regularly and spend time on This Forum and read crypto related new. You have to gather knowledge properly without proper knowledge anyone couldn’t gain or profited from trading. Without proper knowledge if anyone invest on trading he will be huge losser there has no doubt. To start trading you need read crypto related block, new and others source. If you follow all properly and then trade, you will be profited today or tomorrow.

What you have explained is very helpful for beginners to be careful in preparing themselves in starting to trade, because anyone who does not have any preparation in the trading they do will make the wrong decisions in the trading they do and also It is very important for us to really understand it first so that we can make a profit from the trade we are going to make and don't lose the money we have from the trade.
Whatever they have learned correctly, it is very likely that they will get results according to what they have learned and continue to update their knowledge so that they can still make profits from trading.

kawetsriyanto

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Quote from: Sanugarid on January 05, 2024, 08:30:19 PM

It's true that gambling is very different from trading, gambling is more about reducing or wasting money, you need luck in gambling to win. In trading you need skills, strat, understand well etc. The only thing they have in common is High risky. Being greedy is in people and it will never go away.

Some gambling games also need skills, too. And people also could earn money from gambling although it relies on the luck. However, the chance to win in gambling isn't as big as in trading, mostly the win chance 50/50. Meanwhile in trading, we can increase the chance to take profits if we have good skills and use proper strategies. So, that's the reason why we must have a learning process in trading. It is very recommended to focus on having good knowledge first as a newbie.

Regarding the risks, both gambling and trading have high risks. But in trading, we can deal with the risks if we have good knowledge. Meanwhile in gambling, the risks remain the same even if we have knowledge and experienced enough. Moreover for luck based games such like Slots, there is no way to avoid the level of risks. The chance to lose money will be always 50/50.

RewFrew

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Welcome to Newbies to cryptocurrency and cryptocurrency trading. Trading is no very easy. For trading we need to proper knowledge about trading. Trading is very risky. So to start trading as a newbie everyone need to learn More and more. Training is not gambling although both are huge risky. I will advice for newbies please study regularly and spend time on This Forum and read crypto related new. You have to gather knowledge properly without proper knowledge anyone couldn’t gain or profited from trading. Without proper knowledge if anyone invest on trading he will be huge losser there has no doubt. To start trading you need read crypto related block, new and others source. If you follow all properly and then trade, you will be profited today or tomorrow.

God bless u

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Quote from: |MINER| on January 06, 2024, 12:56:31 PM

Trading is a bit risky for beginners but not impossible. There are many lessons for beginners in trading. Understanding the market situation is one of them. One should act with intelligence. One cannot be greedy. You have to invest little in the beginning because at this time the risk is high. You have to withdraw the money with little profit without trading repeatedly. It is better to invest some amount of money every day. Experienced in trading should be followed. It is a time-consuming thing to master. But if you work hard, success will come.

Trading is risky for all trader not for only beginer because from market condition no one can know that what will be the future. From the past we are seen that one news can change the condition of market while it is bad or good. The most mistake of beginer are not to trade with patience and sold out all bought coins in loss.

It's the good for those who have good investment because who can get profit he can bear the loss. The best trader are those who in large amount of money and they can give time to trading. And should wait for it.

Ricardo11

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Of course beginners should not start trading, they should first gain experience by trading on a demo account. They have to be proficient in every subject and they have to do market research all the time. Because trading without knowing anything in a new situation is more likely to lose. So beginners should start trading after first gaining experience by trading on demo account and knowing everything well.

Cryptmuster

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Quote from: tygeade on January 09, 2024, 01:23:05 PM

Such as me, I do long term investment and I believe that it is not going to be all that confusing or great, I believe that we are going to end up with something that would be a bit harder to handle and we should not really focus on the indicators. I am not saying short term traders shouldn't, if you are someone who does day trading that indicators are all your life, it is just part of your day, and that means you need to learn them like back of your hand.

However, we need to figure out a way to just hold long term, find some money to do that, and then we do not need indicators if we do that part. I personally hold long term, so indicators mean nothing to me, I just buy and hold, what could indicators do to help me with that.

Not long ago I watched a video with a market maker who talked about how they can influence indicators in certain trading pairs, so manipulators can play on traders' expectations. I think this is possible at a local level, so it will not have such a big impact for long-term traders. Day trading is one of the most difficult, and it will be very difficult for a beginner in this type of trading to make money, but as practice shows, beginners most often decide to start with day trading.

Awaklara

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Quote from: tygeade on January 09, 2024, 01:23:05 PM

Quote from: bayu7adi on January 08, 2024, 04:18:30 AM

Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

2. Learn how to analyze chart

For those who prefer long-term trading, it's not necessary. Fundamental company analysis or related coin is sufficient... afterward, price fluctuations shouldn't affect emotions and decision making. I'm talking about trading for a period longer than 1 year, not day trading. Because, until now, the best practice in my opinion is to hold for a long time. Low risk, low effort... just make sure you have main income to survive.

Well..it doesn't mean I discourage people from analyzing candlesticks... go ahead if you need . However, for newbies, analyzing charts should be on number 4. It takes a long process and a good sense for things like this.

Such as me, I do long term investment and I believe that it is not going to be all that confusing or great, I believe that we are going to end up with something that would be a bit harder to handle and we should not really focus on the indicators. I am not saying short term traders shouldn't, if you are someone who does day trading that indicators are all your life, it is just part of your day, and that means you need to learn them like back of your hand.

However, we need to figure out a way to just hold long term, find some money to do that, and then we do not need indicators if we do that part. I personally hold long term, so indicators mean nothing to me, I just buy and hold, what could indicators do to help me with that.

Some people do both activities simultaneously. long term investment and also short-term trading. People who invest long-term always understand the market situation, and they will be more patient in waiting for good momentum to gain profits. and as for day trading, it is quite difficult to do even for people who have been trading in the market for a while.
we have to admit that daily trading is not easy to do and make a profit. especially for beginners who currently think it is very easy to make a profit from daily trading. it's not as simple as buying low and selling high. There are many trading techniques and strategies that must be understood. Nobody forbids it, but it would be better to understand it first before trying with our big money.

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Quote from: bayu7adi on January 08, 2024, 04:18:30 AM

Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

2. Learn how to analyze chart

For those who prefer long-term trading, it's not necessary. Fundamental company analysis or related coin is sufficient... afterward, price fluctuations shouldn't affect emotions and decision making. I'm talking about trading for a period longer than 1 year, not day trading. Because, until now, the best practice in my opinion is to hold for a long time. Low risk, low effort... just make sure you have main income to survive.

Well..it doesn't mean I discourage people from analyzing candlesticks... go ahead if you need . However, for newbies, analyzing charts should be on number 4. It takes a long process and a good sense for things like this.

Such as me, I do long term investment and I believe that it is not going to be all that confusing or great, I believe that we are going to end up with something that would be a bit harder to handle and we should not really focus on the indicators. I am not saying short term traders shouldn't, if you are someone who does day trading that indicators are all your life, it is just part of your day, and that means you need to learn them like back of your hand.

However, we need to figure out a way to just hold long term, find some money to do that, and then we do not need indicators if we do that part. I personally hold long term, so indicators mean nothing to me, I just buy and hold, what could indicators do to help me with that.

Distinctin

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Quote from: tvplus006 on December 13, 2023, 05:57:46 PM

Quote from: JunkieMiner on December 13, 2023, 01:08:29 PM

Demo trading before starting the real trading would be very beneficial for a newbie who even didn't know about trading. First he have to learn more things in that trading and then he have to take a better yield profit in order to make its own profit...

Of course, demo trading is useful for beginners, but you don't need to exaggerate its value either. As long as the losses are virtual, the trader will not be able to assess all the risks associated with trading. And only the real loss of his money when trading will force him to take up training again in order to minimize losses and accordingly make a profit.

While it could be considered useful for beginners, but it’s never a compulsory. Some few traders still manage to trade successfully without going through demo trading. Experience has molded them to be more skilled and proficient traders, and of course with patience that is necessary when trading.

Unless real traders won’t experience consistent losses, they will not be forced to deal with trading seriously. Trading is not easy but certainly hard, that’s why if you only trade without long term motivation, it’s better to just quit before you suffer from huge, painful losses.

Rozzinator

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As I understand, a house-edge is involved in gambling, hence the odds, whilst not stacked against you, are perhaps less favourable in comparison to trading. That said, if you look at something like leveraged margin trading or perpetuals, the risks can be a lot greater in trading!

Quote from: Sanugarid on January 05, 2024, 08:30:19 PM

Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

It's true that gambling is very different from trading, gambling is more about reducing or wasting money, you need luck in gambling to win. In trading you need skills, strat, understand well etc. The only thing they have in common is High risky. Being greedy is in people and it will never go away.

Pandu Geddon

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Quote from: bayu7adi on January 08, 2024, 04:18:30 AM

Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

2. Learn how to analyze chart

For those who prefer long-term trading, it's not necessary. Fundamental company analysis or related coin is sufficient... afterward, price fluctuations shouldn't affect emotions and decision making. I'm talking about trading for a period longer than 1 year, not day trading. Because, until now, the best practice in my opinion is to hold for a long time. Low risk, low effort... just make sure you have main income to survive.

Well..it doesn't mean I discourage people from analyzing candlesticks... go ahead if you need . However, for newbies, analyzing charts should be on number 4. It takes a long process and a good sense for things like this.

I don't know why more beginners are interested in day trading. or futures trading. they learn how to increase trading risks and want to earn bigger profits.
They should know that such trading is not for beginners. but you can also see that many people around us are more interested in future trading than holding long-term.
especially for beginners who make daily trading their job. I don't know how such a trader is confident about his opening trades. and it would earn him money to eat that day.

bayu7adi

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Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

2. Learn how to analyze chart

For those who prefer long-term trading, it's not necessary. Fundamental company analysis or related coin is sufficient... afterward, price fluctuations shouldn't affect emotions and decision making. I'm talking about trading for a period longer than 1 year, not day trading. Because, until now, the best practice in my opinion is to hold for a long time. Low risk, low effort... just make sure you have main income to survive.

Well..it doesn't mean I discourage people from analyzing candlesticks... go ahead if you need . However, for newbies, analyzing charts should be on number 4. It takes a long process and a good sense for things like this.

dderekwalcott

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Quote from: Bitcoinpoly on December 05, 2023, 08:07:39 AM

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

The way you advise that would be helpful every welcome trader's.your skill development suggestions make people inspire to invest in trading.Trading and gambling both are risky attempt but once anyone learn it, it will be much easier for everyone later on .

|MINER|

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Trading is a bit risky for beginners but not impossible. There are many lessons for beginners in trading. Understanding the market situation is one of them. One should act with intelligence. One cannot be greedy. You have to invest little in the beginning because at this time the risk is high. You have to withdraw the money with little profit without trading repeatedly. It is better to invest some amount of money every day. Experienced in trading should be followed. It is a time-consuming thing to master. But if you work hard, success will come.

Topic: Trading advice for newbies (Read 871 times)