Trading advice for newbies - page 5.

Rockstarguy

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

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.

Want thing about trading is that their is no shortcut about it to earn money, trading is a skill that requires good attention that people needs to follow it accordingly. Any little mistakes in trading can result to lose, their are a lot people needs to learn about trading. Trading is not what anyone can just enter the market and try to trade with mere understanding, instead it is what people needs to learn and be sure what they are doing when they enter the market.

Everything in trading requires learning even down to the character a trader needs to exhibit, it is also what people needs to learn too. If beginners enters the market with a mindset of get rich quick, it is just an easy way to lost all they have. Trading doesn't make people to be rich quick, trading is just a skill that generate profits for traders and be understood well.

batang_bitcoin

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Learning the volatility of the market can be done by investing alone in Bitcoin. You'll get to see how the market is highly volatile and you can adjust depending on how you think it is needed to be.

Quote from: Volimack on December 07, 2023, 09:09:10 AM

Newbies should take time to learn about the market to trade.

Not just them but everybody who's into this market need to learn it. All of us are not perfect and that's the reason why we need to take time in learning and continue learning from it.

Volimack

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Newbies should take time to learn about the market to trade. Trading is more risky most traders especially beginners lose money in trading due to high market volatility a trade should not risk more than two percent of the total trading capital to ensure proper risk management in trading. To avoid losses especially beginners should understand the basics of this type of trading as the risk of ignorance is greater than the market risk.

Questat

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Quote from: terrific on December 06, 2023, 05:34:19 PM

All of those are needed to take on this market because this how it goes. And taking your time is a must because not everyone starts perfectly.
There could be some mistakes that you'll commit when you trade actually and that's not going to be enough for you to be honest if you want to become a real trader today.
Patience is needed on this and when you don't have one, better to skip this market and leave.

We all came from being a newbie before we discovered things and gained ideas from our bad and good trader experiences. We make mistakes, suffer losses, and earn some, that was our life before but even today, losses are still somewhat possible. As newbies, we never expect to earn a profit easily nor do we think that we could learn today and become good by tomorrow because it takes time to become fully knowledgeable about trading. In fact, every trade is a learning, everything we do has something it returns not just profit but also ideas.

Sebas.tian

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Quote from: fauzan Ichsan

Overall, the main thing that must be studied is the psychology of trading, where this point is the biggest determinant in making a profit. Next there is money management, where we must be able to manage our financial capital so that it remains safe and fits a logical portfolio. After that there is technical analysis, where we must be able to read charts to predict future possibilities so we can make transactions

The purpose of going into crypto trading is to make profits to become an expert in crypto trading, which you need to study the psychology of crypto trading to enable you acquire some skills that will make you comfortable whenever there are some challenges in the market than to hold and wait for the right time to come before you can trade to take profits from the market. You need to believe in your personal research more than other researchers in the community so that you will not trade your coins in a wrong time which are part of some of the things you will achieve when you learn psychology of crypto trading. As a newbies dedicate your time in this forum to learn from other investors mistakes so that it will not affect you when you get to such situations in the future.

Yamifoud

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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.

And the challenge now is for them to manage their time, and emotions, and adopt the system. Indeed, it takes time to gain knowledge and ideas which is why as a trader must extend patience to learn otherwise, it is useless to try doing this.

In addition to this; they don't be afraid of making mistakes and losing money because this is the reason why we grow and improve our knowledge and skills. No risk, no gain --so we have to work hard and push ourselves.

GreatArkansas

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

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.

Among the list, this is the one that I can relate to. I believe I'm not the one who can relate to this, most newbies will also. It's like marrying their altcoins.
For me, having a plan before entering a trade, like plan when to enter, what price to enter then stop loss, and price target. So you will not worry anymore, just accept what will be the result of your trade.

BabyBandit

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What do you see here? Is this coin good for some specific way of Trading? Someone who knows?

Palazodeen

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Quote from: tbct_mt2 on December 05, 2023, 10:38:14 AM

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.

With newbies, they should never touch trading with any type of trading.

They have to learn first about Bitcoin, how to store bitcoin safely when they buy it. What wallet to use for bitcoin storage, how to back up a wallet and recover a wallet.

Then after learning basics, they can buy bitcoin and store it in their non custodial wallet for their investment. Let me repeat, investment, not trading.

Trading is risky and newbies are more vulnerable to lose money in trading. Even senior people in the market can lose money with trading so don't expect newbies to get profit with trading.

Very correct, personally from my own perspective if someone that is new to crypto have enough money to invest in crypto, I would advise to buy Bitcoin and some potential altcoins and Hodl but most times, new people coming into crypto have $100 or less to invest hence the reason many opt for trading to grow the funds with time. In as much as many of us know 90% of them end of losing due to lack of proper trading knowledge, the op final statement about exploring copy trading is a good way to start because copy trading is a way to learn and also earn but it also carries its own risk and that's why users must also necessarily do their own research by chosing the right trader and platform to do this.

terrific

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All of those are needed to take on this market because this how it goes. And taking your time is a must because not everyone starts perfectly.
There could be some mistakes that you'll commit when you trade actually and that's not going to be enough for you to be honest if you want to become a real trader today.
Patience is needed on this and when you don't have one, better to skip this market and leave.

Russlenat

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Gambling is a lot different from trading although both have their own risks that traders and gamblers need to deal with and overcome. While gamblers can bet randomly and expect initial profits, but with trading everything should be made with careful market analysis and skills and strategies are a must so that any trader will not be buried with losses but profitable gains. While gambling does matter the most with luck, trading in the other hand needs more luck and skills in order for a trade to succeed.

My only advise for traders is that practice patience and caution everytime a trade is made. Trading may not guaranteed secured profits as well but if you know exactly what you are doing and you are knowledgeable and skillful enough, then there's no reason that you will still end up with unexpected losses.

mirakal

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Quote from: Hamza2424 on December 05, 2023, 01:28:56 PM

Hmm, OP seems like you are quite experienced in trading, are you? TBH, trading is not a game like gambling where you can lose and earn, here in trading there are potential risks but with the proper strategy and dedication towards trading skills and risk management, trading can be a full-time career.

My advice to the newbies is only, to stay consistent follow disciple dont be greedy hold your patience level, and always test yourself with new experiences because the market will test you every time. Dont be an emotional fool. Strictly follow the analysis of the way to control your emotions. Here I wrote just and covered most of the things but all fall in the same category called decipline.

The difference between trading and gambling is that trading makes you earn profits, while gambling makes you lose your capital most of the time. So for obvious reason, trading becomes more profitable if you have the knowledge and skills to trade, and with helpful strategies that will make your trades work and profit.

Being greedy is part of a trader, as well as being emotional. But if you are determined to win your trades and stay off from losses, then discipline yourself by not being greedy and emotional. If you can't get rid of them, then try to control them so you can still be more capable to end your trades with profits.

jeraldskie11

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

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.

Usually, newbie traders don't want a process. They want to be an immediate profit. If they know that trading is difficult, they will not enter trading. However, even though you didn't forget to remind them they always think that it's not that hard especially if they profit in their first couple of trades. That's why most newbie traders fail and stop trading. Some of them go to copy trading to recover their losses, but I will never recommend it because the risk, in my opinion, is greater than trading on your own.

tjtonmoy

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

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 left out a very important thing that is crucial for trading. Emotion control is a must when it comes to trading. This is the very first thing you should learn when you join trading. Without this, no matter how much you learn and try, you can never become successful in trading. You will be following everything you have learned so far but the outcome will always be not what you have expected.

Emotion in trading is the worst. Learning to control it will give you the best results. No matter what happens, learn to stick to your strategy and follow the rules. The outcome of that trade will be just as expected.

Lorence.xD

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Quote from: Zoomic on December 06, 2023, 02:26:09 AM

Quote from: peter0425 on December 06, 2023, 01:15:24 AM

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.

gambling and trading never be the same but they are both risky and can make you a loser together.
gamble never but try to trade of course for the best finding luck.

Quote

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.

the greedy part is what made that more responsible because even how good you followed the first 3 but when you become greedy then you will also a loser.

Quote

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❤️

copy trading is not that easy because not all the time those traders will have good faith and luck in their speculations.

Most of these newbies started trading without any specific plan. They just believed that trading is an avenue to get rich quick and this is where their mistakes start from. First, they joined the trading system out of greed, because they want to gain profits and make themselves rich overnight, they join trades they ordinarily shouldn't have joined. This oftentimes pave way for more unpleasant emotions beclouding their sense of reasoning when the trades do not go as planned.

An overzealous trader who wants to make profit at all costs will angrily engage in revenge trading and even lose more money if he is not lucky enough. Traders should trade with purpose and a well known plan. When the plan/purpose is not known, mistakes are bound to happen.

Anyone who started trading for sure is here for the money, I agree that most of the newbies who think earning money in the trading industry would be literally a quick rich scheme which is not because, cause for sure, by just learning it would already take a lot of time plus you would gather experience first as well. I think those traits and decisions they made like joining some trades are normal for newbies as they are not that aware yet, but if they did not learn from their mistakes then that would affect them in the meantime. That is why I agree that a plan is a must because if you are just trading without directions probably you would go to an unlikely path you wanted that could cost you more money. Emotions, knowledge, skills and plan must be achieved for you to be a better trader.

pinggoki

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Quote from: stadus on December 05, 2023, 05:59:20 PM

My greatest advice in this market is learn to be patient as much as you can. There is no shortcut to success, so always chose to take a harder and tougher way at first so you can see the sweet fruit of your labor in the end. In life, learning takes a lot of time and even requires a lot of experiences before you will be able to learn, same what we should do in this crypto market.

As much as this is the truth, besides the virtue of patience, we also should be able to have the ability to analyze the market and understand what the news is talking about and how would it affect the market in the long-run, if you're just going to use your patience with your invest, don't expect to be successful in trading and you're better off hodling and wait for your ideal price to go up and then sell there, much easier process but takes longer and will really test your patience.

Zoomic

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Quote from: peter0425 on December 06, 2023, 01:15:24 AM

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.

gambling and trading never be the same but they are both risky and can make you a loser together.
gamble never but try to trade of course for the best finding luck.

Quote

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.

the greedy part is what made that more responsible because even how good you followed the first 3 but when you become greedy then you will also a loser.

Quote

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❤️

copy trading is not that easy because not all the time those traders will have good faith and luck in their speculations.

Most of these newbies started trading without any specific plan. They just believed that trading is an avenue to get rich quick and this is where their mistakes start from. First, they joined the trading system out of greed, because they want to gain profits and make themselves rich overnight, they join trades they ordinarily shouldn't have joined. This oftentimes pave way for more unpleasant emotions beclouding their sense of reasoning when the trades do not go as planned.

An overzealous trader who wants to make profit at all costs will angrily engage in revenge trading and even lose more money if he is not lucky enough. Traders should trade with purpose and a well known plan. When the plan/purpose is not known, mistakes are bound to happen.

peter0425

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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.

gambling and trading never be the same but they are both risky and can make you a loser together.
gamble never but try to trade of course for the best finding luck.

Quote

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.

the greedy part is what made that more responsible because even how good you followed the first 3 but when you become greedy then you will also a loser.

Quote

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❤️

copy trading is not that easy because not all the time those traders will have good faith and luck in their speculations.

fauzan Ichsan

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Overall, the main thing that must be studied is the psychology of trading, where this point is the biggest determinant in making a profit. Next there is money management, where we must be able to manage our financial capital so that it remains safe and fits a logical portfolio. After that there is technical analysis, where we must be able to read charts to predict future possibilities so we can make transactions

ancafe

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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.

Yes, both are quite risky but trading and gambling activities have differences and you cannot possibly be involved in trading just to expect luck. Beginners are advised to learn first before being involved because they talk about risk behavior that needs to be minimized.

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

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.

Not having skills will be quite difficult to develop trading because we don't know how to do it, for beginners not at the stages of profits that need to be considered first, but how to deal with the risk of loss. Trading is uncertain because we can lose and profit in a quick time depending on the moment of the coins we trade. You can use what trading models are provided and can be responsible when you run it and if your experience is good, the results will also be more satisfying.

Topic: Trading advice for newbies - page 5. (Read 873 times)