Topic: Trading advice for newbies - page 7. (Read 981 times)

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.

Actually their is difference between trading and gambling but people that have not trade before do think that trading and gambling have same similarities, its very obvious that gambling is a game that deals with luck and it does have to deal with skill acquisition or undergoes a serious training before you become a gambler, while in Trading it has to do with understanding, timing and observation, so if you are not concentrated you will continue to be experiencing loses everytime

The thing that is very necessary with trading is that you most learn and understand it very well and what you listed is among what a trader have to learn and understand before it can be a successful trader, something like learning how to analyze chart is very important in any trader because the analysis we are emphasising on is the signal some people paid to get, so to analyze a chart and understand it perfectly is the major key a trader can be use and make a profit....greediness is one of the elements that makes some of trader lose, when you are getting greedy to cash out the profit you have already made, just have it in mind that their is every tendency that you will lose the one you have already secured...so therefore greediness is one of the things that's traders to lose...in all ramifications I think all your points is meaningful in the aspect of trading.

You forgot something. You should always start with basics. Remember,  all experts started with basic trading. But the question is, do you know the basic rules in crypto trading here? I think you don't know that. Because of what you said, usually those who know have real knowledge of trading in the crypto business.

Do you think it's that easy to learn or know everything about crypto trading? It looks like you don't know that either. I think you should study well in the field of crypto trading before you say such things in the trading industry here in cryptocurrency.

Crypto trading is different from gambling but they are of both high risk.

Trading = highly risky
Gambling = highly risky

As you can lose in trading, so can you lose in gambling.

Yes. But also better to trade less volatile coins like bitcoin that is not volatile like many altcoins.

You can learn how to analyze market and still be losing if you do not use the right strategies.

This happens to me frequently. It still happened today. I have won over $50 and later the position went bearish and I lost. It is not good to be greedy. What I noticed is that the losses I have before can result to this. If you know you are losing, just stop trading for that day.

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❤️