Topic: Trading as a newbie? - page 12. (Read 2895 times)
I believe that one of the most important stages for a beginner is training. This is something that is really worth paying enough attention to. Without this, the result can be somewhat frustrating.
Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
Gala's pump IMHO was already done but, congratulations for having that much gain through shiba. Trading isn't really for everybody because when someone who sees his portfolio go down like 10% on an instant in the day, then that's going to faint his heart.I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
Well, keep it up and always make good decisions and don't let your emotion do the decision making for you.
Looks like Gala and the market is slowly falling but I am holding Gala long term anyway so if it is a while until we see another pump then so be it.
Considering I am fairly new to crypto I feel I deal with the volatility quite well, I don't panic sell or anything like that am just holding till bull run next year.
Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
Gala's pump IMHO was already done but, congratulations for having that much gain through shiba. Trading isn't really for everybody because when someone who sees his portfolio go down like 10% on an instant in the day, then that's going to faint his heart.I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
Well, keep it up and always make good decisions and don't let your emotion do the decision making for you.
Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
I believe that one of the most important stages for a beginner is training. This is something that is really worth paying enough attention to. Without this, the result can be somewhat frustrating.
+ dont make yourself in a rush+ dont make yourself greedy
+ dont make yourself that impatient
+ dont make yourself get dragged with some Fomo or Hype
Stick with the known common ways or the basics and you would gradually making yourself that improved basing on those.
Sustainable is what you should really be minding off and trying out to make yourself to handle on various
market conditions.
Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.
I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
Try to learn SL as well in which you can minimize your losses. This can be good be good but it requires you to spend time and monitor the market, if you are okay with that they go on. There's nothing wrong with that, but better to learn at least reading The chart or at least learning to read candles, that is the basic thing that you can do and it is kinda effective. I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
Stop loss is really required in trading as this can stop you from losing more. It was already taught when we first learning trading unless you want to lose all of your money. Candle patterns is needed also familiarization of indicators as it can see what is the direction of the crypto. I always using indicator to see if it is overbought or oversold that I don't get overwhelmed and very confident on my trades.
Since we don't understand trending very well, we are completely new users. So I think that the newbies should not trade without knowing about the market at present. It is seen that if you invest without knowing anything, it is normal to face loss. It is a good decision for beginners to start investing with as little money as possible and trade the market with the advice of a good investor.
I'm sure the most important aspect for a beginner is learning. At the very least, I would advise you to pay maximum attention to this. When I started working with a broker from Amarkets, I worked on a demo account in order to have enough experience.
I have only started with $50 as a test - I made my first trade last night after buying LCX last week at $0.033 I sold at $0.045.
This is a 36% gain which is a pretty good start, now I will wait and have a look around to see what is badly down later and buy in when I feel there is a likely pump coming.
LCX reached $0.055 last night so this is a 67% increase from where I bought only a week ago so makes me realize there is money to be made in this bear market.
What i want to say in a nutshell is that, trading is something i believe that have to do with experience, and it's only the experience person knows all about trading and can actually make a profit it's indicators, so i don't really know or understand the basic things that concerns trading. Before someone can make a profit in trading you most at least understand that trading have that trading have rudiments before someone can make a potential profit you most at least understand it's futures. This is a 36% gain which is a pretty good start, now I will wait and have a look around to see what is badly down later and buy in when I feel there is a likely pump coming.
LCX reached $0.055 last night so this is a 67% increase from where I bought only a week ago so makes me realize there is money to be made in this bear market.
I'm sure the most important aspect for a beginner is learning. At the very least, I would advise you to pay maximum attention to this. When I started working with a broker from Amarkets, I worked on a demo account in order to have enough experience.
You already said it all,that learning is the first thing to do as a beginner,Reading,research,having a mentor is all that are needed before indulging in the trading activity.You must be able to learn how the market system operates,and how to deal with loses if it comes,because in trading,you cannot really be guaranteed that Everytime you go into trading, you will always win,you should know that there are risks involved in trading,so being able to deal with it is also important as a newbie going into trading.You should also be able to do some research before going into trading.Try to know the kind of trading that will favour you at that particular point in time.Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.
I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
Try to learn SL as well in which you can minimize your losses. This can be good be good but it requires you to spend time and monitor the market, if you are okay with that they go on. There's nothing wrong with that, but better to learn at least reading The chart or at least learning to read candles, that is the basic thing that you can do and it is kinda effective. I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
That's the problem, sometimes beginners have the same thing when they first know about trading, myself included. Yes, it's easy things that we always imagine, and when we practice it directly, oh, it's not easy at all.
especially if they first see trading videos on youtube. it sure looks very easy to get profit.
hopefully, the OP will come up with a better way of trading. this will probably take quite a while. because trading is not going to be easy to learn in a short time.
those who are currently able to experience continuous gains in their trades. once they were also beginners who continued to experience sizable losses. all depends on how we make steps when we face a very difficult situation.
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Oh tell me about it, I trade back when I was still in my few days in crypto since I thought it would be just easy and I just need sit in front of my computer all day and guaranteed that I would earn a profit or two, but nah it was a hell of an experience. I just could not earn a single penny since I was not up to that kind of strategy.Don't force myself when it does not work, right?
Update - currently up 110% since I started trading 9 days ago, just wish I had started with more but it is a learning game for me being very new to this.
I am only trading coins I am holding long term so if I do enter a trade and we crash then I am happy holding.
Have no idea how long this rally will last but its good to see green days as its been so long!
I am only trading coins I am holding long term so if I do enter a trade and we crash then I am happy holding.
Have no idea how long this rally will last but its good to see green days as its been so long!
Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.
I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
Anyone done something similar or will it just lead me to losing my money?
Buying the DIP, and simply HODLing is the best policy for plebs like us, BUT if you truly want to "trade" you can do some "tricks" without selling your coins. One of these "tricks" is after you bought the DIP, you can add a short position as a hedge instead of selling your Bitcoins. The goal is to make some profit during a correction, then use the profit to buy more Bitcoins. It's a very good way to increase your coins without selling especially if you bought $16,000-Bitcoins.
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Oh tell me about it, I trade back when I was still in my few days in crypto since I thought it would be just easy and I just need sit in front of my computer all day and guaranteed that I would earn a profit or two, but nah it was a hell of an experience. I just could not earn a single penny since I was not up to that kind of strategy.Don't force myself when it does not work, right?
The more we shorten the movement time of the charts displayed on the market, the more we cannot turn away and are required to focus on movement. Here we have to be really skilled and have to take advantage of every important moment in the chart. This too I think only professional traders can do well. For novice traders and just messing around, things like this are not recommended because it can burn money at any time, even in a short period of time.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.
There are many methods that can be learned about trading, depending on the wishes of each individual. Analysis is the most important, it must be learned and a trader must have it before starting trading. I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.
Losing money easily on trades is always possible especially when the trader doesn't do proper analysis. Day trading and futures trading may not be the right choice for those who do not understand the market and are unable to make analysis, and in this case I myself tend to recommend investing over trading. The basic understanding is simple, buy low and sell high, but in practice it is completely different.
We all went through being a newbie and to be honest, applying the basics of buying low and selling high is not as easy as we think. There are still other things to consider and we must also be able to deal with the volatility of the market. Burning funds in short and day trading has a bigger possibility than long-term holding so we must know the target period and profit that we want as well aa the risks that we are willing to take.
The more we shorten the movement time of the charts displayed on the market, the more we cannot turn away and are required to focus on movement. Here we have to be really skilled and have to take advantage of every important moment in the chart. This too I think only professional traders can do well. For novice traders and just messing around, things like this are not recommended because it can burn money at any time, even in a short period of time.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.
There are many methods that can be learned about trading, depending on the wishes of each individual. Analysis is the most important, it must be learned and a trader must have it before starting trading. I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.
Losing money easily on trades is always possible especially when the trader doesn't do proper analysis. Day trading and futures trading may not be the right choice for those who do not understand the market and are unable to make analysis, and in this case I myself tend to recommend investing over trading. The basic understanding is simple, buy low and sell high, but in practice it is completely different.
Quick question, what timeframe is best for day trading?
It depends on what you are trying to achieve, I think the one hour chart offers enough volatility to allow a skilled trader to obtain profits, while at the same time it allows you to trade some major intraday trends early on.Some traders prefer to use the 5 minute chart or even the 1 minute chart but if I am honest the movements at such time frames are simply too erratic and they increase the need for flawless execution from the trader, which is too difficult for a newbie like you to execute.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.
What you need right now is a video tutorial and some guides, check youtube for some brief videos and this forum for some tutorial guides, make use of the forum search bar to make enquiries about trading guides, you will have some self-explanatory threads that will help you out but at the same time you should NOTE: That the videos and material you watch and read are just for learning purpose, that doesn't really mean you may encounter similar trades, the market changes with the trend, you should use them as starter kits and improve your trading.
There is a tip I want to share with you, real traders learn during the bear market and that is what you should master now, when the bull run comes, you wouldn't stress much about trading, most often than not, you will always have a long position open with lots of profits because after all-time high, the candles that come are always wild and massive due to FOMO and that's when you make lots of profits.
Youtube is definitely a great place to find those type of things but you need to make sure that you find a good one. First of all find one that is in great English, secondly find one that has millions of views and not just a few thousand ones, and lastly check the comments and see if people think it's stupid or not. If you find one that speaks clearly, and then have 10+ million views, and everyone thanks them at the comment section that means you probably found a good one.There is a tip I want to share with you, real traders learn during the bear market and that is what you should master now, when the bull run comes, you wouldn't stress much about trading, most often than not, you will always have a long position open with lots of profits because after all-time high, the candles that come are always wild and massive due to FOMO and that's when you make lots of profits.
I have seen plenty of people who do not know what they are talking about end up making videos just to make money on youtube, and you should try to avoid them as much as possible because it would give you wrong information.
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