Trading as a newbie? - page 13. | Bitcointalksearch.org

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

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?

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.

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

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?

It's normal to be dumbfounded at first because it would just mean that you are starting out and it's normal. People who expect any good profit for the first 6 months of trading, are people who either have no idea how hard trading is, or they could get lucky with an insanely good bull run and make that profit.

For example, if you started trading at January of 2021, and traded until summer? That would make you so much money and you were in a lucky situation but that also leaves the fact that what could you do in 2022 with nothing learned in 2021? That's why it's important to realize you should not be good at first, that's normal and it will take a while before you could get better.

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Quote from: JamesDaniel90 on January 10, 2023, 06:01:19 PM

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.

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Quote from: JamesDaniel90 on January 10, 2023, 06:01:19 PM

Quick question, what timeframe is best for day trading?

It was hard to tell what is the best timeframe for trading because of the market condition but for me, I often check every hour for not active coins. But if you are using coins that are very active or highly volatile, it is best to every now and then (let us say every 5 or 10 mins). With the constant observation of the market will help you determine what is best. But I would say that don't focus on the timeframe because the market trend will change from time to time.

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No trades today as I my last entry was Gala @ $0.046 and it has been below that all day.

Hopefully we have some sideways action before the next pump when I plan to sell at $0.049.

Either way I am happy as I have a separate bag of Gala so will just hold until it is time for me to sell for some profit.

Quick question, what timeframe is best for day trading?

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

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?

Your decision to trade when there is no basis whatsoever is a mistake.
I think it is better for you to start with some demo accounts to learn more but if you really insist on real trading you better start with small money even though I really advise against doing that.
You need to learn at least the basic techniques in this regard because it is a trade not a gamble where you can guess whether to profit or not.

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It is not right for a person to come to a trading platform without having complete knowledge about trading. Trading platform is not a very simple thing where you can trade easily. There are some trading platform strategies that if a person does not have these strategies then he will never be able to profit from the trading platform. So in order to do trading, a person needs to gain complete knowledge about trading and then start trading. Otherwise he will only lose on his trade.

makes sense, trading is not for beginners. but beginners can learn to trade. and after having adequate skills and knowledge. then traders need to seek experience. it is important to try to trade even if it will give us losses.
OP thinks trading looks so easy. buy drop and sell pump. even the OP may not realize the asset is going down and it's very hard to make a pump in a bull market.
the more we don't know about trading, the greater the risk a trader will get. and it goes the other way around.

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I agree there are numerous pitfalls in trading for newcomers it's better not to come to the trading platform at first all types of trades have pitfalls. This means that while you can make a lot of plutocrat, you can also lose it. To reduce the threat you need to do a many effects. First open only one trade after thorough analysis it should include technical, fundamental and sentimental analysis must practice well.

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

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?

The first piece of advice I will give you is to wait until you have learned and acquired sufficient knowledge about crypto trading before considering which coin to invest in.
Knowledge is the foundation of all success, and to be a successful trader, you must be knowledgeable about trading as well as aware of the risks involved in crypto trading before you begin.

Finally, invest only what you can afford to lose.

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

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?

If somebody decides to risk his money in trading then nobody can stop him because its his money, but for newbies it is very important to understand the risks involved in this field, though it can be a great way to potentially make earning but with proper research, understanding the dynamics of market & learning technical charts to get help from, for entry and exit at right time & protecting your trade through use of risk/money management tools to avoid total loss of capital.

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Quote from: tvplus006 on January 08, 2023, 09:02:42 AM

Quote from: livingfree on January 07, 2023, 07:49:48 AM

This is exhausting, I didn't do it before but I've seen someone it before and at the beginning, it was working for him but not for a long time...

This strategy only works in a bull market when purchases are made during a correction. In a bear market, with such purchases, you can lose a deposit, since there is no certainty that after the price drops by 10-15%, it will subsequently begin to increase. Most often, the price continues to decline, as the market is bearish.

Yeah, depending on the market situation too.

And those that I've seen before that did this were too happy not until they can no longer win over this strategy against the market. I guess perfect timing it is and that should be taken as a note.

So, when they or anyone who's thinking of doing this sees the same situation, you can capitalize and do the strategy if you think that shall work on your technique.

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Quote from: JamesDaniel90 on January 09, 2023, 06:35:46 AM

Hello all, appreciate the input.

Currently I am 67% up since I started trading last week, just makes me feel like I should have started with more but I am very new to this so didn’t want to risk much!

It has opened my eyes to trading though, up until last week I had just been DCA and holding but think over the next few months and definitely into the bull market I will do a lot more research and give trading a go properly.

You'll be happy with that 67% up but never be surprised if one day it drops because of the volatility of the market.
You already have that momentum, keep doing DCA as this is the best strategy used during the bear season. The bull season will come soon but not this year and if you want to keep holding, well, I guess you need to extend your patience as well.

You don't need to rush OP, just keep learning as this is the way it helps you to understand more about how trading works. Buy, Sell, and Hold...

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If you dont have any experience of ideal to watch first those videos on the internet just an insight.your heads up or insights only and then you can have an idea to seek what kind of coin you will make to trade with and by that next to know good is the how does the technical analysis works this really helps you where to entry your position and exit. Of course trading not only with knowledge but also the concept of.your discipline to make a trade.

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Quote from: Hamza2424 on January 09, 2023, 03:55:36 PM

Trading as a newbie dear it is similar to the most famous quote in my region fire in hands of the Monkey no doubt monkeys are one of intelligent animals but they are not familiar with fire so they ruine everything similar to this. Try to understand the exact same case in the trading any type of trade no information means zero earnings and 100% loss. Learn then Earn as always suggested train first then apply any model.

You should really make yourself that versatile as much as possible on which its a must thing for you to be able to learn and as a newbie then it would really be just normal that you would really be having
mistakes or which it is really just a common error for a noob but sooner or later on the time that you do able to gain up experience then you would really be able to hold yourself and sustain
on this market but of course it wont really be a smooth sail ride which you had thought or think up earlier when you are just starting.You would be learning up
due things along the way thats why you shouldnt really make yourself in a hurry.

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Trading as a newbie dear it is similar to the most famous quote in my region fire in hands of the Monkey no doubt monkeys are one of the intelligent animals but they are not familiar with fire so they ruin everything similar to this. Try to understand the exact same case in trading any type of trade no information means zero earnings and 100% loss. Learn then Earn as always suggested train first then apply any model.

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Quote from: Davidvictorson on January 09, 2023, 04:28:54 AM

I always advise new traders to think long-term while making decisions. Know how to accept and manage the risks associated with trading. Don't put all of your money into trading; if you are losing a lot of money, know when to stop, pause, and review. Furthermore, the importance of a trading coach cannot be overstated. It is advised that you find a mentor and consult with them anytime you are unsure of something because any mistakes you are going to make may have already been made by them.

Actually some people don't undergoes training before venturing into trading, the main factors that makes some people to start experiencing lost during trading is lack of understanding the primary techniques behind trading, and sometimes people learn trading through online tutorial, so their is no way you can learn trading without understanding the basic things that will hinder your trading ambition or your target in trading.

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Quote from: JamesDaniel90 on January 09, 2023, 06:35:46 AM

Hello all, appreciate the input.

Currently I am 67% up since I started trading last week, just makes me feel like I should have started with more but I am very new to this so didn’t want to risk much!

It has opened my eyes to trading though, up until last week I had just been DCA and holding but think over the next few months and definitely into the bull market I will do a lot more research and give trading a go properly.

What you're feeling is fine and you're conscious of it. Don't get overwhelmed with what you're experiencing now. And, congratulations to you. The market is favoring what you're doing and bitcoin's price is going up so, the alts are also going up as well.
Don't stop with what you've started about DCAing and just keep going with it because you'll never know how much gain you'll have when the actual bull run has started.
Don't also be discouraged if you're up for now and soon you'll see that it's on red because that's a normal phase of this market.

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Quote from: Alisha-k on January 08, 2023, 03:46:07 PM

It is a nice strategy but as a newbie start with an amount you can afford to lose then increase your risk when your confidence level increases. 10% profit is very achievable with good timing. But make sure there is a written plan for your goal. And your plan should be bold enough and kept at a strategic place where your eye will have a daily contact with so you maintain your goal.

If you are a beginner in trading I would suggest not even use the amount which you can afford to use, but rather do paper trading and see if you can make profit with this experiment.

Most people in trading do this mistake that they start to trade with the capital without learning and without gaining any experience. The financial markets are not easy from where you can get profit and they will just snatch your money if you come in this financial markets without any preparation.

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Quote from: irhact on January 09, 2023, 07:26:44 AM

Quote from: tjtonmoy on January 08, 2023, 03:26:03 PM

Firstly, I would say if you don't have experience, then learn first. Then come back to trading. There are some things you need to keep in your mind before trading.

Nicely written, this is one of the very mistakes newbie make that cause them to lose when they try to trade, they don't have any experience but they want to gamble and see if they'll be lucky then when they lose they begin to call the industry a scam or quit forever. As a newbie if you don't have any experience trading then you shouldn't do such from the very begining.

Trading should only be done by those who have spent sometimes taking lessons and have studied the market then have understood how to go about it. Everybody must not be a trader, you can become an investor or pick interest in other ways of making money from the market.

Basically what I said all was just what a beginner should do. After that, they have a long journey ahead of them. Mastering these will take a long time and if you can survive this then you can learn the advance technique. If you can't master this and make the same mistakes over and over, then your future is dark. You can never be a successful trader.
These are just simple basic knowledge that newbie should know and also learn. Hope this could help OP to make his journey a bit easier.

Topic: Trading as a newbie? - page 13. (Read 3004 times)