Trading as a newbie? - page 14. | Bitcointalksearch.org

irhact

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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.

JamesDaniel90

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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.

Yamifoud

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

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 was a profitable strategy but I was not really confident if you could apply it in actual trading. We have to consider the current situation OP, though aiming for 10% is not impossible but the question of you can wait for that to come knowing that we are in the bear season and most coins are in the dump. Honestly, this will become effective during the bull season but with this bear season, I'm not really sure of that.
Too harsh maybe but I tell you that it was tough to start trading this time. I would suggest for you is to buy now and just hold.

Davidvictorson

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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.

cryptoaddictchie

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Quote from: Sebas.tian on January 08, 2023, 10:34:24 PM

Buying when the price is down is a sign that you will achieve something good at the end of your investment when the price is high in the market, which is a popular strategy many potential traders used to make more profits from the community.

Buy low sell high is a typical approach however it doesnt mean that its always work that way. Some projects arent gonna go that way that why we need to be careful on choosing which one will have a good run on the next bull run. Yes its gonna be hard to distinguish thats why we need basic knowledge and also maybe charisma on choosing our investment. The only mantra you could use are your brain for these matter so pick wisely.

Sebas.tian

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Quote from: cryptoaddictchie

Thats a good analogy already. Buying when its down but you need to take a broader details like if its down, how long its been down, maybe its still in the phase of going down. Thats where you learn indicators where youll find out whether that project could go bounce and reversal at particular time based on past activity. Theres too much to learn but you understand a good way on how to start and thats great.

Buying when the price is down is a sign that you will achieve something good at the end of your investment when the price is high in the market, which is a popular strategy many potential traders used to make more profits from the community. Carry out your personal research before investing, it will help you to identify potential coins in the market so that you will not invest wrongly in the market than to make a good choice that will bring something good in the future. Bitcoin and Ethereum is still looking profitable to both long term traders and short term traders to use this season to buy and hold until the price increase higher before they can sell to make income.

Hallroom

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If you are trading then of course I think you should train on a trusted coin. Because if you keep trading on any coin other than trusted they can go away in case of market dumping. That's why trading should be done by looking at the good platform and the future of the coin by looking at the website. As is Bitcoin. By trading on Bitcoin you will definitely profit and be successful.

Alisha-k

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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.

tjtonmoy

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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.

That includes :

Start small and learn as you go:
Don't risk a lot of money on your first trades. Instead, start with small amounts, then slowly increase your amount as you gain more experience and confidence.
Have a plan:
Know what you want to achieve with your trades and have a plan in place to achieve it. This should also include your risk tolerance, your investment limit, and the specific cryptocurrencies you want to trade. Make a plan on how much you want to earn or can earn with your assets and what's the most amount you can afford lose.
Diversify your portfolio:
Don't put all your assets in one thing. Instead, spread your risk by investing in a different cryptocurrencies and not focus on one. This way, if you choose wisely, then you can make profits even if you lose some in the process.
Don't get emotional:
It's important to keep a cool head when trading cryptocurrency in order to not make any mistakes. Emotion leads to wrong decisions. Don't let greed or fear influence your decisions.
Protect your assets:
Make sure to secure your cryptocurrency holdings by storing them in a safe and secure wallet. There are many posts regarding this in this forum. If you already know how to do it, then it's all good

There's also a lot to take in to consider, but I don't think I will be able to point out all. So read all the reply and try to learn from them. Tere are more experience people who are leaving their thoughts here. Follow their words and Do Your Own Research too.

greengrassis

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I think that at first any trader will feel insecure, and the result will be the same. It is important to understand that this is all a matter of time and experience. It cannot be otherwise.

albon

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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 your experience is zero, it is not unlikely that you will lose your money in vain. Trading is not easy, not guaranteed, and is not always furnished with gains. You must gain experience first, make your investment low, and be aware of the right trends, basics, strategies, good trading platforms, how to conduct research, and know the chart curve, so I advise you to educate yourself, as the more information and knowledge you have, the more available opportunities that you can benefit from, n addition to that the buying and selling operations that you make are the ones that will help you collect profitable amounts. Knowing the right time is one of the most important things in trading and choosing good currencies is what gives you profits. Therefore, if you want to buy currencies, choose a time when the markets are stable and free from fluctuations and sharp price changes, and currency prices are cheap.

ajiz138

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Of course you are allowed to make side income from trading but you have to remember about the concept of trading in crypto? and it's not easy especially for beginners, so you still have to learn more about trading and lots of patterns that have to be learned as well as using money that isn't big so you won't experience big losses even though it's part of the risk but still a beginner asks then what's already know trading must anticipate that novice trading is not too aggressive when you don't know qualified skills, so live it and learn good trading concepts.

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

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.

It's not going to be as easy as you say, sometimes we'll get stuck buying price drops and it doesn't re-pump for a long time in fact it's going to tend to drop even more so it's not going to be easy to try a few times, my advice is don't let this become a habit but with the knowledge they have, they will be able to look for potential with a profit of 10% or even more.

Tony116

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It sounds simple and very easy to make money, but think, if trading were that easy, we would all be rich, and no one would lose in this market. I can say that trading is considered the hardest part of the market, not everyone can make a profit from it. I recommend that you take the time to learn before you start to practice trading, it should be added that in addition to the knowledge and experience to start trading, you need to prepare some money that can lose. Because I haven't seen anyone start trading without losing. Professional traders also had to lose a lot of money before having the success they are today.

Ararbermas

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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 will gonna lead you losing money for sure, so i suggest stop doing that because fyi not all coins can guarantee a good progress in the future even many people talking about it or trading it because it doesn't make sense at all . And don't just basing on it's situation, i mean must seek for specific information first as well before investing or trading if the coin has really a potential even in short term if you really want to make profits. Choosing a coin isn't easy like what you think mate. So better learn more about trading..

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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.

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Quote from: Rockstarguy on January 07, 2023, 03:57:54 AM

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.

Don't have the mindset of making money in trading when you don't have any idea about trading. What you should consider first is to learn, have knowledge about it first. Trading does not make one to be rich but can help one to financial stable expecially when their is a source of income as a beginner. Don't think trading is something you can just start and make a lot of money . You have to give your time and learn trading, if you learn and understand you gain good profits in trading.

I think that is where newbies always get it wrong when it comes to trading, their mindset is earning profits first without taking the rigorous learning steps of trading, that is why 95% traders always loses their portfolio majority always liquidate or rekt their funds due to lack of knowledge, the OP needed to study, learn and practice via demo or stimulation until profit making is consistent, trading is not gambling where the price of a coin is predicted to pump in certain period of time, however trading with knowledge in Technical, Fundamental analysis couple with a strategy are needed to guarantee consistent profit earning however all these comes with learning and experience.

Inspiron14

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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?

There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

It's better to learn first and don't need to rush, especially since this is a trade where the risks are big.
study all the strategies and determine which one suits you,
what is clear is that there is still a lot of preparation to be done and it certainly takes a lot of time too

xSkylarx

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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?

There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

Using all kinds of strategies creates more confusion; it is not like in gambling, where you can use them all. In trading if someone teaches you their strategy but if it isn't working for you, you need to find another strategy or create your own. Most traders create their own strategies as most of the ones they've copied are not working for their trading style, which is why they end up creating their own or customizing other strategies and also in trading your strategy is needs to be simple just couple of confirmation before you can trigger your trade.

borovichok

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There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

Newbies are meant to undergo specific trading Courses before taking the bold step into trading live accounts with reasonable leverages and lotsizes. Newbies are ought to have complex PDFs that would be embedded inside a book or online trading courses. Trading is risky and takes only the bold and brave ones to gain profits and survive in both the bull and dump season. Trading don't only comprises of technical and fundamental analysis, there's more to it, how one can eliminate greed and exercise patience for good trading entries.

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Quote from: xSkylarx on January 06, 2023, 08:32:36 PM

Your strategy is very simple and easy to follow, but the problem is, how would you choose which coin to buy? How can you make sure that it will pump and not go to its grave? Though it is working, it is very risky on that part of choosing the right coin. I don't know if you already know trading, but try to learn it first since your strategy is like "buy low, sell high," and you are just on the tip of an iceberg.

Trading is all about buying low and selling high. for now he only knows about the basics because he is still a newbie but he is willing to learn more on how to become a professional trader. when we say professional trader, this will now involved technical analysis (i.e charts and drawings) and not just by simply looking if which coin have gone down or have gone up.

He admits that what he is currently doing is like playing a gambling because he have no idea yet if the coin that have drop is a shitcoin or not but it's great that he got lucky and he is still up by some percent. Despite of it, he still thinks that what he is doing is not complete. This is what I like about him.

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