I will advise you should forget about the money side of trading for now and focus on the learning process, because after learning you earn.
So, Just know that if your aim is to make side hustle with trading and as you've stated that you got no experience in trading, then be rest assured that in the end you gonna lose your money.
Your main focus should be on learning and understanding how to trade profitably, And that's what you should do right now as we're in the bear market before the start of next bull market.
There are rules involved in trading and you must know them and also develop your own rule base strategy in order to Navigate the volatile crypto market.
Topic: Trading as a newbie? - page 15. (Read 2992 times)
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?
Tried doing that recently, but it wasn't profitable for me as a cryptocurrency trader. Because I want to sell at least 30 to 40% depending on its resistance movement on the chart.
Because if that's the only way to make money in crypto, it seems like I won't be able to achieve the goal I'm looking forward to.
That's why if I were you, try to learn more about crypto trading here in this industry anyway.
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.
You can test it out and see if it's going to work for you. We as traders and investors have differences and some things that might work for me is the opposite for you.
Have a dry run and experiment and see if your encouragement and plan will result into a good one if not, then try again until you realize that there must be some other strategies that could work for you.
You can test it out and see if it's going to work for you. We as traders and investors have differences and some things that might work for me is the opposite for you.
Have a dry run and experiment and see if your encouragement and plan will result into a good one if not, then try again until you realize that there must be some other strategies that could work for you.
I would not advise a beginner to trade before understanding how to analyze market movements. He must know how to do it first and get used to trading through a demo account or at least he can learn to analyze market directions. After understanding how to analyze the market, he can only start trading with a small amount of money to see how far he has understood his lesson.
In your case, you can lose money often because you buy a coin down 15% and expect it to get a 10% pump so you can sell it at a profit. If only it were that easy mate.
But it won't be as easy to imagine because we also never know which coin will get the pump. So you better learn more about analysis to know which coins can be bought, held, and sold at high prices.
In your case, you can lose money often because you buy a coin down 15% and expect it to get a 10% pump so you can sell it at a profit. If only it were that easy mate.
But it won't be as easy to imagine because we also never know which coin will get the pump. So you better learn more about analysis to know which coins can be bought, held, and sold at high prices.
If reading what will be your trading strategy, I'd say it's a very easy strategy to implement Lol. But in practice it's not as easy as you say, moreover, it's not always a coin that drops 15% and then pumps back 10%, if that cycle always happens then there's no such thing as failing in this trade, everyone must be successful.
Don't try something you don't understand, it's better to do something that many people are sure to do, namely investing in bitcoins.
If you have the thought that what you are saying is wanting to make a quick profit, then that is a very big mistake. I'd rather say you said luck.
Don't try something you don't understand, it's better to do something that many people are sure to do, namely investing in bitcoins.
If you have the thought that what you are saying is wanting to make a quick profit, then that is a very big mistake. I'd rather say you said luck.
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 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 agree with you that the mindset needs to be changed and they also don't realize that mindset is not a good thing,
in trading knowledge and skills are needed and we can get that by learning
Yes i have been involved in this before it's called "Scalping" and is best suited for the beginner but somewhat risky because you have to choose the best coin to buy that would give you such percentage in two to three days, apparently you need a better funds to start this operations and must focus on a reputable coin, such as BTC, ETH and BNB and any other coin that changes so faster. But before you venture into this you must ready to use a spare funds that you aren't eager to use immediate or time soon as some coin may not gives you the results you wanted after purchase.
I always advice to every newbies, don't trading if you can't willing to lost 90% of your money and lazy enough to learn! it's better if you just stick invest in Bitcoin and make more money in your fixed or real life job. In trading you need to be active for 24/7 since you must not miss any moment when you're need to sell and when you're need to buy, when you miss the good moment, you can't maximize your profit.
I can say that the average newbie who is just getting into trading thinks something like this “buy when it goes down, sell when it goes up” but it is not as easy as you think. When you are sure that a coin is going to go up, it can just go down and keep going down until it is well below the point you bought it at. Maybe you will continue to hold the coin, but that could make you lose even more and in the end you will not get profit but even bigger losses.
My advice is that it's better for you to trade with small capital first and buy popular coins, for example like BTC, BNB, or ETH. Maybe you will experience losses at first when trading these tokens, but if you are patient and continue to monitor the market you will definitely be able to make a profit. The point is to stay patient and exit when you are profitable enough.
That was what I thought before, that I should buy at low price and sell at high price, it was not even derivative trading, it was spot trading and I lost some money because of lack of experience. Those were the days I was a newbie trader before I later decided to know how to trade on derivative market. My advice is that it's better for you to trade with small capital first and buy popular coins, for example like BTC, BNB, or ETH. Maybe you will experience losses at first when trading these tokens, but if you are patient and continue to monitor the market you will definitely be able to make a profit. The point is to stay patient and exit when you are profitable enough.
Using small amount of money is very important for newbie traders because they will have emotions, thinking they are losing and close a trade. What they will experience is reduction in trading fund before they will have experiences and the right strategies to make profits. Little amount of money should be used by newbie traders to start trading.
-cut-
Anyone done something similar or will it just lead me to losing my money?
Anyone done something similar or will it just lead me to losing my money?
I can say that the average newbie who is just getting into trading thinks something like this “buy when it goes down, sell when it goes up” but it is not as easy as you think. When you are sure that a coin is going to go up, it can just go down and keep going down until it is well below the point you bought it at. Maybe you will continue to hold the coin, but that could make you lose even more and in the end you will not get profit but even bigger losses.
My advice is that it's better for you to trade with small capital first and buy popular coins, for example like BTC, BNB, or ETH. Maybe you will experience losses at first when trading these tokens, but if you are patient and continue to monitor the market you will definitely be able to make a profit. The point is to stay patient and exit when you are profitable enough.
Is not all the time that roll up trades will turn into profit. Sometimes a long trade like that keep losing straight and your capital keep burning down. You can not rely on such trade to come back from losses therefore using stop loss comes in here. If you want to extend your time in the market when you have used low leverage then you need to use stop loss incase your expectation is not met.
I can never use stop loss. I have used it in the past and I have experiences not to use it again. Stop loss is for newbie traders while learning and for those professional traders that uses high leverage. I do not use high leverage anymore and I do not use stop loss anymore.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.
There are even some people that have negative says about their trading experience, about how they lost huge amount of money. Trading can bring profits or losses should be what newbie traders should start with and look for are strategies to know how to avoid the losses. 
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 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 have zero experience and have just been looking on Coinbase at the best and worst performers of the day.
Trading is a highly technical terrain. Don't let anybody deceive you into thinking it's an all comers affair. It's not. This isn't to scare you. It's just to prep you for the murky waters ahead. I don't want to suger coat it and tell you otherwise because I write from first hand experience. Be it FX, cryptos or Binary, they're all good to make you comfortable in life once you've a good handle on them. Put in the works and master their basic set skills first before thinking of profiting from them. Don't begin with profit making in mind; that will ruin you. While aiming for indicators, stick more to leading indicators – Support & Resistance, Pivot Points, Trendlines. They have better direction than others I didn't mention here which are lagging. I have preferred to use low leverage, averaging at times, leave trade opened for days. Trades I was losing before do come to be profit later after many days of opening position because I use small amount, low leverage and leaving position for long time if no profit for short time.
Is not all the time that roll up trades will turn into profit. Sometimes a long trade like that keep losing straight and your capital keep burning down. You can not rely on such trade to come back from losses therefore using stop loss comes in here. If you want to extend your time in the market when you have used low leverage then you need to use stop loss incase your expectation is not met.
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 as simple as buying low selling high but the practical implementation of that is really difficult, if you want to know the real condition of trading you should use the demo features in many exchanges, that way you could get some grasp of how things works in general, moreover, be ready to use investments that you could afford to lose, the trading isn't always friendly to individuals, instead it's always the big whales that got the most out of it and make some individuals traders lose in the trading, therefore you should know that you're always at the worst odd of making profit if you have relatively low money.
It will depend on what coin you are referring to. because not all coins that go down are able to go up again even though we have waited a long time. Meanwhile, we usually carry out trading activities for short term periods, especially daily. And this doesn't have to be a benchmark because coin price movements will continue. If you decide to try trading, then you must continue to focus on the market, be able to analyze the market and its movements, and be able to read market indicators. By analyzing and predicting it, it is not certain that we can always get profits. In this case, actually, you need to prepare yourself optimally before starting trading. At least you need to learn and understand about analysis techniques and also Fundamental analysis to help you understand market movements. indeed TA and FA do not make you will always take profits, but at least this will help a little to know how possible.
And one more thing, if you are newbies, don't ever be tempted to do Future Trading because this is really high risk and has the potential to make you lose.
And one more thing, if you are newbies, don't ever be tempted to do Future Trading because this is really high risk and has the potential to make you lose.
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?
Could be that possible since this is trading on the first place.The main issue or challenge you would be facing up with this kind of behavior of trades is on how you would be able to determine on which coin will be movingI 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?
out with those kind of percentages? It would really be that hard for you to point out.If ever you would be sticking with main coins then those percentages on day matter cant be that possible specially now
that the price is really moving that sideways which its really hard to make out some movements or decisions.
Well, this is the hardest part of doing trades on which it might look on being simple but when you are on the middle of the situation then its something you cant
done it easily.
The best way to start trading as a newbie is to learn how to read indicators, it will not make you rich over night but it would definitely get you the basic understanding of what the market is and how you could read the situation we are in. Like for example, many people think we are in a bad situation right now, and yet anyone who knows how to read the market would tell you that it's on the verge of going up and doing something good, we just don't know when.
Until it happens, people who are afraid would look right, but when the price starts to go up, people who knew this would say they expected it. That's how you should start, by being "in the know" and studying the market.
Until it happens, people who are afraid would look right, but when the price starts to go up, people who knew this would say they expected it. That's how you should start, by being "in the know" and studying the market.
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 method you are talking about is a layman method especially for newbies who normally tries out the method.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 tested that method before and I have known how it works, it will likely lead to losses especially now that the market is in the red condition.
The method works fairly when the market is in bull run. This will make it possible for every coin that comes down to rise again. When I did it I did it for selected coins and not for all the coins.
My advice is as a newbie don't try it just make out time and learn before you earn
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