Topic: Trading as a newbie - advice? - page 3. (Read 576 times)

a demo account is very useful for beginners to test their knowledge of trading, by looking for that strategy in a demo account they won't be surprised when doing a real account, but it should also be known that there are other challenges to real accounts, namely psychology, sometimes a good strategy may not necessarily work on a real account considering the psychological pressure that breaks our strategy. therefore do not rush to invest funds in real investment before having sufficient knowledge and mental readiness. because after all we bear the risk

Cryptocurrency market is not like a gambling industry where anyone can  come in and roll the dice rather it needs proper knowledge and expertise. If you are jumping into cryptocurrency without prior knowledge then chances are that you will lose money (as many  new comers do). Demo account is good for practice but real experience comes from the account that is backed by capital. Make sure you don't invest too much, which you can't afford to lose.

I don't know why most people, especially newbies, ignore this but demo accounts are a great way to practice your knowledge to have an idea about how you are doing after learning the things, if you have learned a new trading strategies, simply go ahead and use the demo account to test it out to see it if works or not, you can also see if you start trading with whatever knowledge you have gained so far to see if you will get profitable or not.

Newbies generally just invest their real money after learning a little bit about trading and that is how they incur losses, if they don't use real accounts with real money but practice with demo accounts first and learn everything properly, they won't have to face any losses when they start trading with real money.

For sure as a newbie you already check what are the things you need to know so keep it up knowledge is the most essential factor when committing a trade. This serves as an insight for your position what are the possible patterns and trend of the market that could give an idea if this is a good position or a risky trade. Today there's a lot of newbies going into different groups just to get a free signal. Don't become dependent. Use your knowledge and perception.
Find the trading pattern that is suitable to your trading habit.

I don't have much to tell but what I have to tell you is that in trading you most learn the rudiments of Trading because trading have to do with learning and if you don't understand the basic principles of trading it really leads to disadvantages in trading, but for you to understand the basics thing's of trading just read through the links some colleagues drop for you.

DCA can be used by anyone even if you don't have a steady source of income. If today you have $ 1000 as an investment budget - then you can do some DCA to anticipate the risk of correction. Whenever the price can drop low - then you still have a budget for accumulation.

Imagine something simple instead of something difficult - so you won't complicate your steps for accumulation even if you're only on a limited budget. DCA is again useful for diversifying your risk when investing especially if the price drops lower - so it's not just being taken advantage of by institutions or big budget whales.

It's a wise decision for you to first focus on learning the basics of trading and not just wanting to jump in immediately as some newbies wrongly do. Trading is not a childish thing and so you need to make up your mind that at some point there would be some losses hence one or two losses might deter you from continuing.

And also go ahead in demo trading every strategy you may learn during the learning periods it would help you get a better understanding of whatever you're reading about. If possible, you can get a physical coach or mentor too who can be guiding you with few tips based on his years of trading experiences.

Professional traders not only have 1 support level, but they quite often have 3-4 support levels to minimize risk. Buying with DCA can help them to enter on the second support level should the price continue to fall below the first support level, so DCA will still be a good one to consider. I would probably recommend they buy the lump sum if the slide has reached the 4th support level, but it wouldn't hurt to stay DCA.

Learning about basics is very crucial thing for success and i don't think that without knowledge one can become a successful trader or investor. Videos can help you more in order to get the knowledge because from videos you will easily get the basic concepts.

One cannot get the overall knowledge from any book or any videos because when a person comes in a real life the things seems to change so with the passage of time one can learn easily from their achievements as well as mistakes. Create your experience and don't loss hope as everything needs some time after which achievements become easy.

Of course, you should not apply the DCA strategy when the price has reached high, since the price can then be adjusted up to 80%. It would be reasonable to make your purchases exactly at the moment when the price has reached the support level and can start an upward movement at any moment.

Yes trading is too risky and the most realistic option is long term investment,
long-term investment will provide a profit as well and most importantly the key is patience,
apart from learning DCA for newbies it is better to focus on learning on various things.

in my opinion for a better learning I advise you to read as many books as possible that you can, and when you are reading each book, also watch videos on youtube about day trade courses, also watch analyzes and price forecasts that people has done on youtube, this will help you a lot in learning because if you only focus on the books then you will not be able to better understand what is being said, another very important point is that you keep practicing on a demo account while you study, this will also make it much easier for you , for example, in the book you will read things like support and resistance

and when you see a video on youtube about support and resistance then you will understand much better, another example would be that you read about technical indicators such as volume, in the book you will hardly know how to use volume to your advantage, in that case when you go to see some video on youtube will already be easy to understand and if at the same time you practice on the demo account everything will be simpler. but there is a big problem with that, and that charts in the book and its explanations of technical analysis are from the forex market and when you apply everything you learned in this cryptocurrency market, then you will see that you will have a lot of difficulty

in this cryptocurrency market hardly anyone can make money doing day trade, you will see that over time, several people who have been doing this for a long time regretted having wasted time doing day trade in this crypto market

Yes, good thing OP has a good mindset when it comes learning the basics first before making some money. And this forum is a perfect avenue for OP so he will truly understand what’s the most scenario when trading, and why it’s a lot more important to gain knowledge and skills first before diving into a risky trading.

DCA is recommendable but of course it would really be at advantage into those people or company or institution who do have tons of money on which they could really be able to utilize on such kind of method.But how about into those people who do only have that sufficient amount of money that they could really be able to make use? For sure you would really be finding for the bottom price on which you could possibly be trying out to find
on what price it should be. This is why it would really vary if we do speak about decisions that to be made specially on trading field because not all would really be having the capability on doing such condition or situation
which DCA do might pertain about to those people who are really trying out to break even their losses specially if they have bought on the peak on which averaging out their entry which would result into break even or profits
on the time that the price would really be making out some recovery on which its not really that something new for them to have this kind of consideration on making such step.

I recommend DCA as often as possible for beginners especially if they want to invest. I certainly wouldn't mind if they bought bitcoins with all their budgets - but DCA can help them get their average price lower. DCA is also adopted by many seasoned investors - even if they are institutions. El Salvador also adopted DCA when they invested - MicroStrategy did too.

But if the OP wants to trade - then surely we have no right to change the plan. The OP can trade and take advantage of price fluctuations - but he should know what the risks of trading are in both the short term and the long term. He should learn to do analysis as often as possible instead of expecting advice from other users on the forum.

If you have a choice at the moment, then I would recommend that you refrain from trading and focus on long-term investing. In this case, you need to figure out what DCA is and how to use this strategy correctly. Perhaps this recommendation will help to save your deposit.

One of the mistakes that beginners make when starting trading is to rush too much. In the field of trading, beginners usually do not adopt any strategy, they take up trading through spiritual knowledge. After a coin's price has risen slightly, if the market moves down from that bullish position, they think that the market might go back to that previous position and they are reluctant to accept trading at that moment. But without having an idea about the market or adopting any strategy, it is seen that later they are not successful in trading.

Newbies should first learn enough about trading and practice patience. Trading cannot be accepted just by looking at the volatility of the market. In terms of trading, you should start trading only when you have a complete understanding of the market.

And don't rely on info from other people in trading because they don't always provide accurate info. Analyzing your abilities to develop and have good trading skills is better. Very rarely do people want to learn to trade until they know the market well.

And I think you can get trading information resources from the free internet without paying. But if you think the book is good, you can buy it to learn about trading. Try to find information about trading on the internet before buying the book to compare it to the book.

Many people buy books that are just collections rather than studied so that will be different from their original purpose of buying the book. So it's up to you again.

Before buying a trading book, look at those links that have been given to you. There are free resources that you can read and search for them first before deciding to buy.
Aside from those reading materials, check on exchanges that have a demo account. From there, you will have the idea on how it looks like to trade and how much risk you're willing to take.

The more you learn about trading, the more experience you can gain. Basically when we are in the first stage of trading we don't have much idea about it gradually the knowledge about trading develops. The important thing in trading is to have a good knowledge of the market and take the advice of a good trader. The more knowledge you gain about trading, the more knowledge you will experience. If you get good trading education, you can certainly do good research, and if you can observe everything about the trading, then you will be able to profit from trading in the future.