Trading as a newbie - advice? - page 4.

irhact

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

You're on the right path with this mindset, I'll recommend you watch some youtube videos on trading, there's useful channels that teaches the basic of trading and their teaches are very helpful. I can't remember their names as its been long I used this channel to add to my knowledge but as I come across the channels I'll edit them in this post. I love using youtube to learn than reading books because with YouTube you can be visualizing what you're been taught.

You can combined video with books so you understand better, an advice I'll give you is to calm down and learn very well before you want to start making money from trading because if you don't learn properly, all your efforts will be a waste as you'll keep losing to the market.

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

This two books below have lots of good reviews are they good for someone new like myself? ..

If you are new to the crypto currency platform and want to learn before you start trading, this is a great decision for your trading. I don't know much about the books you mentioned but you can find many platforms to learn trading online. You can find many YouTube channels where you can get basic knowledge about trading. If you have a close relative or friend who is skilled in trading, try to learn from them too. Trading is a platform where experience is very important as without experience the risk of loss increases in any trade. If you are interested in trading and have time then continue your knowledge and research about this market. Through hard work and learning over time, your knowledge and experience will continue to grow.

GreatArkansas

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

(....)
This two books below have lots of good reviews are they good for someone new like myself? ..

https://www.amazon.co.uk/Trading-Strategies-Replicable-Techniques-Management/dp/B09WZ296F2/ref=mp_s_a_1_2_sspa?crid=2RZ07ID9WJP3L&keywords=trading+for+beginners&qid=1689428852&sprefix=%2Caps%2C69&sr=8-2-spons&sp_csd=d2lkZ2V0TmFtZT1zcF9waG9uZV9zZWFyY2hfYXRm&psc=1

https://www.amazon.co.uk/How-Day-Trade-Living-Management/dp/1535585951/ref=mp_s_a_1_3?crid=2RZ07ID9WJP3L&keywords=trading+for+beginners&qid=1689428852&sprefix=%2Caps%2C69&sr=8-3

About the two books here, I am more sure about selecting the highest rating here in the store which is the second one (How to day trade for a Living)

I am amazed that there are still some people who are still able to learn via books compare to some video tutorials like youtube or any online video course.
I never experienced reading a physical book about trading, I wish I can do it in the future.

Latviand

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If you're a total newbie, might I suggest that you should learn from the scratch first? I think that trading is like big step and that you're probably skipping a lot of fundamentals in the metaphorical ladder. But if you do insist on learning trading first, you should first first evaluate yourself, you need to point out your flaws and how you might react on things and how are you when it comes to negative outcomes, are you disciplined enough to follow a pattern that becomes boring when it becomes a habit? There's more questions that you need to answer first and then honestly tell yourself if you're ready to trade and if not, you can always start from scratch.

waONE

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Quote from: hd49728 on July 15, 2023, 11:12:32 PM

If you are a trader and have an opened trading position, you can not forget One of best weapons in trading. Stop loss order is a very important order type to comprehend and practice in your trading.

If you want something better, more advanced, you can consider Stop limit order.

More important than any trading order, trading strategy, you must have a good capital management first. Don't use all capital for trading is a good capital management before you start trading.

Yes, the strategy must be adjusted to how we trade and that's why the strategy that we think is the best won't necessarily work well with other people,
good capital management will produce good results,
things like that must be considered too because trading is so complicated and not just about buying and selling.

hd49728

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If you are a trader and have an opened trading position, you can not forget One of best weapons in trading. Stop loss order is a very important order type to comprehend and practice in your trading.

If you want something better, more advanced, you can consider Stop limit order.

More important than any trading order, trading strategy, you must have a good capital management first. Don't use all capital for trading is a good capital management before you start trading.

sheenshane

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

There are a lot of trading books online that you can read and free videos on Youtube that you can watch.
Understanding the basic concepts of technical analysis, fundamental analysis, risk management, and different trading strategies would be your first step when you're in trading.

Considering that paper trading is the best idea to start learning to trade, this allows you to practice trading without risking real money. It's a great way to test your strategies and understand how the markets work before committing to actual funds.

Next, copy trading can be a useful learning tool and provide exposure to different trading strategies. But remember it should not replace the development of your own trading skills and knowledge and by combining copy trading with a commitment to learning, you can enhance your trading abilities over time.

Remember, trading is a skill that takes time and practice to develop, just be patient and continue to learn and adapt because learning in trading doesn't have a shortcut.

jeraldskie11

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I prefer to join mentorship program, because you will learn the system. Those system in trading will make you more confident that the strategy you learn would work. Mentors will provide the concepts in trading and also refining the ideas what's really important to you as a beginner trader. If the mentors were profitable, students would also profitable as well if they follow the lessons. The best thing that I like in joining mentorship is you can ask something you don't understand.

Vivageneviv

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Do your research, study up on how cryptocurrencies work and the different types. Don’t invest in something you don’t fully understand, and only invest what you can afford to lose.

Also understand a lot of security risks are prevalent in the crypto space so always use strong security; be selective of your trading exchange, some aren't reliable while some like Binance and Bitget have announced their protection fund which means good security.

Finally, cryptocurrencies can have short-term gains, but a long-term perspective and understanding of their potential benefits will help you weather volatility, so have a long-term vision

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

This two books below have lots of good reviews are they good for someone new like myself? ..

You already read up some quality discussion about possible hint on how to start trading so best try to get an idea about those suggestion given since it can help you on your trading career. Also use always good for seeking the news about latest happenings on crypto space since sometimes it will give you a hint on what might happen or possible scenario to come. And if we talk about quality videos that helpful for newbies just what other suggest youtube is there to visualize all this matter so just search trading keyword and videos that might help you will just pop up there.

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Quote from: Bananington on July 15, 2023, 02:06:49 PM

Quote from: JamesDaniel90 on July 15, 2023, 12:55:41 PM

Thanks all - what I am also unsure of is the best time frame to trade on?

As a newbie, this information should not be what to concern yourself with right now. There are other more basic information to know first and as time goes on, which is as you learn more, you will know the answer to this question for you. Watch videos on YT to learn the basics just as much as you read to try to know them. Videos have a way of sticking to memory and being a summary for books that can be really long to read and sometimes confusing to understand. YouTube is a good place to find educational videos that will answer many questions you have.

You won't blame him as he currently experiencing what I term the newbie syndrome, it has to with the sudden rush to make quick BTC through risky ways which they certainly have no clue about maybe got interested because of the stories they have heard about how one can make lots of profits through this means.

I would advice you OP that not all means are worth it, trading is very risky but attainable though when you have proper and strong knowledge on it but in a situation where you are just in a rush to make money, you might just end up loosing all little you have.

Dr.Bitcoin_Strange

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Don't miss this new thread; I think it will help to encourage you too on the characteristics of a newbie trader. If you are Just starting your trading journey, you should first look for a reliable exchange that is favourable to you, although It depends on what exchange is allowed in your country. Then you should decide what kind of trader you want to be. There are traders that buy low and sell high; in some CEX, it's called "Sport trading," and there's also leaverage trading, as CEX calls it "Future trading." Depending on the CEX you are using, if you sign up for a demo account, which allows you to practise little things about volatility, leaverage, and when to enter and exit the market.

Bananington

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Quote from: JamesDaniel90 on July 15, 2023, 12:55:41 PM

Thanks all - what I am also unsure of is the best time frame to trade on?

As a newbie, this information should not be what to concern yourself with right now. There are other more basic information to know first and as time goes on, which is as you learn more, you will know the answer to this question for you. Watch videos on YT to learn the basics just as much as you read to try to know them. Videos have a way of sticking to memory and being a summary for books that can be really long to read and sometimes confusing to understand. YouTube is a good place to find educational videos that will answer many questions you have.

JamesDaniel90

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Thanks all - what I am also unsure of is the best time frame to trade on?

Hamza2424

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Quote from: JamesDaniel90 on July 15, 2023, 09:49:12 AM

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.
I have been looking online for a book to buy to start things off does anyone have any recommendations?

I am not much familiar with trading books as I am fond of video tutorials for better understanding, Reading sometimes feels more comfortable and interesting but most of the time it's not a good idea. Still, I had just posted a reply to a new user's post it was quite a basic guide with few tips only

Trading tips that helpful for beginners

If you are really interested in reading I have a few suggestions as I had covered a few topics on my own you can have a look..

1. New to Trading - Tips and Suggestions (V1) Getting Started Full Guide
2. CEXs vs DEXs & Spot vs Future - Tips and Suggestions (V2)
3. Analysis & its Types - Importance of Analysis in Trading (V3)
4. Tips for Descriptive and Sentimental Analysis (V4)
5. Resistance In Crypto Market & Its Types - (Newbie Guide Series)

Ricardo11

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Before starting trading as a newbie, first you need to get a complete understanding of trading. Before trading, detailed observation and research should be done about the trading market. You must be patient. Because mental state is very important while trading. Before trading you need to determine the right time and trade at that time. And of course don't forget to trade in consultation with a more experienced trader.

palle11

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I will just have to say that trading is a serious business and for serious people. You won't be unserious and what to be a trader because that determines how committed and far you will go. Challenges in trading are not what unserious people get into. However, you have to mention your challenges after you have gone through the links you have already.

Faisal2202

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I don't know, should i suggest you a genuine reply or just ignore you like you have ignored the spamming rules of this forum (no offense) actually i read your neutral tag and they said you ask same question again and again by changing the words like if i have to ask how are you i can also say how are you doing etc. You are also doing the same. Well, tbh i don't know if you asked the same question before or not.

But if you heart find above two books helpful then go for it and give it a try but if you afraid that you will end up wasting your money on these books then you should read them online by writing this command first and then paste the full exact name of the book copied from amazon after the following code. So, you will be able to read these books for free and can now the potential that are they worthy enough to be bought.

Code:

filetype:pdfbpaste your name of the book

nakamura12

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A newbie wanted to trade and learning the basics first is a good idea rather than trading right away without enough knowledge as it would only result in losing more money compared to a newbie who learn the basics. It's good to know that a newbie have a good mindset. As the saying goes, "never dive into a strange water that you can't see through as now matter how experienced you are, you will never know the danger that it will cause". Good luck with the trading and profit in the future.

Awaklara

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although sometimes the trading we do is not in accordance with the planning we expect. but when the more you read and have more knowledge about trading, the better it will be for your development.
study the 2 books you mentioned above, I can't judge whether they are good or not. but for knowledge, I think it's quite important. after that only experience can be a lesson for your development in trading.

and when you start to get bored, my message is don't be easily swayed by signals or directions from channels on social media that give you hope for quick profits in trading. focus on your studies. hope you get what you are looking for.

Topic: Trading as a newbie - advice? - page 4. (Read 507 times)