^^ That is the correct approach towards trading when you are beginner, a lot of people lose when they first start and they suddenly became cold against trading because they lost money on it and never come back or come back on a worse time.
If you lose money, know that someone else made that money instead of you, this is a game where one side wins while others lose so that means whenever you lose money someone else made that money instead, even if its just bitcoin going down and you selling or buying at the wrong time means someone else "lost less" than you. The thing as a newbie what you should do is study your losses and study your wins and try to find where you did wrong and then going after it better next time instead of never even touching it ever again, that way you can get better.
Topic: Trading for Beginners? - page 5. (Read 1895 times)
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None of the trader here is successful without taking any risks. We all had to face a number of risks which also demotivated most of us but yet we did never stop and keep on trading. Trading is really a trickiest thing I even went through. Even sometimes I feel gambling a way lot easier than trading.I personally faced some huge loss at the initial stage when I just started trading with bitcoins and few other coins like XRP, EOS and ETH. These coins gave me stable profits for few starting days but the prices for each of these coins was dropped by 15% when I was holding almost 90% of those coins. It eventually stopped my source of income which made me panic sell those coins at that time to again start fresh with some new coins. This was a bit demotivating for me but I took it as an essential challenge to be completed before becoming a successful trader.
If complexity does not matter you than you should start learning and getting lectures about trading as soon as possible because you are going to need to huge research in order to start gaining benefits from the bitcoin trading or any altcoin trading. Also can you lets us know what your be your initial investment because if you are tending to invest in smaller amount than you should try converting bitcoins to smaller value coins which can give you good profits for trading with smaller amount also.
Price for bitcoins is much higher so it would need huge investment in order to make profits from the small or mid-interval trading. No doubt, it would be a good source of investment if you are going to invest for long term.
As long as the size of your capital is adequate investing in altcoins just because they are cheaper does not make sense, you need to invest in a coin that you think it has the potential to move during the next weeks and months, and as you can see bitcoin has been by far the best investment to make during the last year, and even if you can find some isolated cases about an unknown altcoin making greater progress than bitcoin the rising bitcoin dominance should tell you everything that you need to know about the strength of bitcoin at the moment. Price for bitcoins is much higher so it would need huge investment in order to make profits from the small or mid-interval trading. No doubt, it would be a good source of investment if you are going to invest for long term.
HI,
Over the years I've acquired around a few hundred dollars worth of bitcoin. I'm now looking to sell off part of my coins and start trading on the side of what I do personally for work. I was in the bitcoin scene awhile ago but i'm looking to get back into it. My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience? Complexity doesn't matter to me. Thanks in advance for any help I receive.
Regards,
Kyle aka Aggressive
Hi,Over the years I've acquired around a few hundred dollars worth of bitcoin. I'm now looking to sell off part of my coins and start trading on the side of what I do personally for work. I was in the bitcoin scene awhile ago but i'm looking to get back into it. My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience? Complexity doesn't matter to me. Thanks in advance for any help I receive.
Regards,
Kyle aka Aggressive
I invest BTC on perfect trading platform CTFYbot,every friday I earn 4.9% on my invest money.It is 100% secure and profit is guaranteed every friday.Minimum for invest is USD100 and maximum is USD50000.
If you want that I send you video material and all other information contact me on Telegram.My username is @TomoCTFYbot
Besides using the idea of BUY and SELL which is very common yet one of the simplest fundamentals in this field there is an experience you have to obtain. Experience if the most important thing you need to obtain in order to be an efficient trader. Since you have enough amount of money just like what you have said try to use few of it to practise and gain experience. If you encounter any loss upon your trade don't be down but rather absorb it all, this can be used as a guide or as a learning to improve your trade. One thing, all the info you can find in this forum or everywhere can be used as a guide and tips but don't rely on it too much, have your own strategies and work on your analysis.
Since the common thing in doing a trade is buying and selling of goods and services knowing the basics is a must. Trading while you are a newbie is a hard thing to do because of lot of things you should know before trading. All of us knew that trading requires specific amount in order to get started. No first timer done it perfect so if ever you failed or loss your money take it as challenged and a lesson. Experience is the best teacher because it helps you minimize your mistakes and maximize your ideas. Also you can seek learning and strategies to those who excel in trading until you come up with your own strategy. Analyse your strength and weaknesses so that you can focus on what your great to. Have patience because no one earn in just a blink of an eye. Dream big with actions.
The internet is your best buddy. If you want to learn to trade, you gotta learn by doing. Its not going to come automatically. The only way out is to trade and learn from your mistakes.
Having said that, start with a small account. DO NOT TRADE ON TESTNETS.
While they might be useful to start with and familiarise yourself with the order placement procedure and what not, they do not help you in the real world to make money.
You might make a lot of money on the testnet, but it will be difficult to implement the same strategy on real accounts.
Grasp all information that you can on trading and get better at it day by day. To shortern the learning curve, you might want to check the 'The Trader's Perspective' series on https://bbod.io/blog.
Pretty cool platform imo.
But always, DYOR. Happy trading!
Having said that, start with a small account. DO NOT TRADE ON TESTNETS.
While they might be useful to start with and familiarise yourself with the order placement procedure and what not, they do not help you in the real world to make money.
You might make a lot of money on the testnet, but it will be difficult to implement the same strategy on real accounts.
Grasp all information that you can on trading and get better at it day by day. To shortern the learning curve, you might want to check the 'The Trader's Perspective' series on https://bbod.io/blog.
Pretty cool platform imo.
But always, DYOR. Happy trading!
Besides using the idea of BUY and SELL which is very common yet one of the simplest fundamentals in this field there is an experience you have to obtain. Experience if the most important thing you need to obtain in order to be an efficient trader. Since you have enough amount of money just like what you have said try to use few of it to practise and gain experience. If you encounter any loss upon your trade don't be down but rather absorb it all, this can be used as a guide or as a learning to improve your trade. One thing, all the info you can find in this forum or everywhere can be used as a guide and tips but don't rely on it too much, have your own strategies and work on your analysis.
Since the common thing in doing a trade is buying and selling of goods and services knowing the basics is a must. Trading while you are a newbie is a hard thing to do because of lot of things you should know before trading. All of us knew that trading requires specific amount in order to get started. No first timer done it perfect so if ever you failed or loss your money take it as challenged and a lesson. Experience is the best teacher because it helps you minimize your mistakes and maximize your ideas. Also you can seek learning and strategies to those who excel in trading until you come up with your own strategy. Analyse your strength and weaknesses so that you can focus on what your great to. Have patience because no one earn in just a blink of an eye. Dream big with actions.
First things first, do not stop when you lose. I know it may sound greedy at first but let me elaborate it.
Trading is not a friendly one to a friendly person. It takes a lot of effort, time, money and emotions to build an established trading portfolio. But when you lose, don't consider it as a failure but rather address your opportunities and solve it and do not stop. That is the best thing for you to do as a beginner. Nevertheless, Put some passion for your trading and avoid being aggressive with no good basis.
Trading is not a friendly one to a friendly person. It takes a lot of effort, time, money and emotions to build an established trading portfolio. But when you lose, don't consider it as a failure but rather address your opportunities and solve it and do not stop. That is the best thing for you to do as a beginner. Nevertheless, Put some passion for your trading and avoid being aggressive with no good basis.
The biggest don't of bitcoin trading (or basically any financial decision in the history probably) is to never buy something you never heard of before, it is really not a good idea to go ahead and spend that much money on something you haven't researched profoundly, if you don't know what the coin is about or what the history of it or what the future plans of it, the teams behind it and how the community chats about it etc etc all the thinks you possibly can find out about it, do not even come close to buying it.
First take care of your DYOR parts of the deal and then you will have a chance to decide if you still want to buy it or not. If you fall in love with a coin and the telegram chat of that coin talks greatly about it and you see no problem with it however when you google it or just check reddit and bitcointalk about it and see people who are not part of the community tells you it is a scam, beware because mostly it really is.
First take care of your DYOR parts of the deal and then you will have a chance to decide if you still want to buy it or not. If you fall in love with a coin and the telegram chat of that coin talks greatly about it and you see no problem with it however when you google it or just check reddit and bitcointalk about it and see people who are not part of the community tells you it is a scam, beware because mostly it really is.
Trading is a potential platform for all the investors, so those are entering the new in trading they make some loss and profit for beginning stage. But automatically investors are gain some knowledge in social media and experience. I think telegram groups, YouTube channel and Google will help the new investors. My suggestion is start some small scale investment and active in all the time is a perfect manner.
indeed, for traders and new investors in crypto it is better to invest and trade with a small amount of capital first before knowing and understanding about crypto market price movements, because to do the learning stages and find out price movements in the market, of course to avoid many losses when there is a sudden decline, because investors and new traders usually for example there is a sudden decline in their panic, they sell their assets for fear of the greater loss they experience. greed is usually the main factor of failure, people who have the ability but do not know the limits in seeking profit are the cause, therefore financial management must be applied when trading, to find the right profit and also calculate the losses incurred during trading.
But if you are greedy in such a way that you would like to ruin others life then, that was not good and it probably be the reason of your failure.
I would just like to emphasize that, if we start trading we need to focus of what we doing, giving some effort to learn. We don't need to afraid of mistake and losses because from that we eventually learn more which is beneficial in the future.
Don't sell too early,patience is the virtue of trading.
For a beginner who doesn't in need of making income from trading to survive their life should always reinvest their profits back into cryptos to make more money than day traders.ANd also keep the satoshi value in mind over USD value.
Really good suggestions because when people start trading newly so they don't know about when to wait and when to trade so that's why all traders should wait and never be greedy to get quick profit as it may because of panic in the market. Knowledge matters allot in trading so learn it well and before investing do check the market situations from Google and the internet , control your greed for better and safe trading.For a beginner who doesn't in need of making income from trading to survive their life should always reinvest their profits back into cryptos to make more money than day traders.ANd also keep the satoshi value in mind over USD value.
greed is usually the main factor of failure, people who have the ability but do not know the limits in seeking profit are the cause, therefore financial management must be applied when trading, to find the right profit and also calculate the losses incurred during trading.
Don't sell too early,patience is the virtue of trading.
For a beginner who doesn't in need of making income from trading to survive their life should always reinvest their profits back into cryptos to make more money than day traders.ANd also keep the satoshi value in mind over USD value.
Really good suggestions because when people start trading newly so they don't know about when to wait and when to trade so that's why all traders should wait and never be greedy to get quick profit as it may because of panic in the market. Knowledge matters allot in trading so learn it well and before investing do check the market situations from Google and the internet , control your greed for better and safe trading. For a beginner who doesn't in need of making income from trading to survive their life should always reinvest their profits back into cryptos to make more money than day traders.ANd also keep the satoshi value in mind over USD value.
Trading is a potential platform for all the investors, so those are entering the new in trading they make some loss and profit for beginning stage. But automatically investors are gain some knowledge in social media and experience. I think telegram groups, YouTube channel and Google will help the new investors. My suggestion is start some small scale investment and active in all the time is a perfect manner.
first you can watch over youtube mate because there are so many tutorial and strategies on that channel ,things that you can learn many things and may keep you safer.
second is try to Join channels that gives advisory in regards to people who wants to trade(but not those channel that gives stupid signals because they are scammers)
third is read a lot here mate,this forum is the best place to have guides and mentors because there are members here that loves to help,but dont fall for those who sends you private messages because most of them are scammers for sure,let the conversation stays inside postings.
second is try to Join channels that gives advisory in regards to people who wants to trade(but not those channel that gives stupid signals because they are scammers)
third is read a lot here mate,this forum is the best place to have guides and mentors because there are members here that loves to help,but dont fall for those who sends you private messages because most of them are scammers for sure,let the conversation stays inside postings.
From my own experience I can say that trading Bitcoin is much easier compared to all other market assets.
However, trading Bitcoin itself is insanely complicated, that is, you understand that trading other assets other than Bitcoin is even more difficult.
The main difficulty is that they will constantly try to deceive you.
You will be constantly set traps in the market, large players can easily manipulate the price of bitcoin even at the right time, when you will not expect it, when you are sure that you are doing absolutely right now,
and the next transaction will bring you profit, at that very moment the market will play in the opposite direction, plunging you into complete bewilderment with its irrationality.
There are a lot of similar situations on the market, which greatly complicates the trading based on logic and analysis. It is difficult both financially and psychological.
Therefore, I recommend that you study the market from the side, use a demo account or a paper account, do not rush to make real money in the market, and do not trade using leverage.
However, trading Bitcoin itself is insanely complicated, that is, you understand that trading other assets other than Bitcoin is even more difficult.
The main difficulty is that they will constantly try to deceive you.
You will be constantly set traps in the market, large players can easily manipulate the price of bitcoin even at the right time, when you will not expect it, when you are sure that you are doing absolutely right now,
and the next transaction will bring you profit, at that very moment the market will play in the opposite direction, plunging you into complete bewilderment with its irrationality.
There are a lot of similar situations on the market, which greatly complicates the trading based on logic and analysis. It is difficult both financially and psychological.
Therefore, I recommend that you study the market from the side, use a demo account or a paper account, do not rush to make real money in the market, and do not trade using leverage.
~~What are the DOs and DONTs of bitcoin trading?~~
I am also not a professional trader but I think these will be helpful:The first thing is "don't join in trading if you cannot be patient and know well about crypto market trends/characteristics". Trading requires patient and smart analysis of market trends. We must know when the price tends to rise up and go down. And if it is still in a bad trend, you are better to hold (patient).
The second thing is "don't be easily influenced by FUDs". You must be smarter to know which one is reasonable news and which one is FUDs only. Never hurry to sell your coins/tokens because of current rumors. Please do research, at least googling to know the truth.
Lot of replies here will be buy low sell high LOL,
I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.
Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.
Agree with you mate, we all started with no knowledge about trading, a beginner must know that we should invest only the amount that we can afford to lose or invest with a small amount only before giving all your bet, for you to be sure that you would not lose everything, also always make a research first before investing especially when that coin is new.I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.
Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.
If it is expandable amount to you, then you will not care and gamble. It has to hurt just a little if you are wrong but not to be life changing in your situation. This would be my most preached advice, paper trade or if you can't do that while being honest to yourself then use your hobby money. If you lose it, you will have this feeling 'i could have gotten something different' for the buck that will make you think about your decisions. Lot of replies here will be buy low sell high LOL,
I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.
Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.
Agree with you mate, we all started with no knowledge about trading, a beginner must know that we should invest only the amount that we can afford to lose or invest with a small amount only before giving all your bet, for you to be sure that you would not lose everything, also always make a research first before investing especially when that coin is new. I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.
Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.
If you are in need of advice, I will sincerely share it with you. When you've worked hard to make money in this vast financial market, why not try technical analysis? Because your money only grows well when you understand the market, it is meaningless to post it here to find a guide. There are thousands of people who have mixed opinions, it just makes you more headache. It is best to learn the knowledge from those who open the training course on trading, then start investing. That's how you get a lot of profit in the future, because there's no better investment than investing in yourself.
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