Trading for Beginners? - page 7. | Bitcointalksearch.org

CryptopreneurBrainboss

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Quote from: angrynerd88 on January 25, 2020, 01:02:34 PM

If you have passion for trading then go with trading because passion bring knowledge and stamina and it take to success.

Although your post construction was poorly done, you still made some valid point and I will be meriting your post for the part qouted above. For the last couple of months I have been advocating for the importance of monetizing your passion which cryptocurrency trading was one of the points I enlighten for those with interest in the cryptocurrency industry. Did a post something titled; Fighting unemployment by monetizing your passion. as I did mention, many individuals rush into engaging themselves with passions that isn't theirs just because it has been proven to be profitable but lack the patience to invest their time into whatever they're doing since the love isn't present and their decision was only motivated by money.

Trading should be considered a hobby which you should develop passion for as that'll definitely help you in the long run. The advantages of doing something you love accompanied with it be a source of additional income, unconsciously helps in engaging the mind towards developing more interest on perfecting that act. The advice you highlighted is something many newbie ignore and it costs them alot since they give up halfway after experiencing some setback.

DevilSlayer

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Quote from: Janation on January 25, 2020, 11:43:17 PM

Quote from: tenakha on January 25, 2020, 04:28:39 PM

Quote from: Aggressive on January 24, 2020, 11:29:45 PM

Set up a plan for yourself in advance and try to follow it. This plan should include the path you choose (what kind of trade you can do), how fast you need to go (amount of earnings) and what you have to do to avoid falling into the pits (management of risks and feelings). But, first of all, how prepared are you to set off on this road? If you need to learn a little more, do not ignore it.

More like how much can they lose.

Investing in cryptocurrencies is not that easy. As an investor, you should not always look at how much you can earn but also on how you could lose it and how you could reduce the risk that you are taking. I think you should not always manage your feelings first if you can't even manage your balance well.

That is what you called risk and reward ratio, before we trade we should know how high the risks in order for us to know if we can handle it or not. The rewards are is should greater than the risks in order for us to have good trade. Buying coins that have low potential rewards are just waste of time and money. We should learn to use our skills in identifying worth it altcoins in the market.

Janation

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Quote from: tenakha on January 25, 2020, 04:28:39 PM

Quote from: Aggressive on January 24, 2020, 11:29:45 PM

Set up a plan for yourself in advance and try to follow it. This plan should include the path you choose (what kind of trade you can do), how fast you need to go (amount of earnings) and what you have to do to avoid falling into the pits (management of risks and feelings). But, first of all, how prepared are you to set off on this road? If you need to learn a little more, do not ignore it.

More like how much can they lose.

Investing in cryptocurrencies is not that easy. As an investor, you should not always look at how much you can earn but also on how you could lose it and how you could reduce the risk that you are taking. I think you should not always manage your feelings first if you can't even manage your balance well.

KnightElite

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Quote from: tenakha on January 25, 2020, 04:28:39 PM

Quote from: Aggressive on January 24, 2020, 11:29:45 PM

Set up a plan for yourself in advance and try to follow it. This plan should include the path you choose (what kind of trade you can do), how fast you need to go (amount of earnings) and what you have to do to avoid falling into the pits (management of risks and feelings). But, first of all, how prepared are you to set off on this road? If you need to learn a little more, do not ignore it.

Planning your trades are one of most important factor to have successful execution. I'm sure that newbies are just keep buying and selling without plan. Our plan should consists of many steps, the first is we shiuld identify the entry point and our target profit then next is we should place stop loss for our risk and management. It is important because our expectation will not always happen and placing a stop loss can help us to minimize our losses. Newbies should learn how they will follow their plan in order to have successful trade.

wozzek23

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Quote from: Bim abk on January 25, 2020, 12:03:33 PM

Quote from: iqronik on January 25, 2020, 11:23:57 AM

Using various tools and helpers can also be useful, especially for beginners. Find for yourself a convenient market scanner, advisor like coincyborg, position size calculation, portfolio watcher like blockfolio and so on, you'll definitely see some improvements in a short amount of time

And make at least a few hundreds trades first using small orders or paper trade until you get used with user interface of your exchange or bot or some trading platform etc. And don't forget to read some TA books

for beginners it would be more recommended to try a lot of trading with small funds and also read articles that have been made by experts. and so far the tools on the market have helped a lot and we can take advantage of it, so far it depends on the beginner himself who can adapt.

Yes, beginners really have to practice a lot of demo or paper trading before they could move onto ordinary trading. Trading is never an easy job and a small mistake can make us face loss so it is always better to gain some experience before starting with trading so that we can avoid making any minor mistakes.

Beginners actually do not tend to start making huge research at the initial stage like going through some articles, staying updated to the markets, etc so they might face difficulties. But the more close we stay in contact with the markets the more reliable trading we can carry forward. Trading can really be a profitable job only if we are aware about the do's and don'ts.

tenakha

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Quote from: Aggressive on January 24, 2020, 11:29:45 PM

Set up a plan for yourself in advance and try to follow it. This plan should include the path you choose (what kind of trade you can do), how fast you need to go (amount of earnings) and what you have to do to avoid falling into the pits (management of risks and feelings). But, first of all, how prepared are you to set off on this road? If you need to learn a little more, do not ignore it.

Shimmiry

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Quote from: Aggressive on January 24, 2020, 11:29:45 PM

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

Better think first and answer the question, what kind of trader are you? There can be two types of traders, one is a short-term trader or the active trader who trades daily, and the other is long-term trader whom preferred holding coins for a long period of time and sells it on a particular price. Then learn after it. There are a lot of trusted trading platforms and there are some with less excellence. I prefer you try on Poloniex as it offers limitations (in which you sets the high and low price to sell your coin and/or to buy it) on trading various cryptocurrencies. Binance is still preferred by most of the users as it offers features that you can use for predicting prices.

d.kevin29

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Quote from: Ryker1 on January 25, 2020, 01:47:32 PM

Well, I suggested here that you dont rely upon suggestions. You will find the right answer if you are doing research and watching a video with regards to trading techniques and strategies. Probably try to visit the E-Toro exchange platform because the have a feature of copy-pasting from expert traders. You will probably learn but this only a suggestion, dont take as financial advice. Indeed, there's nothing way to bypass the trading activity without knowledge you have to learn, --don't be in hurry, remember that going into the battlefield must be in prepared to avoid possible loss.

If your suggestion is that we shouldn't rely upon suggestions, should we rely on yours? Grin

Copying (or following, however it's called) top traders from eToro doesn't teach you anything, or am I mistaken? You're only following the actions of the best traders, it's not you deciding when to buy & sell anything so you're basically getting 0 experience out of this auto-trading thing. I'd rather go deposit $10 and trade by my own while learning how to read & predict charts than following a stranger's moves. Might miss a few months or an year of trading with higher amounts of money but you're missing a few months or an year of probably large losses and stupid mistakes. You never know when their moves might go awfully wrong.. and I'd rather take the loss that comes after my own actions than rely on someone else's.

Ryker1

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Well, I suggested here that you dont rely upon suggestions. You will find the right answer if you are doing research and watching a video with regards to trading techniques and strategies. Probably try to visit the E-Toro exchange platform because the have a feature of copy-pasting from expert traders. You will probably learn but this only a suggestion, dont take as financial advice. Indeed, there's nothing way to bypass the trading activity without knowledge you have to learn, --don't be in hurry, remember that going into the battlefield must be in prepared to avoid possible loss.

angrynerd88

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Mostly said that,Trading is not for everyone and its a reality being realistic should accept the truth.Newbies come and start trading even dont know the charts and at the end loose all.Before to start trading ask yourself either you are good at trading or not and if you have passion for trading then go with trading because passion bring knowledge and stamina and it take to success.

plvbob0070

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Learn to read more articles about trading and focus on having basic knowledge about it. You can use it as your weapon when you conduct your first trading. Then you should learn how you're going to risk your money because when it comes to this field it's full of risk and to be a good trader, you should be a risk-taker to gain good profit. However, if you are a newbie I highly advise that you should put some of your time to read articles and watch some tutorial videos and do not be aggressive to earn income because it takes time to earn and learn. I also see that some member talks about their experiences and speaking of it, having different experiences in trading might be the key to have successful trade and you should also know that all traders also face failure that's why even if you had a bad experience on it maybe use it as your powerful weapon to become good and a wise trader. Just keep on learning and always do some practice with small capital.

djmixen

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Quote from: CodyAlfaridzi on January 24, 2020, 11:53:53 PM

Quote from: Aggressive on January 24, 2020, 11:29:45 PM

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?[/size]

Do's: Have a clear trading plan in mind for each trade you're about to make, this includes: target price, stop loss, risk well defined. It would also be good if you start a trading journal so you can review and evaluate your trade plan.
Don't: Don't overtrade. Don't be emotional. Don't get overleveraged.

If you want some experience first, I recommend you to try on a testnet/virtual trading (Bitmex have that) for some time, try to work on a strategy, etc. So you don't lose money while still learning.

Was all these sir already proven and tested to you? And one more thing I heard a lot of things about in Bitmex where it most often used by those people who scam others, I don't know if they are just only using the name of the platform to find a victim here in crypto, that's is why I am asking you Sir.

Bim abk

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Quote from: iqronik on January 25, 2020, 11:23:57 AM

Using various tools and helpers can also be useful, especially for beginners. Find for yourself a convenient market scanner, advisor like coincyborg, position size calculation, portfolio watcher like blockfolio and so on, you'll definitely see some improvements in a short amount of time

And make at least a few hundreds trades first using small orders or paper trade until you get used with user interface of your exchange or bot or some trading platform etc. And don't forget to read some TA books

for beginners it would be more recommended to try a lot of trading with small funds and also read articles that have been made by experts. and so far the tools on the market have helped a lot and we can take advantage of it, so far it depends on the beginner himself who can adapt.

iqronik

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Using various tools and helpers can also be useful, especially for beginners. Find for yourself a convenient market scanner, advisor like coincyborg, position size calculation, portfolio watcher like blockfolio and so on, you'll definitely see some improvements in a short amount of time

And make at least a few hundreds trades first using small orders or paper trade until you get used with user interface of your exchange or bot or some trading platform etc. And don't forget to read some TA books

Kimi80

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My basic rule is to not trade with all of your money. I do not mean to stay the part of your dollars on side. I mean to set different sell/buy orders.
For example, you have 200$ and you wish to trade bitcoin. The main rule of trading is to buy cheap and sell expensive, right? So, looking on current price of bitcoin I would set such orders for buying as 50$ for buying Btc per 8350, 50$ per 8300, 50$ per 8250 and 50$ per 8200.
You never know how the price will behave itself, currently bitcoin is going deeper and deeper. If you buy bitcoin buy current price and its go deeper you stay in minus. So better to open several orders for such issues. It also works with the situation when bitcoin is raising.
Also to that you can close your orders if the situation on the market will change.

nutella_11

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Quote from: MURONDI on January 25, 2020, 03:20:21 AM

learn first if you are really new to trading, bitcoin trading is something that is very risky, do not be easily tempted by the results of other people's trades without seeing the process, if you really understand trading you can start, but don't invest all your money, there are many places to trade btc that are popular and have a fairly good reputation, for example binance, coinbase, or you can do your own research on google.

Yes, I agree with that statement that it's good to learn before investing. Gain some knowledge before you decide to buy or trade cryptocurrencies. There is a lot of great and professional content on the internet, for example on some forums (like this one) or on YT. Some time ago I discovered great channel on YT, it's called "SideChain Podcast" so you can check it out, I'll leave you the link to their newest video:https://www.youtube.com/watch?v=83JnxuUUJ5o&t=2305s.

Meowth05

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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.

LUCKMCFLY

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Quote from: Aggressive on January 24, 2020, 11:29:45 PM

~snip~

If you do not have much experience in Trading, it is best to study before entering the market, it would be advisable that after acquiring some knowledge you would make an account with fictional money and test your plan.

You need to be clear if you want to do long-term, medium or short-term trading, and if you really want to be a market or Investor speculator, and most importantly, don't believe that trading will make you rich overnight. It is better to see trading as a business.

posi

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Quote from: Aggressive on January 24, 2020, 11:29:45 PM

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

First of all, this current market momentum is the perfect season to learn how to trade crypto but the DOs and DONTs of crypto trading are many and cant be understand all at once for crypto trading is a scheme where you learn everyday. But you needed the most as the perfect guide to make profit is choosing the right coin, dont invest in many coins which will be hard for you to manage, knowing the time to enter and exit the market. And, you must use trading bot you need to understand to calculate the cost and how to use the bot to manage your coin successful.
In the mean time, i will advise you to do the long trading while you study online how to make use of the FA and TA analysis.

watergold

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Quote from: thisnewcoin on January 25, 2020, 05:10:54 AM

Start trading with a small amount of money what you can lose gladly! Study about the market, try to learn how to analyse the price chart and then pick a strong coin to start trading. Add your picked coins in Blockfolio, follow their twitter page and turned on the notification to get every update news. Don't be greedy, take a small profit at first and try to spread out in several coins.

Good tips, friends, in essence, we should not be emotional when the market is down because it is common in trading and must be able to control the controls and the market situation that is happening in trading, it requires good skills and remain calm despite the many Fud news.

Topic: Trading for Beginners? - page 7. (Read 1895 times)