Topic: Trading skills - page 4. (Read 849 times)
Has anyone here give already a tip about Candlestick patterns? Well I found it very useful in 4 hour to 1 day timeframe also I do have other indicators that help me to accurately predict the market, you can just search on google image Trading Divergence Patterns this is useful to big time frame such as 4 hour to 1 day. I don't know if it works to others but it works fine to me.
Well, I have been doing a lot of research lately and am developing new trading skills I will put to use any moment from now. But again, I still rely on the comments of users on this forum to guide me in some processes that have been gained through their experience.
I believed the first step is pick one or two trading strategies you found on YouTube or online, basically it has to do with charts, as a newbie limit your chart to a minimum of 4 hour timeframe, study and start charting analysis by knowing when to buy and sell with the aid of the candlesticks patterns and one or two indicators all these are Technical Analysis TA, thereafter start practicing how to trade using a demo or stimulator, you can as well signup with CryptoParrot, a site where a newbie can practically place a demo trade, once you are able to earn profits consistently then you can think of using real funds 
You are not wrong however where that calm is going to come from? Expert investors or traders can remain calm even in the most difficult of circumstances as they know very well what they are doing as they have complete confidence and mastery over what they are doing.
That calmness coming from your knowledge beyond the business that you are taking will keep you in good position, knowing that even there's ongoing trial with your investment the chance that it will bounce back is possible, instead of panicking you'll just continue to monitor and if does you still have a good amount of spare money, more likely you'll buy more knowing that it's another opportunities to hold more.Quote
But for a newbie trader that does not know what they are doing then this is going to be impossible as they will get scared at even the slightest movement of the market as they have no idea of what is going on, and as such it is impossible for them to remain calm when things really begin to go badly in the market.
Most likely it will going to happen with people who just been influenced by other people's success, those are after with gains without doing some research about the risk that also inside this industry.
If you are a beginner in trading, you need skills, knowledge, and available capital This is what cryptocurrency trading requires. If you want to trade in the cryptocurrency market, you must first ensure that you have all the relevant skills to analyze the market and even have a successful trading in this volatile market, you should keep your emotions up and don't let FOMO rule you.
You could develop your skills by practicing it daily in the Forex Market with small investments.
Well, we all know how technical crypto trading is and how hard it has been for newbies traders. That made me want to know what are your best trading skills and techniques that can aid a newbie in trading?
Calmness, Many people doesn't give this much credit, but being calm during bullish or bearish season is what makes me above other traders. Cause due to my calmness, I actually be able to plan my moves and execute it without having any regrets. Oh yeah, I am also a person who doesn't wants regret so I am a go for it person, but that will be good if you have some funds to spare
But for a newbie trader that does not know what they are doing then this is going to be impossible as they will get scared at even the slightest movement of the market as they have no idea of what is going on, and as such it is impossible for them to remain calm when things really begin to go badly in the market.
If you can keep stay and always patience waiting when the best time for entry you not really need skill, looks what happen last few hours when bitcoin suddenly dump, if you keep wait best moment you can buy potential coin like BNB, SOL, LTC, MATIC with lower price, wait tomorrow when bitcoin up your profit is easy more than 10% until 20%.
As you all know that trading is about ups and downs, so it is important to enhance your expertise in trading. You should have patience while you are trading. Investors should have command on their investment. It is important to have clear concept about trading. Because absence of understanding can cause big lose in trading.
... there are newbies that can be successful in the markets without that experience, but in order for that to happen they need to prepare themselves extensively about all the techniques they can use to improve their chances of being profitable, and unfortunately the number of newbies that do something like that is incredibly small.
Newbies can also be successful without experience because of market conditions. For example, almost anyone buying in Jan and selling in March would be making money on everything, not just BTC. Even when defi was just beginning, every stupid alt you bought would be up by a lot.
I would say those preparing extensively aren't just few among the noobs but among the experienced ones too. There are people who got lucky getting in at the right time thinking they own trading skillz.
One tip I can give to you and I think is the best is mastering the basics such as knowing the trends and trendlines, supports and resistance is one of the most important things. You could also study indicators such as RSI and MACD with the knowledge of supports and resistance and adding knowledge about indicators you can already create your own strategy. Honestly, I only used this support and resistance, trendlines, MACD and Volume.
on the other hand we also have to pay attention to the psychology of trading and money management. trading psychology greatly affects our trading success, even though we have analyzed it correctly, but because our psychology has not been formed, it is possible to panic sell. On the other hand, by setting money, we can calculate the risk and rewards in making transactions, so that we can measure whether the position is feasible or not to enter the market. Having good technical analysis skills is very helpful, so we can predict where the market will move. However, relying on technical analysis alone will
not be enough to make a successful trader, with the aim of generating large profits. Other factors are needed, such as how we control our psychology,
so that when trading it is much calmer and not easy to panic. The conclusion is that trading is quite complicated, it takes patience to be a successful
trader, because there is no instant success.
Trading really needs concentration and it require your most of the time specially when you are a newbie you need to learn more which require more and more of your time, because you have to learn some technical issues about trading and have to be an experience one if you want to get profit.
One tip I can give to you and I think is the best is mastering the basics such as knowing the trends and trendlines, supports and resistance is one of the most important things. You could also study indicators such as RSI and MACD with the knowledge of supports and resistance and adding knowledge about indicators you can already create your own strategy. Honestly, I only used this support and resistance, trendlines, MACD and Volume.
on the other hand we also have to pay attention to the psychology of trading and money management. trading psychology greatly affects our trading success, even though we have analyzed it correctly, but because our psychology has not been formed, it is possible to panic sell. On the other hand, by setting money, we can calculate the risk and rewards in making transactions, so that we can measure whether the position is feasible or not to enter the market. Having good technical analysis skills is very helpful, so we can predict where the market will move. However, relying on technical analysis alone will
not be enough to make a successful trader, with the aim of generating large profits. Other factors are needed, such as how we control our psychology,
so that when trading it is much calmer and not easy to panic. The conclusion is that trading is quite complicated, it takes patience to be a successful
trader, because there is no instant success.
One tip I can give to you and I think is the best is mastering the basics such as knowing the trends and trendlines, supports and resistance is one of the most important things. You could also study indicators such as RSI and MACD with the knowledge of supports and resistance and adding knowledge about indicators you can already create your own strategy. Honestly, I only used this support and resistance, trendlines, MACD and Volume.
on the other hand we also have to pay attention to the psychology of trading and money management. trading psychology greatly affects our trading success, even though we have analyzed it correctly, but because our psychology has not been formed, it is possible to panic sell. On the other hand, by setting money, we can calculate the risk and rewards in making transactions, so that we can measure whether the position is feasible or not to enter the market. ... there are newbies that can be successful in the markets without that experience, but in order for that to happen they need to prepare themselves extensively about all the techniques they can use to improve their chances of being profitable, and unfortunately the number of newbies that do something like that is incredibly small.
Newbies can also be successful without experience because of market conditions. For example, almost anyone buying in Jan and selling in March would be making money on everything, not just BTC. Even when defi was just beginning, every stupid alt you bought would be up by a lot.
I would say those preparing extensively aren't just few among the noobs but among the experienced ones too. There are people who got lucky getting in at the right time thinking they own trading skillz.
Do not trade with high capital, be patient, study the market, use what you can lose and not affect you, only focus on spot trading for time being, $50 is good for starting, if you have high capital, do it use it, hold more and trade less with $50 or lower. You will understand the marker from your losses and win, but beginners lose more than win, only increase your capital if and only if you are profiting than losing.
On board with the above suggestions. The main point to extract from a trader point of view is the practice because only with practice you tend to get a feel of the markets and how/when to perform a trade. News and having access to good, reliable info is another big one. Unfortunately, there aren't any agreed places for getting this type of info but there are groups on Telegram where some news can he handy. One such group is called Alts Alters. Good luck trading.
I'm not sure how those newbies win on their trades if they don't have a solid background or any trading experience. It is extremely difficult if you are a newbie with no solid strategy; however, if luck strikes, I believe you can win; however, this does not last long because you will inevitably lose; however, if you have a solid strategy, I believe you can win; however, this does not always; however, it is preferable to luck in terms of trading because you can adapt and have a solid reason why you initiate the trade.
and you should not rush up yourself.
I think those who trade are very wise and very skilled. Those who come to trade will never be able to trade if they are not wise. It has been seen that those who do not have a good strategy about trading are left There is a lot of frustration in trading and drinking alcohol.And later they are very scared to see trading. So I would say you have to be skilled and highly knowledgeable to trade
Do not trade with high capital, be patient, study the market, use what you can lose and not affect you, only focus on spot trading for time being, $50 is good for starting, if you have high capital, do it use it, hold more and trade less with $50 or lower. You will understand the marker from your losses and win, but beginners lose more than win, only increase your capital if and only if you are profiting than losing.
On board with the above suggestions. The main point to extract from a trader point of view is the practice because only with practice you tend to get a feel of the markets and how/when to perform a trade. News and having access to good, reliable info is another big one. Unfortunately, there aren't any agreed places for getting this type of info but there are groups on Telegram where some news can he handy. One such group is called Alts Alters. Good luck trading.
I'm not sure how those newbies win on their trades if they don't have a solid background or any trading experience. It is extremely difficult if you are a newbie with no solid strategy; however, if luck strikes, I believe you can win; however, this does not last long because you will inevitably lose; however, if you have a solid strategy, I believe you can win; however, this does not always; however, it is preferable to luck in terms of trading because you can adapt and have a solid reason why you initiate the trade.
Be prepared for sufficient tuition. This is the driving force for your growth, and it is also the way you must go on your crypto journey. Don't be dazzled by luck, this is a very dangerous signal.
Do not trade with high capital, be patient, study the market, use what you can lose and not affect you, only focus on spot trading for time being, $50 is good for starting, if you have high capital, do it use it, hold more and trade less with $50 or lower. You will understand the marker from your losses and win, but beginners lose more than win, only increase your capital if and only if you are profiting than losing.
On board with the above suggestions. The main point to extract from a trader point of view is the practice because only with practice you tend to get a feel of the markets and how/when to perform a trade. News and having access to good, reliable info is another big one. Unfortunately, there aren't any agreed places for getting this type of info but there are groups on Telegram where some news can he handy. One such group is called Alts Alters. Good luck trading.
Any strategy being used with out stop loss will fail in future trades. This means stop loss use is a very good strategy.
Don't follow the 10% stop loss and something it's ridiculous also once you enter your trade don't do anything, try to wait if your trade will hit target profit or stop loss and lastly don't let your emotion affect your trading.
No I don't wait all the time for my stop loss to hit. I do admit that I have made a wrong entering order when I see it and in those cases, I don't wait for the market to eat up my money because I want to wait for stop loss to be professional. So what I do in such cases is that I just exit immediately especially if I'm already losing. You can know this with the candlestick and trading with candlestick is a strategy of its own.
Stop loss is definitely something you have to use if you are a day trader or a short term trader. However if you are like me and have a long term approach to investment then you should not use it at all. I was holding my coins when they were 64k and was holding them when they were 29k and now holding them at 50k, at what should I sold? I mean if I was smart enough to sell at 60k and buy at 30k and sell at 50k again to make the maximum profit, then I wouldn't be a long term investor, I would have traded and be a billionaire now. Don't follow the 10% stop loss and something it's ridiculous also once you enter your trade don't do anything, try to wait if your trade will hit target profit or stop loss and lastly don't let your emotion affect your trading.
However since I am not that smart to know when to buy and when to sell, I hold it long term and that always ends up with happy results for me. This is why I suggest not doing a stop loss if you are not great at trading, buy something, sell it when you have "enough" profit, and if it goes down, just wait for it to go back up.
Jump to: