In trading there is a very big risk if you don't learn techniques and analysis, many who play trading hope to get rich instantly.
Even though there are various techniques that are not learned, they need to be fully educated for beginners who want to get involved in the world of trading.
Topic: Trading tips that helpfull for beginners - page 4. (Read 757 times)
Even if you have those pointers but if the person is not willing to spend sometime to study about all necessary things that they need to learn then all of the pointers given is just useless. Maybe they need to know their intention first in why they are here since if they are for short term maybe crypto trading is not for them since it need a lot of patience and proper learning. But if they are for longterm for sure they can see the down trend and upper trend then provably this can help them a lot to know more about possible strategies that they can create to help their trades and maximize their possible profits.
Unfortunately too many people are looking for a short way out of this market and they want to just be fed what to buy and when to buy it. This is unfortunate because they are not going to be fed that easily and it will take some time before they could do something like that. I know that it is not that easy to handle this but if you do not then you are going to end up with a terrible result eventually, that's just how it is.I believe in making a better return one way or another, and if that's not possible then we are going to end up with a terrible ending. Just focus on learning what you can, and that should be the way to go, it would make it a lot better for everyone. This is of course a tough situation without a doubt.
Even if you have those pointers but if the person is not willing to spend sometime to study about all necessary things that they need to learn then all of the pointers given is just useless. Maybe they need to know their intention first in why they are here since if they are for short term maybe crypto trading is not for them since it need a lot of patience and proper learning. But if they are for longterm for sure they can see the down trend and upper trend then provably this can help them a lot to know more about possible strategies that they can create to help their trades and maximize their possible profits.
What @OP gave are good tips for beginners so they can learn from those tips. I prefer to learn to trade and practice it with small money until the beginner really gets used to the analysis lessons he got. This is to make him not depend on other people's advice about when he can enter the market and can determine when to enter his market.
By improving the ability to analyze market conditions, he can know what to do. He can also find the right coin to trade because many people or beginners still rely on trading signals from other people. This is risky because we don't know whether the signal will occur or miss. After all, each person's ability to analyze cannot always be precise or accurate.
But by having better analytical skills, he can analyze himself and whatever is happening with the market, he can determine when he can trade. And if he doesn't see an opportunity to trade, he won't even try to enter the market.
By improving the ability to analyze market conditions, he can know what to do. He can also find the right coin to trade because many people or beginners still rely on trading signals from other people. This is risky because we don't know whether the signal will occur or miss. After all, each person's ability to analyze cannot always be precise or accurate.
But by having better analytical skills, he can analyze himself and whatever is happening with the market, he can determine when he can trade. And if he doesn't see an opportunity to trade, he won't even try to enter the market.
Of all the tips listed by OP, demo account is the one that I can attest to be the best one for beginners, no risk since no real money is involved and you gain the valuable experience for trading, you can go crazy on how you trade and see what happens if you were to do it. Many other people in this forum would disagree with me though, they see demo account or paper trading as a waste of time because they don't like not getting paid when trading.
all these are valid points to guide a beginner in trading, but the most important of all is having primary knowledge about trading, which is your first point. some newbies to trading do have some kind of thoughts about trading as something that can save them from poverty, and the only reason they could have such thoughts is when they don't really have good knowledge about trading. for someone who has no better knowledge about trading, they cannot even think of how to work on develop their own strategy; some of them will only rely mostly on copy trading, which is not a very good way of trading.
Also never forget to always set realistic expectations. Most of the time, beginner traders are great traders, they are good analysts who can predict prices accurately. However, they couldn't push a button smoothly. They messed up on their own psychology. It's already got into their TP but they don't take profit. Why is that? The answer is simple. They don't know yet what to expect, what to see, and what to experience.
The best tool to overcome that is to have a journal. Take not of how they feel greed and fear, then how they overcome it. Overcome they will build that real skill. Because trading strategy is the easiest. It's the psychology that is the most important.
DEMO account - is good for beginners and I encourage newbies to do this and acquire ideas, knowledge, and skills that we can apply in actual trade, However, we can't expect that it gonna be the same experience in doing actual trade because this will include mix emotions that certainly affect our decision making in when to buy and when to sell. Therefore, if we are already good at using a demo account, we can't say that we are also good in the actual trading scenario as everything will change, yet we can still apply the learnings we have.
Demo account I think only last for a week, so you can't expect to learn everything from that DEMO account.Before making an account with any exchanges, make sure you do have background knowledge already about trading especially its fundamentals.
Trading is not easy to learn but the good thing right now is that, there's a lot of resources available online, you can just easily search it and do your best to learn it.
There are demo apps available so they can use that to practice their trade and I also see that Demo account is also helpful since it can lessen the financial damage cost by any unwanted trades. Although trading is really hard to learn but if you are consistent on what you are doing then for sure you can learn this once you experience all ups and downs in the market. Also newbie should be resourceful to search for more ideas or tutorials that can help them since there are so many available online and they should search it if they want to be a good trader.
Risk Tolerance :
Define your trading goals it,s may be short-term or may be long-term gain. If you prefer actively managing trading by market news then the shot trade is the best option for you. Profit and loss depend on the risk high risk may give you a high gain or high loss but a good strategy cover it deeply.
Among the list, this for me is more important. Because most of the new in trading are struggling with risk, some started with low capital but complain about profits or start with big capital.Define your trading goals it,s may be short-term or may be long-term gain. If you prefer actively managing trading by market news then the shot trade is the best option for you. Profit and loss depend on the risk high risk may give you a high gain or high loss but a good strategy cover it deeply.
Having risk management will solve it because it will help you to become a good trader and a good decision-maker. It will also help to protect your capital which is the most important when you are trading.
DEMO account - is good for beginners and I encourage newbies to do this and acquire ideas, knowledge, and skills that we can apply in actual trade, However, we can't expect that it gonna be the same experience in doing actual trade because this will include mix emotions that certainly affect our decision making in when to buy and when to sell. Therefore, if we are already good at using a demo account, we can't say that we are also good in the actual trading scenario as everything will change, yet we can still apply the learnings we have.
Demo account I think only last for a week, so you can't expect to learn everything from that DEMO account.Before making an account with any exchanges, make sure you do have background knowledge already about trading especially its fundamentals.
Trading is not easy to learn but the good thing right now is that, there's a lot of resources available online, you can just easily search it and do your best to learn it.
There are demo apps available so they can use that to practice their trade and I also see that Demo account is also helpful since it can lessen the financial damage cost by any unwanted trades. Although trading is really hard to learn but if you are consistent on what you are doing then for sure you can learn this once you experience all ups and downs in the market. Also newbie should be resourceful to search for more ideas or tutorials that can help them since there are so many available online and they should search it if they want to be a good trader.
DEMO account - is good for beginners and I encourage newbies to do this and acquire ideas, knowledge, and skills that we can apply in actual trade, However, we can't expect that it gonna be the same experience in doing actual trade because this will include mix emotions that certainly affect our decision making in when to buy and when to sell. Therefore, if we are already good at using a demo account, we can't say that we are also good in the actual trading scenario as everything will change, yet we can still apply the learnings we have.
Demo account I think only last for a week, so you can't expect to learn everything from that DEMO account.Before making an account with any exchanges, make sure you do have background knowledge already about trading especially its fundamentals.
Trading is not easy to learn but the good thing right now is that, there's a lot of resources available online, you can just easily search it and do your best to learn it.
DEMO account - is good for beginners and I encourage newbies to do this and acquire ideas, knowledge, and skills that we can apply in actual trade, However, we can't expect that it gonna be the same experience in doing actual trade because this will include mix emotions that certainly affect our decision making in when to buy and when to sell. Therefore, if we are already good at using a demo account, we can't say that we are also good in the actual trading scenario as everything will change, yet we can still apply the learnings we have.
thats true, in using DEMO account usually there's no burden of losing money therefore the decision that comes out usually logical ones.when it comes in investing for real, usually its gonna be a whole lot different story, there will be so much more pressure and it will be different as you said since such pressure affects greatly on our emotions.
demo only good for getting some insights and at the very least tasting how the markets are.
but for one to be truly succeeds in trading in general, they'd require massive effort of trying out the real markets with real money.
These six tips are actually owned and implemented by traders, especially beginners who want to learn trading and want profits. Apart from that, there are several additions, such as:
- Emotional management
This is very important because if we are able to manage our emotions well, then we can control ourselves and control our emotions in any market conditions. We will not easily become greedy, panic, or other things that can damage all our preparation and readiness for trading. What's more, if we can control our emotions, we will be prepared for all the risks we might face.
but unfortunately, not many newbies are willing to learn and prepare themselves well. Even of all the tips, maybe only a few of them do, because moreover they want something instant.
- Emotional management
This is very important because if we are able to manage our emotions well, then we can control ourselves and control our emotions in any market conditions. We will not easily become greedy, panic, or other things that can damage all our preparation and readiness for trading. What's more, if we can control our emotions, we will be prepared for all the risks we might face.
but unfortunately, not many newbies are willing to learn and prepare themselves well. Even of all the tips, maybe only a few of them do, because moreover they want something instant.
The tips are very important, if one intends to become successful with it, or build a skill out of it. We have professional traders.
Besides the point you mentioned for beginners to get familiar with and excel in trading, there's also the point of being aware of the emotions that accompany trading.
Beginners need to know that when they can confidently trade without listening to dominant emotions of fear, pride, greed or hope, we can say they have become good traders.
Besides the point you mentioned for beginners to get familiar with and excel in trading, there's also the point of being aware of the emotions that accompany trading.
Beginners need to know that when they can confidently trade without listening to dominant emotions of fear, pride, greed or hope, we can say they have become good traders.
DEMO account - is good for beginners and I encourage newbies to do this and acquire ideas, knowledge, and skills that we can apply in actual trade, However, we can't expect that it gonna be the same experience in doing actual trade because this will include mix emotions that certainly affect our decision making in when to buy and when to sell. Therefore, if we are already good at using a demo account, we can't say that we are also good in the actual trading scenario as everything will change, yet we can still apply the learnings we have.
Reliable exchanges:
Choose that one exchange that good with the user and has a good background, Portability, Efficiency, security, and provides friendly interference in the market.
This is one of the biggest challenges in trading, finding the perfect exchange, the best would have been decentralized ones, but they don’t have much liquidity and also many trading features like the centralized ones. Then the centralized ones no matter how reputable they are defeats the purpose of anonymity and privacy through collection of KYC details, with also the risk of losing your funds when they get compromised.
The best way to beat this when trading on centralized exchanges would be using two or more of the top exchanges. This way one will be able diversify there funds into many different exchanges and as such minimizes the risk of closing everything when a particular exchange get compromised.
Risk Tolerance :
Define your trading goals it,s may be short-term or may be long-term gain. If you prefer actively managing trading by market news then the shot trade is the best option for you. Profit and loss depend on the risk high risk may give you a high gain or high loss but a good strategy cover it deeply.
Beginners won't understand this too early. What they need to have is to have more experience and gain more knowledge through it and then this will be learned. Define your trading goals it,s may be short-term or may be long-term gain. If you prefer actively managing trading by market news then the shot trade is the best option for you. Profit and loss depend on the risk high risk may give you a high gain or high loss but a good strategy cover it deeply.
This also includes the amount that they want to trade and to start with because not everyone starts big already and that's the entire process that a beginner should go through.
People often enters the crypto market for getting profit but they don't have actual knowledge which is totally wrong way of entrance. Sometimes people select that coins which have no future because of unawareness and they did not have make any research about the coin so learning through videos and from experts through Telegram groups are most important technique to obtain successful results.
Trading needs time so if you don't give your precious time to trading you will not be aware of the market situation due to which you will not make beneficial selection. Realizing market situations and go according to it will be suitable for you to buy and sell your coin.
Trading needs time so if you don't give your precious time to trading you will not be aware of the market situation due to which you will not make beneficial selection. Realizing market situations and go according to it will be suitable for you to buy and sell your coin.
~snip
I guess you can also add "Do not overtrade" and "Do not go after losses". You need to know when to stop. If you keep on trading thinking the more you do the more you'll learn, in that process you won't learn anything. You will make a huge loss if you are a newbie by doing this. In the end, you will be left with nothing to trade with.
So, take a break every now and then. Analyze your past trades and try to figure out where they went wrong or right. Also, our brain needs time to process everything. If you overtrade, you will fill your brain with more information that the brain will be unable to process at once. And you will learn literally nothing. So in order to be successful in the long term, you should avoid this.
Not going after losses is also very essential to become a good trader. Don't get emotional about the fact that you need to win back what you just lost. What's gone is gone. Forget the past but take lessons from it. Move on to the new one. Regret will hold you back in the past and won't allow you to live your present or see your future.
Risk management could also be added here. It is best to practice risk management from the early stages. It will bring confidence and less error in future trades.
Nice beginner guide and advice, but you failed to mention an important point that can help the beginner to minimize the risk involved in trading and reducing losses which are to trade with a small amount as a beginner and not get greedy by putting in large sums of money because of the potential profits most especially in future trading which is almost same as gambling.
Investing with a bigger amount at first due to greed will only increase the chance of losing. Hence, it’s not advisable to do it, instead start with minimal amount and never be greedy enough to expect quick returns because that will lost your focus in trading. Know that trading requires more focus and persistence, that’s why you need to trade at your own risk, and at the capital you’re free to lose.Never ever make yourself put in a hurry when dealing up with the market, you cant really just able to make things to be that a pro in a short time. You would really be able to experience lots of trials and
errors when it comes to this matter.
Nice beginner guide and advice, but you failed to mention an important point that can help the beginner to minimize the risk involved in trading and reducing losses which are to trade with a small amount as a beginner and not get greedy by putting in large sums of money because of the potential profits most especially in future trading which is almost same as gambling.
Investing with a bigger amount at first due to greed will only increase the chance of losing. Hence, it’s not advisable to do it, instead start with minimal amount and never be greedy enough to expect quick returns because that will lost your focus in trading. Know that trading requires more focus and persistence, that’s why you need to trade at your own risk, and at the capital you’re free to lose. Jump to: