What advice will you give to a beginner trader? - page 3.

wxa7115

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Bitcoin is GOD

Quote from: bitbollo on September 17, 2020, 05:14:01 PM

absolutely true what other user said about leverage derivative and future.
this is not trading but it's just gambling. and in the long term you're going to lose your money.
use a demo account to learn more about functions of a trading site. it's always better than start directly with cash.

Without a doubt trading with a demo account is going to help you at the beginning when you are not familiar with the platform you are using but even then there are limits to what you can learn with a demo account.

For example with a demo account you will be able to employ your strategy perfectly without second guessing your decisions because you are not losing real money but once you being to use it you will be pressured to get results and if you lose a few trades in a row it will be very hard for you to use your strategy effectively especially if you are a newbie.

Bitlover10

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Love is all

For beginner trader I can only give few advise
1 keep learning about market
2 gain your knowledge about coin
3 never take margin like 2x 3x or 50x
4 keep away from taking high leverage trading

20kevin20

legendary

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Quote from: azmirihaque on September 19, 2020, 11:40:45 AM

Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

Honestly, trading strategies rarely work with crypto trading. Been following many charts and predictions on TradingView on a weekly basis for years and, besides very very obvious patterns, most of them don't really follow up. Even top traders miss a lot of times. The immaturity of crypto markets makes trading a constant experience of unexpected events.

azmirihaque

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Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

djmixen

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Most of the newcomer in this industry of cryptocurrency is always thinking quick profit even they know to themselves that they don't have any knowledge about it. But because of greediness, this pushes them to go through with it, we're in the end always lost their investment, so better to learn first while practicing themselves in demo trading first, just a thought.

Maroons

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Quote from: adzino on September 18, 2020, 02:55:06 AM

You should first learn how the market works.

This is really the gold tier advice that a newbie needs to hear from anyone because if you know how things work in the field you are entering you are going to have no problem at all for you know you're surrounding and you're playground and second most important thing is be comfortable with how you do things, things won't work out well if you are doing it uncomfortably so keep in my to have confidence and be comfortable to what youbare doing.

panganib999

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Of course before anything else, you first need to educate yourself first on how does the market runs and make yourself knowledgeable about certain coins to better know and to choose better the coin that you wish to do the trade. Basically, you need to learn the basics of doing the trades because if you would just keep on depositing money to do trades, which is your money is at stake on a certain coin which you do not know much about, you are simply putting your money into a gamble for not knowing anything first before you do the act. Before engaging into any trades, assure that you know the coin very well and of course the market for sure you will not just be reliant on a certain coin. After you have fully known how the market works on various coins, then its the time you do trades. Educate first, observe, then do the act. Do no jump into trading without knowing anything. Remember you wish to do trading and not gambling.

adzino

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www.Crypto.Games: Multiple coins, multiple games

You should first learn how the market works. You shouldn't keep your expectation very high based on the fact that some people made millions over night investing in crypto currencies. $500 sounds like a good amount to start with. Try investing smaller amount of different coins. You should also get to know how the trading platform works so that you don't get confused or anything. Like mk4 suggested, you can try etoro and their virtual trading currency that has no real value and you risk nothing. You can understand how everything works, but remember, those are play money and you receive it for free. So you don't have any risk and your decision won't be the same like you would have taken if you invested with real money.

Imran232

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Thank you soo much for interesting in crypto trading platform with a $500 handsome amount . From my trading experience i will suggest you a biggest point which is do not started with future trading. Because its profitable but risky which is not for beginner. I suggest you to choose spot trading. Because it will be lower risky. For your success i will suggest you to choose a best exchange and find some most potential coin and invest them with spot trading and wait for price pump and take profit. If your choosing currency gone dump wait it hold it don't panic. And when it will up again take your profit and try to invest another. In this process try to learn about more trading option. And gain knowledge about trading then you can use other trading option. I hope you understand. If you want to my opinion about any exchange i use binance exchange. In my point of view its best for me for its security. All the best for your trading journey hopefully you will get your best.

lienfaye

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Quote from: bitbollo on September 17, 2020, 05:14:01 PM

absolutely true what other user said about leverage derivative and future.
this is not trading but it's just gambling. and in the long term you're going to lose your money.
use a demo account to learn more about functions of a trading site. it's always better than start directly with cash.

I agree, its better to start using a demo account to understand well how trading works, this way you can gain knowledge on what to expect if you try it in actual.

For newbies have lots of patience and dont be greedy. You cant get a result in snap, it takes time and need a right timing either when buying/selling. Keep in mind that all pro traders are once a newbie too so if they succeed you can too, just never stop learning to improve your skills.

Dorodha

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Quote from: ibuddy122505 on September 14, 2020, 09:20:56 AM

Quote from: peterpanda on September 12, 2020, 01:58:54 PM

Trading is the good way to make money but it is so risky for new traders. I will suggest new traders to trade on demo account. More market analysis is needed for being a good trader.

Same here, I strongly prescribe to do a novice trader. Being patient at the start and get into the market slowly. Various things will drop over various times. But, do your practice and wait until you have the money to throw in at the start.

Newcomers usually come to the market without any skill to make money soon after greed so they are more at risk. I agree with you that the first thing a good trader should do is to analyze the market well. Having a good knowledge of the market makes trading risky. Also invest small amounts as the market is not stable no one can say when it will go in which direction even if the price of the currency goes down trader will not suffer much.

bitbollo

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Nec Recisa Recedit

absolutely true what other user said about leverage derivative and future.
this is not trading but it's just gambling. and in the long term you're going to lose your money.
use a demo account to learn more about functions of a trading site. it's always better than start directly with cash.

Lanatsa

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Activity: 2968

Merit: 687

Quote from: Ridwan Fauzi on September 17, 2020, 11:14:16 AM

Quote from: Wawa2013 on September 14, 2020, 04:07:03 AM

The advice I can give to beginner traders is to start learning about the basic rules of crypto trading, after that choose a popular
and trusted trading platforms. Next start trading with a small capital, learn how to analyze the market, choose popular coins when
trading. And lastly and most importantly don't trade based on other people's signals.

Derivative/future trading is really dangerous for new trader, I felt it when I was newbie to trade. Indeed, I spend $100 to start but I use 20x leverage for my all trading system and finally I lost all my money and it was worst. Spot trading is really suitable for new trader, especially if they use bitcoin although the bitcoin price drop they still have a chance to still hold the coin and wait until the price up again and they can sell it, so they will have a small risk to lose money and also they will learn every wrong that they made for the next round.

Its very risky for someone who doesn't have much trading experience and knowledge to jump on directly to leverage/future/options trading because you would definitely lose up money on that case.

Better to do spot trades on very small capital and try to grasp things up until you do able to know the basics.There are lots of tools that you can use and there are lots of analysis and strategies that you can

look from other trader but don't fully rely on it because not all things that do works on them works for you.So this would matter on how you do make your own as long it would be profitable

then you are doing just fine.

yeamin.rsl

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First you need to give a lot of time to learn more. Explore the internet to know more and more about trading.You have to be Realistic About Profits.Always start with small and then when you will learn then go big.
Pick a Day Trading Market .I will recommend Binance as it is best for beginners.

Ridwan Fauzi

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Quote from: Wawa2013 on September 14, 2020, 04:07:03 AM

The advice I can give to beginner traders is to start learning about the basic rules of crypto trading, after that choose a popular
and trusted trading platforms. Next start trading with a small capital, learn how to analyze the market, choose popular coins when
trading. And lastly and most importantly don't trade based on other people's signals.

Derivative/future trading is really dangerous for new trader, I felt it when I was newbie to trade. Indeed, I spend $100 to start but I use 20x leverage for my all trading system and finally I lost all my money and it was worst. Spot trading is really suitable for new trader, especially if they use bitcoin although the bitcoin price drop they still have a chance to still hold the coin and wait until the price up again and they can sell it, so they will have a small risk to lose money and also they will learn every wrong that they made for the next round.

Rrita

hero member

Activity: 670

Merit: 512

without proper knowledge never try to do trade. it's not so easy, but you already started to do the trade! You need to do trade with a small amount first. before starting with real money you need to do demo trade that I like and advice also for a newbie at trade. in this way you can learn without losing you capital. Hitbtc demo website is good for this, here the link https://demo.hitbtc.com/

I also suggst you to know about technical analycies. from here you can get some tips also https://www.youtube.com/watch?v=ofwtsc20hOY&list=PLvkpxFSTppmnQ7A5DP386zEKU0Tv_fatm&index=2

wxa7115

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Activity: 2814

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Bitcoin is GOD

Quote from: Bitlover10 on September 11, 2020, 08:55:30 PM

I can only give few advise to new traders. First which is very important that don't be greedy in your trade and only choose good coin
Don't enter in hype or fomo. Never buy at top. Also don't take leverage trading and be in spot trading because if you took leverage it can give you totally liquidated. Also research before investing any coin. So these are few things a new trader should follow for risk management.

All of what you say is a good advice but by far the most important is to not use leverage, leverage can be very attractive from the point of view of a newbie trader as now you can make a lot of money with even the smallest movements in the market, this can make them think they can make a fortune in a relatively short amount of time, but what they do not get is that leverage works against you as well and you will need risk management strategies to mitigate that issue.

And for the most part the way to do that is to reduce the amount you use to trade, but you could get the same effect by using the same amount of money with no leverage which show us why leverage is completely unnecessary except for the most expert traders in the market.

ibuddy122505

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Quote from: peterpanda on September 12, 2020, 01:58:54 PM

Trading is the good way to make money but it is so risky for new traders. I will suggest new traders to trade on demo account. More market analysis is needed for being a good trader.

Same here, I strongly prescribe to do a novice trader. Being patient at the start and get into the market slowly. Various things will drop over various times. But, do your practice and wait until you have the money to throw in at the start.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: LouVandetta on September 14, 2020, 02:42:14 AM

Quote from: southerngentuk on September 14, 2020, 12:41:37 AM

2. only use binance, not anywhere else like uniswap

This is not a wrong advice but I think it's a bit unfair to those who likes using other exchanges. I know that binance is the best exchange, or so I heard and I agree on that part. But we also have a lot of other good markets. Haven't tried uniswap so I can't say anything just yet.

Well, being a trader is not as easy as eating candy or something. You need patience and everything. Every steps you take will be reflected on your trading. Practice makes perfect and so experience, gain lots of them and you should know where to go with your trading.

Indeed.
Although I use it quite often, it doesn't mean that it is the only exchange that majority should take.
It has a wide community but that doesn't mean that that's the only exchange that everyone should go.
It's like comparing Android and Apple to each other.
Feel free to try any other exchange, but don't stray too far because there are exchanges listing fake volumes.

Wawa2013

sr. member

Activity: 1666

Merit: 268

The advice I can give to beginner traders is to start learning about the basic rules of crypto trading, after that choose a popular
and trusted trading platforms. Next start trading with a small capital, learn how to analyze the market, choose popular coins when
trading. And lastly and most importantly don't trade based on other people's signals.

Topic: What advice will you give to a beginner trader? - page 3. (Read 1317 times)