The most important thing we need to acquire before others are to be patient. It could be easier to think but definitely the hardest thing to do. All the things can be changed and the future of our trade, not all traders have this attitude that is why many had suffered losses than to succeed. And besides, trading couldn't just be acquired and complete in a day or two, not even in a week that is why patients have placed an important role in trading and even in the other field.
^ Patient and self-discipline are the most important. These would be the ones I would give advice to them besides that technical analysis which is the major thing that newbie traders to consider. Being a new trader, there is nothing to hurry upon doing trading, just explore your self in trading and if there is a demo trading feature on an exchange, you can also join and practice. That is the best practice before you will use a real fund on trading. Trading learning is not just a day to study, it is acquired to have several weeks or months much better. If you can afford trial and error then you can rush without skills in trading. 
Topic: What advice will you give to a beginner trader? - page 5. (Read 1315 times)
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btw, you have sufficient capital suitable to start trading and that's good IMO...A little advice from me, when trading you have to be fully aware of that, don't be tempted by the market, make transactions when you are sure and don't buy when the price is at its peak, vice versa don't sell when the price falls.
The most important thing we need to acquire before others are to be patient. It could be easier to think but definitely the hardest thing to do. All the things can be changed and the future of our trade, not all traders have this attitude that is why many had suffered losses than to succeed. And besides, trading couldn't just be acquired and complete in a day or two, not even in a week that is why patients have placed an important role in trading and even in the other field.
I will give simple advice, so newbies don't think crypto trading is complicated. My advice for newbies is use money that we can
afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
Studying trading analysis could never hurt you, doesn't mean you will instantly become a great trader but it also can't make you any worse neither.afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
Study them, learn all the charts and indicators and everything, use them to your advantage and you will be much better than how you started. Secondly talk with people, you do not have to agree with them or even believe what they are saying is true, there are plenty of wrong people out there but at least talk with them and learn what the market sentiment is, price is ran by people and that is why learning what they think is importantly.
Lastly do not go overboard with your investments, investing into a whole new defi that promises 100x return guaranteed is a risky one, and probably scam, but buying bitcoin could only mean you will either lose tiny bit or profit tiny bit.
I will give simple advice, so newbies don't think crypto trading is complicated. My advice for newbies is use money that we can
afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
Start even with a small amount of money as newbies are still prone to losses than gains. Do not be easily discouraged if you lose your money because trading is not just winning profits but also losing some. And never get into trading if you are not ready. Take your time first learning all the basics through reading articles and watching demos. Of course, start with a demo account first so you won't be upset if you lose suddenly. afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
I will give simple advice, so newbies don't think crypto trading is complicated. My advice for newbies is use money that we can
afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
afford to lose, be patient, and don't be greedy. Just run first 3 points which I have already mentioned. I am sure that newbie
can succeed in crypto trading. If these 3 things are successfully mastered, then start to the next level. Namely studying technicalities,
such as technical analysis, fundamental analysis and risk management.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
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Right now, you're not really trading but you're simply investing since you're just buying and holding for an extended period of time till whenever you're in profit before you can sell. That aside, I have some advice that might improve your odds.
Learn and understand what both technical and fundamental analysis entails.
- Fundamental Analysis: First you need to find an avenue where you can get fresh news about the crypto market (crypto markets reacts quickly to news whether positive or negative so you have to keep it in mind). Some tools in your fundamental analysis toolbox:
i. News site that is updated frequently like coindesk etc.
ii. A calender app with events for majority of the cryptocurrencies. You can use Coinmarketcal for that. You simply check events in future that can drive up the price. These includes events like Mainnet launch, new releases, partnership announcements etc.
- Technical Analysis: This is a very broad topic which you will have to spend time to learn and practice. It might take you months if not years to get more experienced in with it but in the long run, It'll be worth it.
Some TA concepts you should get familiar with:
i. Candlestick patterns ~ For a start, you can learn the common ones that entails a bullish or bearish price action.
ii. Drawing tools - support, resistance, trendlines, trend channels, Fibonanci retracements & extensions, triangles etc.
iii. Chart patterns: there are some chart patterns you should be aware of like head and shoulders, double tops & double tops etc. It might not be work everytime but knowing them will increase your odds as they do come up in chart every now and then.
iv. Technical indicators: RSI, Bollinger Bands, Moving averages are some of them. You have to know which ones to use for specific markets ~ some indicators works better in different market conditions like trending or ranging. You need to know which ones to use and when.
Aside from Technical analysis and Fundamental analysis, here are some other concepts you should know as a trader:
1. Risk management: How to effectively manage your risks to ensure you're not losing more than you can afford to lose.
2. Have a trading plan and journal: important in the long run.
In all, it will take time for you to become used to these tools and concepts. But you should keep learning and improving and with time, your efforts will pay off.
Advice :
1. LEARN. Learn from legit guru. Guru that proven. You can check their trading portfolio (minimum 1 year) for your consideration. Legit guru will be act as your supporter, friend and mentor.
2. Risk Management.
3. Time. Time for learning and improving.
4. PATIENT.
5. For real trading, Use money that you can afford to lose.
And never become demanding,be enough for 20-30% profit each trade.1. LEARN. Learn from legit guru. Guru that proven. You can check their trading portfolio (minimum 1 year) for your consideration. Legit guru will be act as your supporter, friend and mentor.
2. Risk Management.
3. Time. Time for learning and improving.
4. PATIENT.
5. For real trading, Use money that you can afford to lose.
Don't become Greedy and always learn from everything you are entering,either buy low sell High or Buy low and sell at small losses when chances comes to you.
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The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
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Don't do the above, this is very risky for beginners, it would be better if you want to invest so just buy top coins and learn market movements with your technical analysis knowledge. If you want experience then you can do it because who knows it will make a good profit, but I have to say that the risk is huge and takes up a lot of your time. Maybe my advice is to enter a market like xrp, btc and some other altcoins that have manipulative markets. The market will force you to move with dominance demand, this is very good for trading experience and you can understand to choose a good market, this is a bit extreme but in my opinion it is worth it. While here many users have already provided advice on trading basics, strategy and management planning. The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
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make a plan before going to trade
But, plan without an execute is just nothing. You have to make a plan and how to execute them afterwards, people can make a plan so easily but they don't know and don't remember how to execute the plan properly or even try to do the plan. You probably have heard "it's easier to said than done" it's how much what happened now.And a thing that we should remember as a trader, we have to fully control our emotions and don't get FUD.
If I was starting now, I would have expected someone to tell me that it is not that easy, I know you are seeing people making tons of profit right now, but the ones who say they make money are the loudest ones. Why would anyone who gets into crypto trading with 100k and leaves with 20k come here and talk about how he lost 80k, sure there are some who does it to blame crypto to aliens who wants us dead or whatever, those idiots do exists, go check gambling section there are tons who lost on gambling and blames casino (like casino suppose to want you to win) however they are minority.
People who turned 20k into 100k however will come here in bunches, they will talk about how they are awesome and how crypto is awesome and what they are doing next and why you should do it too. Do not listen to them or care about them, those things happen rarely and you just have to be patient.
This is called the survivorship bias and it is one of the most insidious logical fallacies that you can find, people for the most part only care about what they see and it is obvious that in this forum winners are overrepresented, because as you say if a person is able to obtain great profits out of their investment they are going to come here and they are going to be very loud about what they did to obtain success.People who turned 20k into 100k however will come here in bunches, they will talk about how they are awesome and how crypto is awesome and what they are doing next and why you should do it too. Do not listen to them or care about them, those things happen rarely and you just have to be patient.
But what people do not see is that for each one of those winners there are at least nine losers that never come to the forum to talk about their experiences and this gives the illusion that everyone wins in this market, when we know that this is simply impossible.
Advice :
1. LEARN. Learn from legit guru. Guru that proven. You can check their trading portfolio (minimum 1 year) for your consideration. Legit guru will be act as your supporter, friend and mentor.
2. Risk Management.
3. Time. Time for learning and improving.
4. PATIENT.
5. For real trading, Use money that you can afford to lose.
1. LEARN. Learn from legit guru. Guru that proven. You can check their trading portfolio (minimum 1 year) for your consideration. Legit guru will be act as your supporter, friend and mentor.
2. Risk Management.
3. Time. Time for learning and improving.
4. PATIENT.
5. For real trading, Use money that you can afford to lose.
Hey,
I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
I am sure we have traders here with vast experience.
Really excited to learn new things.
The bottom line is that did you research well before deciding to invest in that particular coin? is the coin a good coin with future prospect? and not those pump and dump coin, if it is a good coin don't worry about the price declining now the present drop cuts across almost all the cryptocurrencies probably a major price price pullback or correction is being experienced, the choice of hodling the coin is the bet for now after the price correction a massive pumping of the price is imminent definitely you earn some profit in a long run. I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
I am sure we have traders here with vast experience.
Really excited to learn new things.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
First of all, I think the advice mentioned above is one to try to stick by, specially since the market has become in such a volatile low downtrend, holding is key. Second of all, I see a lot of advice has been given using virtual trading which I personally don't encourage as with trading the real value is that you're playing with real money so your decisions aren't as weighted as they'd otherwise be.
Lastly, try not to get too hung up in the trade analysis charts, yes this is important but it can be daunting for somebody starting anew, just get up to speed one step at a time. Also, don't go with leverage unless you really understand it.
$500 is a large start.
I started with just $100.
Just to try it out.
At first, I was good at it. Beginners luck maybe.
In the long run, profits get cold.
I think what you need is patience here. Don't try to be greedy or you will end up with most of the starters out there.
Rushing to make profits and making bad decisions.
I started with just $100.
Just to try it out. At first, I was good at it. Beginners luck maybe.
In the long run, profits get cold.
I think what you need is patience here. Don't try to be greedy or you will end up with most of the starters out there.
Rushing to make profits and making bad decisions.
The best advice that I can give to a beginner trader is to invest first on education. Trading is not easy, and it takes time to learn the proper trading method.
Firstly, you have made yourself dedicated to holding your coins even when it goes down. That's 50% of what trading should actually be! Congrats! Next you have to learn about market analysis, and how it works. You might need to sometimes copy trade from experts to know their experiences as sometimes experience>knowledge! You need to have patience, skills and trust on yourself and your portfolios. Do good research on the coins/stocks or commodities you are investing in as well.
If the newcomers can be given any advice about trading in general, it is to say that they should not make any decision about trading out of emotion and manage the trade as wisely as possible so that the borough does not get into any trouble later. In general we notice that new trades are always emotionally settled and the risk is much lower if they are aware. One of the most important things is to have a long lasting experience.
make a plan before going to trade
But, plan without an execute is just nothing. You have to make a plan and how to execute them afterwards, people can make a plan so easily but they don't know and don't remember how to execute the plan properly or even try to do the plan. You probably have heard "it's easier to said than done" it's how much what happened now. Hey,
I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
I am sure we have traders here with vast experience.
Really excited to learn new things.
I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.
The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
I am sure we have traders here with vast experience.
Really excited to learn new things.
I will advice you to always set stop loss on any trade
Always take profit strictly too
Take loss strictly too
Believe in your logic
Be patient before opening position
Dont be greedy
Dont use too high leverage.. Its irresponsible.
So all these and you should be successful
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