Topic: What advice will you give to a beginner trader? - page 6. (Read 1315 times)

Small entry points never really makes you rich, know that before you do anything so that you do not expect the worlds from crypto trading, without that knowledge you will do stupider things one time after another. If you get in with something under 1000 dollars, you are not going to make a huge amount that would be even considered a living wage, if you get in anything under 100k you are not going to have anything life changing.

Crypto trading could make you 50% per month but that is not sustainable, you can't do that every single month, but having like 5% per month is not really unrealistic, which means in a 500 dollar capital, you will have to be patient to reach levels that could actually be considered big. If you want to turn your 500 to 2000 in a month, you are going to get upset.

I need to understand the market even learn all crypto markets for almost about 5 years, nothing short to learn let alone analyze with just 2 weeks, start trading for the first time, if you fail let alone experience a loss, don't mistake it as a failure, learn what wrong so you can become a trader who can understand the market wisely and well, you can use small capital to trade or use a demo account, I think that's my advice for you, try starting from a small capital, remove your mind from big profits, still focus on learning to understand the market

IMO if $500 is a good start and if that amount to you is affordable whether you profit or not. Focus on trading with one specific coin and the best coin to do that is with bitcoin.

Be familiar with what's happening.

And when you think that you have now the idea of fluctuations and risk you are getting when you trade, it's your decision to diversify and try trading with another crypto.

If you are a beginner then don't be a trader in this market. Be a holder of btc and eth. Or top 10 coins. Because in this market traditional or experienced trader makes loss. Even i am 100 percent sure 99 percent of people got liquidation in recent dump in the market. So holding bitcoin is good. Because here is so many price manipulation.

i am prefer to avoid trading channel which is promises give us profits. i am sure the group owner only create hype coin and buy it before member follow it. i am ever be the victim on trading signal , and now i am prefer to join telegram group that discuss about why token or coins will fly.beside give us profit it also improve our knowledge.

So you want to buy a coin with an amount of 500 dollars I think you do not need to get deep learning regarding trading because at the end of the day you will hold those coins.

[1]The only thing that you could do or I advise is to watch the market price of the coin if you think this is the right time to buy a coin go for it and if you feel don't.

If you still pursue learning regarding reading how to make a good trade you can easily make an investment with the trading indicators so can help you makes good investment timing.

[2] if you would like to make a daily trade with the use of the market movement it requires a lot of knowledge and skills so better to focus on this because we are talking about money.

My first advice learn and keep in your mind that you will lost your money. Do not follow that trading signal channels that promise to give you 20% and more profits most of them are scammers. As beginner , avoid trading in futures  it is so hard . Try to trade with spot and my last advice watch-out scam trading exchanges.

The above replies are good enough and I hope it will brings your into the right path.
But there is one thing I have to give, don't take trading seriously. Promise, it makes you addicted when you have been doing it well, and soon it changes your attitude and becomes greedy which could be a reason of your failure.

And don't put all your money in trading, this is not a thing we can assure of even though you've been doing it great. Have to keep in mind the risk in trading and much better to have back-up rather than losing it ALL for just a minute.

What? Then if the trader you copied the trades from loses, you also lose? Is that a good idea? NO, it's actually a BAD idea. That's the worst advice given in the topic.

Copy-trading is for inept, lazy people. eToro is mocking you.

That's true, without this plan everything will end into nothing for sure. Moreover, they also need to feed themselves about the knowledge in trading and the coins, they like to trade-in too. Having enough knowledge and idea could give extra confidence because you know what you are doing as an individual trade as well.

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.

Trading does really need time and pure experience for you to be a better trader.You would really be undergoing lots of trials and errors along the way since you are just starting up then its inevitable for you to
have loss most of the time and thats part of learning process.

Just dont rush up because people who do tend nor prefer to make shortcuts are the ones who do commonly make mistakes.Dont get easily get on FOMO or Fud because these are factors that would
highly affect your profitability.

Always stick into your own analysis and it isnt bad to get some key or hints on co-traders but dont fully rely on them.

In my opinion, beginner traders should practice more, being able to use websites that provide virtual trading features if our funds are indeed
limited. Because increasing trading practice can train our patience when trading, because having patience is important when trading. Without
having patience it is difficult to become successful traders.

Well, this is true. When it comes to optimistic it is a sign of courage on me. As a beginner, --you should have courage in trading to make it successful and profitable at all times. You can also focus on your game plan and not to lead in a wrong decision which made you a sudden loss. There are too many factors to consider if you are a newbie in trading. I suggest reading more on this thread and also study what is stop-loss and how to make a technical and fundamental analysis. Donnot be hurried in trading if your skills are not enough how do trading, just have a trial and error with a small amount that you willing to lose, once you become an expert, that is the time you will use huge amount.

First thing you need IMHO is a clear understanding of the difference between a trader and an investor

BUY and HOLD is investing and for that yes you could do your typical fundamental analysis and check for the coin/community and all the basics

But, if your aim is to be a trader you should concentrate on learn Technical Analysis (TA) and read charts because your aim as a trader is to capitalize on the market movement for a particular time frame...

What you really don't want to do is be a trader that becomes an investor because he place a trade and went in the opposite direction, that would be your biggest mistake.

Dollar-Cost Average is a good technique to use and it will give you some buffer but you should enter the trade with a plan already, and keep in mind that most traders really don't even like that.

Is very possible that most traders would advise you to "cut your losses" and move to the next trade... and is perfectly fine too.

Usually with a good edge to enter/exit you should keep your risk always low, say risk 1 to make 2 as a rule of thumb

There is no way to win all the time in any trade, you can not predict what's coming but you should be prepared always before you even place a buy.

TA and indicators are a good guide and some of them will give you an edge, but money management is key.

Fear and Greed are main factors so be prepared for an outcome but expect nothing, whatever happens you had a plan in place, that's the best way I know to help with your emotions, the other is with a bot ofc.

But even with a bot my advise is to keep learning bots are good tools for automation and emotionless trading, but you still need to tell the bot what you want to do.

Hope it Helps.

As a beginner, I advise you to dive deep into the trading market, and learn everything you should know before starting to trade! The second advise is to use a trading platform that is safe and secure. Personally, I use ProBit Exchange!

What you said that is very simple everybody knows this simple word but if you want to be a good trader you have to know how to select a good coin first. If you select shit coin from market and hold you will be loser ultimately. So before investing any coin you should learn these coins roadmap, market volume, team connectivity and finally market coindition of that coin. If everything goes well you can hold that coin if price goes down. so my suggestion is read and research more and more before investing.

thanks.

1. Watch or Read tutorials and books about trading and investing.
2. Make a clear plan or goal for every execution.
3. Don`t hesitate to follow your plan, plan should always be executed.
4. Don`t fall under hypes and easy money scam.
5. Protect your assets by importing it in safe wallets.


Lastly, be sure that you are optimistic even the market is down. Just like what we are experiencing right now. Optimistic in a point that you have a strong bias with your coins because it is really productive and has future according to your fundamentals.

The rest, you will experience it along with your crypto trading journey.

I think having a 500 dollar is a large amount for making an investment with the trading are you going for spots or future trade?

If you are trying to make an investment with the spots trade which buying a lot of coins when the market price of the coin falls down and hold till the marker goes into ATH.

If you are trying to trade with the future I think it's better to learn and earn a lot of knowledge regarding market trading including stocks and cryptocurrency, but be careful because the market is volatile I think 10 dollars is enough for your first trial.

Buy low and sell high is the basic concept to trade, but you have to know as well which the low price that you should buy the coin. Moreover at the current situation where all crypto currency price then you will see there is many low price that been passed by bitcoin/altcoin. So, I mean if you spot trader you have to know where the strong support in case when you buy the coin then the coin will increase and you will get profit.

There is some important strategy to know, support and resistence, candlestick pattern and you have to know how to draw the chart with trend line and horizontal line. I'm new trader as well and currently I'm still learning about them and greatfully with these strategy I have profit altough it still small but at least I can trade and I can minimaze the risk that I'll be faced.