What advice will you give to a beginner trader? - page 7.

YOSHIE

legendary

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

I am sure we have traders here with vast experience.
Really excited to learn new things.

You ask about crypto investing & trading advice, it's good enough for you.

There are many things to learn about trading & investing especially in crypto, if, I have to explain and write here for you, I have too much to write for you.

In order to shorten the writing and time, I will refer you to the three topics below:

1. Topic: 5 Tips for Successful Bitcoin Trading
2. Topic: A good advice for every traders.
3. Topic: Asking Investment advice?

If, you have time to read and see, you can review it to add your knowledge in trading & investing, hopefully useful.

crwth

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Try Gunbot for a month go to -> https://gunbot.ph

There are a lot of things that could help you and it varies on your trading style. So I think, first of all is plan your trades. Don't make it a rush to trade and make sure that your conditions are met before anything else and it implies with the rules that you have set as well. With this plan, you would know what to do.

Do you plan to trade everyday or are you going to be busy and just trade for least of the time? I suggest you get a trading bot as well like Gunbot and you could trade and check it when you want to. You could set your conditions there and pretty much take care of the rest. It's not an easy trading tool to learn but once you have, you could potentially profit in the long run. The best thing about it is you could learn trading knowledge while applying it to the tool.

Let me know if you are interested with that as well.

Mr.Scott

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I've noticed that there are a lot of trading guideline for newbies in the forum but most of times they are getting confused and don't know where to start or what to buy. Take advantage by ordering low cap coin that has good possibility big surge up and always follow the trends.

CryptopreneurBrainboss

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

True but mostly when you're trading valuable coins like Bitcoin and probably some well known altcoins (but this isn't a guarantee). With altcoins that aren't popular or having low trading volume or exposure compared to their counter part, the chances of using this strategy and come out profitable is minimum.

Just as you hold and wait also note that sometime you profit more or lose less if you were willing to take that small lose, wait for further dip to re-enter the market or move on to other opportunities. My advice would be to always take profit when the opportunity presents itself don't forget you're trading and not investing.

Xinarae*

sr. member

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I agree with you that greed usually puts us at a disadvantage. A greedy person can never succeed the first advice of the trader should be to gain knowledge about the business. The basics are fine, and starting a business with a small amount of capital will reduce the damage. These traders cannot survive in the market for long if they invest in greed later there are risks to go without getting frustrated and a quick review of the classic and original types of entrepreneurs will help you.

kotajikikox

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

Actually depend on which coins are you Holding now,If you invested in DeFi projects?then there will be some critical areas in which you need to be aware.
This is a hyping coins and any changes will depend on the investors either real or Fake investors.

But if you are into some Old coins like Bitcoin and like ethereum then Holding is much enough specially if you invested the Money that you can always afford to lose.

Never be too Greedy,just be enough in maximum of 20% per trade unless you can hold Long term then lets change the plans.

djmixen

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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 suggest that even you invested without any knowledge that's not enough and you know it, right? you must aware that your capital is already in risk, if the expert traders knows that their coins was in gamble similarity and yet they still make a mistake in it how much the beginner like you, are you ready for that? Therefore, as much as possible you study about trading skills and earn knowledge about it too.

adaseb

legendary

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Right now honestly is not the best time to start trading. The markets are crazy erratic and make no sense. Maybe not Bitcoin or Ethereum itself but the DeFI tokens and any of the stocks on the stock market.

Basically its a pure bull market and pretty much "ANYONE" can make money in this market. And this gives false hope. Basically people make money, tell their friends, who also make money. Pretty soon they are all going to get greedy and take out loans and lines of credit on their homes because they all want to be millionaires. And we all know what eventually happens. Basically the dot com bubble repeats or the 2017 crypto bubble repeats. It won't be pretty.

maxreish

sr. member

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Set your goal.
This may help you to prevent being greedy when taking some profits.
And dont get stucked. What i mean ia that there is particular time where in a coin drops and it hardly pump again. Holding for so long is a choice but another choice will be to sell it and choose another coin to trade to compensate from previous loss.

Also, it's always bettet to diversify your trading portfolio so you'll have better trading results.

djmixen

member

Activity: 518

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

There are a lot of potential cryptocurrencies in the market dude, and you can check at the coinmarketcap. One of the tips that I could give is that if you are thinking long term I think BUSD, LINK, DOT, LEND, XEM, and BNB are the most trusted alts in this field of a business mates. Now if you wanna get some profit in a short period of time I could suggest AG8, LINK, XRP and ETH in my own opinion.

Oasisman

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Quote from: LUCKMCFLY on September 02, 2020, 12:47:58 PM

I would tell any beginner that before getting into trading, the first thing to do is study the market, apply fundamental analysis theories and technical analysis, trust the books and learn before you trust influencers or academies. That way you will handle your own arguments, and then when you have your analysis, trade with virtual money before doing it for real.

This is the clear and concise advice for the trading beginners.
And I just want to add something.
As per the OP, $500 seems a huge amount to be starting in the trading field. While on the process of learning, losses are expected and there is a huge chances for a beginner to gradually lose all the capital. I should say $100 is an ideal range for the beginners to avoid lossing too much that might totally lost their interest in trading.

Lanatsa

hero member

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

So you're a type of a long-term trader yet you do just wait for your holdings to have gains but are you aware on how long you can possibly wait when you do deal with crypto? Its unpredictable.

So patience would really be a major thing on this field and if you do make rush decisions or even on panic then that will surely cost you.

Advice?

-Dont be greedy
-Sell when on gain
-Dont let yourself fall in FOMO or Fud
-Dont easily believe on bull or bear calls by somebody.

hulla

hero member

Activity: 1834

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Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

First of all, you ought to ask this question before jumping into trading though this current market momentum is good for beginners to make profit but you still need to understand that the market will not always be favorable.
In the meantime, i will advice you to read and study information on Binance Academy where you can learn every aspect of cryptocurrency and blockchain.

qory

hero member

Activity: 1722

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Well holding coins sometimes is not good since you can already cut your losses and make new entry to different coin also I'm not really that expert but I can suggest to you that you should divide your investment to different coin don't just focus on a single coin it's better to divide your investment to different coins.

LUCKMCFLY

legendary

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Leading Crypto Sports Betting & Casino Platform

I would tell any beginner that before getting into trading, the first thing to do is study the market, apply fundamental analysis theories and technical analysis, trust the books and learn before you trust influencers or academies. That way you will handle your own arguments, and then when you have your analysis, trade with virtual money before doing it for real.

wxa7115

hero member

Activity: 2702

Merit: 704

Quote from: ImThour on September 01, 2020, 11:22:30 PM

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.

Probably the best advice that I would give to someone that is just starting is that even if you think you are ready you are probably not, I will recommend to employ at east 4 hours per day for 3 months to the study of charts and strategies before you even begin to trade, I know this may seem as too much time invested in the activity but I can guarantee you very few people go through the trouble of employing so much time to think about trading before they even begin and that will be your secret weapon.

When it comes to trading your luck or the size of your capital are irrelevant, what matters the most is your knowledge and that particular aspect can only show improvement if you train very hard to improve it.

ArIMy11

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Activity: 519

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Maintain your confidence and willingness to learn trading no matter what happen to your journey. Not everyone succeeds in trading and I am one of those people. At first, I am decided to learn how to trade but as days, weeks, and months pass by I find it hard until there is no confidence , and I can't find any reason to continue so I decided to stop trading. Do not make the effort if it will be for nothing. Do not hurry things. We have a lot to earn in trading. As I have said maintain the willingness because no matter how hard time or laziness you may feel or how many losses / incorrect decisions you commit during learning on how to trade, if you are willing you have reason not to quit easily. Remeber that learning is not a one day process.

sarmrakib

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Quote

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.

Its a good amount to start trading as a beginner .I think you should spend more time into the market to get the flow of price .
You just set the candlestick strategy try to understand the movement of the trend.Trend line could be a good be a good strategy if you follow .Research and study more on support and resistance .Hopefully gradually you will be a good trader .

Quote

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.

Sometimes it won't be worked i think .I have seen many times market goes more deep and trader making losses to buy it deep .So you should follow all the things related on it if the coin has any chance to bounce back.

ReiMomo

sr. member

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Remember that day trading and long term trade are far different from each other. As a beginner, copy trading from other portfolio is a nice idea as what give idea above and that is extremely right that using Etoro trading platform is a good exchange to choose.

Well, this is very common question and the fact, you can simply googling it for more information you will gather.
I saw the traders tips article and I guess this will help you. Read this if you have time.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: ImThour on September 01, 2020, 11:22:30 PM

I have invested $500 for the start and I am willing to learn and invest more.

What advice will you give to a beginner trader?

You should expect losses, and more losses. 90% of traders LOSE to the better 10% who can do it professionally.

Take responsbility for your own actions. Cryptocurrencies are very volatile, and unpredictable. You decided to trade your $500. Lose most or all of it, don't come back to the forum saying you were scammed.

Know as soon as possible if trading is for you. Most of us plebs are simply not good enough for it.

Topic: What advice will you give to a beginner trader? - page 7. (Read 1315 times)