Topic: What is your advised for being a trader? - page 3. (Read 1447 times)

Don't start with futures trading if you are new to the trading world. With futures you are increasing your risk considerably and it could be that your position gets wiped out very quickly. Sticking first only to the spot market is much easier to make profits, even if those profits are going to be smaller than what you could have made with futures. As long as you directly own the underlying asset itself you are not at risk to lose all your funds in a few seconds. Something like that only happens when you trade high assets like options, futures, CFDs, etc. or in gambling. Without any prior experience or knowledge of trading, the first step should always be to learn as much as possible about trading. But this is only going to get you so far, you need to get real trading experience to get better at it. For that I would recommend you start very small and spread your money out across multiple projects. Like that you will get the most experience from your money. If you are losing in trade, don't immediately just sell your position again to realise the loss. Make sure you understand where the loss is coming from. Is just a general market decline? Or is something wrong with the project itself? Did you make a mistake in your initial research? Maybe it was just a bad week for the whole crypto markets, and your investment is going to turn around when the markets rise again.

In order to start trading you must first acquire enough knowledge about trading. How trading works, its techniques etc. should be well understood. If you start trading without knowing about the trade and without gaining enough knowledge about the cryptocurrency market then it will cause financial loss for you. I find it more acceptable to invest in different popular coins than to trade. For example, if you invest in any coin like Bitcoin or Ethereum, you can definitely earn good amount at the end of the day. On the other hand, trading is a very risky activity. When trading you don't really know what is going to happen next which makes it not acceptable for most people. Experienced people who trade acquire considerable knowledge about it over the years.

Today, trading is a psychological game for big investors. Even if you want to learn a lot of good things, you can't do anything better from here. Over time you need to understand their mindset. And if you understand their mindset then you can earn good amount of money from trading. For which now technical analysis has stopped working a lot.

One thing I would say is don't follow any group signal. They basically use us to profit themselves and get out of there quickly.

DCA works better when you're investing as you can DCA into Bitcoin and make alot of profits, DCA works too with altcoins or anything that can be invested into. I haven't heard of when someone DCA when trading but if you mean opening different small trade than to open one big trade that can make.you to lose big it makes a perfect sense. Trading is a risky and when you are still a newbie you have to be very careful what you do because you can make mistakes since you're not yet well experienced. My advice for being a trader is the advice that I was given when I was learning how to trade which im still doing but I have more experience now, the advice is to always take profits when trading because profits secure is better than a wishful profits that you haven't secured as you can lose it.

Trading has always come with its risks and rewards. It involves not just understanding the market but also an approach to managing those risks effectively.
My advice is to
Educate Yourself Continuously: Trading is an ongoing learning process. Familiarize yourself with technical and fundamental analysis to make informed decisions. There are numerous online resources, courses, and books dedicated to trading strategies and market analysis. You said you made a loss. Learn what you did right and what you did wrong during that time. What conditions allowed you to make a profit, and what made you a loss.
Stay Updated with Market News: Again, this is obvious but true. Market sentiment can considerably impact price movements. Keeping up with the latest news and developments within the markets you are trading is crucial.
Have a Trading Plan: I would also develop a clear trading strategy that includes entry and exit points. Know your risk tolerance and set stop-loss orders to manage potential losses.
Consider Getting a Mentor: This is one of the biggest things I recommend, a mentor. A mentor who has a proven track record in trading can provide valuable insights and guidance. They can help you navigate the complexities of the market and improve your trading skills.
Risk Management: Again obvious but never invest more than you can afford to lose. It's important to manage your risk on each trade carefully.
Now this is a lot of work obviously, day-to-day trading is time-consuming and nerve-wracking. And with a day job, it can be hard. But still, it’s an avenue for profit, I recommend investing in funds managed by professional traders as an alternative. This allows you to benefit from the potential returns of trading without needing to monitor the markets constantly. You can invest in a diversified portfolio managed by experts, which can potentially reduce risk. But of course, it's important to research thoroughly and choose reputable funds or platforms. Additionally, always monitor your investment's performance and be prepared to make adjustments as needed.

If you would like to discuss this further, you can contact me via my Discord: https://discord.gg/dCvaBZWNcG

There is new, brother, I will say one thing, brother, learn first.  Take the course and if you time the future you will be able to do something because if you work on my single line you will be more likely to block.
Choose another form of income, no difference, if he stops giving singles, then you are stuck, in that case you stick to your singles and you are yours.  Be skilled because if you are not skilled you will be stuck without your signals because it is easy to make money trading.  At present most of the people who are doing training are thinking of signal because we who are brothers know first cut then come here.

If we are talking about a novice trader, then first you need to decide why a person needs trading in general. There may be several answers here. Firstly, in order to gain financial independence. Secondly, to save your money from inflation. Thirdly, to gain trading experience. And fourthly, to have fun. Basically everyone points to the first point, but as a rule, without experience it is difficult to achieve financial independence. Therefore, traders first gain experience, and only then financial independence. Therefore, I would advise not to set ambitious goals for yourself right away. Start small. Try to learn not to lose money in the long term. Try to earn a small profit first, which you can already spend. Only after this set yourself more ambitious goals.

Trading seems easy to many but I don't think it is an easy task. As all traders try to get profit so it is very difficult to profit from it. If a trader has experience in trading then he can definitely earn good money from trading. A few things I would like to remind the new traders is that before trading we must do fundamental and technical analysis. There are many traders who don't control their emotions and don't do any research about the asset before making a new trade. I would advise those traders that before taking a new trade you should take time to know the details of that coin or assets and invest there short term or long term you should clarify those things.

When it comes to trading, you learn, unlearn and re-lean, trading is a waiting game, Therefore never be in ghast to make profits without waiting for your trading set up to get complete, manage risks, don't be greedy, have a rule base strategy to use to navigate the volatile market, and don't go all in at once, apply a proper DCA method when taking your trades, this way it will help you minimize risk exposure to the market.

If you are a new trader and you are trying to understand trading and you don't want to lose money, what you should do is these:

Demo trading: We have some exchanges that has a demo trading account for their users, like Okx for instance has one place where you can trade with virtual assets, they are not real but fake money. You can use that money to study the market and then learn all you need to learn from their. Binance also has one I think but the coins they have is limited and the demo can only be access via web and not on phone and the website gives outdated vibes.

Paper trading: You can register an account with tradingview, you can use the platform for trading using virtual..assets but this time, you have the option to select any type of coin that you want and it doesn't have to be specific to an exchange, you can select any coin from any reputable exchange and trade their pairs especially when you want to follow the behavior of some traders in a particular exchange. These are the ways you can learn trading without having any loss that will affect you because those funds are fake.

So you need proper training about trading. You need huge knowledge about it. Without proper knowledge anyone cannot profit from trading. Because trading is not too easy. Trading is very risky things. If anyone invest on crypto without proper knowledge he Will be losser there has no doubt. So my first advice please learn properly.

After that you need about some knowledge for trading :
Need technical analysis
Fundamental analysis
News analysis
Fund management
Risk management and Strong mentality.

If you follow this which i mentioned then you can trade and you will be profited form trading. Otherwise you will loss all your valuable fund.

Check the overall sentiment of the market it is either bullish or bearish or ranging market this is necessary after learning Technical and Fundamental Analysis and you must have a working trading strategy which has been proven to be profitable, though their is no perfect one, I also subscribe to funding a trading account with a small fund to continue with your learning process, I believe this  is better than trading with demo account, with a little funded live account you would be able to learn how to control your fear and emotion as well as psychology which is far better than huge funded account which can get liquidated in the course of trading as a newbie.

Becoming someone who really understands trading and how to do analysis is very difficult, it's easy to do it in just a short time. It takes a lot of theoretical learning, direct trials and seeing market patterns. Those who claim to be traders even though they have only traded a few times, they are only traders who understand selling and buying but not specifically how prices can go up and down. So it is not easy to become a trader who is truly a trader. Technical analysis, fundamentals, risk management, psychological management and many others must be studied and understood.

My advice for being a trader you should the market closely before thinking of trading make sure you learn from pro trader

If you earn from hand to mouth I don’t advise you to become a trader instead you should be a Bitcoin investor

You can work for your whole life to become a trader and this your whole life hard earn money you decide to enter the market with it you can lose your whole life saving over an hour

Before thinking of becoming a trade you should take a breath and go for medical check up to know you capability when you lose money if you can survive it Else the risk in trading is much for an average individual to stay over night and think of becoming a trader when you don't know the side effects

Nah just forget about opening a trade, and just copy those expert traders out there.
Kidding aside, I tried trading already. Three times to be exact, and I lost in all of those 3 times.

I will not give much advice because I'm not a successful trader, but what I know is that, before clicking that buy/sell button, make sure that you're always ready in whatever situations might happen. What I mean is that, if things go your way, you must have a selling strategy. The same goes when things aren't going your way. You must have an exit plan or a stop-loss plan.

Also, disregard your emotions. Emotions are one of the main reasons why traders lose their money. Some pare panicking when they see their positions down double digits. Some are making unnecessary decisions when they see that the market is going down. Traders are making bad decisions because they get too emotional. I learned how to be emotionless most of the time in trading. It's just that, there are times when my emotions are getting me hence, I make very bad decisions that make my capital disappear. One wrong decision can make your capital wipe especially when you're trading in the future.

Overall, trading is a risky thing especially when you're a newbie. Many give advice such as "Stay away from trading" blah blah. I would say, let them experience and from there, they can decide whether they will continue trading or not. Learn to be patient, learn to be emotionless, always have a strategy.

Trading is indeed an activity full of risks, but many traders, especially beginners, who trade by guessing must stop immediately. Prioritize each trade by doing your own research.

Apart from that, the best advice is perhaps we should avoid hesitation. If you are unsure about trading then don't force it because hesitation is not always a good behavior to add. The best way to learn is through experience and observation, being detail-oriented and disciplined.

Have a system that you know works, not just guesswork. At least by reading the latest news, you may be able to spot consistent behavior that leads to market movements and will help. if you know one or more cryptocurrencies that have fundamentals then it will be easier to do so. So trade cryptos you know well versus cryptos you know nothing about and it makes perfect sense.

never trade out of emotion after you're having losing streak is one thing that prevented me from going all in and eventually lose it all, know your limit maybe its not the best day you're having, move on, try to do something relaxing like walking around or doing your hobby like sports, then come back tomorrow, it will keep you sane, increase the ability of making wiser decision.
also when you miss an opportunity, it doesn't mean world is ending, it just means that you should wait for another opportunity, the market is up 24/7 for whole year, if you think you're missing out on opportunity and getting devastated easily, just think whether there gonna be an even bigger opportunity and you should strive for that, overall, always trade with cool head.
otherwise be prepared to empty your wallet.

Trading is a serious thing. You can't just go on trading and risk your funds because you want to double or triple the current amount of your funds. That is so absurd to think. Trading is not the only source to multiply your funds, but by investing into physical businesses or go for bitcoin long term hodling, those are safer options.

However, if you want to go out from your comfort zone and try a risky thing like trading, then it's actually your choice. But as a friendly suggestion, never gets into trading if you are not well prepared enough. Not only to your finances, but also on the acquisition of knowledge and skills that you are opted to have, and of course if you want to trade, be prepared to lose as it's a normal scenario when trading.

I faced terrible losses in the beginning while trading because I was a new crypto user. Then I realized that trading is not an easy thing and can make a person greedy and poor. The most important thing is knowledge because when you are going to start a business think about how much knowledge you have about it. There is no perfect trade in trading so your loss or profit is all managed by your patience and skill.

Risk management is an important point in trading in my opinion. So if you have risk management, you will not enter the market carelessly, you will not enter the market because of the trend and of course you will enter the market already prepared.

1. Use as much money as possible if trading losses do not have an effect on your life.
2. Look for a coin that you like, it could be the top 20 coinmarketcap, if I may give you advice, stay away from meme tokens or anything related to shitcoins.
3. Any analysis is fine, what suits you, DCA, SNR, or others is up to you, because I believe that each person has a unique style and strategy for each individual.
4. Lastly, most importantly, don't be greedy.