Topic: What is your advised for being a trader? - page 5. (Read 1447 times)

Well, from a simple perspective, it's like that. But being able to remain calm when we see that the coins we hold are decreasing is another thing that also needs to be considered. Because trading turns out to drain more of our own mental or emotional energy. And if we are not good at processing emotions in trading then losses are what we will most often encounter.
So that is where it is also important to study market psychology and trading psychology. Emotional management and money management. Because trading looks simple but in reality it is so complex.

And also to find out which coins have potential and which don't, you need expertise in finding information and this is where fundamental analysis is needed. So that we can avoid big losses from entering the wrong project that is actually bad but looks good.

You are right because actually all of us were beginners before becoming more experienced in trading. How to handle risks also differs depending on who we know about trading or who we teach it to and if we have a professional trading teacher then the way to win risks is definitely a little more coordinated. There are many people who experience losses when they first get to know trading and there may be many people who experience losses in large amounts, but experience will lead them to evaluate each loss so that when they mature we can better control the risk.

Learning to improve skills, handle risks and create strategies is quite necessary because a person's maturity in trading will occur if their experience continues to increase, it's not uncommon for many people to give up because of a lack of attitude in handling risk. Therefore it's a good idea for us to study well before getting too involved in trading because usually risk is much more difficult for us to control if we don't have the knowledge.

It is true that trading is a risky platform like gambling where you can earn huge amount of money at any time and your funds can be zero within a short period of time. But if you want to be a successful trader, then you must have a good opinion about the market and analyze all aspects of the market. If you don't understand well, then never go to trading. There are many types of trading like future trading, spot trading, bod trading among them, you should never go to future trading as you will have the possibility of losing your money anytime. If you do spot trading then your fund is not likely to go to zero but in futures trading also you will profit if you do bot trading, but you will lack skill here. So investing is risk-free as compared to trading, but if you want to earn regular income by trading then you must take good advices and take entrepreneurship from all traders.

You made losses continuously because you didn't analyze your mistakes and learn from them. It is not hard to learn basic knowledge about crypto trading and it won't help you to be on the winning side. What most important in crypto is to maximize the profit by minimizing the risk which can be done if you have a good money management strategy. It is more important to have the best exit plan than to have a perfect entry. Most of the new traders spend their years to learn how to get the perfect entry and till they realize they are doing it wrong they have already taken a massive loss that kick most of them out of the market.

Starting small means you have to know what basics you need to know before you start trading, because many beginners want to start trading but are lazy to know what basics they need to know, they just want an instant way and don't need to think about analysis and something like that. Even though basic knowledge is the basic foundation for starting to become a trader. It's not easy to become a trader who really trades, not just relying on other people.

In this case, I will tell you that if someone wants to do trading and he wants to start trading in crypto, then for that he must have funds and he must also have knowledge about crypto and I would like that if someone wants to trading, whatever project he chooses, he should choose a strong project, then make his investment in it, and if the value is low, then he should have the ability to hold. It should be and then that project will definitely benefit him but if he invests in a very small project and he has no knowledge about it, then he will lose.

That kind of thinking is widespread even if it is wrong, trading is not easy, however it may seem this is the case because if you were to take a look at the posts you can read on social media you will see that most of the posts out there come from traders claiming they are making huge profits, and even if we were to assume that all of those posts were true, where are the posts of those that lost their money on the markets? And there are not many posts like that, because despite losing traders being more common than winning traders, they prefer to hide as they are embarrassed they lost so much money on the markets and they refuse to share their story.

Okay, many people are saying trading is easy but have you ever wondered why many traders have failed? It was not as easy as we think in real life but it was hard due to the volatility of the market and if we don't have enough knowledge and good analysis, we just lose. This is the usual problem for most traders as they start their journey without enough knowledge as they think that simple buying and selling are enough. 

So why we are encouraged to continue learning because that is the way it helps us to improve. If we want to reach our goal, then we also never stop learning and keep improving.

Actually trading is simple. Buy at low prices, and sell at high prices. Automatically there is no loss term. If the price drops, we can hold coins until the price rises again.
The most important thing in crypto trading is choosing coins with potential, and avoid coins that have just been listed on the exchange, because these coins will drop up to 90% of the initial listing price.

I hope that OP is quite understanding the advice of the forum members.

Indeed, it is simple to say I will become a trader but it was difficult in actual. Many people start their trading journey with strong mindsets and aggression but they never stay long and quit. So why? It means that not all are meant for this. Although we have a chance but it doesn't mean that those who want to become a trader will succeed, as surely not. Even myself, I can't tell that was already successful in this field because even though we have a long trading experience, it never counts as a guarantee for a successful trade, I could still lose.

My advice is that - don't force ourselves if we know it is impossible but instead, choose the job where we think we have an advantage and capabilities.

The number of people who want to make money very quickly is the number one reason why we are having this trouble. We should not be expecting something like that, we should be expecting much less from people. In any case, stop trying to make money right away, and learn, if you study and trade to gain experience, then you are going to be great.

I agree with you that starting small is the best way, because if you start small then you are going to get a lot better eventually, that should be the most important part. I get that it may not feel that great, but that doesn't feel like it is going to be all that great if you just jump right into it, I hope that this would become something that would be a little bit more less stressful.

With my trading experience and exposure about people, I realised that knowing how to spot the trade through the various means available is not the reason for the failure of traders, this could be gotten easily, but the way they ignored several other important things that could have helped them to put the pieces together for their trading success. Many will be looking for a trading strategy that will earn them 100% winning, but this is not possible, and with a trading system of just 50%, if properly managed, the trader can still be successful in trading. Therefore, instead of learning the right plans and systems together, they are busy learning trading strategies and continue to style-drift which is not good for progressive traders.

Good, finding the right trading strategy is a nice idea, but the irony is that most traders already have it, only that they are not patient with the one(s) they have or are not using the strategies correctly. If a good strategy is achieved, what is needed in addition is for the trader to work on good money and risk management to be used with it. This is key to the success of traders and it is what the trader will blend with a good strategy to form a working trading system. After which good psychology must be enforced and practised, but it will take time as determination and discipline are also needed in this aspect. It takes a whole lot of practice on self-control to be able to actualize this.

I absolutely agree that trading in cryptocurrencies comes with significant risks, especially for newcomers. It's crucial for beginners to be cautious and keep a close watch until they grasp more about the cryptocurrency industry. The reason is, in a short period, they could easily lose their funds due to the unpredictable nature of trading. Trading isn't just about having basic knowledge; it demands a deep understanding of cryptocurrencies.

Despite the risks involved, some people are able to turning a significant profit from trading time to time. But those who have a firm grasp of trading are the ones who make money every time. It's critical to stress that trading is a serious endeavor that calls for extensive study, ongoing technical analysis, and other skills. People can better handle the difficulties of cryptocurrency trading by gaining the necessary knowledge and remaining educated, which lowers the possibility of suffering large losses and raises their chances of long-term success.

Yes, some places let you try trading with pretend money first, like a game, so you can learn how it works before using real money. It's like practicing before playing a game for real. But, some folks are not doing this important practice and instead are starting to trade without really understanding how it all works. This is not a good idea because you need to be confident and know what you're doing before trading with real money.

Starting your trade with small funds with the intention of learning from experience can be helpful if you did not put making profit in mind since you will be using the money to practice what you are learning about trading before starting with big money.

There are exchanges that give you a demo account with virtual funds to practice your trading journey before you have confidence in yourself and start trading on your own, but some people are skipping this due process by jumping into trading without proper knowledge, which is not proper.

Learn first and invest when you have the knowledge of basic and fundamental skills about trading before you kickstart your trading journey.

Both trading and investing are very risky of you have no proper knowledge. Sure, people must ensure to have good knowledge before they start trading. We always suggest to many new traders to take time for learning, don't suddenly trade and expect of big profits. It is impossible to take profits if we don't understand how to trader in the right way. There are many people who don't care with learning, they don't trade coins but they gamble with the coins. Finally, they don't get profits but they only get losses. It is what the people will get if they don't have no knowledge.

Anyway, if you trade in spot market, you won't lose all your funds. I guess you assume future trading, but it is not the right place for new traders. If you are still new in trading, you must choose spot trading and stay away from future trading. Regarding the funds, we must be wise, don't use big funds if we are still learning. Just use big funds when we have enough experience in trading.

Trading indeed can be risky just as you have said it is, but on the other hand, it can be the sweetest and easiest way to make money if you know or can find your way around it.
Trading isn't something any one can just wake up one morning and engage him or her self in and expect to come out profitable, one must take time to properly learn how to trade, for trading is like a burning fire, if you jump in too fast, you will also jump out fast and not without some burns, but if you take your time to first put out the fire, you will easily cross to the other side back and forth without burns.

So, take your time, learn all that needs to be learnt in order to become an expert trader, and remember that, at the very beginning, you don't have to practice trading with real money, you can open a demo account with one of the top crypto exchanges we have around and practice trading with visual money, you can perfect the art of trading by trading on your demo account on daily basis for atleast six months to one year before you consider moving to live account where you can trade with real money, those months you spent trading on demo account will save you alot of money you should have lost if you jumped straight into trading on a live account.

In conclusion, learning to trade is not something that should be rushed, make sure to take your time, learn it properly and trust me, like I said earlier, you will see trading as one of the easiest and most effective and convenient way to make money.

I think everyone here has given a lot of advice on what to do to become a trader. It is not easy to become a professional trader, there are many stages that need to be done, one of which is studying technical and fundamental analysis trading knowledge, it is still quite basic because there is still a lot to know. The most important thing is how to manage trading emotions because no matter how good the trading techniques and strategies used are, they will not be useful when the trading mentality is down. It takes a lot of practice and experience to form a strong trading mentality.

Yes your words are right technical, fundamental analysis should be known, news should be checked but I don't agree with some of your words. Like starting trading with small funds you have to face losses.  We are very sorry to hear that you have faced losses but I would say that your trading skills are lacking.  And trading is very risky in the beginning for beginners, so always trade with little capital in the beginning.  So that the loss is less.

It does not matter that you are using less or big sum of money because if you don't know a word about trading then you will loss this little sum and with the passage of time you will loss all money because those who work emotionally trade again again in order to get money without Understanding the need of learning. On the other hand those who invest large sum at once will loss all amount at once therefore both with less or big sum will loss their amount because of unawareness so I think the main thing which matters a lot is knowledge, Understanding and learning.

Always choose wisely because every coins give your profit according to your taste therefore if you choose to coins and have the idea about the timing of buying and selling then in little time you will earn more money but if you choose any useless coins then the risk will be higher.

Don't open a trade that you don't know when you're going to close the trade, an individually that pick interest in a trade need to know the entry price of that trade and the preferred exit price before he start trading. As you're trading you can adjust your exit price depending on how you see the market but always have a price in mind before you start trading so you don't start having second thoughts when you want to exist the market as you didn't have a plan before starting to trade.

Before you start trading, have a profit target in your mind, the trade mightn't go as you planned but it's good to always have a plan first before doing anything. As you plan your trades properly you can keep accounts properly and learn from the mistakes you made in the trade when you don't get the results you had in mind. A trader needs to be disciplined and well focused to avoid distractions all over the market.