Topic: What is your advised for being a trader? - page 8. (Read 1447 times)

I think the market is very difficult to understand using small capital just to learn, because if we lose the money it is commensurate with the experience we gain, I have known crypto from 2017 until now I don't understand the market completely, but from my experience, I am able to consider when I will take a position in a trade

doesn't necessarily true considering that people will small capital wouldn't even have the gist of holding so many coin and the market become worst of the worst thats where the emotion are gonna be exhausted heavily and also its quite different feeling compared with small capital since with small capital if worst comes to worst you at best can just rub it off because its just small capital you can just earn it from salary or something but with big capital like entire saving there's definitely feeling of regret as to why you might make some bad decision and why you even try to execute that bad decision like basically making decision because you're angry you've been losing and so on.

Nothing you can find where only you can earn money without losses a penny it's unrealistic. No doubt you must be learn about trading before start trading, Now a lot of opportunity to learn trade, On youtube and other social media platform so many influencers sharing their thoughts and strategies and paid video tutorials.
New traders shouldn't start trading with big funds because high risk to lose all of money in a minute.

Trading is no doubt risky, but not impossible to do. If you have the determination, then definitely you can make good profits from trading. If you ask me about tips, then it will be best if you try trading with demo account and balance first. See how the market reacts on various occasions and get acquainted with it. Once you are confident, trade with real money with proper stop loss. It’s alright to make losses during the initial stages. People learn from their mistakes only and do the better.

When you do start on becoming a trader then it would really be just that right or normal that you would really be able to suffer some losses or lets say you would really be that having those losses on which it is really that inevitable. It would really be just that normal that you would really be able to encounter those things considering that its never been that simple due to unpredictability of the market.
Since we are really just noobs then it would really be just that so normal that you would really be having those kind of mistakes but eventually you would really be able to make yourself that
learn along the way and this is something that you would really be needing for you to have those kind of learning because not all things that you could read up would really
be making you aware on whats trading but rather there are things which you could learn through actual trading.

I think using small capital will make the trader's mentality trained and then use large capital.
Not all traders can easily understand market conditions, it takes quite a long time.

As a trader, we all want to make a trade in which we minimize the loss,
so we need a training first, we must have a teacher for this trading so that we can learn from it. Make no mistake, if we first get it right and understand it,
then we invest all the money we have, and then we can profit from it, but if If we try to enter it without understanding it, then we will find nothing but loss,
that is, the money we have in our hands will also go before we get in rich i.e. in our hands.

You will make a huge mistake if you keep the mentality of having a huge amount of money before you can trade in your head. I can assure you that you will lose the money and will keep regretting it if you are not experienced in the market. Even experienced traders are still facing the challenges of how to preserve their trading accounts not to mention the novices in the market. What is good at the beginning is for you to find a way to learn the market, and if you can learn and train until you are well-experienced, you can then proceed with the live account. Mind you, the first training has to do with the demo account only, unless you want to just be wasting your money due to arrogance.

Again, if you are depositing your money at first or even the second and the third time (because it is almost sure that you will continue to lose), you should endeavour to deposit a small amount of money for your financial safety because it is most likely you will continue to lose money no matter how best you could think of your trading skills. You should continue that way and build improved trading psychology along the line, and if you truly have a working trading system, this might go a long way in helping you further. Until then, you should keep to the little deposit attitude to save yourself, and make sure you shun greed and be very disciplined in what you do.

About the trading strategies, I advise you to learn both technical and fundamental styles of trading but major in technical analysis. It will help you so much than you can ever imagine if you are good at it. I also like you to learn price action and support and resistance strategies together and combine them to filter them for better signal generation.

Take into consideration your starting capital when you trade. The reality of trading is the higher the capital you'll have, the "chance" of earning quite high is also there so it's like an equal proportion to the capital you start with.

But small time traders can also grow their funds but it is going to take time. Don't get fooled by the successful traders that you can also be like them without going through hardships.

You take your own path and just look on your own progress.

Well before diving into a trade, make sure to check the charts (technical analysis), keep an eye on the news, and have a basic understanding of what's happening in the market. Also, don't forget to set limits on how much you're willing to risk because it helps avoid big losses

       -   I agree with what you said—that trading in cryptocurrency is really risky. But if you know how to be careful or avoid it, you can overcome this risk for sure. Now, what you say is that you don't seem to agree with the newbie who should immediately jump into trading while just starting to learn it; even if it's just a small amount, the capital will be used up for sure.

I think that's fine, because it's only a small amount, because in every mistake they say we learn a lot from it, which is right. If we don't make mistakes, how can we learn?

A first you need to learn to trade and if you can't manage the trade properly then you will lose. Next, experience is needed because experience is the most important factor for a trader.
If you don't speak well yet you will never get good feedback here. In order to master thoroughly, you first need to develop good relationships with experienced people and associate with those who are related to Trade. And besides identifying adverse problems and trying to solve them, you can be known as a good test.

These steps can be good:

• Read about trading and learn the basics.
• Read about Technical Analysis and how to draw charts.
• Create an account in TradingView and use demo account option
• Apply the theories you've learned using the demo account
• Invest a small amount to experience emotional control.
• Increase the amount by 20% every few days.
• Learn how to control your emotions and how to turn loss into profit.

Investing with a small amount is step number 5 and is not the first one.

It's true that trading requires adequate knowledge on how it's done, otherwise it becomes gambling, so knowledge and gradually building experience when trading is the key to being profitable and minimizing loses in crypto trading. Diligently learning the fundamental and technical analysis is key and starting by trading the amount that you can afford to loose is very important, because loses are bound to happen, and that is the risk that is involved. So there is no need to rush into crypto trading, and as you said if someone doesn't have what it takes to be a responsible trader, then it's best to settle for long term holding, which is also profitable in the long run.

What do you want to know more? you know the risks of trading and you also know the analysis for trading.
If you master it then what is lacking is trying what you master. If you still lack confidence, you don't need to be embarrassed to use small money to start with. Feel how you trade on a real account, not a demo account.
Perhaps the first difficulty is determining the right asset for your trading. but when you do it a few times, you may get used to it.

Trading with small funds and continuing to learn can provide knowledge and lessons that you need to improve on. We cannot trade directly using large amounts of money because that will make us feel a total loss. It is better to use small funds while learning trading to improve his analytical skills.

If you can't learn to trade, you may be confused about when to trade. That is why a trader needs to learn to trade continuously. Moreover, market conditions are always changing so a trader is required to be able to improve his abilities.

And if you don't have a trade, you'll have a hard time knowing when to enter and exit the market. That will make it difficult for you to make a profit. To learn to trade, you can use a demo trading account. It will help you to understand the lesson you are studying.

Trading without knowledge is the same as gambling, trading seems to be aimless and just guessing at market movements. On the other hand, luck will not come continuously, and of course people like this will find it difficult to survive in the world of trading. Unfortunately there are more people like this, so more traders experience defeat because they cannot survive market movements

The most important and main thing is regarding your money management in placing positions. If you use too much margin, let alone trade using large leverage, make sure that your reserve funds are sufficient to cover losses as long as the market goes against our position.

In the case of spot trading Money management is also very important that we also have to apply this when purchasing coins. For example, using DCA in purchasing digital assets is also a form of money management, then purchasing several other digital assets in this portfolio is also money management.

Trading is a journey that involves both successes and setbacks. By approaching it with a well-informed and disciplined mindset, you increase your chances of success over the long term.

How much are you comfortable losing on each trade? Stick to that limit religiously.
Are you aiming for short-term gains or long-term wealth building? This will influence your strategies.
Can you actively monitor the market, or do you need automated strategies?

There's no guaranteed formula for success in trading. It's a continuous learning process with its fair share of wins and losses. Focus on developing your skills, managing your risk, and staying disciplined.

Best of luck in your trading endeavors!

+1. I highly suggest this, especially the third and last one. Because it will help you to protect your capital.
This is consider as risk management especially using stop loss because this is a good thing to use so you will not lose more or get liquidated, it is also a good thing to do just incase your analysis went in to the opposite side.