Topic: What Practical Advice For A Beginner Trader? - page 2. (Read 1207 times)
Don't be greedy and don't be part of the wave but be aware of the wave. What I mean by the second advice is that don't get manipulated by influencers trying to promote shitcoins that doesn't have a value, be aware meaning that if you know that you can make a quick money out of that shilled shitcoin then buy some but buy with caution.
First of all you should do research about the trading and know all the things about trading and risk management that how can you deal to it. Then only you have to start trading by analyzing the coins first and reading about the coins is very necessary. I hope you will follow these.
Learned a lot frim this thread and hopefully I can employ those advice to a certain degree when I am trading. One thing that I can give advice to other beginner traders is to probably practice trading if you can because no point doing it without experience, you will only get big losses.
The most important thing is the attitude to money and the deposit, the more you are attached to it, the more mistakes you can make due to the emotional factor.
It is important for you to understand that the money you are trading with is no longer your money. It seems to me that all the rules have already been discussed many times.
My advice is simple do not trade if you dont have the knowledge yet about cryptocurrency because you will surely lose your money if you do trading without any knowledge on it, before you trade you have to know first some basics about cryptocurrency, you should also know how risky trading is. My advise also is try to invest first before invest if you wanna really explore cryptocurrency, investment is better than trading for beginners but still you have to do research as well before you invest.
I am on your side but I have a bit of fix to "when to start" part of it. You should not start trading on day one that is for sure and you should learn more about crypto before you start trading that is correct as well, but when do you know you are good at trading?When will you feel like you should start? That is only going to happen when bitcoin is at a situation where it is a bull run or looks like a good period to trade because it is usually profitable even if there are falls there are bigger ups, that is when you should start thinking about starting but if it is like that when you first start and then you should start with again learning more about it but then start trading with only 5% of your capital, and if you keep making profit then increase it to as much as 50% if you want to, I would never advice to put all your money in because the other 50% should stay for when you may end up losing money and need to reinvest.
I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!
This is not new in the trading world. Losing is part of the game but what make you stand tall ahead the market is your continuous focus and toughness against your weakness and emotions. If your lost just $300 and ran away, then you could come back and lose virtually double of that and also run. This is emotion, and its really eating you up. You need to stand up on your feet and fight against by being tough and ready to face reality.You neeed to work on your strategy. This help you to know how you would trade, when to trade and when not covering both your technical and fundamental analysis of the market. The market is not a game hall or a betting platform where luck could attract frequent profits for an individual without any skills. Trading need skill to be able to get what you are looking for. You can choose to use robot to trade which also depend on the trader and the kind of robot.
The majority of the brokers are really going to continue to attempt to aggregate BTC to bring in cash. Somebody said to me that in case you will attempt influence, do it on the minutes outline. Perhaps adjacent to control feeling, you can begin with modest quantity or possibly demo account. However, on the off chance that you benefit don't feel sure and, utilize enormous measure of cash on next exchanging, attempt increment it gradually.
Assuming you are certain to exchange now with your own expertise, you should begin figure out how to control your feeling when a few group spread fuds, or somebody that makes you waver in after your exchanging plan. It's alright to lose with such sums on the grounds that the information that you'll have from the experience can be applied to your next exchanges benefit.
I will say, in crypto trend is your friend. U have resistance and support levels. The market is sketchy during a bear market but for the most part if u have experience and time involved in crypto and know how to read trends, direction of movement is predictable during a bull market. Small investors or bears dont have the power and ability to control market trends. Bulls do. When the trend breaks resistance bulls are ready to come up to the next level and establish a new support. When they are ready to come up they will always maintain a support level and will not let the price fall below that level to bring confidence to investors and make a clear indicator that there is a demand above that price. They know how to create indicators to persuade people to buy and vise versa. If you watch these trends for years you will learn their tactics
For all the replies, I hope that OP was already satisfied and knows what he gonna do as a newbie. It definitely was hard at the start as trading is not a joke, it needs attention and deep knowledge. If you/we apply all the suggestions and ideas that have in this thread, I think you/we are winning already.
However, even though we have this knowledge and effective strategies, you can't be sure that everything will be okay and you no longer suffer losses it was because we often do mistakes in decision making, and aren't we perfect, right? So, losses are still there.
However, even though we have this knowledge and effective strategies, you can't be sure that everything will be okay and you no longer suffer losses it was because we often do mistakes in decision making, and aren't we perfect, right? So, losses are still there.
1. Dont be greedy
2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
point number one and four be main key for our existancy in finance market . most traders failed in market although they have good skill in technical or fundamental because they could not control emotion , and want to take huge profits in single trade. Money management often ignored till finally regret when they balance become zero. 2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
1. Dont be greedy
2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
point number one and four be main key for our existancy in finance market . most traders failed in market although they have good skill in technical or fundamental because they could not control emotion , and want to take huge profits in single trade. Money management often ignored till finally regret when they balance become zero. 2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
at first the trading business was not a business that had to wait for profit to come, but we had to learn the right way of trading, where we had to be able to control psychology and be self-disciplined towards analysis, so that over time, our target is trading for consistent profit, so that we can live from trading
true, trading must be managed based on good management not just waiting for profit to come. because if profit comes, it's not trading but holding. In my opinion, trading skills must be used to analyze the course of buying and selling so that profits are maintained, not just waiting.
Don't be in a hurry to make profit. Get the knowledge then keep your chat as simple as possible be consistent with on strategy and get perfect with it. When you have the skill the money would follow. Never pursue a moving trade if you are late wait for another entry point. Always buy low and sell high this way you would remain in 90% consistent profit
I personally adviced all the beginners who wants to invest in the crypto that they should start from the small if they don't have much amount that will definitely give them a little benefit but they will not be in loss, and they should learn about the crypto first, then only they can get the profit.
1. Dont be greedy
2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
2. Dont be impatient
3. Dont act that you are gambling
4. Proper capital management
As you do gain experience then you would be finding out yourself to be sustainable on this market.
Just dont rush up to learn because it cant really be done on a single day.So dont rush up.
I really think that bitcointalk is a great place to learn how to trade. There are both great traders here, and also people who know about TA a lot and people who focus on news a lot as well. You can learn something from everyone, of course not everyone is perfect in every aspect, but you can take the strongest parts of their advises and leave the bad parts of their advises aside and that way you will be making a lot more profit.
I am not saying this as a person who can give a great advice because I feel like mine are just very little risk and little return stuff so I do not advice too much aside from "buy bitcoin as much as you can afford" but I have seen other people here who are tons better than me at trading who gave great advises that I used in my own trading to make it better, some of them were bad so I removed them but kept the good ones in.
There are also a lot of people who will make you confused in bitcointalk as well, there are bad traders there are haters and most importantly there are trolls and knowing who to trust in bitcointalk is very hard as well because we have seen people sell their accounts as well so a legendary account could be now owned by a newbie as well who knows?I am not saying this as a person who can give a great advice because I feel like mine are just very little risk and little return stuff so I do not advice too much aside from "buy bitcoin as much as you can afford" but I have seen other people here who are tons better than me at trading who gave great advises that I used in my own trading to make it better, some of them were bad so I removed them but kept the good ones in.
This is why I think it is not really a good idea to follow bitcointalk all that seriously, you could follow it as in just check what people are saying and that is good because at least you know what people in the crypto world is thinking about (sort of) but you will never know who you should be following considering all the non-crypto people who are only around to create chaos in the middle of the forum. I personally make my own decisions and that is a lot easier than to follow others around here.
I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!
make sure that the money you use is not used for daily needs or not money for your living expenses. use your excess money so you don't panic when the red market occurs.Patience is the key in my opinion.
What would you say is a good amount to practice with? Still haven't started trading yet.
I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!
I think you were so hurry to put your money on trading without getting proper knowledge .You Did lost 300$ and made a year gap its made you more frustrated and you have lost your intention on trading on this time .I think you need to have faith on that crypto is a platform and here you can earn by trading but you need to study before enter on the market .You need to learn the tricks how can you earn quickly .You may follow youtube ,different blog on trading which help you to increase your skill .After having a good knowledge you will start trading with low amount and then you can increase your investment gradually after getting a good confidence .Hopefully you will be on profit .
Always have a trading plan before taking a position in any trade. If you aren't good with technical analysis then trade the news meaning you dwell more on fundamental analysis to pick a trade. Most trading robots aren't reliable get to understand the market conditions for your self and most importantly learn the skill before adventuring into trading.
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