What Practical Advice For A Beginner Trader? - page 5.

Vaculin

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Quote from: wiss19 on June 24, 2021, 10:39:54 AM

Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

From what I have understood, most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved, and once they trade and lose, they quickly run from the market. That’s what happened in your case, you lost and you ran, because at first you thought that Bitcoin was another cash cow and you never considered whether there are risks or not and you didn’t prepare yourself for the ahead that were ahead of you.

It’s good that you know that now, and I believe that you are ready to start trading now, knowing fully well that there are lots of risk involved.

Trading is a test of how long we can extend our patience. Some just give easily and never turn back again. This is mostly happening to newcomers, I know they were hard to adjust to the market volatility and that makes me understand their feeling when they lose at their first attempt. But, if they are really strong and committed to their plan and goal, eventually, they can surpass the trials.

As a newbie, it is just something we really need to work hard and to find ourselves enjoying what we do despite the losses we got. And this is how trading will works.

wiss19

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

From what I have understood, most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved, and once they trade and lose, they quickly run from the market. That’s what happened in your case, you lost and you ran, because at first you thought that Bitcoin was another cash cow and you never considered whether there are risks or not and you didn’t prepare yourself for the ahead that were ahead of you.

It’s good that you know that now, and I believe that you are ready to start trading now, knowing fully well that there are lots of risk involved.

thecryptogandalf

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

Go for bakctests and demo trading

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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'm sure you learnt one or two lessons from your failure in trading the first time you tried it. I'm sure one prominent lesson you must have learnt would be to invest in learning as much as you can before you trade.
The only advice I'd give to you would be to really understand how trading works. Understand fundamental and technical analysis. Understand how chart patterns works. Understand these things and you'd be to make profitable trades, reducing your losses to the barest minimum.

boyptc

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Quote from: bittraffic on June 20, 2021, 06:34:51 PM

A more practical advice is that just buy low during the bear market and wait for the price to go up. You don't have to really trade every day to feel like you are a crypto trader. Swing traders are the ones who just buy and wait for the right price to sell.

Many newbies don't have the patience that requires with that strategy. Well,many of us here in the forum knows how to be patient in those times. We know how to handle situations and we're patient enough to wait after buying.

What I've noticed with many newbies, they want an overnight success which is a very dangerous thought and belief in this market.

CryptopreneurBrainboss

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

Don't trade then, just invest. Trading isn't gambling and the moment you mistake it for that, you're lost already. Having the mindset of a gambler coming into trading is jo way to go about it. You have to dedicate your time into learning and constant practice to perfect the skills. The very moment you get an idea and confident of carrying out a successful trade then you can be advice to start trading.

While you're learning you can put your money to work buy investing and probably you'll find out which is the path you're to follow whether it's trading or investing. Both are quite entertaining to partake in but investing has less stress and more chances of profiting so it's up to you to decide.

ahoenk

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You are the only one who knows your mentality and money you have. So the first thing you need to do is learn how to manage your risk. Then learn how to grow your portofolio by managing your cold money ( money which does not use for buying daily needs ).

Technical and fundamental easy to learn and you can do it along with learning risk management.

Trading is not easy as you see on tic-tac ( tiktok ). It can eat your money fast especialy in crypto market.

Dont take any advice from tweeter and other paying method, it only wasting your time and money. There are a lot of free resource out there on youtube or tradingview.

Silberman

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Quote from: GeorgeJohn on June 19, 2021, 08:35:57 AM

Quote from: zanezane on June 19, 2021, 04:13:09 AM

Practical advice would probably be to do your own research and never to trust new coins without doing so because you never know if that coin is just a quick smash and grab or has a potential. Also, stick to stablecoins if you can to prevent big losses and panics that you aren't ready for.

Learning how to trade requires learning which can be done by enrolling for online or physical classes inorder to get the skills that is needed to trade the financial markets just like going to school to acquire a degree to get a job. A lot of newbies most time avoid this process, looking for sharp means to get to trading a coin.

Everything in life requires processes that need to be followed so that understanding is gotten. There is no need of rushing since money is involved which can be a risk if aim is not achieved. Training is risky but risk management need to be in place in case the contrary happens

I agree that if someone wants to learn to trade the markets then they need to study however I am not so sure I agree with the idea of taking a course, many of those courses are just scams, they promise you to teach you how to trade the markets and they always come up short, why? Because their business is to keep you as a client so when you lose you think there is still something more to learn from them and then you pay for yet another course, if you are going to study the markets then do so from books which are very cheap and are way more deep than whatever you can get from those courses.

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

The first thing you need to do is to have proper knowledge about cryptocurrency, Finding reliable sources/tools/materials that could help you boost your trading knowledge is a must. Determination is also a very important thing in starting up. Losing a trade isn't bad for starters, It is a step going to the road of success.

Managing risks is also an important practice, especially for a beginner. Experienced traders have their own risk management skills and it would be nice if you acquire those skills in your early exposure to trading.

thecryptogandalf

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Quote from: Michael63 on June 15, 2021, 05:23:03 AM

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!

A reply of mine that someone asked similar question like this;

I think you need to dig in some online resources and if you search on reddit posts about I am sure you will find plenty of nice sources.

The next step can be to start doing some backtests and papertrades to see how much you are good at putting into practice what you have learned based on historical data and live data. The learning cycle never ends btw for anybody. So you need to keep the learning cycle on.

The next step could after backtesting and papertrades for months, you can actually start real trading. But the most crucial about this will be START SMALL just have the experience and learn how things can be when trading with real money after your preparations.

Overall crucial points in my opinion:

Risk&Money management - something you need to learn very well
Always have a well-designed plan and stick to that till your trades are done - which can be called a trading discipline.
We people are emotional beings so we can easily lose ourselves to our emotions such as being greedy, panic, etc. This will let most traders ended up with loss. You should definitely have a good understanding of what does it mean emotional disadvantage in trading.(You can look for as behavioral finance in trading)
Backtest and paper trades are significant especially when you starting for the first time. It lets you understand what are your weaknesses and strengths in trading, how good your strategy performs compared past events in the market, and on live data as well. There are some good platforms that offer such tools in a very nice way.
Look for ways to increase your trading skills such as trading bots. And you should try it by yourself rather than listening to other people's opinions you can take their opinion as a reference. But you will be the one who will decide what is works for you the best what is not.
Last one could be, do your own research. Dont listen or other people's advice, instead of listening their advice with reasoning, strengthen your perspective and researching your own. There should be a solid answer when you ask yourselves "why" when doing something.

Well those are stuffs that pops up in my head. There are more stuff to mention tho, I believe there will other people who would like to share their valuable information. And if your search your question on the reddit I am sure you find a lot of posts and comments similar to this.

Yamifoud

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I think OP had already filled with practical and learning advice. Maybe it was time for OP to share what happened to him. I think everyone is expecting a good result to know if that is really effective or not.
@OP Just to think about that trading is not easy nor it was for everyone. If you choose to become a trader, then it means that you are also willing to lose your money. Just think that trading is not all about money but we are also investing knowledge in this field.

bittraffic

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A more practical advice is that just buy low during the bear market and wait for the price to go up. You don't have to really trade every day to feel like you are a crypto trader. Swing traders are the ones who just buy and wait for the right price to sell.

You don't have to keep watching the chart like there is a daily golden opportunity that comes. Doing this will take up most of your time so instead, do some reading and learning after investing.

Yatsan

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Start from scratch then. Go start feeding yourself with knowledge first about cryptocurrency and how the market works for a couple of years ago you might be lacking of those that make you have a hard time dealing with your trading. Once done, you can start again doing trading from the bottom starting from a handy or small amount of capital and put it into the crypto that you think can make you earn profit to help you out fund yourself into varieties of crypto that is worthy for your time and effort to do trading. Equipping yourself with knowledge is the first and foremost that you must obtain before anything else to be able to survive.

AakZaki

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start trading again with basic trading knowledge. it will help you not to lose your money for nothing. Don't give up when you haven't achieved anything, the trade you made may be wrong at that time, but if you already know the knowledge you will get a profit and make up for your $300 loss. Don't give up to keep learning.

zanezane

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Quote from: GeorgeJohn on June 19, 2021, 08:35:57 AM

Quote from: zanezane on June 19, 2021, 04:13:09 AM

~

Learning how to trade requires learning which can be done by enrolling for online or physical classes inorder to get the skills that is needed to trade the financial markets just like going to school to acquire a degree to get a job. A lot of newbies most time avoid this process, looking for sharp means to get to trading a coin.

Everything in life requires processes that need to be followed so that understanding is gotten. There is no need of rushing since money is involved which can be a risk if aim is not achieved. Training is risky but risk management need to be in place in case the contrary happens

You don't necessarily have to enroll to trading classe, that's why there are demo accounts out there to help you gain experience without losing money and learning from the experience, my friends didn't enroll in any of those but they just jumped right in although that's a bit riskier. Risk management should be considered but you don't have to always risk things when you are starting, there are things that are risk free, just grab the opportunity.

Cling18

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If you have stopped years ago, then try to learn and study everything about Trading again. You should know that it's a long process of learning and it would be better to start over with a full gear of knowledge so you'll be too ready to deal with the volatility of the market. Pick an exchange that you're comfortable trading with and do series of practice trading. Do lots of preparation by gaining knowledge first so you'll trade better than what you did before.

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The advice that I can give with all my heart is, do not trade until at least you have read about 7 to 10 books, this for you to learn to understand the market, you do not do anything with reading books that teach you AT, AT can be very useful, but The AT does not teach you to think but to use the indicators and tools well, what you should do is try to understand the market, after that you will see the market in your own way with all your well-sustained arguments with knowledge of book authors, in that moment is that you must trade, but before trading, you must do it in demo mode, to test your strategies and so that you learn to use all resources of the Exchanges.

GeorgeJohn

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Quote from: zanezane on June 19, 2021, 04:13:09 AM

Practical advice would probably be to do your own research and never to trust new coins without doing so because you never know if that coin is just a quick smash and grab or has a potential. Also, stick to stablecoins if you can to prevent big losses and panics that you aren't ready for.

Learning how to trade requires learning which can be done by enrolling for online or physical classes inorder to get the skills that is needed to trade the financial markets just like going to school to acquire a degree to get a job. A lot of newbies most time avoid this process, looking for sharp means to get to trading a coin.

Everything in life requires processes that need to be followed so that understanding is gotten. There is no need of rushing since money is involved which can be a risk if aim is not achieved. Training is risky but risk management need to be in place in case the contrary happens

zanezane

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Practical advice would probably be to do your own research and never to trust new coins without doing so because you never know if that coin is just a quick smash and grab or has a potential. Also, stick to stablecoins if you can to prevent big losses and panics that you aren't ready for.

Reid

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My practical advice is to be practical.
Don't force yourself if you are not good at it. But if you are decided to go that way then try trading what you can only afford to lose.
This means you won't regret it even if it goes to zero.
Using that kind of mentality you are avoiding the bad reactions to swings. i.e. Panic selling or greed.
Create a plan. How many dollars are you aiming for, just for starters? $100 profit? If you hit that what's next? If necessary you should create a record for it.

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