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 to do is to ask yourself why you lost the first time you tried to trade this market? If you do not know then this is going to be a problem as you could make the same mistakes once again and this is never a good thing, the second thing I will ask is what have you done since then to change your decision to trade the markets again? Have you read several books and dedicated hundreds of hours to this topic to the point you are confident you can make money this time around? Because if you have not done this then I do not see the point of trying your luck on trading once again. 
Topic: What Practical Advice For A Beginner Trader? - page 6. (Read 1193 times)
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!
First thing every trader or should I say most traders miss when they embark on this journey is risk management , which I missed myself when I started trading. I know everyone wants to get rich but better than blowing your account...let's learn to grow our accounts slowly 🐌 ,believe you mean a dollar a day will put a smile on you..
In any case, it is better to under-earn a profit than to close a trade with a loss. Therefore, you should not try to sell the coin on high, because in practice, only a few manage to do this. Similarly, you will not be able to buy coins at the lowest price. And this should not upset you.
Sell "high" in the sense that you should be profiting is the correct way to do it, sell "high" in the sense that you should find the peak point is the wrong one. I just wanted to clarify that because there are tons of newbies that may mistake the two. I personally do not sell at the high for both times, I sell when I feel like I have enough profit and I want to get out, I am a big time long-termer so I am always in favor of holding as long as possible. But for someone who wants to learn trading, that means buying and selling quickly instead of investing long term. That is why it is always a big deal to get out quickly. I even used a bot to trade that calculated like all the costs and gave you 1000 satoshi profit each trade, normally you would profit even more because of the fee, but in the end whatever you traded 1000 satoshi was your profit after all expenses, the idea was to make tens of even hundreds of these trades, it worked like a charm until bear market came in.
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!
If lost $300 made you stopped trading, so you still not ready to use that amount of money. Maybe beside control emotion, you can start with small amount or maybe demo account. But if you profit don't feel confident and then use big amount of money on next trading, try increase it little by little. Because sometimes, when someone get profit, they feel confident and then think if they use more money they will get bigger profit, but then market is not like what his expected and he lose. 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!
educate your self more because that's the most important when it comes trading "enough knowledge" wherein don't be contented in what information you get or tips, what i meant keep searching for new idea and strategy always.. And don't forget to practice your skill as well in order to improve it more.. As the matter of fact there are some tutorials around the internet when it comes useful tips in trading especially through YouTube wherein step by step.. so it will be a big advantage for all beginners who want to learn something more in trading..
Trading can be very profitable, but it can also be quite frustrating. My advice is, don't always chase losses to get your investment back, because in that condition, you will actually lose more and get frustrated. just stop for a moment, think carefully and change strategies
In any case, it is better to under-earn a profit than to close a trade with a loss. Therefore, you should not try to sell the coin on high, because in practice, only a few manage to do this. Similarly, you will not be able to buy coins at the lowest price. And this should not upset you.
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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!
Spend time practicing demo account. Make sure you blow down the account to a $100 then try growing it from there. You can't make it if you don't study to discover your personal strategy you keep making losses. So give your self to learning and practice more often that you study.
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!
nothing is practical, you have to start from scratch and wait for the right time to make a profit and loss is normal in trading, so losing something you gain is not a reason for you to stop. Now try again and learn more about when it's a good time to buy and sell your assets before starting to invest in either bitcoin or other altcoins.
Trading can be very profitable, but it can also be quite frustrating. My advice is, don't always chase losses to get your investment back, because in that condition, you will actually lose more and get frustrated. just stop for a moment, think carefully and change strategies
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!
Trading in bitcoin/crypto is not easy, you have to do fundamentally and technically analysis, so you can make the strategy of entry and exit.I don't think you have TA skills because if you had, then you would have made a good profit by forgetting such a small loss. so try to learn it if you want to be a trader.
if you do not want to take any kind of discomfort ( learning TA) then you can buy bitcoin and forget it for a few years, you will get a juicy profit, I believe bitcoin is still the best choice for the long term.
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We quite have a similar stories only that mine was lesser loss because I was still starting up and I didn't buy that much Bitcoin. My strategy was day trading back then and if you are asking for my advice, try to change your strategy and see what fits the most. I realize that day trading was not for me because I did not have enough time to look at the charts to do the trades.
Oh and emotion. Try to rid of it if you can.
Maybe it was a platform malfunction. Maybe it was a pure scam. Maybe OP just did not know how to use stop loss or set it wrongly.
But almost 90% of traders are sharing like they are not successful in crypto trading so the most common reason must be they are unable to tackle the fluctuations of crypto markets. It means they must need to improve their technical skills or they must need to switch over to some other opportunity.Yes I do know that. It is statistically proven. But in OP's case he actually never explained what happened and I think part of a good trader's responsibility is to check that the site he is using is legit. Software is good,,, does not cheat you,,, does not give false order filling on market condition that actually did not happen.
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!
Spend time practicing demo account. Make sure you blow down the account to a $100 then try growing it from there. You can't make it if you don't study to discover your personal strategy you keep making losses. So give your self to learning and practice more often that you study. 
*Don't get excited
*Don't be too emotional
*Understand clearly the nature of trading
* last, starts from small capital
I tell you that it won't work perfectly at first. And there are only two possible results in trading either to lose or to make a profit. It was your choice which one you have aimed for.
*Don't be too emotional
*Understand clearly the nature of trading
* last, starts from small capital
I tell you that it won't work perfectly at first. And there are only two possible results in trading either to lose or to make a profit. It was your choice which one you have aimed for.
For a beginner trader I would like to advice that put the money that you can afford to lose. Always trade with minimum capital because you might don't have patience and if your trade goes against you then you will loss money. Always search about project and their news. Learn some chart reading, always look for buy in deep and sell on high. These are point you should look for before trading.
Aside from investing your knowledge in trading and learning the basics, it is needed for you to be aware that trading is not an easy money generator and has a big chance for you to lose as a beginner. And if you are not able to adjust yourself and brought it to your comfort zone, I suggest you not continue doing this because at the end of the day, you only just regret and feel disappointed with the result.
I don't want to discourage you but I just wanted to tell you the truth. Now, you have to think about it not just twice but multiple times.
I don't want to discourage you but I just wanted to tell you the truth. Now, you have to think about it not just twice but multiple times.
As a beginner, you need a lot of adaptation and technical learning to analyze the market in every movement and learn fundamentals to find out what trends are affecting the market.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.
And after learning at least the basic TAs, start small. As the OP had his experience regarding bitcoin trading, he can again start with btc. Or other alts like maybe XRP or TRX, where you can trade using small amount of capital. Don't go for the hype coins like meme coins or defi tokens. The chance of losing is very high especially if you chose a crap token. Experience will teach you the tips and tricks in crypto trading but don't use big amount of money while you are still learning.
As a beginner, you need a lot of adaptation and technical learning to analyze the market in every movement and learn fundamentals to find out what trends are affecting the market.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.
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!
These are what I can advice to you.- Fill your mind with knowledge.
- Have plan and strategy.
- Only use a capital you can afford to lose.
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!
These are what I can advice to you.- Fill your mind with knowledge.
- Have plan and strategy.
- Only use a capital you can afford to lose.
There are a lot of people who invest in time and knowledge here but to know what, they all forget those learning as they are driven by their emotions.
What I can suggest (additional), it is a need to learn how to control as this was the hardest part in trading. Many had lost their opportunity because of this thing and it mostly happens to beginners.
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