What Practical Advice For A Beginner Trader? - page 7.

lienfaye

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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!

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.

jaberwock

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Quote from: FanEagle on June 17, 2021, 02:25:28 AM

When you realize the fact that trading is not the only way to make profits in crypto space, then definitely you will find other similar opportunities to make easy profits and fortunately we are already having one proven method which must be holding bitcoins for long-term.

That must be a very strong point of why most people are still struggling with trading even they are not good with trading. Yeah, most people never realize that fact that like they can make their living even out of trading but they want to recover their money only from where they have lost. This must be the reason why most traders are always getting back to trading even after they lost their big capital.

Quote from: leea-1334 on June 17, 2021, 02:31:57 AM

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.

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Quote from: Mpamaegbu on June 16, 2021, 04:09:16 AM

First, did you find out why you lost? Yes? No? If you found out why you lost then you're a step ahead to achieving success but if you didn't, it simply means you've to devout more time to learning. Trading is a profession and must be handled like every other profession that demands time and practice like medicine, law, engineering, teaching, journalism etc. Ironically, people hop into trading without getting themselves armed with the least knowledge of it. Going into trading without the required skills set is akin to gambling, simple and short.

Good point actually. We all jumped to conclusions about why he lost,,, assuming that it was like all of us in our first time and playing to emotions to gamble away everything.

But there could be other reasons. 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.

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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?

My humble and serious advice for you is, never start trading again; but you must go for investing with the bitcoins with long-term plans. Because holding bitcoin for years definitely get you chances to recover all your losses incurred in trading. There are other ways like learning all the required skills for trading and then getting back to trading still there cannot be any assurance for you to recover all your losses and then getting into profits slowly but when you are investing with bitcoin for long-term will definitely there must be minimum assurance for you to find differences in this crypto space than what you had experiences with trading.

When you realize the fact that trading is not the only way to make profits in crypto space, then definitely you will find other similar opportunities to make easy profits and fortunately we are already having one proven method which must be holding bitcoins for long-term.

andriarto

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Don't give up, and always try to learn from mistakes. in trading we learn psychology, money management and techniques. besides that experience is very important because it helps traders to adjust to certain situations. and one more thing, don't think with trading we will get rich quick, because everything requires a continuous process

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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!

keep studying. However, there are lots of people out there who have lost more than your assets, but they are still learning to learn the charts. the advice I give is, try to do research and research on an old coin, and choose one of them. don't use the money you used, but use the money you don't mind if it's gone. other than that, the most important thing is to be patient.

GreatArkansas

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A very simple piece of advice.
If ever you are planning to quit or still continue.
When you decide to quit -> You will not make all your losses back.
If you continue -> learn from your mistakes, you will gonna do again what mistakes you did right? Capital preservation is a must too.

Hypnosis00

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All you need is to trust yourself and willing to learn as it was the biggest investment before we succeed. Openness is also a factor to reach our goal, we never stop asking to the person we know it could help us and never ashame to share our bad experience maybe could someone helps us to correct our mistakes.

And there is one thing you should remember, learn how to control your emotions. Don't let this controls you otherwise, you will only just fail and lose everything you have started.

lalabotax

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I am also not a good trader, but, you may think about these:
- Never follow the hype and also FOMO if you are a beginner
- Never influenced easily by the FUD
- Never try new altcoins to trade, better to choose top coins
- Ensure that you choose reputable exchanges both global or local in your country
- Never panic, make your best and smart strategy, and management of risks, funds, and emotion

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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!

Trading is a hard job because you have to monitor everything so you wont lose any chances, you have to start all over again, start learning how to trade and don’t rush yourself for making money. Give yourself time like a month of learning before you try again, trading takes time and you have to be prepared this time so you wont lose that much again.

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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 have struggled a lot and lost a lot before i was able to make any progress or profit in trading, so my advice for you is to just learn as much as you can, trading is quite unpredictable and no matter how prepared and no matter how many times you go in with 100% certainty you get proven wrong, so just start learning and discovering new strategies and methods and start testing them multiple times on demo accounts until you are comftorbale with the market and than start small and never get greedy always set a daily goal and stop at it.

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Quote from: milewilda on June 16, 2021, 02:49:39 PM

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!

1. Start with small amounts
2. Dont get greedy
3. Dont anticipate about easy profits or easy income
4. Trading is never been easy
5. It does take lots of trial and error before you can make a good grasp of it.
6. Dont be emotional
7. Learn slowly and gradually
8. Dont be in a hurry because this is where mistakes do came from
9. Dont easy get fomoed and fud.

AS you do gain experience you would eventually realize on what are the things you do need.

Yup, all of the above steps are completely relevant. My addition is to not get rekt, and if you do then don't give up - learn from mistakes and improve next time.

And lastly, keep on practicing Wink

milewilda

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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!

1. Start with small amounts
2. Dont get greedy
3. Dont anticipate about easy profits or easy income
4. Trading is never been easy
5. It does take lots of trial and error before you can make a good grasp of it.
6. Dont be emotional
7. Learn slowly and gradually
8. Dont be in a hurry because this is where mistakes do came from
9. Dont easy get fomoed and fud.

AS you do gain experience you would eventually realize on what are the things you do need.

nhaila

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Before join a trade , fresher should trade in demo account with lower budgets. He should gather more information and knowledge about cryptocurrencies market, price , volumes. He always follow others trading and careful about cryptocurrencies signal.

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Quote from: Kez1817 on June 16, 2021, 12:06:45 PM

Simple! Learn from your past experienced and mistake in trading.

Well, by the time you're ready to learn from your own mistakes, you've probably already lost most of your capital.
If I were to start trading all over again, I would give my own self the following tip:

Never put money in the first 3 months but use paper trades. Only when you are sure that you understand the market even in the rudimentary way and do not let yourself be carried away to quick-fire reactions, then you can start to bet real money. But again, only very little at first, maximum 0.01% of your capital per trade.

This way you learn a lot, but lose practically no money due to beginner's mistakes.

conected

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Quote from: Tigerheart3026 on June 16, 2021, 12:48:21 PM

also i took advice from experienced traders before i started trading,
i realized that it's better to trade with little amount in the beginning,
there is no possibility of big risk which is unaffordable for you and you can't start trade in the second time.

- Helpful advice, newbies are rarely satisfied with a small profit or a small initial success, they often crave higher levels of profit in the first time and their psychology has not been trained so carefully, a perfect combination for them to expand their wallet and suddenly some huge pressure comes when they lack focus and don't handle it well. The first moment has been judged as the crucial step for further improvements, advise well our emotions before going to the market, that is my advice to newbies, the habit of short-term success is not a good habit

Tigerheart3026

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also i took advice from experienced traders before i started trading,
i realized that it's better to trade with little amount in the beginning,
there is no possibility of big risk which is unaffordable for you and you can't start trade in the second time.

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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!

Simple! Learn from your past experienced and mistake in trading. It's not easy to trade and to be a successful trader you should learn a lot about trading. Because if not, it's like your going to a war without ammunition.

Issa56

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Seriously before you start trading you need a technical understanding on how cryptocurrency works you don't just wake up and start trading definitely you going to lose your money. You have to have basic knowledge about cryptocurrency which you can get by watching tutorials on how to trade on YouTube or meet someone that's into trading to put you true. And before you start trading you have to know about risk management to know the kind of risk you should carry. As a trader this are the basic things I believe you should know
1. Always apply stop lost after buying a coin incase if there is unforseen dump it is going to reduce your lost.
2. As a trader always trade what you can afford to lose.
3. Don't always invest all your fund in Cryptocurrency because anything can happen so you can invest like 30% of your asset.
4. As a trader or investor don't always borrow money to trade or to invest in any coin.

tokoorochan

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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!

you got good experience when starting trading without any preparation. $300 was good amount money and we could buy something with this if you didnt lose it. you shoud not give up when facing first lose, you are not alone with this condition . now if you want to come back , must prepared well with any anslisys skills.

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