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, 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. 
Topic: What Practical Advice For A Beginner Trader? - page 8. (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!
1) Do research of the market or coin you want to to invest,listen advices from everyone but do your own.
2) Make strong decision mentally not emotionally
3)Gain knowledge, experience and learn from your past mistakes
4)Don't get into virtual traps of shitty coins
5)Don't fear to loose and invest what you afford to lose at any cost
6) Sell at peak and buy at dips don't go reverse if you are trading in top coins.
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 guess you rush on leverage trading without even knowing the basics of it, if you want to start again then better learn the basics like planning your trades and always use the stop-loss order or better start doing on spot trading. If you start on spot trading then you just hodl those coins/tokens you used then you'll never lost those, it may decreased in value but it will always be on your wallet and you may sell it later on for higher price. 
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!
Dont be so hasty when it comes to trading there are times that the market is bad and if thats happened dont ever sell your asset due to panic selling. This is typically happened on some of the people cause they are literally seling even though they are at a loss which makes them lose more right?Try to learn first a lot of things on trading before you do one again. Cryptocurrency is highly volatile market so better to gain knowledge first to avoid losing your money.
Manage your emotions
This is always the problem encountered by the traders that usually mess things up when panicking when the market go sideways or being greedy at cashing out profits. Better to manage your emotions and do some profit goal to prevent this kind of emotions.
Continue to Learn
As a trader, we thought those tools we had learn is enough but this is something we should acquire continuous knowledge for improvement and to become better and successful trader.
This is always the problem encountered by the traders that usually mess things up when panicking when the market go sideways or being greedy at cashing out profits. Better to manage your emotions and do some profit goal to prevent this kind of emotions.
Continue to Learn
As a trader, we thought those tools we had learn is enough but this is something we should acquire continuous knowledge for improvement and to become better and successful trader.
Read some of the Day Trader's story on Reddit. You can have a glimpse of what day trading looks like in real life and learn some of the past mistakes that they have done during their first year of this career. There are lots of golden advice that you can find learned only by experience and struggles.
This is something that I do every day, to re-read before the day starts as a reminder to not duplicate their bad experiences in day trading.
Some of the best stories that I have read:
[1] https://www.reddit.com/r/Daytrading/comments/ntsdd5/day_trading_for_a_living/?utm_medium=android_app&utm_source=share
[2] https://www.reddit.com/r/Daytrading/comments/np9vaa/how_i_got_started/?utm_medium=android_app&utm_source=share
[3] https://www.reddit.com/r/Daytrading/comments/njqvy0/how_i_found_incredible_success_day_trading_after/?utm_medium=android_app&utm_source=share
This is something that I do every day, to re-read before the day starts as a reminder to not duplicate their bad experiences in day trading.
Some of the best stories that I have read:
[1] https://www.reddit.com/r/Daytrading/comments/ntsdd5/day_trading_for_a_living/?utm_medium=android_app&utm_source=share
[2] https://www.reddit.com/r/Daytrading/comments/np9vaa/how_i_got_started/?utm_medium=android_app&utm_source=share
[3] https://www.reddit.com/r/Daytrading/comments/njqvy0/how_i_found_incredible_success_day_trading_after/?utm_medium=android_app&utm_source=share
It's good that you back because there's a lot of opportunity here if you are going to take trading seriously. My advice is to keep on learning and don't give up easily just because you lose doesn't mean you don't have future here. Trading takes a lot of time to master and to become profitable, just be patience and know the basic rule of trading, you buy based and sell based on your own analysis.
Apart from the fact he is probably an alt account,,, but for the benefit of doubt if OP is really new, then the early signs is not good. The fact that someone is lazy to find out on his own and just ask a question with no background shows there is probably nothing we can do for him.
Crypto is for the person eager to find out on his own,,, and discover things on his side by trying and reading and listening first. Asking last.
"If you are not up to learn to do it, just hold your coins."
It's just what it means, no secret to that because every holders are already profiting without even trading. Most of the traders are actually going to keep trying to accumulate BTC to make money. Someone said to me that if you are going to try leverage, do it on the minutes chart. Haven't tried but it probably would.
"If you are not up to learn to do it, just hold your coins."
It's just what it means, no secret to that because every holders are already profiting without even trading. Most of the traders are actually going to keep trying to accumulate BTC to make money. Someone said to me that if you are going to try leverage, do it on the minutes chart. Haven't tried but it probably would.
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!
It could be;- Demo trading
- Copy trading
- Study and research trading analysis stuff
- Egaging different crypto trading commonunity(not the hype)
If you aren't ready yet, I suggest you invest for while in Bitcoin and hold it until you will know how to trade. Trading needs more time before you will consider it is a good opportunity and have potential in trading, but in fact, if you are in actual trading, you can't manage your self.
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 know that all traders in bitcoin trading are aiming to earn, but some of them forgot that lost is part of the game in trading.
Now, if you lost that means there is something you need to develop in your way of thinking about doing activity in trading. Besides,
you've been doing it for a couple of years anyway.
Start with little amounts first.
$20, $30 or $50.
Any amount that you think is little, start with it and learn from the experience as you trade. It's okay to lose with such amounts because the knowledge that you'll have from the experience can be applied to your next trades in profit.
$20, $30 or $50.
Any amount that you think is little, start with it and learn from the experience as you trade. It's okay to lose with such amounts because the knowledge that you'll have from the experience can be applied to your next trades in profit.
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!
Well, can I ask you --are you fully oriented on how trading will work, and what are those analyses and strategies that could be used? Trading needs to invest more skills and knowledge before you will be diving in, it needs either fundamental or technical analysis so that you have a market price movement reference that can speculate accurately based on the market flow. If not, you will heavily suffer a huge loss for sure. Because trading is not a trial and error, it will always involve cash, you can practice also using it on paper or a demo trading.
As a beginner trader, it is best you understand the market properly first, don't trade on multiple pairs at a go, try to master a trading pair first before you try out another.
Also you should learn to watch your emotions when trading, some people will say you should not trade with emotions and that's the truth. Trading with emotions can cause you loses.
Also you should learn to watch your emotions when trading, some people will say you should not trade with emotions and that's the truth. Trading with emotions can cause you loses.
I tried trading Bitcoin a couple of years ago but quit after I lost $300.
How much the capital you used for that trading? This question is to know how big your $300 loss is per your total trading capital.Quote
What advice do you have for me if I decide to start trading again?
If you are bad at trading, HOLD!Bitcoin is in a macro bull trend (years) so HODL will help you see higher highs to take profit. Obviously, don't borrow money for your hodling. Bitcoin is a speculative asset, has serious ups and downs.
Two charts show same thing. Bitcoin is in yearly bullish trend and with same amount of fiat ($), you will be able to buy less and less Bitcoin amount over time.
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!
Probably the best advice I can give is that whenever you feel you are ready to trade the market you take an additional three months before you do it, it is very easy for people at the beginning of their trading careers to get really cocky and think they know it all and it is precisely that attitude that at the end costs them a fortune as they think they know everything the market can throw at them only to be surprised and lose everything when they are unable to understand what is it actually happening. 
Know what you want to trade, do your own research from sources and references. Follow your preferred crypto media channel. and most importantly, you certainly don't fall asleep with fomo that plays cryptocurrency with the lure of big profits in an instant without giving an explanation of the risks.
and the last thing you need to inculcate in trading principles is to choose the right crypto based on your love of cryptocurrency growth. not on the basis of urgency.
and the last thing you need to inculcate in trading principles is to choose the right crypto based on your love of cryptocurrency growth. not on the basis of urgency.
Invest in knowledge first before joining the crypto industry. Bitcoin is not an investment but a currency to trade.
I feel like this might be a good thing to expand on. I'd say also get used to sending funds and knowing some parts of how things work with bitcoin and any other coins you want to trade to help you spot fuddy articles.
Also, look at some basic trading strategies and see how the markets respond to them, look at forex, stocks AND crypto if you're looking at graphs especially as you can work out the similarities and differences.
Try and work out how much you'd like to invest and put about 0.1% onto an exchange once you're comfortable with a strategy, then try to trade it up over a few months and see how it does. Pick a size for each trade (I'd recommend 5-10% loss max of the 0.1%) and look at analytics from the exchange to determine your win rate.
1. Actually do research before immediately diving in
2. Probably trade using a virtual portfolio first. (look: eToro virtual portfolio)
3. Once you feel confident, start with a small bankroll
4. Accept the fact that you wouldn't grasp it in a single month, and that it will take a good amount of time for you to get a hang of it
2. Probably trade using a virtual portfolio first. (look: eToro virtual portfolio)
3. Once you feel confident, start with a small bankroll
4. Accept the fact that you wouldn't grasp it in a single month, and that it will take a good amount of time for you to get a hang of it
start with small amount and try to get it larger before investing larger amount. Invest only what you can afford to lose.
there is a lot of good information posted here, go through them first.
Use technical indicators and stop loss. Technical indicators help you not fall in emotional trap and stop loss help you not lose what you made.
there is a lot of good information posted here, go through them first.
Use technical indicators and stop loss. Technical indicators help you not fall in emotional trap and stop loss help you not lose what you made.
Jump to: