Topic: What should newbies do in trading? - page 3. (Read 1576 times)

I wouldn't say that it's rare because it is impossible for someone to make thousands of dollars without even losing for their very first try.

I agree, nothing is easy and one has to learn and have to go through with what he wants to achieve with trading. One tip for newbies, don't be hasty.

Even the big traders do make loses in trading so we should not see them like holy experts that donts do mistakes.
It is just that, they don't show us all their results because that is why we think they are very good without errors. We need to keep trying and failing to get to the height we intend to get. Everyone has there own story even the best trader in the world.
We should be prepared to keep lewenin6ni matter how difficult it could be, since this is the only way we could stand tall.

As a newbie that wants to participate in trading you need some guidelines to follow and to make things easy you should be around those who have been there before like have experience, they know the in and out of the market like the back of their fingers. As someone who's new there would be a lot of mistakes and I'd say you as a newbie you're doing it for fun and you'll have no gain, just playing around (that's if you're doing it alone).
Setting a target to start with, a strategy that's if you must have learnt one or two from someone who's familiar with the market, like a mentor, if you're going alone believe me you're heading into a losing train.

You really need to have a percentage of the source income that you have; it's difficult if you don't even have a percentage of how much you will deduct from your income. Just like what you did,
 the amount that will be deducted from your balance is really big.

It is really necessary to have financial management knowledge to have control over cryptocurrency trading activity. And remember, newbies must learn first about in the basic study for this
matter, and do not be greed in the first place.

Well, what do you expect from just trading? You expect to make thousands of dollars without any losses? Yes it can happen, but it's very rare. After all, that's what trading is like. Sometimes you get bored, and sometimes you count your losses. However, when you keep trying, maybe you will find the right way and strategy for you to use. No matter how much you listen to other people's opinions, the thing that determines profits or losses in the trading you do is your decision. Well, if you still want to try, then keep learning. Nothing is easy to achieve success, especially in trading.

I think leaderboards help with that a bit. Because people like to be high in leaderboards, so maybe the fact that you are not using your real money could still be on your mind while trading, but if there is a leaderboard then you may want to be first, and if there is a special reward for it then it is even better.

That way there is actually a tangible thing that you need to be serious about, which is the results of the leaderboard and you can be trading for real to get that place. I know a place that does monthly leaderboard thing, gives people 100k first of each month, and whoever ends up with the most money at the end of the month gets a "trophy" at their account. Many people take it very seriously to win that award, I think that may help.

The practice option on a demo account is usually used more often by trading beginners who still don't dare to use money directly into the market. And this is very suitable because it can have a very good effect on everyone's mentality and courage when they really want to try it using real money. Apart from that, I think you yourself also have experience in this matter because you have experienced losing a little money when trading, but if you are not discouraged from returning it at another time, you are really quite an extraordinary person in this matter.

Trading can be difficult at first, and losing $90 on a $120 account hurts (I've been there!). However, returning with a $20 profit shows that you're improving! It's excellent that you're using so many resources; knowledge is essential. Consider stopping, going over your trading strategy, and focusing on managing risks. Just remember that you can practise trading on demo accounts or take a break without having to worry about using real money.

When using a demo trade, why not trick your mind that you are like trading for real? It can be hard at first but practice makes perfect as the quote says. If not, you can also practice on the real trading arena, but just use only minimal amounts and you can stick on this amount, even when you are now ready on the real deal because you said, you don't want to try hard, however when we are practicing and we want to be great, we are actually trying hard even on that point. What is wrong with that anyway? Nothing, but that was in fact good to know, than the other.

The remaining money in your account was already there even before, so I'm sure that you already have a spare money outside that you can use once you lose them. Courage is another thing you need here apart from hard work.

checking price continously is good for trader that are short term as to not miss the opportunity but overall its gonna be kinda detrimental for long term since its mentally exhausting, i think using price alarm to notify us when the price is rising gonna be more effective approach for trading that is exactly what im doing right now and never miss a single opportunity rather than trying to get too fixated onto the CMC apps and watch the prices.
but its more important to get updated about the upcoming events of the coin as well if we really want to trade, i mean, we should know before hand when there is an even like vesting unlock that could potentially affect the market price as a short term trader even that is also important thing to know since that could affects our trades even more urgent for us that trades future since price shake could make us loss our high leveraged trade and could make us lose our much loved money so there's that.
for newbie though just try to get how the market work, that I think is already sufficient enough.

In trading, high risk will earn high return and try with low risk as gold investment will get low return or profitable, so in trading beside need to prepare knowledge need strong mentality how to avoid loss or panic moment when market suddenly drop. Use free money in trading with your spending will be loss and not good ideas when putting emergency fund or saving money due with trading can't promising profitable always and avoid when have to make stop loss if required.
Not all analyze will be accurate, we know how whales make market drop drastically and many time our prediction not accurate yet have to be long term holder or make cut loss. If mentality already I don't think not problem how to be calm when market crashing and many people panic for selling in lower price.

And this is what you should really be having in mind is that you shouldnt really be rushing up yourself on learning trading specially when you are still a noob on which we know that everything would really takes time
and it isnt something that you could really be able to rush up because once you do have that kind of mindset then you would really be rushing up things to deal with and ended up for you to commit tons of mistakes
due to that kind of wrong belief in mind. There's no way that you could really be able to have that fast pace learning because there's so much that needs up to learn into this market on which this is something
that you should bare up into your mind.

When you are still that a noob or new into this industry then it would really be normal on having that kind of approach on which you would really be versatile and you would really be needing on
having that kind of moderation from your funding until into your emotions on which these factors would really be needed up for you to consider or look out.

there are no fixed timeframe to learn trading because if someone started trading he always need to keep eyes to get update about which coins,
i don't know about other traders, personally if when i am trading i am continuously checking the price after a while.
yes, beginners should start with low capital.

Behind the risks involved in trading, of course there will be profits when we can understand the risks we face in trading and it would be better to postpone trading when we don't understand it well and first study it well so we can trade well. get benefits from this and when we just understand trading then we have to try it with little capital and have to make decisions with correct analysis based on the knowledge we have and if we still experience failure we have to be able to improve and return to trading to be able to have profit on the trade.

As a brand new trader, it's not advisable or a wise decision to jump into trading with real money when you have not mastered the art of trading, you can read all the books in the world as regards to trading, watch all the videos and all that, but then, but you really did not take your time to practice all this things you have learnt before actually diving into trading with real funds, what you were supposed to do is, first, practise all you have read, watched on and through a demo account, and when you have practised enough and very confident in yourself, you can then proceed to starting a live trading with a maximum of $10 to $20 dollars, and only increase this amount as your account balance grows.

Trading is not something one can or should hurry into, if you do not take your time to learn to trade the easy way, you will have no choice but to learn it the very hard way, which is, losing money over and over and over again before you finally start to get it right.

What I did advice is do is, start a demo trading, and put all you have read and watched in practice on your demo trading account, train yourself to be good at analyzing the market and making the right decisions before you move back to live trading, and when eventually you move over to live trading again, start with a small amount of money.

At this moment you should not use any money in trading, because trading is very risky. You can never make money from training if you don't fully understand trading, if you make some money you can lose more than that if you don't have knowledge about trading. You have to work hard in trading. You have to be perfectly prepared. Because all the money is lost because of a small mistake in trading. So prepare yourself in such a way that there is no error while trading. then you can make money from trading.

It looks to me like you have put in a lot of effort to learn and teach yourself about trading, which is an investment also and way more important than having a big capital. It's normal to face challenges and crashes, especially as a beginner in trading world you can’t learn without experience and knowing your emotions. While demo trading cannot offer the same emotional experience as real trading with your own money, it still can be a valuable way for applying your strategy and winning confidence without risking more money as you already lost the first 80% of your capital.

I advise you to consider taking a step back in order to strength your approach and focus on managing risk effectively. Remember also that trading is a journey and learning from both successes and failures is just a period in your long journey for growth if you want to be a trader. For me practicing is more essential than anything, with time ans experience you will teach yourself as nobody will do to you.

I don't believe that a person who manages to gain enough knowledge before entering the market can incur extreme losses, I know that one can also not have all their trades become successful but they should at least be able to gain some profit in the long run if they are doing the things in the right way.

If someone thinks that they are not knowledgeable enough about the market, they shouldn't start trading and should try to learn and improve once they think they have learned enough, they should try their knowledge and skills using demo accounts to see if they can use their knowledge to gain success.

One should enter the market after proper evaluation of their knowledge and understanding because once they enter the market, it's real money on stake and you can't afford to make mistakes after that.

Simulated trading isn't too bad, if there is a trading option with tesnet or practice, I take an example on binance, anyone can access it with real market prices there, as a beginner do not prioritize filing because of the victory in simulation trading. it is easy and does not deposit money / assets directly and does not need to prioritize psycology in pump or dump. the result is only curiosity. It is better to continue practicing with technicals that continue to be studied, not all prices in the past will end according to analysis. and force yourself with mainnet assets.

Your impression in trading I have also felt it, it is a fairly large nominal for beginners, if you can make a profit with a daily target of the capital it is better because we calculate the percentage of the capital.

Indeed, every trader wants to go through the skill stages faster, I once regretted a coin that I sold too quickly because I was too complacent and looked for the potential of other coins, as well as the opposite when buying too top.

I think if you think so you are already next level but recognize the risk, even losing coins with the same value will be quite tiring when the price goes up. I always limit what I earn today and how much money I am ready to lose if the market conditions are difficult to digest.

OP lacks that confidence right now to actually trade on his own. It is quite obvious that the knowledge he has gotten so far from the videos he watched and books he read has not done enough justice to him. OP needs to learn alot to boost his confidence, it is not ideal for him to ignore trading with demo accounts, he still needs it to master his craft. Once he has that confidence, he would be able to manage his emotions to some extent.

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It is not quite easy to master the art of trading as a newbie, in the first few years of trading, losses are bound to occur and this is not a reason to want to quit, rather it is a time to learn from your mistakes and improve on your trading skills.  The money lost so far should be seen as the cost you have to pay in order to succeed as a trader.  This is why we always advice newbies and all traders to always trade with amounts they can afford to lose because anything can happen.