Topic: What should newbies do in trading? - page 7. (Read 1285 times)

Nicely explained OP, but as you are still new to trading, just take things lightly, do not rush at all, and if you want to deposit money for any reason, let it be a little at this time. You can use that to continue learning as you get to improve yourself and get to increase the risk over time as you get more experience. However, I have not seen a trader that got all that is needed in trading in less than a year, though I often recommend that anyone who is serious about trading should at least start a live account within the next 6 months of practising with the demo account. But with the live account, trading even just started, and similarly, as you mentioned, a demo account is a kind of virtual account that causes a lack of emotion for traders. You are very right. Though the traders using it would learn everything about trading but they might still be lagging in the things of trading psychology. It's actually brilliant and wise of you to have to decipher this early enough, just continue with the learning and you shall one day be a good trader.

The reading, learning and training from external people matters as well, just be sure that they are the sources that will eventually hand you the success you need. Many of them do not have the success they claim, but thankfully, "by their fruits, you shall know them."

Good luck to you!

Even if you are a professional, you will lose one day, but it is good to learn about it so that you can minimize your losses In Trading, you must study hard and understand everything about it because it is not like an investment and is very high risk, which is why you must trade with money you can afford to lose. If you are still a beginner, how many months have you spend learning how to trade that you have truest yourself and putting huge money on it. In my opinion, you should keep the 45$ and learn more about trading since, in my opinion, you are not a lucky person in trading. You need to learn more about trading and I am confident that one day you will profit from it as well.

You must be honest with yourself and motivate yourself if you want to succeed in trading or investing you need to take risk. I don't think you'll get a full understanding of trading from YouTube because they have many things that they didn't put on YouTube, so you'll have to ask some traders to tell you, This is why some people will say that if you want to learn how to trade, you'll have to pay money so they can tell you the important things you should know first.

Besides learning and acquiring the set skills for trading, the second top most priority of things newbies should do is purge themselves of that mindset characteristic of believing that trading is a shortcut to riches. No, it's not. Though people can quickly get rich through that process, it doesn't mean that everyone who goes into trading will.

It's simple to learn to be responsible for trading decisions taken and the rest learn to understand how to undergo the right investment. If it is true what you say and understand technical analysis, what you need to do now is practice trading in real. Directly involved in trade can train your ability but there must be an opportunity to trade with a smaller budget amount first and if it is ready, the amount can be increased slowly in accordance with the capital capabilities you belong to.

It can help rather than just study technical analysis but you don't try to trade directly. It is important to carry out trade with knowledge so that we can avoid psychological disorders when experiencing loss and maybe it's time you try in small amounts in advance as an effort to train your abilities. From there you can evaluate the level of error and a suitable trading strategy used while undergoing trade because it is not always the same strategy can be used on different coins.

What you should know about trading is that it takes time for you to understand it as you may think because using like a month or two months to study any material about trading is still not enough for you to jump into trading, watching youtube videos and you gain experience on how to enter and exit market doesn't make you a trader yet you are still learning. What you are lacking is still more time to continue your studies because those whom you finds out there making huge amount of money doesn't just start a day to make practice, it took them years at least 1 year to 3 years to become more conversant with their skills.

Yeah Demo is something that will contributes to your lost because the both market doesn't operate the same, Demo is more easier to handle while real account or live account requires technicalities to be able to handle it otherwise you would sweep your account the very moment you venture into the market.

My advice to you is that since you really love trading, it is better you only involves yourself with scaping this will really help you alot since we are still on bull run and you would make it in every little market changes of bitcoin or any other altcoin you may decides to do scaping with for long time this method has been helping me accumulating small profits in BTC.

That's pretty much most of the beginners do, they always lost at the beginning of their journey but the difference between those is that you need to learn your mistake so you don't fall on same mistakes twice.

Not everyday is a good day for trading you will often get some loss there and there, but if you feel that you are "understand" with the analysis and yet somehow you are still lose then you didn't understand shit. Technical analysis is really deep and all you read at the books and videos don't catch all the possibilities in the market, that's why your experience matters the most here.

Demo trading doesn't get you an equal emotion as you do it with your real money, it's cool to test your strategy but there is nothing other than that.

Using demo account might be a good start for newbies to learn how to trade without the risk of using real money. The intention here is that you will be exposed to the real scenario in trading, and what could be the possible strategies that will work for you so you can manage the risks when you are already trading in live. Although demo trading account may not guarantee your real success in live trading, but it will be a big help as well so you can practice trading without the risk of losing money.

When we trade bitcoins we must be careful to trade bitcoins. We would be wrong if we were interested in trading Bitcoin only after hearing the success stories of Bitcoin trading. Because many people who trade in Bitcoin have failed through this trade. However, they do not give up and move forward, thus they achieve success through Bitcoin trading. So we have to move forward with the risk that we must bear in mind when trading in Bitcoin.

Newbies should at first observe the market. Don’t rush and deposit huge money in the trading account. Instead go for a demo account and try to trade there. See tutorials and basics of trading from the internet and practice it in the demo account. Once you feel confident and see good results, use those tactics with the real trading account. You will get better in trading as you gain more experience. It’s alright to lose money at the start, it will help you to make strong while trading now.

Trading having a newbie position only maximize its risk. No matter how you tell that you have already acquired sufficient knowledge in trading, be it in fundamental or technical, the fact that you have less and insufficient experience in trading makes you incapable to trade and makes you less controllable on the outcome of your trades. So for me, it's better to just stop from trading for a while while you continue to enrich yourself with knowledge and skills in trading.

Trading consistently does not guarantee that you'll end up a better trader, if your performance still not improves, you will still lose everything you have. So learn first adequate knowledge, skills and strategies in trading before you proceed in trading, at least your capital might still be saved.

While I want to encourage you more to engage in trading but seeing you're still in doubt on what to do next, then probably I have to agree with the idea that taking a break from trading is better than to continue trading and lose your remaining balance. Invest in yourself first and take time to increase your knowledge and develop your skills in trading, that way you will know already what to do next whenever trading suddenly turns into unprofitable.

Getting more experiences in trading will help you a lot when trading, but I suggest learn to stabilize your emotions first before you continue to gain additional experiences that will serve as your best teacher in trading.

Aside from technical analysis and fundamentals
even if you know it, don't get bored of studying as a beginner in trading, start with a low capital before that you must have basic knowledge
All succesful trader start as a beginners
 Trust the process and stay discipline

Don't go hard on yourself; trading is a continuous learning process. Even an experienced trader will still experience losses, which is a common thing. You said it yourself; you spent time and effort to learn about trading, and that is good because you did the necessary things and tools to do great in trading. Maybe you still need some time and experience to do very well, but have patience, and you will be rewarded. The thing is, you need to stay strong and build your confidence, as we know we never know what your fate will be in trading, so you should always be ready and know what you will do. Always move forward, forget the bad things, and think of how you will do well next in your trades. It's okay to be sad, but don't take too long. If you have time to sulk, then you should spend that to improve your skills.

Yep, this is part of the process, I believe OP is not alone, a lot of people especially newbies also experienced this.
So for me, the best thing to do is first accept the losses and move on. Next is to be more prepared before doing such trades, and identify where you made mistakes, like not making your past mistakes again.
As the majority said, demo trading is your friend, you can test your strategy here without losing any money or start again with a very low amount of money just for practice.

There are 2 ways to learn how to trade: Either you buy training, or you learn on your own. In both cases, you will have to incur financial expenses. And if in the first case you will pay for tuition, then in the second you will lose your money, while gaining knowledge and experience. And since you have chosen the second method, you should continue to educate yourself, but you must remember that you will need more than one deposit to learn how to trade with profit.

You’re still on the learning stage, don’t rush things and stay within your course, you should be able to trade with less emotion and win it. Trading very well takes time, and there’s no overnight success here so if you are still a newbie, spend more time in learning first, set your limit and trade with your strategy using your own way to analyze the market, technical analysis can be a big help so make sure to learn it.

To add on this, newbies should understand the reason why they should go through the learning process at first in trading, this will help them understand how to trade, where and when to trade as well, there are times we cannot just begin with doing something out of being passionate about it, such may be a means of getting us confused if care is not taken, but we need to follow things by order.

You must have been trading cryptocurrencies that you shouldn't have been trading that too at the wrong time. Newbies often FOMO and buy tokens and cryptocurrencies that have already skyrocketed, thinking that they will ride the tide as well and earn some profits but instead of getting profits, they get their money stuck and lose money when the coin they buy starts dropping significantly after their purchase because it was already at the top of its chart.

So, it's not important to just know technical analysis or other stuff but you need to make sure that you are trading the right cryptocurrencies at the right time to avoid losing money, and don't try scalping if you are not being able to get a lot of success in it, take a break, practice your strategies and start afresh.

the bull run is perfect for spot market trading. you don't even have to make it hard on yourself.

i started with small amount as well which i only trade when i'm about to sleep just using my phone. i can decide before sleeping and then check when i wake up. if nothing happens just let it be until something comes up like 30% growth. for newbies, spot market trading is the way but still learn the indicators.

You don't have to force yourself in trading when you think trading experiences has been very unfavorable to you. You know, I also heard from a lot of people that in order to learn in trading, you should get used to trading more so you can improve your trading performance and develop your trading skills and strategies. Well, part of them are true but seeing how your losses may continuously affect your finances, that would be a big problem then. For me, taking a break is also important. If you see you are at the dead end, then do not risk your money losing them all, but stop for a while and only trade again when you think you are ready again to trade. Unwind yourself and relieve your stress from trading, and after that just trade again when you think you're good enough to start again.