Topic: What should newbies do in trading? - page 7. (Read 1561 times)

It seems you already find a better way in trading. Although you got a loss $90, but you finally could make a profit about $20. Maybe you traded in the wrong way previously, now you already trade in a proper way. I can understand if you didn't succeed suddenly in your first attempt in trading, you are just a beginner, right? However, although you still couldn't take profits with huge money, there is a good progress in your trading journey at least.

Although you understand well the fundamental of trading but you have a lack of experience. Sometimes experience has a big role to determine the success in trading. So, don't give up! You probably will trade better when you already have enough knowledge. Losing the money is something normal in trading, it will give you an experience and a lesson to trade better. As long as you use small money in trading, I think it is okay. Don't too obsessed to get huge profits now!!

Demo trading never gives you a real experience. It is just the way to understand basic things in trading. So, don't rely on demo trading to improve your trading!

TA's are being given more importance in trading but it may seem harder than the FA. So as a newbie whose brain isn't that soft yet to absorb more knowledge and complicated stuffs, they can begin with the fundamental analysis first. It is better than if they will just trade randomly. The only way to earn, and earn more, is to keep improving and learning.

I guess no one will get bored earning money right? So, they won't also stop learning and keep on improving. Besides, the market moves from time to time in an unexpected manner. So we won't just need a one-time analysis here but we will also ride those waves with a new set of analyses.

The very first thing newbies should worry about is stopping losing money. Now those who will express their opinions will say that not a single beginner can do without losses, and this will be true, but I am talking about avoiding constant losses, and not losses at the start.

Most traders, even those who are not beginners, stop trading because they lose very large sums of money, they end up losing more than they earned, even after many years of their activity, so advice for beginners can be extremely simple, if you are learning, then learn from very small money, if even in this case you do not learn how to earn money, then there is no point in trading with big money.

Since you've been doing this already and experiencing losses, the very first thing for you to do is to find out what causes your losses. Knowing the reason behind this will help you understand what are the things you need and what are the things that you need to improve. So there is a reason why you should not continue trading but rather address those things. We have to think that learning is very important in trading that is why we can't assume that we can make a profit from an empty mind, instead of losses.

You know if you are going to do trading activity on any exchange, you should try as much as possible to make a profit every day you do it in actual trading. It doesn't matter how much you earn, as long as the important thing is that you train yourself to always make a profit.

Because if you get used to it every day, for sure every week and every month, you will make a profit. As long as you also learn to study deeply in the crypto trading industry that we live in.

Using demo account will still engage them in trading but it was only free of cost and then eventually they will need to engage on their first real trade. You said that using a demo account doesn't bring much emotion, therefore you can't become better if you will only stick here and don't try real trading sometimes. Don't worry about the losses that you will get, as you can still recover them later on once you already learned.

Trading is about knowing the market, or the price movements. But, we still need to study hard before that. This is why you said the emotions here are a lot. I don't think we don't know once we lose money. There is only a reason on why we still continue.

You share good strategies for traders so if someone stops to want an expeditious dividend then he cannot be triumphant. Trading is a mechanism to control person's emotions so he can catch enormous dividend. If someone fails again and again to make money then he should increase his timing to learn new then use this learning well instead of increasing amount of money.   

If a person is trading non stop and don't perceive appropriate solution to all problems then it means that he is trading according to the rules of gambling which is not consider as money Making mechanism. At start it will be hard to analyze the market therefore ask to other fellows for help but later through knowledge you can analyze the market by using your own expertise.

Trading has big risks. And you (OP) haven't gone into too much detail about what trades you made, spot or futures? Futures have greater risk than spot. The potential for losing funds in a matter of minutes is very high. For beginners, spot trading may sound friendlier. Why do I say that? because when we make a spot purchase of Bitcoin and suddenly the Bitcoin price drops as long as we don't sell our Bitcoin, we haven't experienced a loss, but if the price goes up again and exceeds the purchase price we can make a profit as long as we sell it. Spot trading is safer and can be controlled as long as we understand buy low-sell high.

Sometimes newbies push themselves because they are interested in big profits and make silly trades and even trade futures without knowledge and experience.

Learn and find out as much knowledge as possible before jumping into trading and continue to learn from previous experiences. Try to avoid it and not make previous mistakes.

You have the answer right in front of you but you simply fail to see it, you are failing completely when it comes to money management as you lost 75% of your capital in roughly 6 months.

And while some may think this is not much of a problem as your capital was small, what will you do when you actually trade with your savings on the line? You need to learn more about how to deal with your losses and how to cut them short, everything else seems secondary to me at this time.

What I want to encourage you is that a newbie should not rush into trading because the risk which is in trading is higher than the advantages, because when you have not known the procedures or the rudiments of Trading you may end up losing a numerous coins, like you have trade and make a profit so you might make such profit by luck and their is every possiblity that you might trade again and you lose, so trading requires learning and it's something you have to understand very well before learning.

And it just shows how trading is not for everybody, when we hear people specially around in the 2017-2018 era, wherein if my memory serves me right, there are a lot of members who quit their job thinking that they can make a lot of money from trading back then, obviously we are in the bull run that time and so it's a hard lesson for those who focus on trading and then quitting their job but not bringing enough money in the table. Again, the lesson here is that it might take some time and money to be able to make money in trading. So probably just take a small steps, and if you are going to lose that last $45 of yours, then make it count, learn from it and comeback strong. And as what the majority is telling, just "trade what you can afford to lose".

Dont push yourself too much because if you do find yourself that being too stressed about on the trading you are making then you are just basically trying out yourself to be that desperate or really that in a rushed situation which we know that it isnt something good specially when you are making some trading. The key on here is that it isnt really that bad on researching up and trying out to familiarize everything specially on technicals considering that it would really be that relevant basing up on the career that you are taking but you should really be that wary that not everything would really be that depending on technical aspect on which it would really be something relevant to learn but we should know that there are other things like risks management, emotion handling and risks tolerance is something that you would really be needing to learn too because
if you dont make yourself that be wary about these things then you are really that putting yourself on a hard situation.

The key on here is that you shouldn't rush up, take everything slow pace manner so that you wont really be finding yourself in a rush or desperate situation because this is where usually
mistakes and errors could occur just because you cant really that easily think off well.

You should learn to control your emotions. It doesn’t matter if you are winning or losing. If you get carried away, if you get emotional because of your losing or winning position, you will make mistakes and your situation will get worse. Remember it can always get worse. And you can go below zero in some games. (Trading with margin) Reading books, articles are fine but you will learn the best if you make the trades yourself. And you will lose some money too eventually. No trader wins all of his bets. If you can’t stomach losing then quit trading immediately and find a real job.

Trading is not a get rich quick busines and if you are coming to trade with such mindset then I will tell you to quit because that's the best advice for you, because surely you aren't gonna get rich with such mindset , Trading is a slow and steady stuff if you are hoping to get positive results, and avoid being greedy, never joke with risk management and risk what your trading account can carry, else the lesson would be that you will end up dashing your money into the market freely and I guess that's not what you want to experience.

You have read a lot of books on trading, hope you have a fair idea about training by reading those books. You may get some ideas from reading books but for real ideas you must do trading. You already have real trading experience and you lost more than half of your money trading. You have to learn from the losses you have incurred. You may think that how do I learn from loss yes you learn from loss, you now mark what kind of market conditions you took the trade from or why you lost money or whether you traded correctly. If you feel that you have not been able to trade properly or your knowledge about trading is very less then try to get a complete understanding about trading first. Learn about trading and keep on trading maybe you will lose some money but if you trade with this strategy you will be successful in future.

I won't the usual blah blah, buddy you are trying to learn and making efforts as well, in this critical time what i think is the most important part for a trader is to learn about portfolio management whether he's a trader or investor of any amount ranging from the 100 to 100k or even more.

So as you've already said you own just $45 in your current portfolio I would say better to go with the flow because the current market is highly rewarding even without critical analysis and experience anyone can service and make some decent profit but to learn all about trading this not a good time because you won't see much failures in trade because the entire market is green everywhere.

But this market can teach you about greed and portfolio management, better engage with any of your local crypto mentors on Youtube or social media follow him, and explore yourself as well by comparing your and his analysis based on technical and sentimental range. Believe me, you won't lose because it, not losing time.

Even a good trader can make mistakes in trades and trade at a loss. There is no such thing as a professional trader who only earns daily profits. Therefore, telling the new people that even if you are professional, you will still lose, surely the morale of the new people will be low with such words. So we should encourage the newbies to get experience as well so that they can go ahead and become a good traders.


I don't think we should pay people who ask for money to teach it.If they have important things, they must have learned and seen these important things from somewhere. So instead of paying money to others, now there are many platforms where one can easily get all the information about trading.
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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.