What to avoid as a beginner in trading Bitcoin? - page 2.

Emitdama

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Quote from: South Park on February 26, 2021, 11:25:27 PM

on the surface it may seem incredibly easy to simply control your emotions but when the market is crashing or going up a lot it is difficult to control you especially if the market is going against your prediction, because that is precisely when your emotions are tested and unfortunately most people fail to control them, take a decision based on them and then they lose their money, quite honestly I do not know of a way to train to control your emotions other than to have a very clear system and then follow it regardless of what you see happening on the market.

This is totally true, a lot of people will tell you to control your emotions but it is easy to do that, I admit that as well.

Anytime the market goes against me I get worried, and my worries are that the market can go down and then take years to go up, you just can’t tell, that can be when you invest during a bullish market like this and when it reaches the highest point and it crashes there will be no way that you’re going to be able to recover the money, for long the money will be at a very low point until there is another year for a bullish market. That’s the fear of most people, they definitely know that it will go up, but the question is when?

isaac_clarke22

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Quote from: fahmimajannat on March 05, 2021, 12:23:42 PM

Ignore panic sells.
Because many times new traders sell their tokens while the price dumps. But its a wrong decision Because gradually the price goes up then the traders regret.
So its better to strong hold and avoid panic sell.
It’s a first step to trading profession.
Be aware of this kind of situation. Stop selling in losses.

Ignore? That's actually the hardest thing to do actually.
Not that one could even ignore his/her own natural emotion.
Panic selling are common now, especially back when BTC plummeted down to <4k.
It was a deep and sharp plunge for its price. There were many panic sellers that time, and I wonder where they're now actually.

doomloop

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Quote from: Sebas.tian on March 05, 2021, 09:27:59 AM

Fear : If you want to go far in profit making in your business don't trade with fear because fear has led many traders to zero level in profit making. Try to avoid fear when trading with bitcoin because those that trade with fear hard them to achieve anything good from their trade.

At certain points in your trading, you should have the fear though because fearless trading without understanding the risks can be sort of gambling where you are just being overconfident with the decisions you made and ready to lose money but not sell some assets for a minor loss.

Quote from: Sebas.tian on March 05, 2021, 09:27:59 AM

Dump: Always carry out your personal research to know if truly the price will dump more than that before purchasing that particular coins that will help you to achieve something good in your trade.

It is the most challenging thing to do actually and I have done all kinds of analysis and research but still some ICOs were able to fool me until I completely stopped investing in ICOs.

Quote from: Sebas.tian on March 05, 2021, 09:27:59 AM

Fake information: there are fake information all over the social media which can lead anyone to trade with wrong people in the market. Try to avoid any fake information for you to go far in your trade .

That is a very good point actually because a lot of FUD is spread all over the internet and similarly there is hype and FOMO created at times, avoid them all and at any cost, I agree.

Quote from: Sebas.tian on March 05, 2021, 09:27:59 AM

Bad project: As a trader who want to become a professional in the future must avoid bad project that look like original project that can reduce any trader at anytime in the market.

I would say avoid taking the risk and don't invest in any ICO and rather wait for the exchange listing at the very least and once the coin has a decent market cap you may invest some.

boyptc

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Quote from: Rasel5209 on March 17, 2021, 03:07:52 PM

You can not Start trade without cash. First you need to some money for buying alt coin. What need avoid for new trader i think first need to avoid thinking high profit. First you need to day trade and nake small profit. Need to avoid buying coin that market volume is very low.

Good thoughts.

Many of the newbies would think about earning a lot from their very first trades. But the concern shouldn't be that because the beginning is always the time that they should familiarize trading.

And through thinking it, that will give them the idea that it's not just an overnight riches as they trade.

Rasel5209

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Quote from: digifinex.official on January 13, 2021, 05:37:51 AM

Starting out with cash..? Does journaling truly help ?

You can not Start trade without cash. First you need to some money for buying alt coin. What need avoid for new trader i think first need to avoid thinking high profit. First you need to day trade and nake small profit. Need to avoid buying coin that market volume is very low.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Raflesia on March 08, 2021, 12:02:05 PM

But that's how beginners often don't want to learn more deeply, even though these mistakes can bring us more to know what happens afterwards.

Cant really say a yes or no to that. Beginners are learning so they will make mistakes and that will cost them money. But in case they are a beginner to crypto but a veteran in speculative assets - these people have a higher chance of not doing these mistakes.

Many crypto traders have been previous stock market traders too so that has given them some experience on market manipulation even though it is crazy manipulation in crypto.

However for a complete beginner, mounting losses one after the other, they will end up broke with time and not be able to sustain for long. That is the time they should stop for sometime and focus on other things. In the meantime they can get a better insight in what they were doing wrong. That might be productive if they wish to try trading again.

TheGreatPython

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Quote from: boyptc on March 08, 2021, 06:03:44 AM

There are newbies that don't do legit test and check before they deposit.

That's why you'll see some newbies creating new accounts and asking if the website that they've found accidentally is legit or not. And the worse case is that they've already deposited to those websites that they've just asked.

This is probably the first thing I learned as well, not because I wasn't checking the address but because I didn't checked the minimum withdrawal beforehand.

First thing I have ever done in crypto was gambling, and the casino I wanted to play had a 0.01 btc withdrawal for their minimum (that was like 1-2 dollars) but I got some money from faucets that was like 50 cents or something and I wanted to gamble with that and I won some money but I couldn't reach the minimum so I had to gamble more to reach there but I lost it until I reached it, if I was careful enough and knew that I can't withdraw under 0.01 btc, that would mean I would basically keep my money and wouldn't be forcing myself to gamble more. In any case, people do learn this one way or another, it may take a mistake or two but everyone learns about checking before depositing eventually.

darewaller

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Quote from: fullhdpixel on March 07, 2021, 12:02:05 PM

Risk management is the most important part of crypto trading because crypto is much more volatile than anything else that we have used so far, this is why I believe we need to make sure that we do not take too much big risks, if we do that it could end up with a bad result.

Yeah, managing the risks and analyzing how much risk you are taking for what kind of reward is important. The Crypto market is already volatile and if you invest in even risky projects then it might be not worth it despite some of the projects paying off because most of the time promises will never be materialized into anything real.

I would for a new trader there are lots of things to be avoided like others have said: Greed, Panic, etc but I would say when you are new to trading what you need to avoid the most is being "rigid". You have to understand and correct your mistakes by using features like stop-loss at times and if you are not flexible with your trades you will suffer a lot. Also don't be too greedy, if you are getting 5-10% profit from a coin whose future is not secure better to cash it off than to wait for more.

Hamphser

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Vave.com - Crypto Casino

As a beginner then you shoud.

-Study all the basics and try to familiarize
-Dont be greedy
-Dont chase up losses and trying perfect trades
-Dont get Fomo'ed and Fud
-Stick with your plan and always prepare back ups
-Learn from mistakes
-Good fund management

Sounds simple? but these are things you would really be needing to sustain this market.
This will take time, so patience would really be tested out.

boyptc

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Quote from: Natsuu on March 06, 2021, 11:15:48 AM

Avoid being contented in what you know. Always seek further knowledge. READ AND READ AND READ. Don't stop reading books and articles about trading as this will make you grow as a trader.

Not only books and articles.

There are insightful threads where good analysts share their thoughts about the market. That's having with chart analysis that you can read and you'll learn somehow what it looks like for them to read the charts.

Many of those are in speculation board.

Raflesia

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Quote from: TheUltraElite on March 05, 2021, 01:53:30 AM

Quote from: South Park on February 26, 2021, 11:25:27 PM

That is the issue, on the surface it may seem incredibly easy to simply control your emotions but when the market is crashing or going up a lot it is difficult to control you especially if the market is going against your prediction, because that is precisely when your emotions are tested and unfortunately most people fail to control them, take a decision based on them and then they lose their money, quite honestly I do not know of a way to train to control your emotions other than to have a very clear system and then follow it regardless of what you see happening on the market.

For those traders who seems to be unable to control emotions when the market is being tested, they should stop trading because it is simply not for them. Only those who can remain nonchalant even in a bear market and know where to buy and sell will be able to survive for long in this market.

Most people who do, actually have a a faith in bitcoin and they know even if it goes down, it will go back up soon. They will not panic sell or FOMO.

Beginners often might go into the wrong direction that is why I suggest them not to start with hard cash immediately but go with dummy trading and see how they are able to manage their capital.

But beginners often see from the profits and also the sharp increase so that they dare to invest in trading but do not know how to control it has often made them mistakes so that many suffer losses due to their carelessness.

We often see the market recovering and it indicates the market is stable, but we also have to pay attention to how conditions occur. Sometimes small corrections also beginners often experience panic and it results in them selling lower than what had been planned.

But that's how beginners often don't want to learn more deeply, even though these mistakes can bring us more to know what happens afterwards.

XCANA

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• Fake information: Try to avoid fake information on social media when trading bitcoin for you to be able to achieve something good from your trade.
• Public research: Don't depend on public research when trading your coins, it will not help you to achieve something good from your investment. Try to carry out your personal research for you to know the right time to trade and make a good profit from your trade.
• Risk : Don't avoid risk when trading your coins because in any risk you face will determine your profit you will earn at the end of the investment.

boyptc

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Quote from: tippytoes on March 07, 2021, 11:02:48 AM

Quote from: boyptc on March 07, 2021, 01:42:21 AM

Quote from: Kucing hitam00 on March 06, 2021, 03:28:05 AM

What must be avoided, as a beginner's cryto, is, don't trust too much websites that are fake and illegal, in my opinion ,,,, 😊😊

If you are aware that the existence of that website is fake and illegal, you won't really be dwelling on it.

And if you do not know how to determine them, DYOR is what you need to do.

Before you send any penny to any site, of course, you need to check first its legitimacy. Like for example, there are too many fake MEW or uniswap sites. So before using any of them, double-check or triple-check if it is the official website you are into. Also, if you are a beginner, don't believe anything that is offered to you especially in social media channels, where strangers keep on popping up sending you unsolicited pms. I have had experiences with that in the telegram channel, posing as official reps of the exchange and offering their help.

There are newbies that don't do legit test and check before they deposit.

That's why you'll see some newbies creating new accounts and asking if the website that they've found accidentally is legit or not. And the worse case is that they've already deposited to those websites that they've just asked.

fullhdpixel

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Quote from: ?? on ??

if we double or triple our profit I think that's just a bonus for us. Consistent in everyday of trading is just we need. We can minimize the risk in trading, we should always think about risk management. In the beginning of my trading, I always want a big profit resulting for greediness and not contented then I resulting for big mistakes in trading. Patience is also a big factor in trading.

Risk management is the most important part of crypto trading because crypto is much more volatile than anything else that we have used so far, this is why I believe we need to make sure that we do not take too much big risks, if we do that it could end up with a bad result.

However we should not be insisting on stuff neither, I did one mistake like that, believed in a project to be great and invested on it and the more it dropped the more I bought dropping my average and I could have profited in long term according to my belief but it has not recovered that much, not even during this bull period, it still need to do a 2x in order for me to recover my investment, finally I got out.

So, while dropping the risks, we should also remember that even though crypto in general is a profitable thing, there are times when it is not profitable and we should get out.

tippytoes

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Quote from: boyptc on March 07, 2021, 01:42:21 AM

Quote from: Kucing hitam00 on March 06, 2021, 03:28:05 AM

What must be avoided, as a beginner's cryto, is, don't trust too much websites that are fake and illegal, in my opinion ,,,, 😊😊

If you are aware that the existence of that website is fake and illegal, you won't really be dwelling on it.

And if you do not know how to determine them, DYOR is what you need to do.

Before you send any penny to any site, of course, you need to check first its legitimacy. Like for example, there are too many fake MEW or uniswap sites. So before using any of them, double-check or triple-check if it is the official website you are into. Also, if you are a beginner, don't believe anything that is offered to you especially in social media channels, where strangers keep on popping up sending you unsolicited pms. I have had experiences with that in the telegram channel, posing as official reps of the exchange and offering their help.

boyptc

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Quote from: Kucing hitam00 on March 06, 2021, 03:28:05 AM

What must be avoided, as a beginner's cryto, is, don't trust too much websites that are fake and illegal, in my opinion ,,,, 😊😊

If you are aware that the existence of that website is fake and illegal, you won't really be dwelling on it.

And if you do not know how to determine them, DYOR is what you need to do.

Golftech

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Quote from: ?? on ??

Don't get carried away while trading. Always content with small profits. Sometimes we can get double or triple profits that's when we make mistakes. We want to double or triple our investments again and lose all.

Make a concrete strategy, a system that will work each time you participate with

any trades that you take, being contented with small gains and keep rinsing from

time to time is far better than losing your money just because of greed inside you.

Instead of taking your profits, trying to seek for more leads you to risk out your

funds, it's very important to stay with your system most of the time you'll enjoy

the outcome.

Natsuu

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Avoid being contented in what you know. Always seek further knowledge. READ AND READ AND READ. Don't stop reading books and articles about trading as this will make you grow as a trader.

Kucing hitam00

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What must be avoided, as a beginner's cryto, is, don't trust too much websites that are fake and illegal, in my opinion ,,,, 😊😊

Xinarae*

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To trade bitcoin you first need to know the market the place to invest should be well analyzed. Otherwise you will lose everything later in the risk don't panic, no matter where you invest you have to wait patiently bitcoin's price rises on the basis that it is not a stable currency you have to control your emotions and move forward with faith don't be disappointed if the price goes down. It will cause a lot of losses whatever the situation hold on and the price will go up bitcoin is the best currency to invest in crypto.

Topic: What to avoid as a beginner in trading Bitcoin? - page 2. (Read 1550 times)