What to avoid as a beginner in trading Bitcoin? - page 5.

ice098

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Quote from: digifinex.official on January 13, 2021, 04:37:51 AM

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

Absolutely! I start to make a journal now to monitor my trades, and to help me to make my trading plan into reality, and by result I am slowly learn to minimize my losses and it helps me to follow my trading plan. This plan is my December future trading journal, but I pause for awhile because I got busy with my job. This is not so big gains and margin but what I am saying is, journal can help, especially for beginner like me.

PS: Don't mind that PLE it is PNL, also I am just still learning.

boyptc

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Quote from: Rana590 on February 01, 2021, 11:47:58 AM

Firstly, try to analyze the market. Don't enter without proper knowledge about trading. Secondly, don't try to make 2x/3x profit at a time. For choosing pair, try to choice strong and popular pair.

The desire to make profit, your advise is right.

Many beginners are thinking if they can just make 2x+ profits, they're already good. But in reality, it's quite hard to achieve especially if your capital isn't that much.

Try to aim in percentages.

Start like 5%, 10% and so on. I think that will work in process for those achievers.

ultrloa

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Of course, beginners will come to trade after understanding everything. Trading is not the only issue. You have to work hard. So first of all, if there is a feeling of uneasiness between them, it should be cut. It is not possible to make a profit by trading in a volatile manner. You have to work very wisely with patience in the cold head.

How can a beginner understand everything while the fact there is for sure they will only got limited information and mostly the one they receive is came from the hype and the one typically mistake they made is they buy at FOMO state which many newbies got trapped and lost their money so to avoid any of this they should know on when to buy and when to exit also they need to know when to cut loss since from this they can react according the the movement of the market and earn with this.

qwertyup23

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Quote from: digifinex.official on January 13, 2021, 04:37:51 AM

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

Remember if you are short-trading, avoid being greedy too much. In addition, even if you have the power to initiate your trades, DO NOT forget to remain 10% of your profits overtime. Imagine, you just set aside let's say around 100$/week, by the time you retire, you would be able to enjoy those winnings in the LONG-TERM.

In short, don't be afraid to cash out your profits. Even if garnering a profit in trading may be relatively difficult, avoid being greedy and as soon as you profit, decide on whether to cash it out or not. Be ready, however, you will be facing lots of mistakes and learnings along the way.

TheUltraElite

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Quote from: Rana590 on February 01, 2021, 11:47:58 AM

Firstly, try to analyze the market. Don't enter without proper knowledge about trading. Secondly, don't try to make 2x/3x profit at a time. For choosing pair, try to choice strong and popular pair.

2x? You wont even get close to 10% profit and that itself is huge when trading bitcoin, thats like 0.10% gains. Of course Altcoins will show such 2% or more gains in which case you should just sell and dump all your have and exit them when you have the opportunity. Because if you dont, you will regret it for a long time since all altcoins are like that only. They will rise for no reason and they be so low priced that they get delisted.

Quote from: ?? on ??

You have to work hard.

Working hard in real life might actually give you a better daily income. Cheesy

Quote

So first of all, if there is a feeling of uneasiness between them, it should be cut. It is not possible to make a profit by trading in a volatile manner. You have to work very wisely with patience in the cold head.

You suggesting people to put their head in a freezer? Roll Eyes

Dont post without any context. Every trader out there is working hard but it ends up being a factor of skills and luck too.

hahay

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Something to avoid is not to buy just wanting a quick profit and usually that can happen if you just follow the trend or go fomo, in the past I was often caught in this situation and ended up just a loss. I have experienced this kind of at least a few times because I don't really pay attention to the movement of the chart, so I don't make decisions at the right time. So, try to learn the movements, because being aware of what you are buying will allow you to avoid mistakes at the start.

Rana590

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Firstly, try to analyze the market. Don't enter without proper knowledge about trading. Secondly, don't try to make 2x/3x profit at a time. For choosing pair, try to choice strong and popular pair.

boyptc

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Quote from: posi on January 29, 2021, 12:32:15 PM

As I said earlier, beginners traders need to put their knowledge and self-confidence to work. The uniswap casa is another subject cause uniswap is not a good portal for crypto trading but it good for exchanging due to some scam that are listed on there. However, uniswap is also good for lending reserves aka liquidity pools where people provide money (in crypto) for uniswap pools and some earn interest.

I'm only telling a real situation that's truly happening for beginners.

Quote from: tvplus006 on January 29, 2021, 04:02:46 PM

On decentralized exchanges, including Uniswap, there are a lot of coins that have the same name, but all of them will be scams, except for one. It is very easy to avoid buying fraud on DEX when searching for a coin to trade using a contract. The contract of the original coin can be found on Ccoinmarketcap.

It could be a mistake of beginners at the start as they trade but if they have an idea how to check, they won't be a victim of those scam coins.

CryptopreneurBrainboss

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Quote from: Kong Hey Pakboy on January 29, 2021, 12:51:46 PM

The things that you need to avoid when you are a beginner in trading bitcoin and cryptocurrency is not doing your research, not following the advice of experienced traders,

The aspect that involve following professional traders advice should be done wisely as not all that pose as a professional traders online are actually what they say they're. Most of them that are actually trading are just speculating and not predicting the market from reading the charts. The advice should be strictly trade related, chart analyzing and all.

Don't divert into coins to trade or ones good for holding because they're every possiblity the moment the conversation start going towards that area they (the professional traders) will start shilling their project to you for trading (investing). Keep it professional, know what you want to get the information then go work on it to prefect/better it and use it as a blueprint for your own strategy.

tvplus006

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Quote from: boyptc on January 29, 2021, 10:23:41 AM

Quote from: posi on January 29, 2021, 06:16:45 AM

Quote from: boyptc on January 29, 2021, 05:48:43 AM

Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

It hard for beginners to avoid scams but when we are talking about trading the beginners are not dealing with a scammer but the market itself and what I believe they need is not to fear the market volatility so they can have the self-confidence to put their knowledge to work.
With that been said, the other thing I believe a beginner to avoid is to invest in a single coin, panic sell, emotionally trading, invest in hype base coin, and not having an exit plan.

You're right.

But just as they're trading, they would with the crowd and that suggests platform where to trade. And one possible case that can happen is them trading a scam coin in Uniswap.

I think that's rare or not, maybe, and possible to happen.

On decentralized exchanges, including Uniswap, there are a lot of coins that have the same name, but all of them will be scams, except for one. It is very easy to avoid buying fraud on DEX when searching for a coin to trade using a contract. The contract of the original coin can be found on Ccoinmarketcap.

ardentvolcanoes

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Quote from: Kong Hey Pakboy on January 29, 2021, 12:51:46 PM

The things that you need to avoid when you are a beginner in trading bitcoin and cryptocurrency is not doing your research, not following the advice of experienced traders, not teaching yourself to learn the market movements and trading tools, and not controlling your emotions. No one is born as a professional trader, so don't be afraid to lose a small amount of money in your first trial. It's much better to take every chance than to lose it.

Better to experienced those loses for good as it will guide you to assess your next plans, don't be afraid risking your money as long

as you are using spare amount of money, never to use funds that you are not willing to forget it will affects your emotion, there are

many fluctuations that will harmed your investment better to prepare yourself.

Kong Hey Pakboy

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The things that you need to avoid when you are a beginner in trading bitcoin and cryptocurrency is not doing your research, not following the advice of experienced traders, not teaching yourself to learn the market movements and trading tools, and not controlling your emotions. No one is born as a professional trader, so don't be afraid to lose a small amount of money in your first trial. It's much better to take every chance than to lose it.

posi

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Quote from: boyptc on January 29, 2021, 10:23:41 AM

Quote from: posi on January 29, 2021, 06:16:45 AM

Quote from: boyptc on January 29, 2021, 05:48:43 AM

Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

It hard for beginners to avoid scams but when we are talking about trading the beginners are not dealing with a scammer but the market itself and what I believe they need is not to fear the market volatility so they can have the self-confidence to put their knowledge to work.
With that been said, the other thing I believe a beginner to avoid is to invest in a single coin, panic sell, emotionally trading, invest in hype base coin, and not having an exit plan.

You're right.

But just as they're trading, they would with the crowd and that suggests platform where to trade. And one possible case that can happen is them trading a scam coin in Uniswap.

I think that's rare or not, maybe, and possible to happen.

As I said earlier, beginners traders need to put their knowledge and self-confidence to work. The uniswap casa is another subject cause uniswap is not a good portal for crypto trading but it good for exchanging due to some scam that are listed on there. However, uniswap is also good for lending reserves aka liquidity pools where people provide money (in crypto) for uniswap pools and some earn interest.

boyptc

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Quote from: posi on January 29, 2021, 06:16:45 AM

Quote from: boyptc on January 29, 2021, 05:48:43 AM

Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

It hard for beginners to avoid scams but when we are talking about trading the beginners are not dealing with a scammer but the market itself and what I believe they need is not to fear the market volatility so they can have the self-confidence to put their knowledge to work.
With that been said, the other thing I believe a beginner to avoid is to invest in a single coin, panic sell, emotionally trading, invest in hype base coin, and not having an exit plan.

You're right.

But just as they're trading, they would with the crowd and that suggests platform where to trade. And one possible case that can happen is them trading a scam coin in Uniswap.

I think that's rare or not, maybe, and possible to happen.

Ryker1

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Quote from: ?? on ??

The common mistake that beginners make is to follow investment advice from people they don't even know that they read on social media or on bitcoin

Well, that is a big mistake, not a common mistake.
As a beginner in trading, you should have your own research so that you can obtain knowledge and skills on how to have a good strategy in trading. Never start in trading if you are not ready, sounds like cheating if you will listen to others advice, following pump and dump groups. You will never grow up if that is how you will start trading. However, you will consider also that the experience is the best teacher in trading.

brandtalex

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Quote from: digifinex.official on January 13, 2021, 04:37:51 AM

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

One of the most important thing you need to avoid when you're trading Bitcoin or any crypto is "Peer Pressure". Not marching to the beat of your own drum is one of the beginner mistakes every crypto trader should avoid. By the time enough people know about something for you to feel pressured to get involved it's already too late, the tipping point has already been reached. Sure, you may be able to ride a high for a few days or even a few weeks, but it's a good sign a bubble's about to burst when the people in your life who know nothing about crypto are talking to you about crypto.

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Quote from: posi on January 29, 2021, 06:16:45 AM

Quote from: boyptc on January 29, 2021, 05:48:43 AM

Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

It hard for beginners to avoid scams but when we are talking about trading the beginners are not dealing with a scammer but the market itself and what I believe they need is not to fear the market volatility so they can have the self-confidence to put their knowledge to work.
With that been said, the other thing I believe a beginner to avoid is to invest in a single coin, panic sell, emotionally trading, invest in hype base coin, and not having an exit plan.

Yes, you mentioned some good points. Scam is now everywhere, we have to choose the right one from our experience which can't always possible my the beginners and that's why scammers get some hype by them. Sometimes it's also hard to find out by us too. Your suggestions should be obeyed by the beginners to avoid scam.

posi

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Quote from: boyptc on January 29, 2021, 05:48:43 AM

Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

It hard for beginners to avoid scams but when we are talking about trading the beginners are not dealing with a scammer but the market itself and what I believe they need is not to fear the market volatility so they can have the self-confidence to put their knowledge to work.
With that been said, the other thing I believe a beginner to avoid is to invest in a single coin, panic sell, emotionally trading, invest in hype base coin, and not having an exit plan.

boyptc

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Quote from: Swopon on January 29, 2021, 05:22:33 AM

Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Avoiding scam is hard for beginners.

They are the ones that's very prone to the scam projects out there. What they need is to be educated and always ask in the community or to the people that's better than them.

It's fine to ask questions and be guided if they allow to.

Swopon

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Especially, avoid excitement and go slow. Look before you leap. Because it is a very serious and experimental platform for beginners if you want to succeed. Avoid scams and increase awareness.

Topic: What to avoid as a beginner in trading Bitcoin? - page 5. (Read 1577 times)