Starting out with cash..? Does journaling truly help ?
Stay out of the market if your sentiments overrun your trading knowledge because being emotional can get you into trouble in this highly volatile market.You need to be calm and trade according to your research and analysis.The coin in which you want to trade must be potential coin in the market to have growth opportunities and you must monitor it's regular movement and understand the swing of market with the latest news of the market that will eventually have price effect.Be a keen observer and learn from your mistakes and don't afraid to loose because it's the part of race.Stay away from scammers and phissy schemes that will make you rich overnight as they are making billionaire every second so don't trust them at all.Rest market will tech you more than enough if you want to be part of it. 
Topic: What to avoid as a beginner in trading Bitcoin? - page 6. (Read 1577 times)
There is only one thing that you need to avoid from trading
* never accept an offer from someone you don't know.
Never give money to someone for them to use in their trading but it's fine to pay them if they provide teachings or tutorials we know for a fact that we benefitted from their teachings and that we really learn. Actually it's better to ask for tutorials like handson or 1 on 1 that by just watching. Sometimes those we don't know can give us better understanding than those we know but there's a price to be paid, just be careful to anyone we deal with. * never accept an offer from someone you don't know.
Starting out with cash..? Does journaling truly help ?
I suggest trading with real money only when you have gotten acquainted to the market and it's components even if it's just basic information, it's a necessity. It's also worth pointing out that trading is a skill to be learned so you have to spend time to learn not just technical analysis and how to use it but you also need to learn about market psychology and how it works on a fundamental level.
The market isn't running away. So take your time to learn it correctly and be patient with yourself. You don't have to start trading immediately. There's always money to be made
Just avoid anything that looks too good to be true (eg get 2x back in 24 hours) is a good start. Also learn to check reviews of stuff that doesn't fall into this category but doesn't look super legit (like exchanges and such)..
Try and store stuff on your own computer too (private keys and the like) with a backup stored securely if you're getting btc.
These are the most important first steps, newbie traders worry too much about the money they can make in the markets as if they never consider the possibility of losing money, which is way more likely by the way, newbies first need to learn the bare basics of this market which are to store your coins by yourself, and if you want to trade your coins in a centralized exchange then look for reviews here in the forum and not in social media as social media is full of bots and paid users that speak positively about exchanges that are nothing but a scam.Try and store stuff on your own computer too (private keys and the like) with a backup stored securely if you're getting btc.
And finally they need to use their common sense, offers like doubling your coins in 24 hours are everywhere but once you begin to think about it you realize it does not make much sense for those offers to exist at all except as scams.
Starting out with cash..? Does journaling truly help ?
It probably does if you're able to write down the ups and downs so you can review them, as I'm sure a few years on you will forget. Journaling is only useful if you can take notes that you can learn from. Also, not putting your heart into it or in other words not getting attached to a coin would be really useful - just look at the numbers and let them speak.
I'm going to share some mistake I made when I was very new in trading and hopefully you can learn from it. Firstly avoid taking or following signals that are being given in some telegram groups. These are coordinated signals that use you as a bait. Always have a target and don't be gullible. Don't forget to use stop loss. It is very important particularly when the market crash. Avoid trading platform that will not warn you in case you mistakenly type and order which is not favourable. Lastly you can make sure to go for platform that have high liquidity and active traders
Starting out with cash..? Does journaling truly help ?
Journaling? You mean doing your research? That will help you for sure. And I think you should be careful and avoid all these fake wallets and exchanges, if you would want to stay on the safer side then go for the exchanges that are well known, because they are not going to disappoint you like new exchanges. They too can have their downsides, but they are not like the new exchanges that can run out of money someday and run away with your money, so it’s best to avoid those ones and go for the bigger exchanges.You can find success in trading if you are good in research; for that you need to be ready for continuous learning. You must need to update yourself against latest world political things as they are the biggest factors to move the markets ups and downs.
into your future trades since you do able to take up some note then you do have at least the chance to sneak back in case you are needing something.
Going back when im still a noob i do really have this kind of behavior.
One of the most common mistake is that we do easily panics when we do see our trading account is going negative which would lead into another mistake
when you do make out decisions that are already out into your own plan.
Avoid on getting hooked with some fud and fomo because these things are commonly can be seen into this market so better watch out.
Starting out with cash..? Does journaling truly help ?
Journaling? You mean doing your research? That will help you for sure. And I think you should be careful and avoid all these fake wallets and exchanges, if you would want to stay on the safer side then go for the exchanges that are well known, because they are not going to disappoint you like new exchanges. They too can have their downsides, but they are not like the new exchanges that can run out of money someday and run away with your money, so it’s best to avoid those ones and go for the bigger exchanges.You can find success in trading if you are good in research; for that you need to be ready for continuous learning. You must need to update yourself against latest world political things as they are the biggest factors to move the markets ups and downs.
Patience and keeps working with your knowledge, no need to rush anything out as being new to this industry will make you more
prone in losing your money.
I think patience is important in any type of trading and most investors back out on patience after doing a couple of trades before realizing they made a mistake. prone in losing your money.
There are two things incorrectly understood by investors. One of which is putting money in altcoins means more profit and another is that they trust every new project coming up to be the next bitcoin - because hey, nobody can buy bitcoin because it is so costly why not spend you coins on that new shitcoin? This problem gets fixed if the trades ignore any altcoin put out there and buys bitcoin in small amounts at every dump and sell at every pump.
As for the beginners this would be an advice that I have seen come out to be true from watching the markets for the last few years.
For beginners and first timers on the field of trading, better avoid engaging while you still have nothing to know about what you are suppose to do. Better educate yourself for you will be dealing with risks in order to trade and make your money grow. Better be aware that your purpose is to gain despite of the risks associated upon doing trading. You are trading your money and not doing it like you are gambling to just depend on luck that your instinct about how things will go be favorable to you. Be educated to the extent that you can deal on possible circumstances that might get into your way for once you cannot handle those, it may get into frustrations which can also affect your trading capability. Learn to analyze and observe the market for you are going to work with it the rest of your life in trading so better see to it that you are understanding it.
Starting out with cash..? Does journaling truly help ?
For beginners, the most important thing is to analyze the market trend and follow the crypto-related news. Start from small investment and learn to trade. Do not go for leverage trading as it might look very promising and by chance, you can get some profit but in the end, you might end up losing your investment.
Patience and keeps working with your knowledge, no need to rush anything out as being new to this industry will make you more
prone in losing your money.
Try to go deeper and keep studying all the fundamentals, all those that influence the market as it will helps you along the way in
reaching your success., there's no limitation as long as you are willing to move forward and handle the risk.
One of the most common errors traders make while dealing with cryptos is the fear of missing out (FOMO) and FUD. These two variables lead them, out of feelings, uncertainly excitement and doubt, to take decisions.
Another common factor which causes traders to take wrong positions is impatience. Every other minute, traders keep checking the prices and end up making wrong decisions.
Not diversifying is another mistake that is common. People spend all their money on a single coin, so when prices fall, they lose big. Investing in more than one coin, which means diversifying, is a better alternative here.
In addition to these other mistakes, the pump and dump scheme, revenge trading, reluctance to thoroughly study the situation, blindly following the crowd etc.
Unfortunately those two terms became famous because of that same reason, because people did those mistakes over and over and over again. I personally feel like I never got involved with any FUD or FOMO but I am not even sure anymore.Another common factor which causes traders to take wrong positions is impatience. Every other minute, traders keep checking the prices and end up making wrong decisions.
Not diversifying is another mistake that is common. People spend all their money on a single coin, so when prices fall, they lose big. Investing in more than one coin, which means diversifying, is a better alternative here.
In addition to these other mistakes, the pump and dump scheme, revenge trading, reluctance to thoroughly study the situation, blindly following the crowd etc.
I got involved with crypto during the 2013 FOMO period, so I could say I took part in that and lost a small amount of money, but I was smart enough to not invest a lot, I invested only 50 bucks, now I look back on it and say I wish I got involved with all the money I had but I know I would have probably panic sold all my coins when it went down, or even if I managed to hold it for a while, I would have sold it when it went over 1400 dollars.
FUD and FOMO are two things every trader has done at least once, it is not really something easy and that is why we are going to keep seeing more and more people do the same mistake over and over again.
in my opinion for beginners what you should be able to avoid is not to be influenced by market conditions and you have to be careful when you want to buy coins, understand the color indication of the exchange, when green means it's the right time to sell not to buy, when it's red or collapsed then it's the right time to buy, sometimes beginners are still influenced to buy when it's green.
I agree, also they should choose an exchange where they can trade comfortably or has a good credibility. I settle for exchanges that has a decent number of trading volume like with these pairs in case you're curious about the real numbers:
https://trade.kucoin.com/BTC-USDT
https://trade.kucoin.com/ETH-BTC
I don't get influenced by others opinion though, I use what works for me instead of just taking everyone's opinion. Beginners should learn how to see the industry in their own perspective, not based on what the others say about it. It's over when you buy high and sell low
in my opinion for beginners what you should be able to avoid is not to be influenced by market conditions and you have to be careful when you want to buy coins, understand the color indication of the exchange, when green means it's the right time to sell not to buy, when it's red or collapsed then it's the right time to buy, sometimes beginners are still influenced to buy when it's green.
I agree, also they should choose an exchange where they can trade comfortably or has a good credibility. I settle for exchanges that has a decent number of trading volume like with these pairs in case you're curious about the real numbers:
https://trade.kucoin.com/BTC-USDT
https://trade.kucoin.com/ETH-BTC
I don't get influenced by others opinion though, I use what works for me instead of just taking everyone's opinion. Beginners should learn how to see the industry in their own perspective, not based on what the others say about it. It's over when you buy high and sell low
in my opinion for beginners what you should be able to avoid is not to be influenced by market conditions and you have to be careful when you want to buy coins, understand the color indication of the exchange, when green means it's the right time to sell not to buy, when it's red or collapsed then it's the right time to buy, sometimes beginners are still influenced to buy when it's green.
Isn't being influenced by market conditions a good thing, I mean if what is popular among the people then the hype could translate into a growth. I do understand a little about when to buy and when to sell but for me the thing that I most avoid is putting a lot of money at the start, in my opinion, testing the waters is a good thing for a newbie trader, this can help you get some experience about many things such wins, losses and break evens, and it can also serve as a way for you to decide whether you want to go into deeper waters because trading is an unforgiving thing to do especially for those who jump right in.
Journals help a little, what helps more is when you go into the market to trade directly. The situation is very different when we consume a lot of journals
learning with direct action in the market. In trading it may be more difficult to compare with investment. Trading as it is today when bitcoin is sideways,
it should also be extra careful. Indeed many traders take advantage of the situation when bitcoin is sideways, but perhaps because they are
experienced and expert.
learning with direct action in the market. In trading it may be more difficult to compare with investment. Trading as it is today when bitcoin is sideways,
it should also be extra careful. Indeed many traders take advantage of the situation when bitcoin is sideways, but perhaps because they are
experienced and expert.
discuss trading issues, latest news , prices and everything related to crypto ....
https://blog.coinbaazar.com/chat-room/
just open link and join the chat , all are welcome
https://blog.coinbaazar.com/chat-room/
just open link and join the chat , all are welcome
There is only one thing that you need to avoid from trading
* never accept an offer from someone you don't know.
Never give money to someone for them to use in their trading but it's fine to pay them if they provide teachings or tutorials we know for a fact that we benefitted from their teachings and that we really learn. Actually it's better to ask for tutorials like handson or 1 on 1 that by just watching. Sometimes those we don't know can give us better understanding than those we know but there's a price to be paid, just be careful to anyone we deal with. * never accept an offer from someone you don't know.
Starting out with cash..? Does journaling truly help ?
For beginners, the most important thing is to analyze the market trend and follow the crypto-related news. Start from small investment and learn to trade. Do not go for leverage trading as it might look very promising and by chance, you can get some profit but in the end, you might end up losing your investment.
Starting out with cash..? Does journaling truly help ?
Yes indeed, start tracking all your transactions in and out. Even though I've been in this industry for a long period of time, still I am doing Journaling there's no wrong with that, I just want to see my progress if I am doing great or getting to much losses it will also keep you motivated and organized. For me it is highly recommended to beginners and also to those people who are not have a high margin like me, but I think even though I will be having a large asset soon, I will still do that. Jump to: