What to avoid as a beginner in trading Bitcoin? - page 7.

kram31

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

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

Don't allow your emotions control you. Because once you did, you will certainly get panic, worry, which is not good to be feel by
the individual traders like us here in crypto space. And always be patience, know how to analyze, and have a self-discipline, and
always stick to your plan dude.

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

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

Journaling really helps a lot.
Before choosing any coins to invest, it’s better to do a background research on it.
Moreover it would be even better if you choose to start with small amount at first.
Lastly as a beginner you need to just avoid one thing, and that is greed.
Don’t be greedy. Start with small amount and make small amounts at first.

jaresmerel001

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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.

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So anyway, I applied as a merit source :)

Quote from: 1l1l11ll1l on January 24, 2021, 05:51:57 AM

Loans for investment for retail investors are so bad, I wouldn't even take that scenario even though the probability of profit is high. always buy what you can afford, never push yourself. Crypto is very volatile, so you have to have goals and also set targets to gain profit (don't lose momentum and opportunities to gain profit)

In leverage trading it is common to take a loan out and use that to bet on the side that is going up and thus gain a possibly 20x gain and then repay the loan with interest and still have a huge profit to reap on. But you are correct that this could possibly go really bad and there a debt-spiral can and will happen with time for the ones who are getting addicted to this type of gambling.

Definitely as a beginner dont take part in margin trading. Learn about trading first, try dummy trading>go for spot trading before anything else.

Also risk management should be able to teach a newbie about these things. The point where they fall into these "traps" is when a newbie goes to youtube and searches for how to make easy money by trading. People promoting their referral links to make money make clickbait videos targeting these users only.

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

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

Journaling will help you monitor your trading and you will see what price you already enter and exit and how much money you already used.
You can also know what strategy you can do due to the current market, and you can see if there is an opportunity for you to increase your profit based on the market situations.
Maybe you can get another hidden sign from your trading, such as trend, the pattern of the price moves, to help you analyze deeper to find the good time to trade.
It could also improve your skills in analyzing the market, and you know when to enter and exit the market.

Kelvinid

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win lambo...

There is only one thing that you need to avoid from trading
* never accept an offer from someone you don't know.

Because if you think it deeply, you can ask them why they should help you at first in which they can do it by themselves and make a good sum of returns. Definitely, they are using you for their benefits, not for you in return.

Don't get disturbed by these offerings, it will harm you only. Make a focus on your job, keep learning and should makes decision wisely.

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https://blog.coinbaazar.com/mistakes-in-trading-bitcoin/ , READ THIS , will help you ...

maydna

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Don't trade with big funds if you don't have many trading skills because that can lead you to spend more money than you can afford. You need to control yourself in trading, don't be greedy to take profits, and know yourself. Don't just follow signal trading from other groups before you analyze more to find if that signal can be trust or not. Controlling yourself will help you avoid panic when the market moves out of your expectation, so you can adjust your strategy and act based on market situations.

I believe that you need to avoid many other things as a beginner in trading, not just trading bitcoin, but it is also trading altcoin, stock, and else. The important thing is you can learn more trading and know-how to control yourself.

1l1l11ll1l

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Quote from: Natsuu on January 24, 2021, 05:35:55 AM

-Start with your own cash and don't rely on loans, cause trading won't give you 100% to gain profit.
-If we are talking on BTC only and not other coins, Always plan out your play (your way in and way out)
-Don't be greedy, keep in mind that 20% is still an income.
-Avoid getting jealous if you sell too early, cause it is part of your plan, and you generate profit so its all good.

Loans for investment for retail investors are so bad, I wouldn't even take that scenario even though the probability of profit is high. always buy what you can afford, never push yourself. Crypto is very volatile, so you have to have goals and also set targets to gain profit (don't lose momentum and opportunities to gain profit)

Natsuu

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-Start with your own cash and don't rely on loans, cause trading won't give you 100% to gain profit.
-If we are talking on BTC only and not other coins, Always plan out your play (your way in and way out)
-Don't be greedy, keep in mind that 20% is still an income.
-Avoid getting jealous if you sell too early, cause it is part of your plan, and you generate profit so its all good.

fullhdpixel

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Quote from: Issa56 on January 21, 2021, 10:02:58 AM

As a beginner there are lots of things to put in consideration and there are lot's of things you have to avoid. First of all you don't have to be greedy when trading, you also have to learn how to control your emotions when trading, don't always fomo, always use your stop loss but I think that one is optional, always make sure you make your own research before buying any coin, avoid coins with low volume and always know when to exit the market. I think this are something you have to know as a beginner but you can still do more research.

Knowing these is one thing, being capable of doing them are another, I would say you definitely know it right and you should follow these very carefully, but it will be a lot harder when you are in a tough situation with it. I am not saying you will fail, there are so many great traders and investors who started as newbies like you and became great, you could definitely become one of them, there are so much more people who knew but failed because they got excited about it as well so try to not be like them.

Also work on DCA a lot, there is always merit into that because if you can do DCA properly and keep buying consistently for long period of years? That is going to end up allowing you to retire without any problem at all, that is the type of thing you should be focusing on and not just how to buy low and sell high since that would be too quick.

Cling18

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Avoid trading without enough knowledge. One of the most common mistakes of new traders these days is that they're fighting a battle without enough weapon which is enough information about the advantages and risks of cryptocurrency trading. There are still lots of things to learn about trading from its terms to technical strategies. Proper handling and control of our emotions are also important. You'll encounter lots of analysis and predictions but some of those aren't real so you better learn how to deal with the possible changes in the market so you won't always rely on other's opinions.

Issa56

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As a beginner there are lots of things to put in consideration and there are lot's of things you have to avoid. First of all you don't have to be greedy when trading, you also have to learn how to control your emotions when trading, don't always fomo, always use your stop loss but I think that one is optional, always make sure you make your own research before buying any coin, avoid coins with low volume and always know when to exit the market. I think this are something you have to know as a beginner but you can still do more research.

blckhawk

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First of all of course is avoid entering the market without having any prior knowledge about it. Try to control your emotions especially not being greedy because that would pretty much ruin everything and to be honest, that happens a lot when I was a newbie. Don't also expect for quick profit because there's no such thing like that. Avoid taking seriously others TA, as much as possible make your own cause you know what works you better. Avoid using all of your money, invest only the money you can afford to lose, don't panic about unnecessary circumstances cause that won't change anything just calm down and think wisely. Don't buy shitcoins as much as possible invest on top listed coins where volume is high.

jamesde

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Trading is those who have time to track their investments, unlike stock trading. We can just wait when we need to take advantage of the time they are popular when the company we invested with has news or development in crypto because after that it may not set new high price, always monitor and never be greedy in trading.

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I have always thought that people focus too much on earning money when in reality as a newbie you should train yourself first about how not to lose money, first of all learn of all the most common scams that you can find in the market, things like bitcoin doublers, HYIPs low market cap coins, coins claiming to be the next bitcoin, youtubers and other social media users giving you advice, pump and dump schemes, trading signals, gambling systems and all kind of ways scammers use to try to get to your money, do this and you will be on the right track to begin your journey as a trade or investor in this market.

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Quote from: ethereumhunter on January 14, 2021, 07:00:05 AM

Many things that beginners should avoid, and you already know by reading from the other members. But in trading, you should not panic, greedy, use all-in of your money, will be the things that you must avoid. If you can learn more about the basic things of trading, you will know by yourself what you should avoid in trading. Do not chase a bigger profit if you can not do that because that market will not always increase, and you should prepare for the downtrend.

The simple concepts like that are said constantly because those are the things newbies make the most mistakes about. I have seen a lot of my friends who jumped into bitcoin with all the money they have saved aside for example, thankfully bitcoin kept going up, and they are happy about it but it might have crashed too.

I have 3 friends who put up total of 50 thousand dollars between them and bought bitcoin when it was 24k, I warned them not to because it was already too height and it could have crashed, but it went to 40k instead, they still haven't sold but they mock me who have been in bitcoin for 7 years about being wrong, they do not realize how dangerous what they did was. In short people do make mistakes when they are new and they could even get lucky and make some profit but that doesn't mean what they did was wrong and dangerous.

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Quote from: MCobian on January 14, 2021, 07:04:02 PM

If you are a newbie, you should avoid using capital from borrowed money when trading Bitcoin. Don't because you see Bitcoin's extraordinary
performance, then you are very sure that you will make a profit from Bitcoin and decide you want to use capital from a bank loan. You have to
remember that the price of Bitcoin is very volatile, so it could be that suddenly the Bitcoin price falls very deep. So my advice for newbies when
starting to trade Bitcoin, use it from a small capital. If you have started to be able to analyze Bitcoin movements well, start increasing your
capital gradually.

I was about to this when I stumble across a similar post. I was a newbie trader and some tutorials made me cocky that I think that I can get the money back when I do some loans. Hopefully, that post made me realize and reflect on the actions I should take before going in because no one will definitely save me when shit hits the fan. Best advice that I have learned about is to have a safety net to prevent the possibility of spending the funds that I will be using for trading for daily needs and stuff.

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So anyway, I applied as a merit source :)

Quote from: Twinkledoe on January 14, 2021, 07:39:43 PM

I agree with this. Those too-good-to-be-true ROIs are really not legit as they are just screwing naive users.

Coming from the traditional stock market background a newbie in the crypto market may be less informed about the degree to which scamming occurs in this sector. The nature of it being unregulated only opens up many more avenues of scams to such an extent that only bitcoin becomes the legitimate thing ever.

In true sense, you can buy a shitcoin and pump it up to sell but bigger whales out there who are never going to come to this forum, are out there and they will burn out any new fry before they can make their profit. So if you want to play it safe, go with bitcoin, keep track of your buys and sells and follow up with gradually increasing your assets.

Use any exchange that you feel comfortable with, does not need to be the biggest one out there.

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Quote from: WLtoys V912 on January 14, 2021, 05:47:15 AM

Beginners should avoid short term trading with any coin (not just bitcoin). The safest and the most conservative method for you is to buy bitcoin at the bottom low value and hold it towards peak value. This takes a rather long time but your profit is guaranteed and losses are minimal.

Assuming you stopped at just avoiding short term trades with bitcoin, that I would had agreed to and considered a perfect advice but you saying same strategy should be deployed with other coins, that's a suicide mission that'll must likely end you bankrupt. Altcoins naturally are to be short when the profits comes in.

No doubt some specific project does very well long term but majority are always advisable you take out profit when ever that opportunity presents itself. Lets flash back to few months ago when the whole community was been disturb with defi madness, you cashing out that moment would had made you more profit than waiting to cash out my now.

The whole hype has died off or slowly dying and soon we might have shit dead coin all over the market just as the 2017 bullrun produced countless amount of worthless coins.

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