Here are what I fae and also consider as a beginner in trading:
- Don't spend your all funds to buy only one coin
- Don't follow the hype, moreover on the new coin that is listed in exchange newly.
- Don't buy shitcoins, buy only top coins
- Don't expect too high first at the profits, everything needs profits, but consider and be ready for the risks of losing.
- Don't use all funds to buy at once, better to see the market condition at first
- Don't be lazy to learn and learn
Topic: What to avoid as a beginner in trading Bitcoin? - page 8. (Read 1577 times)
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.
Try and store stuff on your own computer too (private keys and the like) with a backup stored securely if you're getting btc.
I agree with this. Those too-good-to-be-true ROIs are really not legit as they are just screwing naive users. They are victimizing those newcomers with attractive packages and returns. And when it comes to exchanges, better trust a known one like Binance, before venturing to never-heard exchanges. You can start familiarizing yourself with top exchanges. And then, once you get the good grasp, you can check other exchanges.
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.
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.
Does journaling truly help ?
Keep logs of your trades is a good habit, IMO. You can go a bit further and do analysis on your previous trades to determine how you normally respond to market movements and judge if that yields a better or worse result.Just asking the question wont help if you dont try it yourself. Most users I have seen started doing it for a couple of weeks and then moved away with statements like "too boring" "so much work, so little profit" - trading is not a get-rich-quick scheme, it takes time to learn and apply and still you will end up making mistakes.
on a certain market condition. This will really involved lots of trial and error.
Its true that this isnt a fast and rich quick scheme on where some people do believe on when it comes to trading.They believe that this is something that can really be achieved or done
easily but when you are on the actual situation then you'll surely realize on how hard it is.
Avoid on being greedy and follow due process on learning things up and dont rush.
Starting out with cash..? Does journaling truly help ?
Yes journaling helps but only if you are religious about it and write it daily. The quality really doesn't matters because with time you will start to realize what you should write. But there is one thing don't get in with too much cash. Bring in only that amount which you can afford to lose and initially start with 10-20% of it. Start by maintaining a daily risk ratio this is the maximum risk you will take each day. Now make sure you don't freakout in FOMO and FUD. Have patience in your trading and remember an losing an opportunity is much better than losing your capital. 
I'd suggest doing some research about what you are going to invest in(Bitcoin in this case). Maybe watch a few videos and understand what it is about and why it has gathered so much attention. Only invest if you truly believe that Bitcoin is the future and has a ton of upsides. Only then you will be able to handle the up and down swings without much panic. I see a lot of new investors just simply throw money at it, in hopes that BTC will go up all the time..and when that doesn't happen, they start panic selling. That truly doesnt help anyone. If you have any doubts or questions regarding BTC or crypto.. just start a discussion on this forum. Im sure a lot of us would be happy to help. Make sure you do check out beginners and help section.
Regarding what to avoid,
There are a ton of self proclaimed "gurus" / "experts" on twitter and other forms of social media.. Try to avoid them. Most of the ones here are HODLers and are used to the downswing. We know that on the long run, there are a lot more upsides than downwards. So, do not panic. Keep tabs of your trades and invest in a personal wallet. Remember "not your keys, not your bitcoin". If you are not trading regularly and HODLing, Transfer your funds to your personal wallet.
Regarding what to avoid,
There are a ton of self proclaimed "gurus" / "experts" on twitter and other forms of social media.. Try to avoid them. Most of the ones here are HODLers and are used to the downswing. We know that on the long run, there are a lot more upsides than downwards. So, do not panic. Keep tabs of your trades and invest in a personal wallet. Remember "not your keys, not your bitcoin". If you are not trading regularly and HODLing, Transfer your funds to your personal wallet.
As a beginner, you should avoid a risky trade instead you need to make a ladderize trade where you will slowly increase the amount of trade if you think that you are getting more and more familiar to it.
Avoid being a greedy to profit, most of the begginers are in hurry to earn their profit that leads them to lossing their money in the midst or even in the beginning of their journey in trading. Learn the basics first and be wise in using your cash, if it is possible divide your trading currencies to more than one so you can avoid a heavy loss if in case you choose a bad currency to trade.
Avoid being a greedy to profit, most of the begginers are in hurry to earn their profit that leads them to lossing their money in the midst or even in the beginning of their journey in trading. Learn the basics first and be wise in using your cash, if it is possible divide your trading currencies to more than one so you can avoid a heavy loss if in case you choose a bad currency to trade.
Don't join signals group.
It was a common mistake of most newbies believe that there are groups that can actually read the market and they can take advantage of it. But the sad truth, these newbies are the victims of these groups taking advantage of their innocence.
It was a common mistake of most newbies believe that there are groups that can actually read the market and they can take advantage of it. But the sad truth, these newbies are the victims of these groups taking advantage of their innocence.
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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.
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.
I initially suggest you to start trading Bitcoin / Altcoin if you are a beginner, I think that is less risky than trading against the dollar, avoid using your emotions in trading and also avoid panic selling, many beginners make this mistake when they see Bitcoin start to drop dramatically as It happened several days ago so now they are crying about their losses, you have to learn patience in trading.
Of course there is a lot to learn but self experience is the best teacher.
Of course there is a lot to learn but self experience is the best teacher.
Does journaling truly help ?
Keep logs of your trades is a good habit, IMO. You can go a bit further and do analysis on your previous trades to determine how you normally respond to market movements and judge if that yields a better or worse result.Just asking the question wont help if you dont try it yourself. Most users I have seen started doing it for a couple of weeks and then moved away with statements like "too boring" "so much work, so little profit" - trading is not a get-rich-quick scheme, it takes time to learn and apply and still you will end up making mistakes.
Still if you are not willing to work that hard, you could just buy at low and sell at high. Now the words low and high are relative and this needs a bit of insight from your side as to what is a good price to buy for you. My eye-catching low would be under 8k USD and anything beyond 20k USD would be high, if I am being greedy.
You can choose your own levels but keep a track of buys and sells because often one does not follow the other - you might find yourself buying many times because price will dropping and then having to hold all those positions for long time before being able to sell them.
Starting out with cash..? Does journaling truly help ?
First of all you need to gather knowledge about trading. Gathering knowledge about Crypto market, coin and volatility of coin. Don't be greedy. Chose good coin for trading. Don't expect much profit in a single day.
Avoid rushing your Trades. Always trade after you make a chart. Always wait for confirmation before putting a trade for safety purposes. Don't trade with a high leverage. Don't put all of your capital in just one trade. If you lose a trade, don't expect to gain back your losses quickly, that'll just make things worst, take it easy always. Don't be greedy, always set a target price or profit every single day.
Don't trade if you're mad or frustrated. Always remember what I've mentioned.
Don't trade if you're mad or frustrated. Always remember what I've mentioned.
what needs to be considered is as much as possible to control emotions when prices are falling. and indeed this is the world of cryptocurrency growth and decline is a must. and of course you have to know where your money will be invested.
Avoid being too greedy and being too optimistic. It's not that bad to be optimistic but for newbies, having it too much gives them an idea that they can make tons of money overnight which leads them to invest in scam coins. They're gullible to believe whenever they meet people that are saying they can quadruple their money or more if they invest for that certain coin that's being advertised by someone that they've just met through crypto groups.
Do you want to trade Bitcoin for fiat/online payment methods or you wanna trade Bitcoin for altcoins?
Those are two completely different types of Bitcoin trading.
What do you mean by "journaling"?Do you wanna write down your past trades on a piece of paper or a Google Sheet?I don't think this really helps for improving your trading skills.
The first thing you should do is to find good tutorials and books about trading and consume as much as educational content as possible.
experience in trading in crypto may obviously be different from what is done everyday, I agree with our colleague above that to learn a tutorial is needed and whatever form it is questioning about trading.Those are two completely different types of Bitcoin trading.
What do you mean by "journaling"?Do you wanna write down your past trades on a piece of paper or a Google Sheet?I don't think this really helps for improving your trading skills.
The first thing you should do is to find good tutorials and books about trading and consume as much as educational content as possible.
actually there are also many other alternatives that can be done, for example by direct practice with the smallest nominal so that when there is an error it is not too burdensome for you, but that way we immediately know how and are not easily forgotten.
Do you want to trade Bitcoin for fiat/online payment methods or you wanna trade Bitcoin for altcoins?
Those are two completely different types of Bitcoin trading.
What do you mean by "journaling"?Do you wanna write down your past trades on a piece of paper or a Google Sheet?I don't think this really helps for improving your trading skills.
The first thing you should do is to find good tutorials and books about trading and consume as much as educational content as possible.
Those are two completely different types of Bitcoin trading.
What do you mean by "journaling"?Do you wanna write down your past trades on a piece of paper or a Google Sheet?I don't think this really helps for improving your trading skills.
The first thing you should do is to find good tutorials and books about trading and consume as much as educational content as possible.
Starting out with cash..? Does journaling truly help ?
Avoid panicking also avoid coins with lower trading volume and also avoid coins that pumps and dumps so much choose something like Bitcoin, Ethereum also don't be afraid to lose you will learn more about trading soon just don't forget to study and research.
When trading BTCUSD or whatever crypto/forex pair, I believe journalling can really help. I dont journal entries and exits and long or short and whatever in an excel sheet, but I do journal with screenshots. I put everything on my screenshot that made me take a certain trade.
-What is the trend in my trading Timeframe
-What is the trend in the higer Timeframe
-do we have specific hours/days with an extraordinary performance/volume
-What are my indicators saying and what is my conclusion
if you do this with every trade and review your data at the end of the week / month, you can learn a lot from your own mistakes.
-What is the trend in my trading Timeframe
-What is the trend in the higer Timeframe
-do we have specific hours/days with an extraordinary performance/volume
-What are my indicators saying and what is my conclusion
if you do this with every trade and review your data at the end of the week / month, you can learn a lot from your own mistakes.
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