Bitcoin Forum

Any knowledge or precautions before you enter trading?

I wonder how it works being a trader.

Honestly speaking i am still learning , but as a learner i can give u two three tips where i lacked in starting and found myself in loss.

-> Don't loose lose patience
-> Don't take action by getting panic
-> Third and most important , dont invest the amount which u can't afford - do not invest more than you can afford to lose.


These two things i realize i was doing loosing patience and taking action while watching trade chat.

You spelt "loss" right correctly the first time, then for some reason you added an extra "o" to the last ones.

"Loose" means not tight.  :)

Biggest tip is do not invest more than you can afford to lose. 

Done !

Thanks for the correction.

One major thing: don't let emotions to control you while trading. By examining human behaviour you can sometimes conclude good trades.

It can be similar to gambling since most of the time you are like putting bets on some shitcoins to go up in value - if we talk about altcoin trading, not many of them have real purpose or usage other than being put on market for us to play with.

"Buy when everyone is Selling, and Sell when everyone else is Buying" - Warren Buffett

Completely agree with you, you need to think every step you are doing and never let yourself be guided by your feelings/emotions when trading

Best path to big winnings from trading:
Always go against the crowd, but wait until the exact right time!  :D

Easy way: Start with a huge amount of funding and buy more when the market goes lower.
Worst path: Start small and broke, make a good % and withdrawal earnings, due to a desperate need... good luck.

I am also still learning and not even trying to trade coz I still have to get informations about this. But thanks to these tips. Planning to invest my savings inorder to start trading by beginning of 2018.

Trading without knowledge is same like jumping of the plane without a parachute because without the knowledge of trading there are 99% chances of making a loss. If you even make a profit in 1 or 2 trades at the end you will lose all.

Many traders in traditional financial markets suggest making demo accounts on trading simulators, where they can apply different strategies without ever spending a real dime. Perhaps there is some merit in that advice when it comes to the crypto market, as well. There are crypto trading simulators such as https://coinmarketgame.com/ and https://coins2learn.com/ might be worth a look.

Cheers!