Bitcoin Forum

It is not good to be greedy and impatient. Trading is step by step and must be done carefully. Thinking about daily gain can make trader to lose, day trading is not day profit. If you try day trading and not working out, then, change to swing trading. These are the few ones to add.

Another day another newbie trader advice we do have here.  :)

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Everything should really be learnt but that wont happen overnight which means the more you trade the more experience you would gain.
Lets say you are fully aware that you shouldnt enter on the market randomly but when you are totally noob and the time you are on the middle
of the trade, pretty sure that you dont even know on what you gonna do.

Learn everything and mistakes are inevitable but these are stepping stones for you to be a better trader.

Something else I would advise for newer traders is to start off trading smaller amounts of cryptocurrencies at first because you'll certainly face difficulties and mistakes at first. As stomachgrowls noted already, you'll learn things over time and you'll also learn with more specific reading on techniques and indicators and even risk management.

Most people statistically do not become successful traders, and trading definitely isn't for everyone. That doesn't mean you shouldn't take a shot if you're interested, though.

First of all you don't have to do trading if you never know what are the strategies involved with it, atleast they have to learn common trading techniques before get into the crypto trading.And then what kind of trading will suit for a newbie is also important.If you are literally new then you have to pick mid to long term trading.

Anyway these advises are told here for million times already.

Don't trade if you don't know anything about buying and selling and how to make a profit. If you don't have time to learn about trading, then you should stay away from trading because you will feel trading is a fast way to lose your money in a second. But if you understand the consequences of losing the money and you can accept it, then you should learn trading from many sources. Learning trading itself will not easy because you need to learn the basic of trading, learning how to analyze the chart, the price moves, history, and so many things. The important thing after you learn about trading is a practice which you can start to buy at one level price, wait for a while, and then sell if the price is higher than the price you purchased. That means you are making a profit.

Never chase a bigger profit if you cannot do because that can make you greedy. It is enough to make a small profit, and it is better if you can get that profit many times. There are many useful lessons which you can learn from here so that can give you additional information about trading.

Big or small? I guess the right way is just to trade a small amount while you are just starting, that will minimize the risk as most of the time, newbie loss their money, and they will have to learn over time.

Increase the amount you can risk when you think you already figure out how to be profitable.
Follow this simple steps and a trader will be safe, slowly but surely, that should be the approach here.

The best way to trade easily is to first have enough knowledge about the trade Without knowing you will lose the money you invest Adequate capital is required before trading. You have rightly said that if you are wrong in making small trades before the newcomers you can go ahead with education from there You can also look at various sites or practice trading charts as well.

Also dont buy the FOMO most newbie's buy or sell when the price moves either to the upside and downside. If you have a target and indicator that it will go to that price be patient and dont panic when the market moves. I always get victimized by this, cause i supposed i was not really that experienced.

I have the feeling that most "trading advice for newbies" kind of forum threads are posted by newbies.
I also think that most newbies won't learn anything by reading such guides.They will learn only by making actual mistakes while trading,hence writing such type of posts is kinda pointless.The only point is the author to boost his post count,I guess.There is so much more info online about crypto trading,that is way better presented in a way,which is easier for the newbies to understand.This thread looks vague and difficult to comprehend.

I think patience is the key to success in trade no matter what market you trade from my experience I saw including myself losing money because they lack patience.

Well, you have a point there and this is basic for newbies that should know when it regards trading.
It is very well said but let me add as to what of my opinion, --newcomers need to learn a few think before they will start to trade.
1] how to analyze the chart?
2] he needs to learn how to put stop-loss and how it works?
3] watch how experts do a trade?
4] chose which market he is going to trade.
5] do demo trade and start a small amount when he starts a new trade. Also, it will need to be patient when he is doing trade.
Indeed, that was my honest opinion.

Learning and developing strong strategies is the first thing to actually do as a trader. Since no man or software can predict the market accurately it is better newbies to trade should know that you must make loses. If you have no provision for loses then I will advise you to never venture into trading.

There are some experiences that I think people should learn before becoming a trader.
Do not invest based on anyone's advice, if you want to invest in a currency, do your own research on that currency.
Do not invest beyond what you are willing to lose, remember that the cryptocurrency market is profitable but also risky.
Control your emotions before making investment decisions, if you can't control your emotions, it's best not to make any investment decisions.

I accept as true with you it might be a loss to take a position that's why you've got to regulate your emotions first Not just within the case of newcomers we should always all learn to use our intelligence in order that we will learn something on our own Also before trading on a replacement site the termination should be verified and always maintain a positive impression.

It is a popular saying we should only invest money that we afford to lose which means that if we put thins kind of money, we will not have any emotional attachment or feelings whenever we lose it. People are so excited when it comes from investments but the thing is they do not fully focused the risk management that can cause depression when they lose. We should also know how we will manage our emotions if we will trade.

If you have patience but don't have the knowledge, you will still lose.

No matter how patient you are, if you don't know when to do things you will still lose a lot. That is why gathering information, having the knowledge to do something is really important. You can't just swim without learning it right, as the OP said it. We also have indicators we can look into to be able to analyze the movements well for us to be in the advantage. Every small detail is important since they could always lead to our profit.

True , even you have a long patience to wait for the price of the coins you bough if you choose the wrong coins to invested you will just lost your capital. Knowledge is very important you need to know every thing about the project you invested what thier plan and if they have the ability to compete with other popular crypto . Right choices wil give you high rewards for waiting.

Data is the most important thing you can have while trading, it may not be always 100% right and you may lose some money because of it but to trade without data means you are going in blind and have bigger reasons to lose money.

Compare these two people together, one looks at the chart, checks out indicators, reads the history, does his own TA and decides on what the price will do in the future depending on all of those data points, the other sees the price going up and buys. Which one do you really think has bigger chance to make money? There could be days when the second one is right, there could be more money with that person to actually change the game to his option, however almost all the time the first person will have the profit instead of the second one.

Well, I must say for the new comers in cryptocurrency trading is to follow what has been posted in the OP, sure it's helpful, but there's just one of the many essential thing that helps you throughout your trading career, and that thing is called "experience".
There are actually a lot of trading tutorials in the internet and there are also video tutorials on youtube, which It is more easier to learn than learning from your own. There are a lot of learning stuff that are very important for your trading strategy, but then again, all of these will be effective once you have "experience".
So, those who planned to start a trading career, don't afraid to lose, and trade only what you can afford to lose.

Trading is also like in some online earning sites such as E-gambling platform, Investment platform and other online platforms that is used in earning money. In using those platforms are not 100% sure in earning profit every day, because we can’t predict our winning in just simple try. I must advice to all newbie in trading is to be patient on studying the flow of many. Second, is don’t be too greedy in a simple winning because if you feel greed your mindset and actions will also affected on it and maybe it will lose you on every time you trade.

Yes, if an investor exceeds the amount of assets he has for sure he will not control his emotions and actions.
The pressure from the debts also made it impossible for him to calmly make important decisions.

This is very helpful to those newbies out there. They should understand first the possible outcome if they don't know how to manage themselves. Knowledge, skills, and analysis should be always in trading and once you have these. The chance of making a profit will increase and maybe this is a good start for you. A big thanks to the OP for writing this, there are many maybe read this and begin to discipline themselves.

Experience is really important, even though they follow the tips from the professionals, they still cannot make profit because of the lack of experience. Gaining experience is what we should focus in order for us to have better trading carrer. We can learn the strengths and our weaknesses by gaining experiences.

Well its a must to educate ourselves before jumping into any investment opportunity, trading is not different because it has risk as well.

If we have knowledge on what we do the possibility to succeed from it is high since we're aware of how it works. Starting with small capital is better because even we made a mistake it will serve us a lesson to become better the next time trade.

Experience is the best teacher so its fine to have mistakes, just learn to return back with guts to do it the right way.

Then you're saying that we just need to face the risk head-on without getting ready?

Experience is what we earned from doing it in a long time but as a beginner, you will not have that experience that is why you need to depend on the knowledge that you have. You should educate yourself on what you will be facing, learn from those experienced traders and investors, read books and articles and don't stop unless you're successful enough.

Trading is really risky if you take it easily without basic preparations. This is the reason why trading  is not for everyone because most of the newbies today are expecting immediate profits without even studying the market well and how the crypto coins perform in the market. It's really a must to gain knowledge first from reading books and other resources and watching demos in the internet so you can minimize you losses once you start trading as a newbie.

So is anything in life. Check out the ads done online for all these trading apps, they all have those statistics that say 76 or 82 or whatever of traders LOSE money. Are you saying the majority of traders don't make basic preps? I tell you, even so-called experts and veterans lose money after a while because they get confident after a few wins.


Dude. Take one minute, breathe, and read about what people are really talking about. And then, if you have any actual experience, then you contribute. If not, seriously, do you even know what you're talking about?

Don't trade when you don't know anything about trading or what you'll do about it. Must have to know the basic first...maybe this is a simple tip for newcomers.

Yeah, we need to learn something. And it is much easier for us to understand what we should have to do if we do it manually and with our bare hands. But all of this wasn't so simple coz in the case that we need to saw some seeds and watch it grow then we can harvest the fruits later. It is must be in a little by little until we finally understand what we do.

understand the four main phases of a security such as accumulation, expansion, distribution and contraction

Novices should make time and effort learning and improving their skills, being successful in trading needs a proper education because you'll be facing a lot of risk. Reading articles and books might help them gain knowledge that can guide them as they start to explore trading. Learning to trade by yourself is difficult because there will be a time that you will question yourself where to begin, but it will be definitely worth it because your understanding can help you make the right decision for your trades.

Learning to trade is the first lesson for new people. They can find a good lesson about trading from the internet, or they can find it here. After they know how to trade, the next thing is they need to practice because, without practice, you never get experience which will improve your skills in trading. Never force yourself always to make a profit because the market will not always change as you wish. But be patient, stay calm if the trend is down, determine the right time to buy and sell. Becoming a pro trader needs time, and every people start from zero experience, so give yourself time to understand how to trade with the right, and you will see that in the future, you will become a pro trader.

Pen and Paper. I know you guys do not like to hear that because we live in a technological world where everything could be done on a computer and that is why many people look at me like I am some cave man when I use pen and paper but at the same time think about how easy it is to just write down stuff to check out later.

Pen and Paper can be used perfectly when you are working on a new trading system, if you found yourself a method of how to trade, without actually doing the trade, just note down the time, the price, the coin and basically all the details and then whenever you have to sell it according to your strategy, write it down once again and calculate how much is the difference, are you profiting, and if you are profiting how much is it per hour of work you put in and check what the results are. That way you can test your strategy without spending a single dollar. Just Pen and Paper.

A trader must maintain a sheet for portfolio, if it is not sheet then they may go for any app or desktop tools. A trader without a portfolio tracking system is not a trader in my view. If you are not checking your portfolio constantly and see what is happening and whats going on with it, you will never know until you look into your exchange account.

I personally have one in my phone and whenever something major happens it sends me one of those notifications and tells me something major happened. Without that I wouldn't have caught up with many of the ups and downs and I wouldn't be able to trade the way I have been trading for years now.

To all traders out there, install an app to your phone for portfolio and allow it to send notifications, it would enhance your trading more than you can imagine.

In my opinion, having a portfolio tracking/management app is important but not mandatory. Because people don't use a portfolio tracking app/tool doesn't mean they're not traders. I've seen successful traders without portfolio tracking as they keep their holdings minimal. However, they've built a system around their trading career and they keep records of all trades themselves including wins and losses. Because it works for you doesn't mean it would for everyone.

Having a portfolio app pinging you a couple of times about prices can be frustrating especially when the market is on a downtrend like the one we had in mid February that Bitcoin went under $4K. Seeing such notification from a portfolio tracker might prompt the user to panic and sell if they're not careful. Whatever works for peter don't always work for Paul.

For the newbies would like to join the world of trading. Please.. Please make aware about the things you need to do because trading is one of the riskiest things you can do into the world of cryptocurrency and fiat currency one of the essential in trading is the knowledge you need to take a lot of information about the market movement to be more aware of the price goes up or down and also it is better if we make updated about the news about trading because most of the time it affects the whole market and even if you lose on your trade evaluate your self what's wrong with your decisions and learn to your mistake so you can avoid this again.

advises are good if newbie follows them , most of them just reads them and think that its good advice but none of them implement it to trading they do what they do , in real situation they do what they do

should follow , but they wont follow because they don't know how to do , they  want quick and easy money

Everything in life requires proper orientation and most atimes when the outside world see people make fortunes from trading cryptocurrency, they do tends to rush into the market to have their own share only unfortunately their share do turns out to be loss most of the time. Proper understanding of anything you want to venture into is the key to success in life, you can't start trading without knowing both the basic and advance concepts of cryptocurrency trading, it will only lead you to doom. So my take is, learn properly before opening even account on a trading exchanges

Most newbies to trade will be fail and go away not to trade anymore because they have no patient when they learn the basic knowledge against it. Moreovee if they bring the small amount of money to trade most of them will be give up because the profit is really small.

I'm not an expert to trade by the way but I often to trade and see some character (some of my friend) how their behavior when they do trade. I suggest to them to don't spend a lot of money first when they still how to trade but yeah they just ignore it and even some of them are tired and go away never come back. I think only a deligent person who can pass everything  and face some step when they started.

Lack of proper market understanding is the reason why lots of people are getting REKT through cryptocurrency trading, just like you can't hit the road with a car when you've not had experience on how it works is thesame way learning about the concept of the market is paramount, Arguably, majority of newbies coming into the market dosen't know about the risk involve cryptocurrency trading as all they care about is how to hit it big without much stress.

what is very difficult is how we learn and where we begin. I'm sure we know how we should be traders who often make profits and rarely lose. that is by learning, but often we do not know where to study commerce and end up lost.

It's better for me to see newbies failing in doing trades on their early phase of trading journey. They will never be used in handling the risks if things are always going easy. As long as they learning every time they lose and not giving up to try again, that's good.

Reading basics is a must preparation prior to entering the trade but a newbie will just understand the deep meaning of those basics once they experienced it in actual. Professional traders today still got wrecked on decision making but since they are used to experience loss, they can deal with it anytime.

There's no shortcut to progress. Losing experience is a strong foundation that professional traders have. I'm not saying newbies should always suffer from a deep loss but they must experience the wrath of losing so that they will seriously try to avoid it next time.

To be honest, it is not that hard.

Unlike in the past where you don't have that many sources to learn about trading and investing, right now, you could learn a lot from sites, articles, numerous books and even in this forum. Some of those people are just limiting what they are reading since when they see they are getting profits, they are stopping what they know, we shouldn't be like that.

I think some basic advice is what many apply to the stock market. Find a platform that fits your needs. Buy low sell hogh, know your bottom dollar for losses, and secure profits wjen you can. Don't gamble money you dont feel comfortable losing.

Failing is important and required to newbies because it will serves as trigger for them to take serious on trading. There is no professional who doesn't experience failure, all of them overcame the failure and it leads them to become profitable trader. There are many lessons that we can learn if we fail, we should see it as advantage because it can help us to become trader who is consistently earning in the market.

Don't try to enter the stock market or crypto market before you learn something about trading because you cannot get something, and that can make you confusing. You should spend your time to read or watch the tutorial on how to trade so you can imagine or you can know the point. After you understand what you should do in trading, then you can enter the market, but you don't need to deposit huge money for the first time. It is necessary if you can try with the demo account so you can practice from what you read, and the best is you can learn by practice.

Learn the process than earn that'll be my advice. We make this trading of a thing look complicated by placing different rules on every decision a trader will take thereby making the whole professional look difficult. Trading is simply buying and selling of anything and the cryptocurrency market has even made it easier as anyone can advenyinto the field without any prior knowledge and learn the process then earn.

A newbie will learn more when they experience most of the don't of trading themselves although in a smaller budget since that's one of my recommendation for a newbie trader, "start small, trade in a low budget until you can handle huge funds".

There're good advices on this forum for all newcomers who wish to try to trade, but as we all can notice most of them don't notice that. We see newcomers when they come here to cry about their loses. Now we have so a good deal of info about trading, about exchanges, specialized sites for that, bloggers, and many people who wrote about their experience in trading. Who wishes to learn about trading can do it for free, all someone needs is free time and wish to read and learn!
Trading can be profitable in many ways, in short or long run depends on strategy someone applies. I always recommend people to try everything they can afford to try, and to find themselves in specific strategy that suits their personality!

Don't do anything which you don't know. Trading is not a easy job or money making machine. There are many who come to trade, looking at screenshots of another trader's profit. No one can learn trading in a single day. This requires hard work. I have seen many traders who have been trading for three to four years yet do not call themselves trading gurus. So Newbies those who come to trade, increase your trading knowledge. Otherwise, the market may not give you second chance.

In short, we should DYOR before deciding to buy/sell a particular coin. The hype doesn't mean the coin is really profitable, bear that in mind. And as for newbie, do not afraid to make some mistakes or some losses. That's part of trading. Just trade amount that you only afford to lose. Experience will teach you to become a good trader. Do not just overconfident about your acquired wisdom as we know that learning is always a continuous journey.

Use your braaaiiiinnn. No offense, but really. Most trading tips are all about understanding the whats and hows of it. You can read it, say you understand it, but if you don't really do understand it then that's your fault. It's like how in drawing where no matter what number amount of tips you actually get, it's pretty impossible to get good at it in a single day, or week or month for that matter. Pretty much the same with trading, you can't get good at it after a single trade, or 2, or 3. All the good traders out there are an accumulation of experience which constitutes of wins and losses, maybe losses being more than wins. Advises are in the end, there to warn you, but only that.

The most common advice in trading is how to execute buy and sell decisions, know also how to stop-loss when you are using technical analysis that becomes predictions accurate result. Yes, there are too many tips and advice in trading but when you are in actual trading you forgot them all easily. Probably for me, the best practice is to have a lot of experience in trading. When you have mistakes at the same time you will learn about it.

DYOR is very important in trading to have good analysis, it doesn't matter technical or fundamental at least your instinct will always be got the right answer when predicting the market price fluctuation.

I think testing is what they are lacking the most of, nobody really test themselves and their ideas before they actually start trading for money, if you look at all the newbie traders they actually start buying and selling with real money on day one, that is probably the most wrong thing you can do in trading world, everyone learns how to trade on their brain first, then they start to trade.

Create some sort of spreadsheet, and instead of actually spending money that way you will have the chance to test your skills before you can actually start trading. Nobody does this when starting, they just put some money into an exchange, buy whatever coin they read somewhere "will go moon" and then get upset when they realize it is actually dropping and not going up.

These are points that we can hold to and advise ourselves on. The place I'm looking at although is "unless you have received a confirmation" but it is better to get a personal confirmation.