Newbie traders - Learn from my mistakes

[Lanatsa]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

I like this answer of yours. Lose is inevitable whether you are just a newbie or someone who has enough experience. There's no hundred percent you can pull through a successful trade because no matter what you do there will be times you will get unlucky or make a miscalculation. Now the important thing is how you will handle that loss. Based on my own experience or what I have read, when someone tends to lose a big portion of their capital they mostly will try to chase it and win it back which is less chance gonna happen. The best way to do in this case is to let it go, accept your loss and learn from it because you will eventually get it back 2 fold or even more.

Loss is indeed inevitable but comparing a newbie into a experienced one then you can really tell the difference on handling out the situation.When it come to trade then

analysis would really be much needed because if you do just simply make trades without any preparation then you would really be just basically wasting off your money.

Mistakes would really be mold up into learnings and this will depend on how someone will be using it to improve himself.So its just a matter of self realizations.

[Distinctin]

Actually all of us can't escape doing mistakes even we say we are knowledgeable in such things. because indeed it always happened in many ways wherein sometimes without knowing. and in my opinion its up to us if we really want to do it right or we will gonna learned from our mistakes so that it won't happen again and again . Because for me in my opinion it's not base on our status, wherein i believe it depends on us if we really care the safety of our money.

If we are not afraid to learn, we are not also afraid to commit mistakes as you said it was natural. But committing the same mistakes, again and again, is something different and I think we are not doing anything in order to stop it and not to happen again. If only that will happen to us, I think we are not meant to be here in trading. It is time to look for another opportunity where we can excel and make use of our knowledge and skill that really suited to it.

[trigger1975]

First and foremost: thanks for sharing your experience in becoming a trader!

Coming back to art of learning, initially, I would suggest that you learn to read two to three signals and see if the signals are aligning with the chart. I recommend you to use candlestick for chart since it has numerous ways to tell you how the future market rating could be by the past market chart patterns.

I disagree in this point.  Backtesting and forward demo/paper testing isn't about "testing knowledge" (yeah, for beginners this might be surely also a reason).  It's about getting enough numbers on a strategy/signal/whatever from which a trader can make a decision if it fits his expectancy enough to risk real money.  How will you know, if a strategy gives you a positive expectancy, what the win ratio, what the average and resulting RR, … will be or if it'll lose you money, if you never put it up to test before you're putting money on the table.

Utilizing back and forward testing is what a professional trader does. If you cannot trade without feeling the excitement, it'll bite you in the long run.

To put it in other words: given two traders start using the exact same strategy in crypto – which works in stocks very well.  One is going live right away, the other is demo'ing for 150 trades to gain number.  After three months both find out, that this strategy has a negative expectancy in crypto due to higher volatility. Difference: the live-guy lost time and real money before he did find out, the demo-guy did only lose time.

[Shasha80]

If we make mistakes when trading, we should learn from those mistakes. But it is wiser if we also have to learn from the mistakes of others,
so we don't have to experience them. Especially for newbies who don't have much trading experience, it is very important to learn from
the mistakes of others. It can make a newbie improve his trading skills, or at least not have to make mistakes in trading that have been done
by other people.

[doomloop]

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

Learning and that too on continuous manner is usually not easy when you’re a newbie, the money you will have to spend especially when you’re the type that’s dedicated and seriously wants to learn it and start trading.

Moreover, the funny part of it all is that there will be lots of people (the so called experts) who will be by the side and looking for means that they are going to take the little money you have from you, and I completely know how frustrating this kind of a situation can be, you will keep spending and you’re getting nothing, it’s easy to get discouraged.

[trigger1975]

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

Learning and that too on continuous manner is usually not easy when you’re a newbie, the money you will have to spend especially when you’re the type that’s dedicated and seriously wants to learn it and start trading.

A beginner should look at this money as investment into his education.  If you build up a business you have to invest in it as well.  There is no free lunch especially not in the market.

Moreover, the funny part of it all is that there will be lots of people (the so called experts) who will be by the side and looking for means that they are going to take the little money you have from you, and I completely know how frustrating this kind of a situation can be, you will keep spending and you’re getting nothing, it’s easy to get discouraged.

Ok, but this is trading not a charity party.  If somebody trades without a proper plan or with a lack of discipline, he'll get crushed and those who have a plan and the discipline to follow it, will be pleased to take their money. There is no mercy in the markets.