Im new in trading, started around mid November this year. Even thou I already read a couple to tips here in Bitcointalk (which is a very great help) somehow there are still lesson which we learned the hard way and one if it is "Dont be greedy, at the end of the day, you will earn nothing".
You? can you share what you learned the hard way in trading? its a great help to us who's just starting our journey in trading. Thanks
1) Leverage: Most traders blow up their account once or twice before learning how to properly manage risk. It's tempting to trade at 10x or 20x leverage because of the potential profits, but it's very easy for novice traders to misgauge the risk involved. I'd suggest spot trading for a while before easing into low leverage like 2-3x, for starters.
2) Exchange risk: Holding funds on bitcoin exchanges = trusting third parties to keep those funds safe. Hacks and exit scams are rampant in this ecosystem, so you should limit your exposure to exchanges. This is why I prefer swing trading to day trading. Swing trading (without leverage) means that I can move my coins into my own wallets. This is much safer than keeping them on exchanges.
3) Avoid paid groups. They tend to be run by people who couldn't cut it as traders, so they make money marketing their paid group instead. So many people have been shorting the BTC bull market because of WolfofPoloniex's bad signals. There are lots of traders in the Speculation forum or on Twitter who offer lots of great, free advice.
