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Author Topic: Essentials for Traders  (Read 5856 times)
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March 22, 2018, 04:32:04 AM
Merited by TimeTeller (3), examplens (2)
 #1

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.

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March 22, 2018, 06:52:17 AM
 #2

It's all useless.
Without money, there is no trade.
Patience is a matter of course.

Experience will come only when you lose $ 10,000.
And if after that you can not learn himself, then it's not yours.

Give the idiot 1 million and he will lose it, and who knows how to trade with 1 dollar this million will do.

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March 22, 2018, 07:18:03 AM
 #3

I would like to add one more point to this is time management,be consistent with your trading and always try to be available on that time always and if you are day trader then you need to be available 24/7 if you want more profits.

I little disagree with point three the patience is important for the trader but if you are a trader you need to consider FUDs too,when the price starts to fall just sell coins and buy them when the price starts to recover so it will allows us to earn money in short time.
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March 22, 2018, 08:13:56 AM
 #4

I would like to add one more point to this is time management,be consistent with your trading and always try to be available on that time always and if you are day trader then you need to be available 24/7 if you want more profits.
Day trading for 24/7 hours is insane, it just too much. I'm sure we should choose the time when the market is more active than usual, It will be better since the market has a lot of movements at that time.



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March 22, 2018, 08:30:29 AM
 #5

I would like to add one more point to this is time management,be consistent with your trading and always try to be available on that time always and if you are day trader then you need to be available 24/7 if you want more profits.

I little disagree with point three the patience is important for the trader but if you are a trader you need to consider FUDs too,when the price starts to fall just sell coins and buy them when the price starts to recover so it will allows us to earn money in short time.

same, i believe FUD is not something to avoid, but actually something worth to considering too. if the fud is too strong , u can take advantage of it.

like wise man say, always go with the flow
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March 22, 2018, 09:29:33 AM
 #6

I would like to add one more point to this is time management,be consistent with your trading and always try to be available on that time always and if you are day trader then you need to be available 24/7 if you want more profits.

I little disagree with point three the patience is important for the trader but if you are a trader you need to consider FUDs too,when the price starts to fall just sell coins and buy them when the price starts to recover so it will allows us to earn money in short time.

same, i believe FUD is not something to avoid, but actually something worth to considering too. if the fud is too strong , u can take advantage of it.

like wise man say, always go with the flow

FUD news can only be good if you are well experienced traders but if you are just newbie its too risky to trade when the market is bear.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

Exactly, people should invest first on their self so they will not lose so much. Traders should be more responsible because your decision is what matter's here, news can be a big factor on your trade but you must focus on your target price for bot cut loss and profit taking.

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March 22, 2018, 09:43:01 AM
 #7

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.
Patience is the key to success keep it slow until you recover the loss is one of the most hardest thing in trading normally amateur panics in this situation even if they have seminars or tutorial on how he or she they couldn't do it right do  you can manage upon training yourself or involving in high risk turns.

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March 22, 2018, 09:55:22 AM
 #8

Add practice here. Without practice, all your knowledge and patience and capital will not give you anything. Only with practice you become a master.

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March 22, 2018, 10:03:03 AM
 #9

I would like to add one more point to this is time management,be consistent with your trading and always try to be available on that time always and if you are day trader then you need to be available 24/7 if you want more profits.
Day trading for 24/7 hours is insane, it just too much. I'm sure we should choose the time when the market is more active than usual, It will be better since the market has a lot of movements at that time.
24/7 is insane if you think what you are earning is enough but most of the people don't think that ways.In day trading how much trades you are doing will give more profits so always available is the way to make more money,work hard to get more money. Cheesy
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March 22, 2018, 11:39:46 AM
 #10

the only thing that a trader needs to be successful is experience if you ask me. none of the above will help him if he has no experience, you can have the money, you can have knowledge (theoretical about the market), and you can be patient but if you don't know what to do you will wait until price drops to zero with your patience!

you need to have experience to know when to be patient and when to use haste instead. for example when a dump starts, you should not use patience, you should be fast enough to dump yourself before it is too late.

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March 22, 2018, 12:21:14 PM
 #11

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.
this is trading board no investors advice so when you speak of capital you are talking about the amount that traders put in. and that depends on the strategy that the trader uses. for example many use high risk strategies, invest big amounts and make bigger profits and it doesn't even last a week let alone 6 months. and even if you are using lower risk strategies it still has nothing to do with 6 months. trading is an active thing which you constantly have your money in and out not just sitting idle.

Quote
2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.
very true. you need to gain a lot of it too and it will only be gained with spending time on the market and watching it.

Quote
3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.
I wouldn't call it "patience". it is more like using your brain and not your emotions. for example when the FUD comes, not selling is not the wise choice. but instead selling at a right time is a wise choice. for example when it starts you sell before the price is dumped to the bottom not after it reached the bottom. but unfortunately when FUD comes most newbies wait until last moment to sell and that is too late and they lose money.

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March 22, 2018, 03:00:18 PM
 #12

Add practice here. Without practice, all your knowledge and patience and capital will not give you anything. Only with practice you become a master.
Practice and practice then gain your own experience, with experience you possess some skills learned from the past mistakes molding your own decisions into a better one, I can also add another one and that is Mind conditioning, I always mention this whenever I saw someone panicking from the current price of the market, "the Battle always starts in the mind", always think your next move, don't be swallowed by your own emotions and crackdown.

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March 22, 2018, 03:18:59 PM
Last edit: March 22, 2018, 05:43:09 PM by pawanjain
 #13

You are missing a lot of key points here such as
Proactiveness which is essential if we want to make efficient trades. Quick actions will earn more profits in trading.
Skills which are needed to predict the output of a particular trade and the ability to research about a particular coin /ICO through various resources.

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March 22, 2018, 03:41:43 PM
 #14

Investing the amount that one not afraid to lose is a good thing. That way you may continue to live without extra debts and may earn a fortune with your spare money. Also you may consider buying x usd amount of BTC every week.
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March 22, 2018, 04:20:48 PM
 #15

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.
Investment Strategies: Let’s Make Something Clear

How do investors make decisions they want to invest in real estate or stocks? Do they start making investments the moment they think about it? My guess is that the answer to that question is – no!

Before you invest in anything, you need a clear understanding of what your investment goals are and how you will achieve them. You want a good idea of how long you are prepared to keep your investment open, and what amount of profit you are happy to take.

You should have the same mindset with cryptocurrency investments. Before you decide what the next cryptocurrency to invest in 2018 is for you, let’s discuss the two main types of investment strategies for cryptocurrencies.

- Long-term Cryptocurrency Investment

A long-term investment is one where you expect a cryptocurrency to perform better over a longer period of time. Simple! Normally, the minimum time for long-term investment is 6 months to 1 year. Although, some people plan to hold onto their investments for 5-10+ years. It’s up to you how you choose to invest; you can either make your full investment in one go, or you can invest at different times.

- Long-term Investment Strategy

Once again, before investing any amount, you must have a clear idea of what your investment goals are:

Will you sell the cryptocurrency after a certain amount of time or will you sell it when it reaches a certain price?
Will you sell off your investment at once or will you sell parts of it at different times?
On what occasion would you sell the long-term investment in the short term? For example, if new laws come into place that could affect the long-term price of your investment, you might consider selling it sooner.
Next, you should do some research to decide which cryptocurrencies are best as long-term investments. I recommend that you check for the following:

Is their technology better than their competitors?
Do they have a strong team of founders and developers?
How good is their roadmap/plan?
Are they solving any real-world problems?
If you really believe in the cryptocurrency you invest in, you should learn to hold on to your investment even when the prices drop. If you ‘panic sell’, then you could lose money and regret selling.

- Reasons For Making Long-Term Investments

Long-term investing makes your life easier as you don’t need to watch the market all the time
You believe that some cryptocurrencies will give a better return in the long-term
You truly believe in the future of the cryptocurrency

- Short-Term Cryptocurrency Investment

Short-term investments are made over shorter time periods in the hope of making quick profits. So, just how short is a short-term investment?

Short-term investments can take seconds, minutes, days or even a few months.

- How Do Short-Term Investments Work?

Just like long-term investing, you need to have clear goals for your investment. You need to be asking yourself:

What profit are you expecting to make from this investment? This will give you an idea of the price at which you should buy/sell the cryptocurrency.
How much of a loss will you accept? This will help you control your losses if the price of cryptocurrency suddenly drops.
Do you have time to study and follow the crypto market and the news?
Can you make technical analyses of the crypto market? If not, then you should learn before investing.
Will your short-term strategy give you higher returns than a long-term strategy?
You need to find out which is the best cryptocurrency to invest 2018 for short-term. Cryptocurrencies that have the following are good options for short-term investments:

- Low market cap
High trading volume — lots of people are buying and selling it every minute
Are currently trending on the news and on social media
Have an ICO or have just finished their ICO — try to get them at a low price
While cryptocurrencies like Bitcoin and Ethereum can also be traded in the short-term, you should think about investing in the newer cryptocurrencies. Investors have made huge profits in past with short-term investments – including some of the major, but newest cryptocurrency investments like NEO, Stellar, IOTA and NEM.

The main advantage to short-term investments is that you can make a lot of money in a short amount of time — they have made a lot of people rich quickly. However, they still have their disadvantages.

- So, what are they?

They take up a lot of time and effort as you need to watch the market prices constantly
It is a riskier investment and can result in greater losses because of how much the price changes in a short time
It can be very stressful and emotional
It’s difficult to say which is the better option of the two investment strategies. It all depends on your goals and experience in the cryptocurrency market.

If you really believe in a project, then I recommend that you invest for the long term. However, if a project is new and is generating a lot of attention, then short-term trading could be the better option.
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March 22, 2018, 05:56:20 PM
 #16

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.
Agreed with all your points but other than that there are lot of things we need to understand for trading.One thing that i think is most important is choosing your coin for the investment and that need special type of skill set which is not inbuilt,you have to develop it with time and constant learning of the market.You have to be updated all the time.

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March 22, 2018, 06:09:56 PM
 #17

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.
Equipping yourself with lots of knowledge will bring you high chance to succeed, knowing the system and learning how to calculate while you
are waiting for the good timing will give you big edge between any other traders, even you only have small funds but you are keen to understand
the market, then you are assuring yourself to earn more, trading is a speculative guess that will bring reality with your trust and understanding.

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harizen
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March 22, 2018, 06:16:02 PM
 #18

Trading is risky in every market and if you are not well prepared you might ended up losing money.
Here's some example of the skills and things that you must have before you start trading:

1. Capital - Amount that you are willing to lose and you might don't need in the next 6mos. If you want good amount of profit, you can start with a higher capital but since you are just newbie start with small and invest big later on.

2. Knowledge - You must equip yourself with this thing and keep on learning because in trading you can learn even you lose money. You must know how to execute the basic, buy and sell and study more about the charts, don't depend to anyone.

3. Patience - You must be more patient in this kind of market, there's no room for your emotion here and your trading decision must really based on your study and not on any FUD news.


This 3 things can help you a lot on your journey, don't just focus on money make time for you to learn more and profit will come later.

Basic trading knowledge is enough at first.

Do you think patience can be learned prior on the actual start of the trade? Let those newbies experienced loss so that they will know how to counter it and enhanced their future trading trades.

Amount or Capital that willing to lose? No. Changed that behaviour to "they might not loss it"! If the involved amount will always be willing to lose then how come this newbies will stick up to the goal that they must win since losing will be ok.

Experience will teach them how to deal on that losses. It's the best foundation when doing trades. All losses that they will encountered will be served as good reference for much successful trade in the future.

danniwide1234
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March 22, 2018, 06:16:50 PM
 #19

Trading is definitely not a short cut to making money for novice. It is important one have the right understanding and strategy if he or she is to be a successful trader. You must be well verse in Fundamental, sentimental and technical analysis for you to make the right decision while trading. As part of the strategy to employ you must decide if you will be a day trader or trade for a mid or long term. They all have their pros and cons. All in all experience and knowledge is very important in trading.

liseff3
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March 22, 2018, 06:48:21 PM
 #20

I just wanted to add one point, that i think can't be left out ie Price Chart. With a price chart that can serve as an indicator of trade,  in this way allows us to avoid from effects which can be disadvantageous. Because what we trade here isn't a shirt or shoes that cost stagnant but Cryptocurrency that often fluctuate.
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