2 tips in trading for beginners

[Mister1k]

According to current situation trading is not at all best option for newbies. From the long view bitcoin price may have the great view to make profit but if you look closely you can get the market knowledge more and it will teach you how much you can make.
Most of the altcoins are fall down completely in the marketplace hence if you search for any altcoins to buy and hold for long time it may work well for them.

[arief89]

there are lots of tips that beginners should know about trading, actually I am also a beginner trader and still learning hopefully it can be a lesson for all of us. when we want to trade we must prepare confidence that we really want to trade, don't make trading as a toy. then we must prepare time to monitor price developments.

[gurang]

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.

2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.

Hope this could help some newbies in trading crypto

2 tips from newbie, for me you need to have your own confidence second then think what your goals or what you want to achieve in life

[frowsiter]

Good write up and helpful for the beginners truly. Off course what you wrote is very much true fact and everyone knows it but no one follows it or forget over the time. I guess you are right with whatever you think about the trading. Knowing oneself might look indifferent approach to many people here but thats the crucial stage because we should know how we behave in different situation and how it can affect with whatever action we are taking ahead. For example if I am short temper and I cant tolerate the loss then I might take unwanted actions while trading and thus may worsen my situation even further. So its always better to have control over things and that can be done by seeing in yourself and trying the approach.

[hacekd]

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.

2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.

Hope this could help some newbies in trading crypto

Beginner traders should increase knowledge before starting a trader. People who start trading are usually too excited, immediately trade, because they think trading is easy. Without the right knowledge it is like advancing a war without weapons.

[genuin]

what you explain must be very difficult to understand for beginners. what I know in trading is only "Buy at the cheapest price and sell at the highest price". For price predictions, you can see in livetrading. Traders must over time understand it.

[jasonjm]

Looking at the market trends I think this is not the right time for a beginner to trade. Although the situation provide a very good opportunity of buying different coins but for a newbie its quite risky. Wait for the market to stabilize then starts trading. Start with investing smaller amount, gain experience and then go for the larger amount. Watch the news and market trends very closely.

[Ompyon]

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.

2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.

Hope this could help some newbies in trading crypto

Beginner traders should increase knowledge before starting a trader. People who start trading are usually too excited, immediately trade, because they think trading is easy. Without the right knowledge it is like advancing a war without weapons.

for that's reason this tread is made, so that beginners can learn the intended purpose, so they can realize that trading does not only require capital, but we must consider aspects of other aspects of support, especially mental.

[Carlosfeer12]

It is very important to learn the art of trading and especially the beginners must learn that.

[bohr]

I have made a mistake on this 2. tip, as I had so many plans and goals which in theory were great but I haven`t stick to them and experienced huge loss, only if i had stick on my plans many things would be different now for me.

Losing money is a terrible way to learn but at the same time this is a lesson you are not going to forget and it is better that you learn now than later when the price of bitcoin is incredibly high, so take the opportunity to save all the money you can and then invest that money in good cryptocurrencies and this time follow your plan or next time you may not have enough time or money to get back in this market.

[racingboy]

2. Plan your goals. Stick to your plan.

By planning ahead a price target it could lessen the risk of losing the trade,
also be flexible, by planning ahead doesn't mean you need to stick with the
target price, think of other possibilities.

[valentinen39]

Time in the market beats trying to time the market.  Never try to buy in at the bottom or sell at the top, its impossible to do and you are basically just gambling.

Trading is just the same as gambling but it was safer since you can always base on the market price either you should invest or sell your coins in order to earn profit.

[acidburn14]

Stick to your plan.
The most difficult part when you are already in trading.
There may be changes when you are already live. Emotions come, panic selling and buying because of the hype. A lot to be considered.
That plan may always change. I think most of the users will agree with me at some point.
You cannot see what will happen so choices will be made at some part of the plan.

I totally agree with you but that is exactly the reason why I'm advising newbies to stick with their plans to avoid making wrong decisions during the market change. Letting emotions get in your way while trading might cause a big impact but if you know from the start what you want to do then i think it might minimize losses like setting up a certain percentage whether you gain profit or not.

[acidburn14]

For example if I am short temper and I cant tolerate the loss then I might take unwanted actions while trading and thus may worsen my situation even further. So its always better to have control over things and that can be done by seeing in yourself and trying the approach.

Sadly but that's the truth. Trader nowadays are rushing to gain profit without even thinking twice. As a trader, i truly believe in setting up goals can minimize losses. Just as you said, someone who is short temper and putting a lot of emotions while trading can lead to a huge lose because of having a wrong decision during this bearish market.

[Innerpumper]

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.

2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.

Hope this could help some newbies in trading crypto

It is not easy to panic sell
with this, you can minimize loss. As well as the need to believe in yourself.

[acidburn14]

I have made a mistake on this 2. tip, as I had so many plans and goals which in theory were great but I haven`t stick to them and experienced huge loss, only if i had stick on my plans many things would be different now for me.

Exactly, if we let emotions take over our mind while trading then most likely the outcome will not be good.

[Aivaryamal]

Great tips! I agree, if there are no specific goals, then you do not know when you make a profit and continues to trade, thereby leaving in the negative and of course you need to remove the excitement and emotions!

[ThorWin]

I think you should be up on youtube learning trading experience, where there are so many people sharing you the very deep social knowledge. It is so good for us to learn and practice

[acidburn14]

Great tips! I agree, if there are no specific goals, then you do not know when you make a profit and continues to trade, thereby leaving in the negative and of course you need to remove the excitement and emotions!

Putting up a specific percentage really works for me a lot. Being GREEDY is the corect term to those trader who keeps regretting and screaming about their losses like saying they should have sell bitcoin during it's ATH. If you bought bitcoin last year in around $2000 and you sold it $8000 then you are already in profit and there is no need to regret that you should have sold bitcoin when it was $20000. Contentment is one thing that a trader should have in order not to be swallowed by blackhole in cryptoworld

[lamadu3]

According to current situation trading is not at all best option for newbies. From the long view bitcoin price may have the great view to make profit but if you look closely you can get the market knowledge more and it will teach you how much you can make.
Most of the altcoins are fall down completely in the marketplace hence if you search for any altcoins to buy and hold for long time it may work well for them.

If a newbie enters the market now, he might be at a loss. the prices of the cryptocurrencies change so fast that the beginner will be not able even to choose the token to invest in.