3 Basic Tips For Currency Trading Success

[BuxCoin]

About the second tip...

Tip #2 - Educate yourself as much as possible on how the markets work

Crypto markets are unpredictable and they don't follow a tendency, a good example is the clam dump we say the past weeks, it crashes from 0.0024 to 0.0005, lost close to 80% of its value and even the more expert don't see that coming.

yes dealing with predictable markets and unpredictable markets have lot of difference and unpredictable markets and make anyone rich or make them to lose everything i suggest is to learn to trade in predictable markets like forex and stock markets and then enter into crypto

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[LimLims]

Well done Op.
The tricks are really good.
It's a complete trading package for newbies.
But first of as mentioned all newbies should know about the basic trading rules.
Then everything gonna be fine.

[pundit]

Tip #1 - Make sure you identify your financial goals for trading in currencies. Do you have a daily or yearly goal you hope to achieve? Write it down and focus on achieving it. If you're brand new to trading in Forex and currencies then don't be overly ambitious and stay realistic, but don't be afraid to go outside of your comfort zone a bit either.

Tip #2 - Educate yourself as much as possible on how the markets work. There is a relatively large learning curve for Forex and currency trading so knowing the ins and outs is vital to being successful. Don't go in over your head before you get a chance to learn the basics and even some intermediate level strategies. This will save you a lot of headache and stress in the long run.

Tip #3 - Make a commitment to becoming profitable. Trading in currencies isn't for the timid or weak hearted and if you don't have the commitment to stick with it until you're successful you'll get trampled. Since trading in Forex markets for a gain is a competitive and often frustrating experience at first many people just give up. If you do this you'll fail and never become profitable but if you refuse to give up you can only succeed.

By the way I often read about Technical Analyst and Trading advice on this site https://academy.mtbit.com/. Just go for it

All these points mentioned about trading are hypothetical. Setting your goal to take profit per day, per week, per month is easy but refining your trading strategy to achieve it is very difficult. Trading cannot to learnt by reading books only, it needs lot of practice. Everyone wants to be profitable and commit himself of getting profit but market reacts opposite to trader's expectations. So I believe these points are baseless to become a successful trader rather below are some points which I think can be building blocks of one's trading career.
1. First study about trend, SR and other important terms in trading
2. Always trade in the direction of higher trend.
3. Do not risk more than 2% of your capital in a single trade, be patient to wait for the right setup.
4. Plan a trade well, set up exit points on both side ie TP and SL.
5. Do not get greedy and do not get afraid of taking a loss.
6. If you miss 1 opportunity, wait for the 2nd one, do not catch the running train.

There many other things which trader learn from the real time experience, one should practice on demo or micro live account before going live.

[ikicha]

The theory its easy, but the reality was hard. A lot trader more than 95% always losing went they doing a trader, only 5% people can success trading with a good result. Everyone can make their own theory but sometimes the theory does really work for all people.

[bitbunnny]

In general I agree with your points, I would just put it more simple: education, strategy and cool head, in that order.
But all this comes with time and experience so it's not realistic to expect to become successful trader over night. And no one can actually teach you how to trade, there is no universal receipe, you have to figure it out on your own.

[el kaka22]

That overly ambitious people who are looking to make 10% a day has been around for a long time, they haven't been around for few months now but last year when bitcoin was at it is peak they were all around looking for ways to make %10 a day somehow. I can't believe there are people on this earth that think that 10% a day is something possible. They must be thinking this is some sort of game and not real life because in real life nobody makes that much money.

Plus, educating yourself requires people to study how the market works and how they should react to what happens etc which takes time and most traders are noobs who do not want to spend time out of trading studying it, they just want to start trading right away. These are great tips but unfortunately most traders do not care about these.

[HB Wallet]

Good advice. Besides, I think having a good sense of the market is what makes you succeed in this world. Most importantly, don't just risk it all for the very first time. The more you learn from your own experiences the more conscious you will become.

[iphy2]

Thanks for this timely information. I will deliberately put these steps into practice to make my trading activities easier.

[imstillthebest]

tips are good , many traders just read and forget it after a day

lol yeah . funny but its true  . no matter how excellent the tips are people will just read a bit and then forget it later on . maybe except to those who are really dedicated to learn trading  .

i suggest is to read a risk management and psychology books reading books gives detailed info of why this tips comes and traders will understand better   

ive seen alot of suggestion for that books   . indeed risk management is the first and the most important aspect when entering the trading or investing scene . books are detailed but itll be hard time to understand properly compare to a video explanation  or audio books 

[MonsterV]

Your three tips are very good, and of course many people have done it, but also many people who don't succeed with these tips. I know the tips you provide are basic tips for beginner traders, but there are other tips at a higher level such as emotions, technical, experience, etc. However, well enough the material you submit, hopefully can help prospective traders succeed here.

[izanagi narukami]

Tip #1 , it's easy because I trade with long term so I can achieve my goal eventhough it require some time
Tip #2 , this part may the hardest one because this is crypto not ordinary stock trading
Tip #3 , I've commit myself to keep hold no matter what happen on the market ( especially when the market on Red )

[TheUltraElite]

In general I agree with your points, I would just put it more simple: education, strategy and cool head, in that order.

As a general method to follow, you are correct here. Without these three any type of work is going to fail, be it trading or anything that is not a speculative market game.

But all this comes with time and experience so it's not realistic to expect to become successful trader over night. And no one can actually teach you how to trade, there is no universal receipe, you have to figure it out on your own.

One can study the different methods shown in different sites and videos on the internet to learn about trading but being vigilant about paid media which are rampant nowadays because youtubers are money grabbing shills and nothing more. I would be skeptical about being taught about trading because I feel mistakes are our biggest teachers and if we dont rectify our mistakes then we will repeat them and that what we mostly lack and that is possible by doing trading and not listening to someone else.

[Distinctin]

Tip #3 - Make a commitment to becoming profitable.

This rule I like the most, this is about making yourself focus on your goal and will not give up whatever happens, instead you'll continue working and improving to reach your goal. All that is written is useless if we cannot put it into reality and with his goal, a trader will surely be motivated to work for the ultimate success.

[xvids]

About the second tip...

Tip #2 - Educate yourself as much as possible on how the markets work

Crypto markets are unpredictable and they don't follow a tendency, a good example is the clam dump we say the past weeks, it crashes from 0.0024 to 0.0005, lost close to 80% of its value and even the more expert don't see that coming.

Highly disagree. Crypto market is predictable most of the times but of course it won't be always accurate and there are some unknown factors that might destroy a token, that's why not everyone is rich right now but the fact that you can predict some changes is the reason there are a lot of crypto traders that earn comfortably by just doing that. If this was not the case then it's not trading and it should be called gambling.

If you are also a trader like me and enjoy trading alts, i recommend you to go for Switchdex.ag and get their whitelist which will allow you to trade without fees forever. I think you can obtain this whitelist at Switch.ag

I agree that no matter how you educate yourself it wouldn't always be enough like what seoincorp has said.
And just because there are some people who predict some movements that doesn't guarantee anything some of them are blindly guessing and let's face it trading in crypto is much more different compare to stocks and other things.
And surely there isn't a person who didn't lose some on his/her crypto holdings back in the huge dump in 2018 so it should be enough proof that no matter how much you educate yourself you couldn't always win in crypto market.

[sujonali1819]

The guide is very helpful for newbies. A newbie should try to apply these guidelines in the trading world to reach success. Previously I advised a newbie to control emotion during trading. Because in first all people remain out of control. So emotion also plays a vital role in trading. And now I am saying people to learn all things about trading such as Trend, chart, price analysis, to shine in trade.

[omonuyak]

Tip #1 - Make sure you identify your financial goals for trading in currencies. Do you have a daily or yearly goal you hope to achieve? Write it down and focus on achieving it. If you're brand new to trading in Forex and currencies then don't be overly ambitious and stay realistic, but don't be afraid to go outside of your comfort zone a bit either.

Tip #2 - Educate yourself as much as possible on how the markets work. There is a relatively large learning curve for Forex and currency trading so knowing the ins and outs is vital to being successful. Don't go in over your head before you get a chance to learn the basics and even some intermediate level strategies. This will save you a lot of headache and stress in the long run.

Tip #3 - Make a commitment to becoming profitable. Trading in currencies isn't for the timid or weak hearted and if you don't have the commitment to stick with it until you're successful you'll get trampled. Since trading in Forex markets for a gain is a competitive and often frustrating experience at first many people just give up. If you do this you'll fail and never become profitable but if you refuse to give up you can only succeed.

By the way I often read about Technical Analyst and Trading advice on this site https://academy.mtbit.com/. Just go for it

Making commitment to your trade is one of the things that many traders failed to do. I think those that keep losing and keep investing has not making significant commitment to trade and without commitment you may not succeed in trading. I remember how I was playing and gambling around trading in 2014 in forex trading and I lose significantly but since I came into bitcoin trading and commit myself into it I am now making money.

[JohnBitCo]

The guide is very helpful for newbies. A newbie should try to apply these guidelines in the trading world to reach success. Previously I advised a newbie to control emotion during trading. Because in first all people remain out of control. So emotion also plays a vital role in trading. And now I am saying people to learn all things about trading such as Trend, chart, price analysis, to shine in trade.

First thing which is required for a newbie traders to learn the trading.  They should have the basic and some level of Advanced learning before they actually start the trading.  The trading is not easy these days because the market is not moving much and the use of stop loss is a must.

[akram143]

Tip #1 - Make sure you identify your financial goals for trading in currencies. Do you have a daily or yearly goal you hope to achieve? Write it down and focus on achieving it. If you're brand new to trading in Forex and currencies then don't be overly ambitious and stay realistic, but don't be afraid to go outside of your comfort zone a bit either.

Tip #2 - Educate yourself as much as possible on how the markets work. There is a relatively large learning curve for Forex and currency trading so knowing the ins and outs is vital to being successful. Don't go in over your head before you get a chance to learn the basics and even some intermediate level strategies. This will save you a lot of headache and stress in the long run.

Tip #3 - Make a commitment to becoming profitable. Trading in currencies isn't for the timid or weak hearted and if you don't have the commitment to stick with it until you're successful you'll get trampled. Since trading in Forex markets for a gain is a competitive and often frustrating experience at first many people just give up. If you do this you'll fail and never become profitable but if you refuse to give up you can only succeed.

By the way I often read about Technical Analyst and Trading advice on this site https://academy.mtbit.com/. Just go for it

really useful for me and it will be definitely helpful for the beginners to get the interaction how we can read properly with some advices this type of Advisors are always important for the beginners to get successful in something in their life.

[Renampun]

Tip #1 - Make sure you identify your financial goals for trading in currencies.
Tip #2 - Educate yourself as much as possible on how the markets work.
Tip #3 - Make a commitment to becoming profitable.

By the way I often read about Technical Analyst and Trading advice on this site https://academy.mtbit.com/. Just go for it

I really agree with the first tips, but for the second and third tips I don't agree.. why??
unpredictable - the crypto market is very different from the stock, forex or commodity markets, so to make predictions through the trader's signals like "news" is very difficult, so to learn how the market works is almost impossible.

I think there are only 2 ways to become a successful trader, which is to join the most accurate signaling group and use the best trading bots to do buy or sell. cmiiw  

[rodel caling]

Tip #1 - Make sure you identify your financial goals for trading in currencies. Do you have a daily or yearly goal you hope to achieve? Write it down and focus on achieving it. If you're brand new to trading in Forex and currencies then don't be overly ambitious and stay realistic, but don't be afraid to go outside of your comfort zone a bit either.

Tip #2 - Educate yourself as much as possible on how the markets work. There is a relatively large learning curve for Forex and currency trading so knowing the ins and outs is vital to being successful. Don't go in over your head before you get a chance to learn the basics and even some intermediate level strategies. This will save you a lot of headache and stress in the long run.

Tip #3 - Make a commitment to becoming profitable. Trading in currencies isn't for the timid or weak hearted and if you don't have the commitment to stick with it until you're successful you'll get trampled. Since trading in Forex markets for a gain is a competitive and often frustrating experience at first many people just give up. If you do this you'll fail and never become profitable but if you refuse to give up you can only succeed.

By the way I often read about Technical Analyst and Trading advice on this site https://academy.mtbit.com/. Just go for it

Pretty great tips guide, but I believe every trader's have an own strategy how to predict and focus to monitor which coins have potential to grow in the coin market.
For number tips I agree on that way education is very important things without education they can get with nothing analysis is part of education to learn everyday about the market situation.