Some essential trading rules beginners!

[Yatsan]

Even though things like this have been discussed a lot of times in this forum, it's still good that sometimes we bring it up and go through it once more, so that traders who have joined the community newly will come across it and learn as well.

Like you have said, everything is a process, you don't just jump on it and start trading or else you're going to end up with losing your money in trading. Before starting day trading, one has to learn the basics of trading and they can start when they understand the basics. As time goes by they will be able to go deep into it and learn things that they never knew.

They should never forget to make use of stop orders while trading, because there are times you will place the wrong order and this limit and stop order is what's going to save your ass. So knowing all these are very important.

It's okay to lose sometimes or even often, but the most important part is you will learn in every trade you are gonna make. Losing your money is part of the trading.

everything is a process

Then, experience will be the very best way to be good at trading, You don't need to spend all your time reading tips on how to be a good trader. Start trading and be a good trader in the future.

[1714715617]

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[1714715617]

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[atjiat]

This is really a very good topic for most novice traders and beginners in this forum.  I have practically not achieved anything in cryptocurrency trading, although I have some knowledge in this activity and get my small income, which I hope will increase in the near future.  But lately, I have not noticed that useful information that would give me the opportunity to get real benefit from what I read as a beginner.  Guys, I think that every sane person understands that before you start something, you first need to study all the information and before proceeding with practical actions, you need to weigh all your possibilities, and you repeat this in almost every post.  Of course, I understand that before I get any personal advice, I must talk about my trading so that someone sees my mistakes.  But this is not about mistakes, but about those tips that are very important for each trader.  Guys, I ask you, write something significant that can improve my and others' results in trading.  Thank.

[Faxmate]

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!
2. There is a big difference between Demo and Real trading although somehow everything looks almost the same. So if you are doing good in demo it does not mean you will succeed in real trading as well!
3. Never ever trade just by reading social media opinions! If you want to be a successful put work into it, study a lot. Understand the market itself, terminology, market participants, etc!
4. Once you have a comprehension what crypto/forex/stock market is now study trading strategies! They can be different and every trader has their own ways of trading.
5. Never trade when you are emotional (it does not matter happy, sad)! Be always calm and just have a rest from trading when you are not!
6. Never trade just because you have not traded today unless you are sure! There are days when is better not to make any deal and it's absolutely normal.
7. Always invest the money that you can afford to lose!
8. Always have risk management and money management! (Unfortunately half of the trader even don't know what these two are)
9. Start from learning by little instead of putting pressure on yourself and making the process stressful!

I hope someone finds this useful! Wish you all "take profits"!

UPDATE: And here you can read a related article based on real trading experience.

These tips may be old but it could really help the forum's members especially beginners as their starting guide. Also, tip number 5, which says not to trade when you are emotional regardless if you're happy or not, they both could lead you into messing up your trade because emotions being at its pick will just cause you making decisions impulsively, emotions don't have a place in this field. And, tip number 7, baginners should take note that they shoyld only trade or invest what they can afford to lose because regrets is heavier.

The two points that you highlighted are the building blocks for successful trading. Those beginners who understand the crucial nature of them never face big losses in trading. Often new traders are seen investing more than what they can lose simply because marketing of particular coin or because they are so excited to make money. In both cases, they end up losing money and learn the lesson in hard way.

[stomachgrowls]

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!
2. There is a big difference between Demo and Real trading although somehow everything looks almost the same. So if you are doing good in demo it does not mean you will succeed in real trading as well!
3. Never ever trade just by reading social media opinions! If you want to be a successful put work into it, study a lot. Understand the market itself, terminology, market participants, etc!
4. Once you have a comprehension what crypto/forex/stock market is now study trading strategies! They can be different and every trader has their own ways of trading.
5. Never trade when you are emotional (it does not matter happy, sad)! Be always calm and just have a rest from trading when you are not!
6. Never trade just because you have not traded today unless you are sure! There are days when is better not to make any deal and it's absolutely normal.
7. Always invest the money that you can afford to lose!
8. Always have risk management and money management! (Unfortunately half of the trader even don't know what these two are)
9. Start from learning by little instead of putting pressure on yourself and making the process stressful!

I hope someone finds this useful! Wish you all "take profits"!

UPDATE: And here you can read a related article based on real trading experience.

These tips may be old but it could really help the forum's members especially beginners as their starting guide. Also, tip number 5, which says not to trade when you are emotional regardless if you're happy or not, they both could lead you into messing up your trade because emotions being at its pick will just cause you making decisions impulsively, emotions don't have a place in this field. And, tip number 7, baginners should take note that they shoyld only trade or invest what they can afford to lose because regrets is heavier.

The two points that you highlighted are the building blocks for successful trading. Those beginners who understand the crucial nature of them never face big losses in trading. Often new traders are seen investing more than what they can lose simply because marketing of particular coin or because they are so excited to make money. In both cases, they end up losing money and learn the lesson in hard way.

Emotion is the most common enemy specially for those who start-ups even on veteran ones but its totally different when you are a newbie since this is the hardest
to control when you do see new things ahead and since you dont have experience you would most likely or destined to commit mistakes and we know
that the best teacher is our mistakes and if you do learn from it then you would able to know on what you gonna do in next time.

[Tungsten-1]

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!
2. There is a big difference between Demo and Real trading although somehow everything looks almost the same. So if you are doing good in demo it does not mean you will succeed in real trading as well!
3. Never ever trade just by reading social media opinions! If you want to be a successful put work into it, study a lot. Understand the market itself, terminology, market participants, etc!
4. Once you have a comprehension what crypto/forex/stock market is now study trading strategies! They can be different and every trader has their own ways of trading.
5. Never trade when you are emotional (it does not matter happy, sad)! Be always calm and just have a rest from trading when you are not!
6. Never trade just because you have not traded today unless you are sure! There are days when is better not to make any deal and it's absolutely normal.
7. Always invest the money that you can afford to lose!
8. Always have risk management and money management! (Unfortunately half of the trader even don't know what these two are)
9. Start from learning by little instead of putting pressure on yourself and making the process stressful!

I hope someone finds this useful! Wish you all "take profits"!

UPDATE: And here you can read a related article based on real trading experience.

These tips may be old but it could really help the forum's members especially beginners as their starting guide. Also, tip number 5, which says not to trade when you are emotional regardless if you're happy or not, they both could lead you into messing up your trade because emotions being at its pick will just cause you making decisions impulsively, emotions don't have a place in this field. And, tip number 7, baginners should take note that they shoyld only trade or invest what they can afford to lose because regrets is heavier.

The two points that you highlighted are the building blocks for successful trading. Those beginners who understand the crucial nature of them never face big losses in trading. Often new traders are seen investing more than what they can lose simply because marketing of particular coin or because they are so excited to make money. In both cases, they end up losing money and learn the lesson in hard way.

Emotion is the most common enemy specially for those who start-ups even on veteran ones but its totally different when you are a newbie since this is the hardest
to control when you do see new things ahead and since you dont have experience you would most likely or destined to commit mistakes and we know
that the best teacher is our mistakes and if you do learn from it then you would able to know on what you gonna do in next time.

The control over negative emotions and thoughts come with the passage of time. The more time one spends in market, the more he is exposed to variety of situations and is also able to practice his strategies. This is true that most of the newbie traders are found losing money in day trading just because of panic selling or buying. Newbie traders are highly affected by market related news.

[BartS]

It's okay to lose sometimes or even often, but the most important part is you will learn in every trade you are gonna make. Losing your money is part of the trading.

It depends on the way you lose, if you did everything right, you bought a coin when you had to and sold it when it was the right time, you took your time to analyze the trade, you managed your money properly and you did not let your emotions take control over you then losing is OK since losing while you trade is inevitable.

But if you lost money because you did something wrong then that is something you need to correct otherwise it will keep happening and it does not matter if you think you have the capital to sustain those losses because no one does.

[Edraket31]

It's okay to lose sometimes or even often, but the most important part is you will learn in every trade you are gonna make. Losing your money is part of the trading.

It depends on the way you lose, if you did everything right, you bought a coin when you had to and sold it when it was the right time, you took your time to analyze the trade, you managed your money properly and you did not let your emotions take control over you then losing is OK since losing while you trade is inevitable.

But if you lost money because you did something wrong then that is something you need to correct otherwise it will keep happening and it does not matter if you think you have the capital to sustain those losses because no one does.

When starting, losing in trading is just a test, no one is winning everyday at trading, losing means we will have the ability to learn, and we can only learn if we let ourselves analyze what was our mistake why we lose, we are realizing a lot of things, what matter is that we keep going and try and try again until we reach the altitude of success. But, once everyday we are losing for a couple of months, then we should stop first, maybe we are too emotional, let's take a break for a while.