Some essential trading rules beginners!

[elyorman]

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.

[Periodik]

7. Always invest the money that you can effort to lose!

You must mean afford.

All in all, these are great points to remember. These reminders and warnings have been discussed her many times though. I hope they have helped a lot of traders. Take note, however, that it is always easier said than done. For example, the most common advice is that be objective rather than subjective or emotional in your trades. The problem is that the objective assessment could be both erroneous and uncertain. And secondly, emotions are really hard to turn off, believe me.

[elyorman]

7. Always invest the money that you can effort to lose!

You must mean afford.

All in all, these are great points to remember. These reminders and warnings have been discussed her many times though. I hope they have helped a lot of traders. Take note, however, that it is always easier said than done. For example, the most common advice is that be objective rather than subjective or emotional in your trades. The problem is that the objective assessment could be both erroneous and uncertain. And secondly, emotions are really hard to turn off, believe me.

thanks fixed it! Yup agree with you it's not easy to turn off your emotions which means trading is not an easy job at all. Anyway traders must follow teach themselves how to control over the feelings or do another job.

[iamsange]

7. Always invest the money that you can effort to lose!

You must mean afford.

All in all, these are great points to remember. These reminders and warnings have been discussed her many times though. I hope they have helped a lot of traders. Take note, however, that it is always easier said than done. For example, the most common advice is that be objective rather than subjective or emotional in your trades. The problem is that the objective assessment could be both erroneous and uncertain. And secondly, emotions are really hard to turn off, believe me.

thanks fixed it! Yup agree with you it's not easy to turn off your emotions which means trading is not an easy job at all. Anyway traders must follow teach themselves how to control over the feelings or do another job.

Problems that must be really concerned by people too btw. A lot of people now, start to make a loan and then use it to trading. And the others, collect money and make it as "investment" from people, then do trading. Some people like that maybe not think about "use money that we afford to lose".

[Wexnident]

Most beginner traders go in blindly without knowing anything. Reading about terminologies and market movement is nice and all, but your own analysis and takes to the market is what builds you up as a trader. It's your so called foundation in the business.
You should probably add avoid trading when in debts or currently paying a loan. It's pretty hard to remove emotions themselves or the hope of hitting it off when you're desperately looking for money after all.

[adroitful_one]

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!

This is not only good advice for trading, but for anything in life. Whether you're playing poker, crypto trading, or putting an alternator in your car. If you get emotional, step back away from it for a minute and clear your head. You'll probably come right back to it and handle whatever issue came up. It's happened to me many times. It's just hard to think straight whenever you're all worked up over something.

[sheenshane]

There's a lot of tips and guide that has been already discussed here it seems all are saying redundant and usually are basin in trading.
Just like on these links, there are more of them but I only got those well-detailed posts about the trading tips.
Crypto trading tips based on years of experience --- by Raja
5 Big mistakes for a beginner in cryptocurrencies ✌

Trading is not just as easy, you need to have a knowledgeable enough before you're going through. OP has a good insight even though this is not fully detailed but there's a lesson to get. You may look at those links and add them into your OP.

[amarthompson]

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"!

[Google+]

I think what you say is indeed very important for traders but you should know that new traders are more lazy to learn because they come in bitcoin just want to get instant profit, they sometimes don't care about good and correct trading rules.

[Bttzed03]

9. Start from learning by little instead of putting pressure on yourself and making the process stressful!

This results to information overload and most beginners will end up not mastering anything at all if not corrected. This was one of my mistakes when I started.

[EdvinZ]

Thank you, but these tips are as old as the world and in general, trading will not teach. If you want to engage in day trading, then you definitely need to study for a long time, it is better to take special courses and practice for a long time on demo accounts. The best thing for a beginner is just to buy good cryptocurrencies for the long term. Great investors say that the chances of losing money with day trading are much greater than with a simple investment.

[GreatArkansas]

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!

For me, this is the most important. The risk management.
There are lot of traders nowadays that has still lack of knowledge in risk management, event they are already trading for months or years. Newbie or not, day trader or not. They have still not risk management which is difficult. I admit that I am also like that before, but when I learned the risk management, my portfolio becomes healthy.

[maxreish]

 Let me add this rules.

• Always set stop loss in every trades.
  
  We can't predict when will the btc's price will go up or down. In short, there are so many sideways that can lead to the big losses. However, setting stop loss will definitely lessen the possible huge lose..
  
  
• Set target profit.
  
  When we are greedy to aim foe high profits, sometimes itnis unhealthy and can probably mess up everything. Setting target profit will eventually give you a smooth trades.

[NathanJB]

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!

For me, this is the most important. The risk management.
There are lot of traders nowadays that has still lack of knowledge in risk management, event they are already trading for months or years. Newbie or not, day trader or not. They have still not risk management which is difficult. I admit that I am also like that before, but when I learned the risk management, my portfolio becomes healthy.

Risk management is very important. But it is going to be a minor consideration to one who has yet to know the basics of trading. Learn to analyze and trade first before anything else. Even if you are very careful in every step of the way and risk too little, if you do not win in your orders, you are still losing.

Both points in 8 and 9 may be tied to emotions.

[BitHodler]

I think what you say is indeed very important for traders but you should know that new traders are more lazy to learn because they come in bitcoin just want to get instant profit, they sometimes don't care about good and correct trading rules.

Finally someone who understands how newbies are.... the part I don't really agree with is where you state that people don't care about good and correct trading rules, because they do and are willing to pay big money for it to "experts".

There is a thriving industry of social media influencers who offer courses on everything related to trading and investments, where some charge even $2k for a full course.

One must be quite desperate to learn how trading works to actually pay that much money to someone who pretends to be an expert but in reality only knows the basics. If people didn't care they wouldn't pay that much.

[el kaka22]

These has been talked for years now, there is no reason to open topic after topic on how to trade and what are the trading rules. If you want to trade the only thing you should be aware of (the only rule) is bitcoin can go up or down. That's it, nothing more and nothing less, you may think bitcoin will go up and it can either go up and you would be right or it could still go down, you can think it will go down and it may go down and make you right but it could also go up.

When bitcoin will go up and down is known by no one but the whales or manipulators who have enough money to change the price, sometimes they are not even involved so it is just hype around bitcoin. Do not think bitcoin will do something and be 100% sure, never be 100% sure about bitcoin movements, you may end up losing a ton of money.

[GreatArkansas]

There is a thriving industry of social media influencers who offer courses on everything related to trading and investments, where some charge even $2k for a full course.

I also noticed this. Especially here in our country, they are totally spreading anywhere, shilling their own profits just to lure some newbies to subscribe on their trading group or courses.
Even in twitter, there are lot of famous twitter profile of different traders that are very aggressive especially on their courses. Well, we can't force them.
But it is really advisable to learn by ourselves especially when we don't have that much money for starting to trade.

[GreenStox]

indeed the rules you mentioned are some that should be important points of traders because they are new and do not have trading experience so they do not know the position of buying the right coin and selling coins at the right price, and usually beginner traders are also still easy to panic.

[dimonstration]

Let me add this rules.

• Always set stop loss in every trades.
  
  We can't predict when will the btc's price will go up or down. In short, there are so many sideways that can lead to the big losses. However, setting stop loss will definitely lessen the possible huge lose..
  
  
• Set target profit.
  
  When we are greedy to aim foe high profits, sometimes itnis unhealthy and can probably mess up everything. Setting target profit will eventually give you a smooth trades.
  

This should be know when we are already trading a lot, at the start we can try in minimal amount to risk and to understand how it goes, to explore and see what will happen if we let our self control us, after that we will realize that this 2 especially setting target were indeed needed. Learning from experience and trying to explore some risky moves are good so when we fully trade a lot we know the things that we should really avoid. We must not greedy and we must accept that we need to stop being loss that make our self hope more that can broke us more.

[elyorman]

These has been talked for years now, there is no reason to open topic after topic on how to trade and what are the trading rules. If you want to trade the only thing you should be aware of (the only rule) is bitcoin can go up or down. That's it, nothing more and nothing less, you may think bitcoin will go up and it can either go up and you would be right or it could still go down, you can think it will go down and it may go down and make you right but it could also go up.

When bitcoin will go up and down is known by no one but the whales or manipulators who have enough money to change the price, sometimes they are not even involved so it is just hype around bitcoin. Do not think bitcoin will do something and be 100% sure, never be 100% sure about bitcoin movements, you may end up losing a ton of money.

The post doesn't claim there's a way to predict the market for 100% but by following some rules you can increase the chances of being right!