Some essential trading rules beginners!

[jets567]

This points are indeed helpful I'm actually new here and my inttention is to focus fully on trading coming across those points just give me some inserts about some possible risk and what to do to limit them. I was actually thinking of selling a landed property but with what I see here its not advisable thanks for this brief information.

That is not voice idea dude, do not focus in crypto trading because already many traders lost their funds and mood out for investment kind of businesses.
Well if you want to try the trading still without any hesitation, please take some time to learn trading strategies and then you can invest for day trading.

Why discourage him/her to do crypto trading? don't you think its good to have people like him/her who wants to learn and understand the risk involve in crypto trading. Let me remind you that traders plays a big part on this industry because they are one of the reason why we have a lively market so for me its a good thing to have more active traders in crypto-space.

[daarul50]

First we need to always knowledgable and have a continues learning to become motivated.

Being knowledgeable about bitcoin is easier and more simpler than going for altcoins which done reveal what they are doing and dont have enough of a marketplace to sell their service. In other terms those which do not have a sustainable market of their own are easy to detect and not invest in.

And last one is avoid too much greed because it will drives you going to loss.

I think greed has an importance but the more important thing is the FOMO. People need to stop getting FOMO over some coins. Do not buy at the all time high. If you feel a certain coin is worth putting money in watch it for when it does go down and not go up, because once its up it will be dumped hard.

Watch them like a hunter preys its food. Pounce on them when they are weak.

even though it doesn't guarantee you anything even you are knowledgeable at least that is better as the starter.

experience is everything in this trading business and to gain the experience -as everything has a beginning before it turns experienced- just do it ! execute more important rather than thinking too much , sometimes it even makes you stepping back doing it.
you can learn more when things has been running, don't scared to fail.
i learned a lot from the mistakes that i made in trading and it makes the better version of me after that.
the real learning is through experience, even if you bought it on the all time high which it is really a big mistake but in the next days , next time you will become a better trader as you have gained experience.

[BartS]

I think it's okay if beginner trader doing trade with less knowledge first, they have to experienced loss and learn how to avoid it.
No traders that instantly become pro traders, i'm sure the pro traders are having a hard time in old times. and by experience and learn much technical and fundamental analysis, they can manage their loss and profits.

The truth is that a beginner trader is not going to have too much of a choice, it does not matter how many books or videos he watches he is never going to be fully prepared until he becomes a full time trader.

Only then he will discover if he has what it is necessary to become a trader, because even if has all the knowledge of the world it does not matter if you do not have the necessary control of your emotions that is a must when you are trading with money that could change your life.

[Bitcoin Seller]

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.

Guys, it does not matter. I think we have all understood what is meant here. Being a beginner in trading, you need to be 100% sure that even if you lose in this business, you will have at least one-two other reliable income sources bringing you profits constantly. Trading cannot become a single job for a newbie.

[Distinctin]

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.

Guys, it does not matter. I think we have all understood what is meant here. Being a beginner in trading, you need to be 100% sure that even if you lose in this business, you will have at least one-two other reliable income sources bringing you profits constantly. Trading cannot become a single job for a newbie.

Not really sure if newbies tried to understand this or they are just eaten by their emotional greed and low thinking. For us who experience already losses in trading, it gives us a lesson to learn and quitting isn't a solution but rather to take another try. Trading is not all about the money that we can afford to lose cause we're not aiming for that in the first place. And thinking for that will only give us a hint that we surely lose any time soon and could put negatives in our mind.

[teosanru]

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!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

[tambok]

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!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

Let us also take into consideration our attitude in trading, it is not enough that we do have a lot of learnings and experience if we don't know how to keep calm.patience and discipline, then all those learnings that we have cannot apply properly, so we need to be careful on it.

[logicgate]

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.

Guys, it does not matter. I think we have all understood what is meant here. Being a beginner in trading, you need to be 100% sure that even if you lose in this business, you will have at least one-two other reliable income sources bringing you profits constantly. Trading cannot become a single job for a newbie.

      Same as me, I use trading as my part-time job and I give my spare time to gambling. For me its really reliable job to trade for long term and use my extra time in making researches as i have heard that a trader must have knowledge and fine information about trading. So being new trader people should trade but with care and gain knowledge as much as possible it will help a lot.

[Shasha80]

For beginners it is necessary to be careful in starting trading because I have read the article 95% of the novice traders experience
loss when you first start trading. In fact, it's simple to trade only buy when prices are low and sell when prices are high, but most
people use a lot of theories, sometimes it is wrong to buy when the price is topped by FOMO and sell it when the market goes down
because of panic. For that there are some basic rules, especially for novice traders to minimize losses include investing money that
we can afford to lose, do not be greedy when it has direct profits to sell even if only a little profit, do not fixate on just one coin, and
do a detailed analysis by yourself so you can take the right decision.

[kanayaTabitha]

Those essentials trading are easy to remember but hard to implement for beginners, because to become a trader we should have much loss experience first. No traders instantly become a pro trader and can live their live just by trading. They've must experienced much loss before they know the nature of the market and what they should do in many different situation.
But i don't say they have to ignore those essential rules, they have to know it also. But do it based on the current situation.

[EdvinZ]

The rules of trading are known to everyone, but the most important rule is to firmly follow these rules is often broken. Therefore, the main rule of trading is discipline and strict adherence to your previously drawn up plan. It is impossible to succumb to the temptations arising in the market, because the market severely punishes those who treat trading as a casino game. Only strict discipline and following your strategy can lead to success in the market.

[Murat]

It's true that anyone can earn a lot of money by trading on the cryptocurrency platform even on the general financial system, before going to start you need a good orientation regarding this issue. if you come to this trading platform then you also should be ready to accept the financial loss because no one can will always, I agree with you on these pints which you mentioned here, obviously, Keeping control over emotion is the main thing to get a good deal, I think social media's influence and emotional decision could bring a bad impact on trading very much. also, we need to start trading with a low amount, I believe too much trading could be hazardous for trading very easily.

[Genemind]

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

This results in 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.

This is the first thing that we have to do before we start trading. We really need to have an actual understanding of the basics before we use huge funds just to gain a huge profit. It's better if we'll learn about it first than to risk our funds and pressuring ourselves. It's a step by step process. Trading is a long process of learning so we have to have the eagerness to learn at least the basics of trading.

[Kevondo]

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!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

Let us also take into consideration our attitude in trading, it is not enough that we do have a lot of learnings and experience if we don't know how to keep calm.patience and discipline, then all those learnings that we have cannot apply properly, so we need to be careful on it.

It is not possible to earn huge profits form trading if a trader lacks patience and self control. Knowledge is the other important factor. Then a digital trader must be owner of bitcoin, as it is the most beneficial and volatile coin. The mindset of a trader has a lot to do with his career. Trading demands a calm mind. Taking the right decision at right time cannot be done with low patience and no discipline.

[Edraket31]

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!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

Let us also take into consideration our attitude in trading, it is not enough that we do have a lot of learnings and experience if we don't know how to keep calm.patience and discipline, then all those learnings that we have cannot apply properly, so we need to be careful on it.

It is not possible to earn huge profits form trading if a trader lacks patience and self control. Knowledge is the other important factor. Then a digital trader must be owner of bitcoin, as it is the most beneficial and volatile coin. The mindset of a trader has a lot to do with his career. Trading demands a calm mind. Taking the right decision at right time cannot be done with low patience and no discipline.

Having a right attitude is very important, one of those is the eagerness to learn and to earn (but not too greedy) and having a lot of patience that you will need every single moment of your life in trading.

We've seen a lot of experts in trading, but they are still unsatisfied with what they are earning, why? They were too greedy to earn more, they even have lack of sleep and worst, instead of having a profit, they loss everything because of the aggressiveness they have, they can't have much patience and they were too risk taker.

[topbitcoin]

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!

I think this is the most important tip. Every one thinks that trading is like a fairytale the moment you will step in after ready a couple of books you will start winning every trade and you will be able to earn $500 each day for every day of month. This actually is not true. Even after complete study you require persistant practice to sharpen out your trading system and strategy it's because market has different phases and you need to find out at which phase does it works. It's not easy and quick money otherwise the whole world would have been just trading.

Let us also take into consideration our attitude in trading, it is not enough that we do have a lot of learnings and experience if we don't know how to keep calm.patience and discipline, then all those learnings that we have cannot apply properly, so we need to be careful on it.

It is not possible to earn huge profits form trading if a trader lacks patience and self control. Knowledge is the other important factor. Then a digital trader must be owner of bitcoin, as it is the most beneficial and volatile coin. The mindset of a trader has a lot to do with his career. Trading demands a calm mind. Taking the right decision at right time cannot be done with low patience and no discipline.

Having a right attitude is very important, one of those is the eagerness to learn and to earn (but not too greedy) and having a lot of patience that you will need every single moment of your life in trading.

We've seen a lot of experts in trading, but they are still unsatisfied with what they are earning, why? They were too greedy to earn more, they even have lack of sleep and worst, instead of having a profit, they loss everything because of the aggressiveness they have, they can't have much patience and they were too risk taker.

Very excessive in anything wouldn't give us good feedback. I think every people might think about "i will maximized my profit while i can" that is why some people maybe force themself to keep do trading, when they get the ritm of market. I'm not resist, in past i do it too. Keep trading when i see pumped and dumped coin happen a lot in market. Although in the morning i must go to work.

[bitgolden]

The rules of trading are known to everyone, but the most important rule is to firmly follow these rules is often broken. Therefore, the main rule of trading is discipline and strict adherence to your previously drawn up plan. It is impossible to succumb to the temptations arising in the market, because the market severely punishes those who treat trading as a casino game. Only strict discipline and following your strategy can lead to success in the market.

There are lots of temptations, and I think the most popular temptation that one that has to do with price. Many people who are trading or investing in bitcoin does not have a set goal, they only go in with the mindset of putting small and catching big, and when the opportunity arises for them to take profit, they don’t take it until they will watch the market dump again, and then they start having regrets for not taking the profit at that time.

The most important rule for e is that we must have our set goal first and it is when we have a goal, that we will be able to have a set profit that we will reach before we deactivate our investment, and also the goal is the one that will help us to also make some decision as at when to also buy some of these coins again.

[henmark]

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.

[panganib999]

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.

[BartS]

The rules of trading are known to everyone, but the most important rule is to firmly follow these rules is often broken. Therefore, the main rule of trading is discipline and strict adherence to your previously drawn up plan. It is impossible to succumb to the temptations arising in the market, because the market severely punishes those who treat trading as a casino game. Only strict discipline and following your strategy can lead to success in the market.

It is interesting because those that could benefit the most from a strict adherence to the rules are the beginner traders but they are the ones that do not understand why they need a set of rules to begin with, so when the times comes they make the same mistakes the rules were trying to prevent them to do, when I think about this I cannot help to think that despite how much we would like to help the beginner traders to make money in the markets there are some persons that cannot handle trading no matter what we do.