Tips for newbies to trading

[aTriz]

My simple tip to newbies regarding trading is, do not enter into trading as a newbie. Gain experience and knowledge then trade with your actual capital. (I still appreciate OP's suggestions for any newcomer of trading field)

how can someone gain experience without doing that thing? to gain some experience one must do that. he might fail once or twice. but at the end of the day he'll learn it and can do it properly.

I agree everyone must be a newbie in a new environment but trading provides lots of opportunity to gain knowledge on it for free of cost. We can practice in demo accounts to learn all the fundamental and technical things to start with. It means there should be no compulsion to start trading as newbie; we can gain all the required minimum things before entering. This way a newbie may not remain as naive trader to being with trading.

I don't see any Good Crypto currency exchange, offering any demo accounts. I saw this demo account thing in forex trading platforms. but not in crypto exchanges. not in Binance, Kucoin, Bittrex at least, I must say.

anyway. your point is good. if someone can find a way to earn some coins for free. then he could be saved from investing his own money.

[nutella_11]

Everything is easy to say, but hard when you want to implement it. So, be patient and learn from your mistakes, that's the first tip. Another one (important!) is to never invest more than you can afford to lose. Buy one of the hardware wallets, for example Trezor where you can store your funds safely. Use only reliable websites to buy bitcoin, I recommend you rather to use cryptocurrency exchanges (like for example Kraken, Coindeal or Coinbase). There are a lot of scams so be cautious.

[seramania]

These points are mandatory for novice traders, but there may be one thing that beginners cannot do consistently. it is patient. a lot of beginner traders who can not be patient with the situation and also they are in a hurry to get a big profit. so it is not effective for a trade that they run

[alisonwonder]

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

[mirrasel]

I think, understanding the overall sentiment of the market is a big issue before investing or trade!

[tambok]

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

Other than that we should learn how to control our emotion, we should learn how we are going to manage our time, and fund wisely, how much we are willing to start as a capital on trading, for how many hours we are willing to sacrifice everyday and are we mentally and financially ready if ever the market is not good and we may lose sometimes.

[target]

Its the Practice that they may not really do here since the only way to practice is to Start small and starting small still will cost money. I myself have been losing money and are still practicing almost every time there is a spike and price dive. Self control and being patient is hard to do when you are already losing money. So training yourself to be patient is hard when you already lose money. Best Tip I got is to only trade when the price take sharp edges on BTC/USDT pair.

[alisonwonder]

Add the ability to know when to stop, or make a limit when trading, PLUS trade only what you can trade. There are quite a few important things to note in trading but these too are important so that you wouldn't lose much when you're actually losing in a trade. Plus, asking for loans to invest isn't really an optimal thing to do so trade what you can.

cut loss is very important in trading, if we don't put this in trading we will lose a lot of money. I've experienced this. at least if there is a decrease ,set cut loss if fall it reaches -7-10%

Other than that we should learn how to control our emotion, we should learn how we are going to manage our time, and fund wisely, how much we are willing to start as a capital on trading, for how many hours we are willing to sacrifice everyday and are we mentally and financially ready if ever the market is not good and we may lose sometimes.

its true, but if we can put a cut loss on every trade it means we are disciplined enough not to lose a lot of money, besides that don't be greedy to determine profits. for example a minimum of 10% increase directly sell it. because the current market situation won't fly too high, 10% is a good result.

[Maslate]

Its the Practice that they may not really do here since the only way to practice is to Start small and starting small still will cost money. I myself have been losing money and are still practicing almost every time there is a spike and price dive. Self control and being patient is hard to do when you are already losing money. So training yourself to be patient is hard when you already lose money. Best Tip I got is to only trade when the price take sharp edges on BTC/USDT pair.

Things are really hard when you are already in a losing point. But if you follow these tips, i know this will really minimize your losses somehow. Trading is a very profitable way to make profits but you should also learn to overcome all the risks its takes. Although losses is inevitable, but as long as you only invest on the amount you can afford to lose, then it would still be fine.

[KnightElite]

For those newbies, you should not join in trading signal groups because they are giving wrong information and all of them are scams. Most newbies are following their prediction and they experiencing losses. In trading, you should only trust yourself and do not follow the other's opinions. I know that newbies will not easily earn money in trading but you will learn through experiences.

[Murat]

I think every newbie should research this cryptocurrency very carefully because, without proper knowledge, no one can cut a good figure in this system, so they have to go through regular news and should make good research for the own purpose, obviously, they have to start with a small figure, beginning with a big amount could bring a heavy disaster to him or her at the current context, and don't depend on the emotional decision, be cool and patience, don't take any decision without proper thinking, take your time and learn how to control your emotion, if you can can then it would be a good platform for making profit by trading.

[AniviaBtc]

I agree on all your thought but I think you need to add one more thing which is avoid too much greed because I think it is the most important thing that we need to remember before doing and dealing in trading industry. You also need not some but huge or lot research and study before doing trading because it is very complicated activity.

how are you sure that we don't need research to learn to trade?
even those who are experts with their analysis and research still have 100% lost their money. I think a newbie really needs to learn even though it's just basic how to trade

thats totally wrong if didn't need research and observation to find best opportunity in market. So if we dont do this , based on what our decision? If we feel research was complicated acitivity , i am sure there is something wrong with our way. We must have some checklist in analizing coins to trade, so it will look simple and easy to.

Research is good and helpful but it's not enough people. For newbies, they should learn and analyze basic things, we all know that. But the most important thing to practice is to apply the fundamentals in order for you to become used to it. After you apply those things over and over again. That's when you get EXPERIENCE, it is the most efficient skill you should have in trading.

Research is good, analyzing is good, learning is good, but APPLYING is the best.

[Yamifoud]

These are not tips but the basics before you start trading. Following them may expose you to losses.

That's why I included newbies in the topic, to show it's for those who are just (about) getting into trading. Trading us a broad topic and I only highlighted simple steps a newbie should take. Losses are bound to come in trading, but I do not see how following basics could expose you to losses.

I know what you would like to emphasize and newbie must do before to start in trading. These will be simple hints and exactly basic tips to avoid possible big losses. Yes, it can be of simple and quite to say but really hard to make it.

Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.

[nydiacaskey01]

Anyway, that will also depend on how we manage ourselves. Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.

Trading is not for everyone thats why I agree that it requires hard work and most specially, patience.

I have a lot of experience where the answer to my losses is just because I sold too early or I panic. Trading crypto is different from trading stocks. In stocks, news are very important, unlike trading crypto, its not the news that matters.

[sayaya17]

The points mentioned by the OP are options that must be understood by traders who have just entered the world of crypto, especially for analyzing charts every day and fundamental analysis will be very helpful to determine the success of a trader. Being a trader at crypto does require patience if you want to succeed and get consistent profits. So trading requires skills and learning.

[Omega Weapon]

Trading can be very complicated especially for newbies. Lots of people are still split on whether it's down to luck or skills on the analysis (technical and fundamental). As a trader, there are bery simple steps you can take to improve your chances of gaining and also minimize your losses and they can be useful for day traders as well as long term traders (investors)

1) Read and research: This is important for both newbies and experienced traders. The internet is a repository for information and lots of knowledge can be gotten from reading through it (this also includes watching helpful videos). Also do your research, knowing what is happening on what exchange or what currency is planning a fork or a halving can help shape your decisions.

- Practice: Through regular practice, you will find the strategy that suits you, this can be done through demo trading.
One important point to note is that during g practice you have to treat it like it's the real thing. Use only the lot size, capital, leverage, etc that you will use during an actual trade.

- Start small: There is no hurry in trading and as a newbie, you should start small and grow with time. Losses are ineluctable, so a small capital will reduce your losses.
At every point, only invest what you can afford to loss

- Be patient: Every trader should have the quality of patience and also timing.
It is important to know how to control your emotions and only act on your analysis. This would also help you handle losses and profits.

- Explore every option: There are lots of tools at your disposal, signals, technical and fundamental analysis, etc, not every one of them would be helpful to you, discard those which are not and stick to your strenghts. Bitcointalk can also be a useful tool, it's an interactive forum where you can ask questions.

To all of these I will add backtesting your system, many begin to trade without really knowing if their system is effective at all, they only test their system for a few trades and if the test is positive then they think they have a winning system, but things are not that simple, if you really want to know if your system is effective you need to test it against many markets in all kind of different conditions and only if you come up as a profitable trader in all of them then you can use that system.

[danherbias07]

- Practice: Through regular practice, you will find the strategy that suits you, this can be done through demo trading.
One important point to note is that during g practice you have to treat it like it's the real thing. Use only the lot size, capital, leverage, etc that you will use during an actual trade.

I agree with this. But feel the trade like it is your real money so that you will have the little tension while using the demo.
There is no sense if you know yourself that it is fake money.

- Start small: There is no hurry in trading and as a newbie, you should start small and grow with time. Losses are ineluctable, so a small capital will reduce your losses.
At every point, only invest what you can afford to loss

Doing it hands on with a little experience could be really scary but with a little courage it could be fruitful.
Do not be afraid to lose something and that is why you are starting small. You want to gain some experience out of it first.

To newbies, I would be more careful with what you watch on youtube. The so called "pro-analyst" might not really be and you are being pulled to a trap.

[CarnagexD]

Anyway, that will also depend on how we manage ourselves.

It really depends on us and the points/tips given is just a guide for likely a successful trading.

Many traders suffer big losses not because they start big or whatever it say on the OP, but it is because they really don't understand what they doing. Trading is risky and of course, it needs hard work to make it find and successful.

There are traders that tends to get comfortable with trading when they win on their debut, that makes them more aggressive playing in the market thinking they could just easily win and profit. When did become trading a trend? after 2017? 2018? We can say with 1 to 2 years of traders from that time til now, they were not totally used to see the prices low as market has already grown and that causes them to panic.

[star7dust]

Thank you for the tips! I'm thinking of starting to trade, but I'm slightly afraid something can go wrong. I guess it's about staying cautious all the time!

[FLoving]

I agree on all your thought but I think you need to add one more thing which is avoid too much greed because I think it is the most important thing that we need to remember before doing and dealing in trading industry. You also need not some but huge or lot research and study before doing trading because it is very complicated activity.

how are you sure that we don't need research to learn to trade?
even those who are experts with their analysis and research still have 100% lost their money. I think a newbie really needs to learn even though it's just basic how to trade

thats totally wrong if didn't need research and observation to find best opportunity in market. So if we dont do this , based on what our decision? If we feel research was complicated acitivity , i am sure there is something wrong with our way. We must have some checklist in analizing coins to trade, so it will look simple and easy to.

Research is good and helpful but it's not enough people. For newbies, they should learn and analyze basic things, we all know that. But the most important thing to practice is to apply the fundamentals in order for you to become used to it. After you apply those things over and over again. That's when you get EXPERIENCE, it is the most efficient skill you should have in trading.

Research is good, analyzing is good, learning is good, but APPLYING is the best.

But I cannot say that if the remaining thing are kept in good then applying should be kept in best because of the trader will focus on the starting and will not give importance to these other things then he will lose their money and will be disappointed. It is better that we consider the research learning etc at the best and after that we have to suggest for the applying and getting experience. As if he will go through bad experience he will leave this field very sooner.