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Author Topic: Need advice on becoming a successful trader  (Read 700 times)
Twentyonepaylots
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May 19, 2020, 09:02:19 PM
 #61

Becoming a successful trader is not easy and you have get more experience with your trading fund lost, maybe many successful trader there lost much money first time before become success and get many trick how to get much profit with trading or investing, they know good time when enter for buying and selling.
The common misconception about trading is that they think a year of learning how to trade will make them better, which is not a good point for me. To be a successful trader, always carry the title "new" why? because the market changes constantly in no particular time which makes the most of us wonder where it could be in the next run. Riding the mass speculation does not guarantee a good return, don't base the success in quantity, instead depend it on the quality. For the last, don't be afraid to fail that's where the most of lesson will come from.

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May 19, 2020, 09:20:57 PM
 #62

If we have that kind of courage and eagerness to become pro and successful trader we need to be patient as well. Because becoming a trader is not an easy job that we can learn instantly and becoming pro in a day, a week, or even a month but instead, it usually takes a year and it also needs continuous learning. And if we don't have this kind of attitude, ain't no wonder why we fail.

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Kasabus
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May 19, 2020, 10:50:31 PM
 #63

If we have that kind of courage and eagerness to become pro and successful trader we need to be patient as well. Because becoming a trader is not an easy job that we can learn instantly and becoming pro in a day, a week, or even a month but instead, it usually takes a year and it also needs continuous learning. And if we don't have this kind of attitude, ain't no wonder why we fail.
Learning trading would take a lot of patience because it would not make you a good one without spending more time in gaining knowledge about the crypto world and developing your own strategies which will only be molded by time. Experience is still the best teacher after all but do not keep on chasing more on profits because you won't stay long in trading if that will be your mindset.




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May 20, 2020, 09:51:10 AM
 #64

...Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL...

I myself used to lose a lot of money precisely because of the triggering of a stop loss. It is a whole science to correctly set the limit of its operation. Obviously, you set it too close to the current price, so when the price changes impulsively, the stop loss is triggered and the price then reverts to the previous one and you get a loss. If you only use spot trading, you can try trading without a stop loss.





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el kaka22
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May 20, 2020, 03:01:38 PM
 #65

...Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL...

I myself used to lose a lot of money precisely because of the triggering of a stop loss. It is a whole science to correctly set the limit of its operation. Obviously, you set it too close to the current price, so when the price changes impulsively, the stop loss is triggered and the price then reverts to the previous one and you get a loss. If you only use spot trading, you can try trading without a stop loss.
That is why when you are using a bot everything is dangerous. You set so many stuff to the bot that you need to make sure that it sells at a certain price if it drops but buys back if it goes down even further to level it back, you end up with same amount of coin you had but you did it thanks to stop loss AND buying lower as well which combines them two, not just stop loss.

Or you could sell further up but if it sees it going even further up it waits, waits for it to stop before it sells, so you do not sell beforehand when its going up. All in all one thing is never enough while trading, you have to combine many things together to make sure it will work, it could still fail and thats a possibility, but I could promise you that the results will be at least better, even if not greatly successful.

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May 20, 2020, 03:58:36 PM
 #66

I would recommend you to start with demo trading . You can lose your money if you don't have a previous knowledgement about what happened in crypto.
Start with demo trading for few months and then you can invest some money and trade with them

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May 20, 2020, 04:37:24 PM
 #67

2 weeks are not enough for you to say that you are fully knowledgeable about trading so do not expect that you can become successful trader by just spending your 2 weeks in studying and practicing different strategies. In order to become successful trader, there are a lot of factors that we should be considered like knowing what is our edge over the market or what I can say NICHE. Trading is not also about technical analysis because trading psychology is also important and we should consider it. Trading psychology what we should focus and professional traders or those traders who can considered successful are aware about how important it is.

Trading is a learning process where it requires a lot of time to develop a skills and to have a mastery in a specific trading setup so short period of studying is not enough especially for those new in the market who want to become a advanced trader. The best thing that you should focus is understanding yourself first which is evaluating our own psych because of its importance. Remember that our financial intelligence is consists of 90% emotions and only 10% technical so understanding our own psychology while trading is very important factor to consider.

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May 21, 2020, 01:23:58 AM
 #68

I don’t really have any expert advice or sorts but rather very much simple thought to be shared. I believe that in order to be successful in anything, you need to have that extra time with your decision making and that whether in case of doing it in rapid moment or having patience to wait.

A lot of this comes through having sufficient knowledge and I am quite grateful to FXGiants, my broker which not only is amongst the top broker but also got several features including educational based ones, so all this is what helps me with becoming successful.
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May 21, 2020, 06:00:40 AM
 #69

I would recommend you to start with demo trading . You can lose your money if you don't have a previous knowledgement about what happened in crypto.
Start with demo trading for few months and then you can invest some money and trade with them
sometimes it is best to try using crypto to risk because this will give us more motivation because we are losing money and not
 just a computer amount in free demo trading.imagine if you are thinking of not losing any you will never make more serious
 decisions but if there are risked money?i am 100% sure that we will do everything we can just to
save amount though we can use smaller money since we are starters.
I don’t really have any expert advice or sorts but rather very much simple thought to be shared. I believe that in order to be successful in anything, you need to have that extra time with your decision making and that whether in case of doing it in rapid moment or having patience to wait.
we dont need to become expert just to give advice and opinion because each word is important to the one who needed most,experts may
miss some part that newbies can give so just give yours and let OP decide if they will take it seriously or just for nothing.
Quote
A lot of this comes through having sufficient knowledge and I am quite grateful to FXGiants, my broker which not only is amongst the top broker but also got several features including educational based ones, so all this is what helps me with becoming successful.
Good share and i will ad this to my collection of trading paraphernalia as i am seeking more before starting trading again maybe late this
year or early next year so this stuffs are important to me.

But the important part here is we will need to use legit exchange like binance,okex and other platform that has serving this market for
 long years without big issues.



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cooltoadfrommoon
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May 21, 2020, 11:17:18 AM
 #70

You must know the fundamentals, must be aware of what’s going on globally, and you must know the types of contracts you want to trade. If you want up to 10x leverages, trade Perpetual contracts (on MCDEX, dydx). Understanding of Perpetual is a must. It’s not that difficult, let me tell you.
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May 21, 2020, 09:19:42 PM
 #71

You must know the fundamentals, must be aware of what’s going on globally, and you must know the types of contracts you want to trade. If you want up to 10x leverages, trade Perpetual contracts (on MCDEX, dydx). Understanding of Perpetual is a must. It’s not that difficult, let me tell you.

Understanding the historical record/trend, fundamental and charts reading is what will make a newbie trader to become an experienced successful trader, and diving into any form of leverages trading is totally dangerous for every crypto traders including an experience. However, i will advise the OP not to use bot trading either because 97% of bot trading machine out there is not good enough.

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bitgoldpanther1978
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May 22, 2020, 03:44:33 AM
 #72

I have been learning about Stock, crypto trading from 2 weeks. I started by learning a bit by reading book about Technical Analysis (only basic/popular TAs) and other basics.

I started with short term trading (1-3 days). Very little profit. After I tried intraday trading with margin, but had loss even in bullish market. I am not planning to touch future trading with a ten feet pole though.

Eventually I think I am able to control my FOMO, became aware of PnD schemes, bots, profit greed. I am not doing margin trading really, and focusing on quality trades over quantity. I have become very careful with trading but still I am losing money. Yesterday I lost some money because my SL was very close. Market went up but sadly after triggering my SL.

I am kind of invested full time into it right now because of lockdowns. But not investing much capital (I am okay if I lose all the invested money). My goal is to test the waters and see where I stand. Can I become an independent full time intraday trader (I am currently a freelance Software Engineer) or it should be a side-income or I should forever stay away from it.

I am wondering if you guys have any tips for me. There are so many things I can do which is overwhelming.

- Monitoring for PnD in advance by their free telegram groups, constant screening of prices. But monitoring so many shitcoins is overwhelming.

- Manual trading bots, grid bots, automatic bots. I am especially curious about DCA bots. It's not possible to do it right manually.

- Learn more about Technical Analysis. Maybe I am not doing it correctly. Is there any guide/ebook which explains it good in terms of crypto.

Any tip or advice is welcome.

First and foremost, there is no shortcut to become successful in trading. Always bear in your mind too that doing trade is not easy to apply.
This is not about something you buy and sell only, of course it needs a good strategy, good analysis, when you read the flow of the market when it comes into crypto trading.
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May 22, 2020, 04:36:46 AM
 #73

Hi

Here.I think you can try to use Copy Trade at Bitget .

To cope with the development and expansion of the digital asset market, Bitget Embedded Copy Trade Function will be launched soon. "Copy Trade" allows user to copy the trade strategy from Elite Traders on Bitget. It is user-friendly to those without or primary contract experience, user can select multiple preferred Elite Traders, and follow them to automatically synchronize their trading behaviors to achieve profitability just by one click, no more keeping eyes on market.

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May 22, 2020, 05:45:06 AM
 #74

Technical analysis is good for financial markets. Successful traders are disciplined, and a very small percentage of traders actually make money and go on with trading. There’s a learning curve when trading forex, and if you don’t have enough start-up capital or do your research, you’re starting at a major disadvantage.

Tips to help you become a successful trader:

1. Start With Sufficient Capital
2. Trading Isn’t Easy Money
3. Be Very Cautious With Leverage
4. Learn All About Risk Management
5. Build Your Own Success Strategy
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May 22, 2020, 08:57:59 AM
 #75

The key goal of becoming a successful trader is "patient" even when you have understand all the pro and cons of trading, your patient is very vital and it determine your success. In order to understand how to trade, you can either read ebooks about trading cryptocurrencies ( you can check some of the post i created for sharing cryptobooks) or watch videos on youtube and other online course platform such as udemy. There are also some trading platforms that provide demo such as hitbtc https://demo.hitbtc.com/. from there you can start to understand how to trade and play along with the tools that are being used in trading. I hope this help you.

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May 22, 2020, 04:35:19 PM
 #76

If you're trading daily and making little profits, then you should be happy. You people end up losing because of greediness, you want more, instead of taking the one you can afford for now. You said it clearly that you were making profit from the short term trading of one to three days, and you only lost when you tried margin trading.

So, my advice would be that you should continue with the short term trading that you were able to do and make profit, get perfect there and save the little profit you're making and you will grow from there. When you become an expert, you can then look to go further. It means you should not rush toward trading like a pro. Being slow and steady will help. At the same time, gaining knowledge and fine tuning the strategies kind of other works should be taken care.
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May 22, 2020, 06:37:00 PM
 #77

Stay away from the PnD groups will be a good tip for you now as you are a beginner in trading because I am worried that you can be late to take action after you know what the coin that will get a pump. It will need more than experience to follows the PnD groups because it will be related to your internet connection too to enter the market at the right time. It is better if you can improve your skills, and don't use the bots because that will needs you to learn how to set the bots to running related to the current market. It is about how you can manage your capital in trading, and you can analyze the coin so you can get a profit. No matter if that profit is small, in the future, if you can improve your skills, you will be able to make a bigger profit.

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May 22, 2020, 08:09:33 PM
 #78

Trading successfully is not for a beginner but experience and professional traders. You should first master how to manage loses before thinking on how to make profits. Trading is not for everyone but for those that are ready to accept the reality of loses.
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May 22, 2020, 11:59:50 PM
Last edit: May 23, 2020, 12:26:28 AM by Twinkledoe
 #79

Trading successfully is not for a beginner but experience and professional traders. You should first master how to manage loses before thinking on how to make profits. Trading is not for everyone but for those that are ready to accept the reality of loses.

Losing is always a part of trading experience that will make you learn some unforgettable trading lessons in life. And when it comes to crypto trading, most of the time your TAs are not working here especially if you encounter a pump and dump coin. This is the reason why if you want to trade alts, you should know the background of the coin and the current happenings for that particular coin. It is also advisable to follow their social media channels because they may give you hints on the real status of the project. At least you know what to do with your coin in case they are about to abandon their project.

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May 23, 2020, 05:24:06 PM
 #80

Two weeks is a very short time to learn how to trade and you should learn more about trading. It is wise to gain experience by trading the stock and forex markets before trading cryptocurrencies directly because cryptocurrencies are very volatile.
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