Basic things that you need to know before starting in trading

[tbterryboy]

If you could have a roadmap for your day trading, you could definitely work out something that would be in your favor. Just know what you want to trade, not just the pair not just the coin but know what you want to trade as entry point and exit point as well, and do not take it as price, just check the indicators and see where if you buy it would be beneficial and would be undervalued and where if you sell would be beneficial and profitable and overvalued.

If you can calculate those things before you do any trades, you would definitely make a good profit in the long run even if you happen to face some sort of troubles along the way. Without being prepared like that, we are not going to see anything profitable, we would just wing it and that would cause you to lose a lot of money.

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[Ryker1]

Well, OP has a point on it, and thank you for sharing your thought before starting in trading.
On my own, --if I am in trading. Patient and try to have a perfect timing in trading because when executing buy and sell action, this need your skills how to predict the market. I know that the market is unpredictable but at least you are predicting that has a reference to have a nearest guesses in crypto price. However, I advise those people who are new in trading to have always research to fulfill your knowledge and skills in trading.

[harizen]

One can just truly understand the whole context once they are now under the actual feeling and pressure of doing trades. Honestly, there are lots of newbie traders who really study the basics, do's and don't, pros and cons, and each stuff they need to keep in mind once they do trades but in actual, those reviews and studies aren't actually applied in the situation.

Are they noobs? Definitely no. It's just that some got surprised that trading is not a joke to the point that all pointers they studied become useless.

So how to solve this? By gaining experience. Once these newbies become used to do trades, they can now understand those things that others are telling them to do. That's why for me, a simple advice not to be carried away is the only tip I'm giving to newbies (of course, including the basics). I like them to actually think of a way how to solve those problems they will encounter while doing trades whether technically or mentally.

[Harlot]

It's really doesn’t matter if you know more analysis or less this three things will mostly define success of your trading.

Entry Exit & Stop loss

These 3 things you have mentioned is just the gist of a whole trading plan but at the back of it these 3 requires technical analysis before you can define what will be your entry and exit points as well as your stop loss point as without any kind of analysis you will just be picking a random number just by guessing it is a good entry for your trade. Yeah you made it look simple but you are just confusing members especially the newbies that trading is as simple as you defined but they'll just be risking their money if they plot their entry, exit, and stop losses without any kind of analysis.

[MCobian]

Of course patience is an important role in trading, without patience will only make you suffer losses. We can even use patience
for various things, not only for trading. Besides that one who has patience usually easy to run life. And usually patience belongs
only to old traders, which is it nowadays newbie must start to have patience too, don't just want instant profit.

[Salauddin1994]

Trading in a good way is not possible with just a simple thought. Before you start trading in a good way you have to have a good idea about trading otherwise you will not be able to do anything good. If you can't get an idea of everything about trading, you will lose a lot more when you go trading.

[KnightElite]

The foundation of the technical analysis is the support and resistance, it is important for the newbies to understand first how to identify support and resistance and how to validate a certain trend. There is a role reversal that the newbies should be familiarize where the support can become resistance if there is a breakdown and also vice versa where the resistance become support if there will be a breakout.

You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.

[DevilSlayer]

The foundation of the technical analysis is the support and resistance, it is important for the newbies to understand first how to identify support and resistance and how to validate a certain trend. There is a role reversal that the newbies should be familiarize where the support can become resistance if there is a breakdown and also vice versa where the resistance become support if there will be a breakout.

You can able to understand the swing trading by just mastering how to identify support and resistance. It is really the foundation of technical analysis where it is the first thing that should master for those people who want to learn and study advanced trading strategies.

You got it mate, the new traders out there think that trading is just like gambling because they are just buying whenever they see a green candle or they just buying because their guts say so. Technical analysis is the first thing that the new traders should learn. There are a lot of lessons in technical analysis like support and resistance , stop loss and cut loss and also risk management. The reason why a lot of traders are keep losing in their beginning performance of their trading career is because they do not focus on investing in their knowledge.

[Bitlover10]

Patience is the most important thing in crypto trading also proper risk management is important. You have to have keep waiting for price to come in dip and then open trade. Buying in parts is the best things to average your buy. Like besides buy everything at the one is not good. You can buy 10 percent of your fund in one time and keep buying it in every dip.

[maydna]

Patience is the most important thing in crypto trading also proper risk management is important. You have to have keep waiting for price to come in dip and then open trade. Buying in parts is the best things to average your buy. Like besides buy everything at the one is not good. You can buy 10 percent of your fund in one time and keep buying it in every dip.

Knowing about trading and patience will help you analyze the coin that you can buy because you will see from your analysis about the coin that can increase in the short term or long term. But we cannot always wait for the dip because we never know how much the lower price, and as long as we can buy when a low price, we will have a chance to sell at a high price but make sure that you are not greedy to chase the bigger profit. Buying 10% at one time will be good to test if the price is down at that moment, and if the price still goes down, we can buy more with another 10%, or we can wait for more to see the lowest price.

[Latviand]

This could also be placed in a Beginners & Help for those newbies that have no idea about trading.

By the way, this topic is really essential so that they will not be shocked about how trading works. They will have prior knowledge that will help them to minimize their losses and earn profits depending on how they are committed in to trading. Not all are getting successful so people should know how to deal with the risks in the market when trading.

They also need to know that the fate of their trading depends on how effective they will become when they grow as a trader.

[sutherland77]

Can anyone recommend a trusted broker where I can trade Bitcoin on a demo account? I previously worked with Just Forex broker (source), but they removed bitcoin from the available instruments in the demo account.

[cabron]

The first thing I tried learning when I started got into crypto is to learn whether its a good time to trade. If the market is bearish, it's definitely not a good time. BTC/USDT or other stablecoin is just the only pair to trade too because its just the only that amazingly inflates. There is no other else unless you are prepared to hold for a long time, can't say its bad but it will test your patience so just trade on BTC/USDT.

[sana54210]

Also if you go all in with one move you are doing it wrong, which means if you do not invest all your money at once, you will have a chance to profit when there is a bag in your portfolio as well, this way you will trade one coin, if it doesn't work out and it goes down you can wait for it go back up but at the same time you will have more money set aside and you will use that in order to make a profit, that really sounds like something that could work out if you do try it out.

I mean you are still trading, you are still profiting if you can, it is just that one part of your money just stuck at one place while the other makes a profit. So, this works out very well for you unless all of your money gets stuck into bags and you have none left which means you are not picking very well .

[carlisle1]

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your explanation is very good, easy to understand...
we have often heard of traders who lose and it is usually caused by that trader's lack of patience. Apart from the ability to read charts and analyze, patience is a very important key for a successful trader.

You also gained that abilities by means of patience, studying the entire market really takes time, if you wish to have a better
edge you really needs to start working with this capabilities.

The more you have patience the more you will be able to evaluate the process, it's not just an easy access to success but

there's always a good way to established your knowledge and create a working strategy.

[wxa7115]

Although been patience is a good attribute one could say a trader should developed but it shouldn't always be about been patience, In fact in my opinions that shouldn't be the major priority of any trades. Patience is for Investors while smartness is for traders. If you're slow the market would take advantage of you all the time.

But the movement you're capable of turning the market volatility into your profit irrespective of the price directions through the usefulness of your smartness couple with other skills and information made available to you, then you can be said to be a trader.

I will have to agree with this statement, the reality is that traders and investors needs are different even if on the surface they are doing something similar, investors need patience more than anything because they are supposedly invested in an asset for the long term and as such they need to be able to deal with eventual crashes and with seeing their accounts being on the red for years something that is not easy to do at all.

But when it comes to trading the markets patience is not really necessary because you are going to hold your trades for a few days or weeks, what you need to do is to read the market well and in order to do so you need to be really smart otherwise do not really bother.

[Knepala]

Hi guys,

Have a look at my guide also, some great trading tips.

https://medium.com/@sambrans/mastering-trading-with-leverage-a-lucid-guide-b918696384f0

[LbtalkL]

You are correct  there are some traders that has their own strategy I knew a guy before he does not into technical analysis more but he is making some profits, but of course he lose too. I don't know if he is just a lucky guy but he is just buying random coins and somehow works for him. I want to add on basic things to learn, I guess we need to familiarize the platform interface sometimes, each exchanges has unique interface sometime we get confuse and we end up buying at high price instead of selling high, it is a common newbie mistake.

[CryptopreneurBrainboss]

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Some additional thoughts why patience is needed or vital in investing is because you'll have to study the project thoroughly to understand it after that, the patience steps in as you wait patiently not minding how long it takes for the full potential of that project to manifest. In trading you don't have to study the project or understand the fundamentals.

Traders are only in for the money, they don't care about the technology and won't mind leveraging on the hypes of shitcoins to profit from the pumps and dump (not advising this though as the chances of you getting burnt is high). Most recent example is the DeFi hype that flooded the industry. Many smart/lucky traders made huge profit from them while those who weren't smart enough lost.

[Shasha80]

I think the most basic thing to know before deciding to trade, we must be able to control our emotions well. Because by controlling
emotions well, it can affect the way we trade. As we can be more patient for decide when is the best time to buy or sell coins. And
also with controlled emotions the use of capital can more organized. Do not buy coins based on the hype that occurs, but according
to the results of research and analysis that has been done.