Basic things that you need to know before starting in trading

[bonjouros]

Trading is very complicated stuff especially for newbies as it cannot be learned within a day and you cannot obtain a huge amount of profit in just a short period of time.

But for professional traders, everything is possible. Aside from what you have said, you can also add that you should not be greedy if in case you didn't know yet what you are doing.
Gain experience first, start from small amount of money and learn to gamble high risk trade if you are already confident with your skills the output of your own strategy.

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[Yamifoud]

If your setup is ticked, you can hold on to a trade for one month and at the end of the month your profit will be 100% sure
And if you don't setup, sl will hit and you will go into depression and you will be afraid to take it in the next trade.

That would be nice but how we could get assurance with that in this volatility market. It was not I see in the market, not even a month of holding will give that 100%, it sounds crazy (for me) and if that happens, we all holders have millions already...

Patience is very important but not also it gives us an assurance that the market will be good after a month, a year, or more. I took every chance I have, I'd never aim for huge profit instead, I consider small amounts but in constant gain. With the right choice of coins to invest or trade and with the help of being patient, it is all we need before we start our journey in crypto.

[Kasabus]

Trading is very complicated stuff especially for newbies as it cannot be learned within a day and you cannot obtain a huge amount of profit in just a short period of time.

But for professional traders, everything is possible. Aside from what you have said, you can also add that you should not be greedy if in case you didn't know yet what you are doing.
Gain experience first, start from small amount of money and learn to gamble high risk trade if you are already confident with your skills the output of your own strategy.

They say one should not come into trading without any preparation. This is the reason why newbies should gather information first and study the crypto market well because everything in trading should be driven with good analysis to avoid losses in the end. And yes experience is really a must and with all those mistakes you committed in the first place will motivate you on how trading works.

[el kaka22]

There are three methods that you could make a profit and all of those are depending on the level you think you are in trading world. One of them is the easiest one, just buy bitcoin and hold it long term, do not go all in, just buy a small portion of it with your portfolio and try to keep buying once every month and just keep accumulating more and more bitcoin until you retire so that you could have a decent sized bitcoin portfolio when you retire, this is a 10-20-30 year method.

Secondly you could get into it a bit in the middle, take a look at some altcoins, check some TA but never do anything too crazy like day trading on high leverages, just invest for short term like a week or a month. Lastly we have the people who do 100x leverage short futures and so forth, those are high level traders who are veterans of the market.

[usekevin]

The most important thing is to understand all of them, so the chances for you to get profit in trading will be greater, with the reason to understand all that means we have to learn to analyze, practice and be ready to lose more often so that over time you will continue to get a better understanding of experiences that you have every time. If it's just to get the right entry point but you don't have a great next step, then I think that in the end it will just be useless, because in trading there are many factors to consider from the start and if the basics are strong then of course your trading be comfortable and stay confident.

 We can only learn trading by practicing. Trading can be start with minimum amount of 10$. Ten dollar will not be a big one to learn trading, you can easily learn trading with experience. Practice of trading is essential one and sometimes, you may force to lose some thing. You should not thing about it, in your beginning stage of trading. Then you can easily get some knowledge and get more profit from it.

[Ridwan Fauzi]

We can only learn trading by practicing. Trading can be start with minimum amount of 10$. Ten dollar will not be a big one to learn trading, you can easily learn trading with experience. Practice of trading is essential one and sometimes, you may force to lose some thing. You should not thing about it, in your beginning stage of trading. Then you can easily get some knowledge and get more profit from it.

Something that I learned when I start to trade is watching chart everyday and always a drawing like using trend line or using fibonacci is more useful rather we read a lot of strategy and trade directly. That is the best part before we spend money, even I never tried to deposit my money first before I understood the market situation.

I just trade on forex which I use demo account that I don't to deposit and greatfully it works for me. So, when I trade bitcoin and altcoin and I spend my money I have more comfortable and until now I never felt a huge lose. I just use small money around $100 and so far I can earn arround $80 per weeks, I know it's still low but it's been consistent in the last few months.

[tvplus006]

So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.
Understand with your own mind how much loss you can tolerate...

70% is a good profit for any trader, but there are very few who can do it. Everyone has their own trading strategy and uses different indicators, adjusting them to their individual abilities. But the correct way to find the entry point to the market and use a stop loss should be used by everyone without exception.

[Freddy11]

Trading time is very important issue as Forex markets move with countries stock market any stock open at a specific time like here I trade on FreshForex broker in the Asian session and mostly use my native pairs including USD/INR and USD/SGD.

[South Park]

Good profit can still come in a day, especially when you’re a day trader. Day traders don’t have to be waiting for days like Hodl'ers, rather they trade every day with a target to make money before the day runs out. But when you’re someone who just Hodl, you’re not going to be making constant profit.

As for trading Hodl, it requires having that patience and waiting till the right time to make profit. Apart from that, Hodl’ers are very careful at the rate they buy in, because if you buy at the wrong time you will probably be wasting your time.Imagine someone that bought bitcoin at the rate of $19,000 in 2017 lol they will be praying so hard by now.

While holding has without a doubt a bunch of issues that you need to sort out before you attempt to do it, day trading is not as easy as many people think, it is obvious that it is a very convenient way to trade because you are not exposing yourself to the long term volatility of the market and you're only going to hold your coins for a few hours at most, but day trading has a huge disadvantage and that is that you need to be really quickly when deciding whether you will enter the market or not which means that you need to have complete mastery over your strategy something that very few people actually have.

[RealMalatesta]

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

[rexxarofmoknathal]

I agree that one of the few important factors to consider for becoming a successful trader are Entry, Exit and Stop-Loss. I can't argue with these at all but I also think that the right mindset for a waiting-game is just as crucial.

A strong opinion in risk taking is essential as you can see your investment going down but the key is to keep at it and trust (if you can trust the project) that market corrections are necessary and that one day the patience will lead to a reward. In most cases it does but in some others it doesn't.

In the end what matters is how you reacted in the process, what you did and what you learnt 

[2double0]

If it is forex, you need key levels to set as entries and finding them is easier when compared to crypto trading. Patience is needed in both, but crypto needs much longer time to achieve unbelievable results. It is not so easy to trade in crypto because sometimes, we think that altcoins will follow Bitcoin but that does not happen and this is where we need to cut our losses by stopping the trade. We should control our emotions to know where we need to stop a trade in loss.

[South Park]

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

[dunfida]

Patience in itself could be enough for bitcoin itself, I can't talk about other coins because let's face it they may not be great and they may have problems, however one thing is for sure and that is bitcoin itself is always a good buy, doesn't matter if it is high, I do not care if it reaches $20k, I will always say that it is a great situation to buy bitcoin at any time. Sometimes you buy and in a day you make a profit, sometimes you buy and you wait for years before you sell, but in the end bitcoin is always great to buy if you have patience.

Obviously this do not apply to most altcoins as you might imagine, we have seen so many coins that went down to levels where it is not even possible to make a comeback, they are 95%+ gone and I think they can't make a comeback anymore so in that situation analysis works the best.

I still think that you need time the moments in which you buy bitcoin, while I have no doubts that bitcoin will eventually go above 20,000 dollars imagine the incredible problems that people have suffered if they bought at the end of the bubble of 2017 for that price, more than two years and a half have passed since then and even if there are some indications that bitcoin could surpass that price at the end of this year or during the next one holding your coins should have been one of the most difficult experiences that any investor could have got through.

It would be amazing to hear of if those people do still held their coins after that 2017 bubble burst but i do highly believe that majority of those people had already cut their losses specially when the price dumped hard wayback to 3k.What you think? Emotion would be the hardest enemy when you do deal up with crypto investment.Volatility will really stir up your emotion and dedication to held up and
waiting for the next bull run.Even now we are still on 12k and 8k price left to reach that ATH.

When trading or tending to invest then always consider on using those money or funds that you can really afford to lose.

[FanEagle]

People can make good profit in a day, it’s all about the condition the market is in, if the market is in a good condition like the times it’s going up quick and steady, some people can pack some good profit. And it’s good to make it clear that day trading is not for everyone, I do see some people who wants to get into day trading because they think since it’s a day trading they will be making profit everyday, they just neglect the risks that they can be losing their money instead of profit.

Sometimes it’s best to just be a HODL’er and stay clear from the risks that comes with day trading.

[famososMuertos]

All good advice is always good, but talking is easy, action is the real blow of reality. (3)

For some it is easy to enter to trade, because they did something related to trade, or they just find it easy because they are talented.

Anyone enters cryptocurrency trading and it should be that way, as it is essential for everyone to be able to exchange their assets.

Hopefully and in the future trading is just an option, and we can directly spend bitcoin, if we want, but a large majority of us must go to the market at any time, sooner or later.

And that's where you can start to decide if you take trading as a job. (1)

There are things that are not for everyone, although they seem easy / difficult, it is a perspective. (2)

Good words, but making them bold and larger does not make them better or more influential. (3.1)

Luck"!

[TitanGEL]

Planning is one of the most important when we do trading, a good planning consist of the type of setup that you are going to play,  in order to know; we should know what is our trading profile. There are a lot of trading profile like swing trader, momentum trader, bottom fish trader and a trend following. If you easily identify your trait as a trader you are going to know what type of setup that you are going to use. Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

[perfect999]

There are a lot of trading profile like swing trader, momentum trader, bottom fish trader and a trend following. If you easily identify your trait as a trader you are going to know what type of setup that you are going to use.

Honestly I never come across any of these. If your time permits could you explain a bit more on these? Are these portfolio management things or anything relevant to trading strategies? I am using blockfolio for tracking my crypto investments. But, I am that tool got nothing to do with my crypto trading things.

When the market moves are unpredicted like a few months ago, a hold will be the best solution because if we force to buy and sell the coin, we will find it will hard to make a profit.

Right now, with strong bullish markets, I guess still the holding option must be the best one . I guess you are talking for active trader but I am just a long term trader and may hold my bitcoins for years before deciding anything regarding to my long term trading plans. I must say, holding must be the best option regardless of market is calm or wild .

[FanEagle]

Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

You sound practical. Yes, we need to focus on where to enter and where to sell and in-between, we  must focus on what we need to do if market goes against us. I agree these are all the basic things we must need to address before entering into crypto trading. I believe there are lots of guidelines in this forum are available for beginners to plan up accordingly but unfortunately not all new traders are not making use of  them.

Moreover there should be lots of other basic things, a trader must need to address before entering into trading: which coin you are going to trade must be one of them and then where (which exchange) you are going to trade should be another important thing as well. Because, we cannot trade all the coins in similar manner which means we should find a coin which is obeying our technical analysis.

[KnightElite]

Next is the entry price, it is important to consider and we should really know when we will enter to avoid FOMO. Next is stop loss where if our bias did not happen, we can prevent huge losses. Last is when we will sell our position, we should not just hold and hold without a target profit. We should always have a exit in order to preserve our gains.

You sound practical. Yes, we need to focus on where to enter and where to sell and in-between, we  must focus on what we need to do if market goes against us. I agree these are all the basic things we must need to address before entering into crypto trading. I believe there are lots of guidelines in this forum are available for beginners to plan up accordingly but unfortunately not all new traders are not making use of  them.

Moreover there should be lots of other basic things, a trader must need to address before entering into trading: which coin you are going to trade must be one of them and then where (which exchange) you are going to trade should be another important thing as well. Because, we cannot trade all the coins in similar manner which means we should find a coin which is obeying our technical analysis.

By focusing on what is our goal in trading, we can come up to a nice strategy that can help us to become profitable. By knowing when to enter and when to exit, we can earn consistently but the thing is it is not good to master. You cannot know when to enter and exit if you do not have foundations especially when it comes to fundamentals and technicals analysis. The foundation that I'm talking is able to read a chart, you should know how to plot resistance and support and also able to identify if a cryptocurrencies is trending or not.