Basic things that you need to know before starting in trading

[imstillthebest]

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 .

You need to tighten the bitcoin because the trend is down which makes the price going down. We don't know until when this moment will last, but it is a good time to buy more bitcoin at a low price. The active trader will use this time to make an order buy because they know that the bitcoin price will be back to increase after this. But for the holder, they can still hold the bitcoin until the price increase back.

i have this sense that the dump of the price wont last long . if there is a new normal outside , bitcoin also has its new normal and that is to comeback easily to continue its journey on increasing its price .  this is the new low and if i were to the buyers ill buy now , waiting for more low can be a thing on the past now . not only traders are required to buy but also investors as well because some investors are not yet confident with thier current holding but they are buying more .

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[rodskee]

i have this sense that the dump of the price wont last long . if there is a new normal outside , bitcoin also has its new normal and that is to comeback easily to continue its journey on increasing its price .  this is the new low and if i were to the buyers ill buy now , waiting for more low can be a thing on the past now . not only traders are required to buy but also investors as well because some investors are not yet confident with thier current holding but they are buying more .

When we can see the dump comes, we can prepare the money to buy bitcoin, and start to analyze the price. Maybe we can not always get the lower price, but at least, we can get a low price which we can hold it because to get the lower price will be difficult since the price can move to another lower price. Maybe this dump will stay until the end of this week, so in the next week, the price will start to rise again.

There's no timeframe as everything depends from how traders will move inside the market, they are the one
who can dictate the directions of any trends.
But for sure if you will analyze the sentiments carefully you'll be able to work with your entry position it will
be nice to catch it up while its forming it's barrier
Understand the flow and avoid to rush things up don't follow the FOMO it will save you a lot if you are analyzing
the situations.

[bakasabo]

What I have learned during my short trading career is that while trading, you don't need to rush selling your cryptocurrency every time you see price going down. And ending daily trading with a minus or with 0 profit is not a bad sign. Don't be desperate with a bad trade and don't sell 100% of your holding just because you wish to exit with minimum loss. Remember, tomorrow will be a different price. If it goes up - you might get a profit, if it goes down, you can grow your amount holding by re-buying.

[semobo]

Didn't learn about any basic things which is needed before start trading in OP.

I will say more longer you trade the it gives better safety for your capital and also it is important to set the right targets not the dramatic ones.Even 4% a month is hard to achieve constantly for a trader and if you can do then you are making decent profits already.

[bocyaj]

Older traders know better
Patience and Mind Setup play an important role in the trading market

So before taking any trade, you have to calculate three things clearly
Neither I nor you can survive long in the trading market if none of these accounts match.

Trading is not an Aladdin's lamp that will make someone a millionaire one day.Because there are many traders in this market who make thousands of dollars profit.
We just saw his profit but think about it How profit comes?
Profit comes in the combination of risk and reward.High risk equal to high reward.

And within an hour of taking the trade, he did not make a profit of a thousand dollars
He had to wait
Maybe a day or two or 1 week.

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.

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

If these you not calculate  in a clear way Then your trading history will be random.After a few days of trading, you will find it boring.And the best techniques of trading will not come to your mind.

You can and can't do anything in the market without your own strategy.
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.
If you move slowly trust me your roots will be strong.

Thanks everyone🥰

Patience is need one to do trade in cryptocurrency. Because anything happen, in a short run. A quite example is current situation of Ethereum. Now the price of Ethereum reduced below 420$ and reached 415$.Many traders may hold, when it had reached above 440$.And waited to see his maximum peak. Now situation reversed and holding is only option to lose your money.

[Xinarae*]

I also think that trading has to be practiced after knowing it well and mastering it first and when you realize that you are a person who can master trading fairly well then you can invest there. Experienced people, especially those who are experienced in trading face the biggest losses and those who lose knowingly even if they lose, can make up for it later.

[nasipadang]

Older traders know better
Patience and Mind Setup play an important role in the trading market

So before taking any trade, you have to calculate three things clearly
Neither I nor you can survive long in the trading market if none of these accounts match.

Trading is not an Aladdin's lamp that will make someone a millionaire one day.Because there are many traders in this market who make thousands of dollars profit.
We just saw his profit but think about it How profit comes?
Profit comes in the combination of risk and reward.High risk equal to high reward.

And within an hour of taking the trade, he did not make a profit of a thousand dollars
He had to wait
Maybe a day or two or 1 week.

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.

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

If these you not calculate  in a clear way Then your trading history will be random.After a few days of trading, you will find it boring.And the best techniques of trading will not come to your mind.

You can and can't do anything in the market without your own strategy.
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.
If you move slowly trust me your roots will be strong.

Thanks everyone🥰

I appreciate what @OP is trying to say, in changing the mentality of a trader it is really necessary and it is related to what was said. It's just that we also need a lot of analysis and information so that our strategy can be better, so if you say more or less information is doesn’t matter then I think that's wrong. As you said yourself that the strategy is needed and has at least 70% profit, so indirectly a more analysis is needed. You will know that analysis is one of the assistants in decisions making or strategy making.

[lienfaye]

It is really important that you understand what you're getting into.

Trading is not too complicated, if you gain knowledge on how it works and aware of the basic things then its not that hard to grasp.

Just condition your mindset, have lots of patient and plan what strategy to use that suits you.

[tbterryboy]

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.

Not all advices are good because sometimes people could be giving bad advises disguised as good however that could be tried and you can see if it is actually doing that well or not and you can decide if the advice is bad or not, aside from that I don't know what is the other option of checking an advice, I mean you can't really decide if it is a good advice or not without really trying yourself.

In any case I would say that it would be a smart decision to study first, without any person, just go out and learn about the TA and indicators and so forth, that is what I think should be the important part of your learning, do not study from other people, study from books and read about them online and you will learn trading basics without hearing anyone's opinions or thoughts and you can make your own.

[justdimin]

If you get into trading thinking you could get rich in few months even in few years you are doing it wrong, there is no way that would happen, even if you get incredibly lucky and somehow hit a jackpot somehow and get super rich, that is probably 0.00001% chance and you should not aim for it, that should not be the reason why you are trading, the reason why you are trading should be to increase your worth faster than what dollar loses in value, so you could make about 10-20% per year for 30 years and that would be waaaay more than enough, you do not need more than that for your future and you could definitely live a very very comfortable retirement if you do that.

Right now, I am 30 years old and by the time I am 60 and have that much money I would not need to worry about myself until I die and even early 20-30 years of my kids life neither.

[South Park]

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.

As you say it is very likely that those people that bought bitcoin at the end of 2017 and paid 20k for their coins have already sold their coins and quite honestly I will not blame them as it would have been incredibly difficult to keep holding your coins after losing more than 85% of your investment, but if I take into account that many of those people probably used leverage when they bought their bitcoin then most likely they got annihilated when the price crashed and they lost all their capital during the first quarter of 2018.

[Yatsan]

Great thoughts on discussing basic but essential things to be known about doing trading. (1) Indeed older traders do know better but it does not mean that new traders cannot do the same thing for we cannot underestimate the concept of thinking new traders have for before they enter trading they must have already got prior knowledge on doing trades because if they do not, then it is a risk and at the same time a gamble. (2) It is true that patience and mind setup is in need on this industry because if you loose patience and you have negative mindset, you will just end up getting driven by unnecessary acts on doing impulsive decisions that might just lead you into worst scenario.

(3) Trading is really not an Alladin's lamp that it can make you instantly rich for there are certain processes and time interval before you can earn a large amount which is also dependent or reliant on the behavior of the market. (4) That was true that higher risks do offer higher rewards in return but if you put up a wrong risk taking, then you will just end up doing a gamble and gain higher amount of loss as well.

Doing trades do require prior knowledge on which upon doing trading you could build up creating your own strategy on how you can make your trades profitable. Following such strategy can make you survive and make profits but such assurance won't always make happen so always be open for anything to come and better know how much loss you can tolerate or endure so that you won't get stressed out.

[Shimmiry]

What I have learned during my short trading career is that while trading, you don't need to rush selling your cryptocurrency every time you see price going down. And ending daily trading with a minus or with 0 profit is not a bad sign. Don't be desperate with a bad trade and don't sell 100% of your holding just because you wish to exit with minimum loss. Remember, tomorrow will be a different price. If it goes up - you might get a profit, if it goes down, you can grow your amount holding by re-buying.

I agree with you. Trading requires a lot of patience, you shouldn't panic if the price goes down just hold it and wait for the perfect time to sell it. Before, bitcoin goes up to 1 million and then drops up to 300k. As you can see, bitcoin's price is not stable so, maybe tomorrow the price will be on its highest peak, we aren't sure.
Another thing is, in trading there are some patterns like every end of the month (pay day) the price goes up .

[wiss19]

Having the strong mind that it takes to endure the losses you will experience in trading is not an easy to get. But the most important thing is starting small, so that if there are losses, it wouldn’t be something that would worry you that much.

But, to be sincere this is not the issue for a lot of people. I can use myself as an example, because when I started I was damn broke and couldn’t afford to take any risks, and I know this is the same issue that some people will be having. There are people who are broke and they can’t have extra money that they can risk to gain that experience.

[Bl_385]

Many platforms offer different bots and their strategies, but I think anyone who uses a bot to trade must have their own custom bot and made solely according to their trading strategy. Such bots are more expensive, but in the long run they are more cost effective because they offer greater security and flexibility.

[carlisle1]

Having the strong mind that it takes to endure the losses you will experience in trading is not an easy to get. But the most important thing is starting small, so that if there are losses, it wouldn’t be something that would worry you that much.

Actually there are also training in trading in which the exchange will let you try to trade without losing money,meaning they are giving you a chance to trade in free trials.

But, to be sincere this is not the issue for a lot of people. I can use myself as an example, because when I started I was damn broke and couldn’t afford to take any risks, and I know this is the same issue that some people will be having. There are people who are broke and they can’t have extra money that they can risk to gain that experience.

why need to bother yourself when you are having trouble with money?just do the free trading and practice well so when the time that you already have the money then at least the chance of profiting is indeed on your side.

[Hypnosis00]

We don't need to learn everything about trading before we start, to have the basic knowledge like chart reading, simple strategies, and the right choice of coin for trade are good enough. Learning could be a process and from time to time, the experience will give us more and understand the market movement.

Many platforms offer different bots and their strategies, but I think anyone who uses a bot to trade must have their own custom bot and made solely according to their trading strategy. Such bots are more expensive, but in the long run they are more cost effective because they offer greater security and flexibility.

Trading don't give assurance that we can make a good trade having them. And talking about the security, nothing would change, it totally depends on us and what exchanges we have used. Why many traders have not urged us bots it is because they don't see huge changes from it. I know it works for us on behalf but all the decisions are still coming from us.

[South Park]

That's quite true. Patience does play an important role when trading but that is not all.
There are a lot of factors to generate profit from trading and patience is one of them.
The right mind set, strategy, trend, reaction from the market etc.. all plays a vital role in deriving the profits.
So I think other than patience we should also focus on the other factors as well to generate good profits.

I agree, your patience is important but if that is all what you have then you don't really have a lot to work with, it is better to try to work in many other aspects that will help you to make money in the markets and this includes your strategy, money management skills and your ability to find out what's happening in the market as soon as something important happens, if you can do all of this then your patience is going to increase tenfold because you know what you're doing.

[AakZaki]

That's quite true. Patience does play an important role when trading but that is not all.
There are a lot of factors to generate profit from trading and patience is one of them.
The right mind set, strategy, trend, reaction from the market etc.. all plays a vital role in deriving the profits.
So I think other than patience we should also focus on the other factors as well to generate good profits.

Combining everything is the best way, patience is also included in managing emotions so that they remain stable and can make good decisions. I agree with you that patience will give you an advantage when trading. Because if technical analysis, fundamental analysis is not accompanied by patience, then everything will fall apart and the strategy will not work well. Market analysis, price sentiment will be easier if all aspects are combined.

A professional trader must be able to control emotions well, to get consistent profit.

[Salauddin1994]

It is true that success cannot be achieved without the basic idea of ​​knowing the basics before starting trading. He needs patience before that the crypto market is not stable. In case of fluctuations even if the price of the currency goes down there is nothing to be disappointed about. Even if the price goes down it will go up again if the demand goes up. Therefore, you should always be active in the market and try to know the latest information.