Basic things that you need to know before starting in trading

[Claymore2]

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🥰

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[pragna]

Thanks for your good conversation here. Actually you are right here that good profit never come in a day. There need patience, time spend and above all right target. Traders who made it successfully will be gainer today or tomorrow. Obviously heavy investors take risk with huge amount in a patience way with huge research so that they know their target will be successful one day and until that time have to wait. In this way i also became successful last few months and i suggest everybody to follow this.

thanks.

[CryptopreneurBrainboss]

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.

[maxreish]

When I was a starter, I do remember these basic things;

• Risks Preparations
• Emotional control
• Trading money that you can afford to lose

And other things will follow like learning some technical analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.

[boyptc]

Good reminder and strategy by op.

But as I trade, as long as I'll get profit, 10%, 20%, or more that will be fine for me depending on the risk that I'm taking and as long as the fees are already deducted and I have my capital back.

[Findingnemo]

I don' understand about that 70% profits margin? We should have that much as goal to reach?

I would say better have realistic profits if you want to achieve it, lets say 5% in a month which is highly possible and 60% in a year way more than traditional investment.

[Oasisman]

So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.

Wow! 70%. Do you know someone earning this big consistently or all the time?
Average traders would be considered earning 10%-20% of their profit, and take note they're an experienced traders. So, how would expect someone who's just starting to engage into the world of trading and find a strategy that could generate a 70% profit ALL THE TIME 
Seriously, that's not possible.

Everything you wrote in the OP as a basic trading advice will all goes down to experience and patience.

[maydna]

When I was a starter, I do remember these basic things;

• Risks Preparations
• Emotional control
• Trading money that you can afford to lose

And other things will follow like learning some technica analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.

Good for you because when I was new, I don't know about that, and I only use little money to trade, and not trying to chase too big profit because I know my capacity that I don't have much knowledge of using the analysis method. I realize that learning in trading is a must, and we need to dig more and more about trading so that we can make a profit from trading. With learning much more about trading, it can give us a chance to analyze the coin, so we can know how to trade with the right, we know how to manage the risk, etc. I am sure that we can be one of the successful traders in the future.

[rodskee]

I don' understand about that 70% profits margin? We should have that much as goal to reach?

I would say better have realistic profits if you want to achieve it, lets say 5% in a month which is highly possible and 60% in a year way more than traditional investment.

Same here, making more realistic as OP mentioned that it's not an aladdin lamp so better
to look for realistic and achievable profits.
Most of the time the percentage that you have said is the achievable goal to every traders
who play around this market.
It's a process and along the way you'll be able to create your own strategy that will fits you
and will generates you decent profits.

[Jating]

"Trading is not an Aladdin's lamp that will make someone a millionaire one day."

This is so true, many newbies tend to go to trading because they think that they can suddenly make huge amount of money, the get rich scheme mentality. And then complain later that they have lost so much money in this market and blame everyone except themselves.

So as a beginners, it's really a must to understand this simply and basic principles of trading, specially crypto because it behaves very differently as compare to other traditional markets.

[Tipstar]

With the introduction of stable coin, it has became easier to limit your loss. And the profit on your holding are unlimited. If you want to earn a constant profit, don't keep holding for ATH but sell some everytime you have a good profit. Holding 50% for higher price and trading other 50% for price fluctuation would be a much safer bet.

[Kelvinid]

A true trader can understand that trading won't work instantly and ain't proceeded to an instant gain. Yet, they keep trying until they succeed, but that is not what we observe and saw from the majority. 2 weeks to 1 month without a single gain but losses, the small traders won't actually survive that way, will that be possible for big-time traders.

I'm not sure how patience will be work in trading but a need to learn by starters. If we don't have that kind of attitude, then don't expect that we can go along the market volatility and succeed in trading.

[ololajulo]

When the news start going around naming cryptocurrency as ponzi scheme then you know the bull market is here. Everyone has run away with the bear market and some came late into the peak of the bull market price, they buy and cant endure the pain of the bear market. Short term trading is not the best to take 100-1000x, sometimes it could leave traders without the ability to buy back as price keeps going up.

[LUCKMCFLY]

The most important thing of all apart from having a plan and following it without changing it is the correct and obligatory placement of the Stop and Take Profit, this prevents you from losing more than normal, when you lose you must assume failure and learn from it, in the same way way when you win.

Some traders when they lose lengthen the Stop and change it, hoping that they will recover, and many times in their majority it does not happen, that is, what I recommend most is: Cut the losses and lengthen the gains, the most novice in Trading does the opposite, of course, all this is given by experience.

[South Park]

When I was a starter, I do remember these basic things;

• Risks Preparations
• Emotional control
• Trading money that you can afford to lose

And other things will follow like learning some technica analysis, setting stop loss, adding indicators, formulating strategy and risk management, etc. We can also be a better trader from being a noob if we have self discipline. Anything is possible to achieve if one's determination is to become a good and successful trader.

Unfortunately very few people can actually do the third point that you are suggesting, when people begin to trade they are using their life savings to do so and let's be honest who can afford to lose their life savings? No one, when taking that into account even if that rule is a very popular one the truth is no one can afford to lose the money they are using while they are trading which is why you need to be incredibly cautious in your strategy to try to get money out of the markets.

[bearexin]

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.

[BitcoinHunt3r]

1 important thing that i can't do until now is how to control emotion. Maybe easy to get panic is a bad thing and people should know it. It is all about emotion because it will affect on our decision  in trading. But now i only joined copy trading system, so i just follow trader who i think is good, although it is same, no guarantee to be profit, at least i ama not do any  deep analysis. And for sure, they wouldn't let themself to keep losses.

[royalfestus]

Another thing that helps traders' patience is how they take profit and plan with it. For some countries that followup paying tax on cryptocurrency, their citizens must know and learn the procedure of paying tax before bullrun. such plan will prevent paying tax with acquired material after bull or over spending, planing in 4-5 years after bull run will help the patience to hold on irrespective of the market condition and perhaps buy good amount into the bear market.

[tvplus006]

So must Create your own strategy that will give you at least 70% profit all the time.Find the correct entry point.

Wow! 70%. Do you know someone earning this big consistently or all the time?
Average traders would be considered earning 10%-20% of their profit, and take note they're an experienced traders. So, how would expect someone who's just starting to engage into the world of trading and find a strategy that could generate a 70% profit ALL THE TIME  
Seriously, that's not possible.

I think that everything depends on the size of the Deposit. With a Deposit of $100, it is very easy to make a profit of 70%, for this you can use a high-risk trade with a large exchange shoulder. But having a Deposit of tens of thousands of dollars, you will not be able to achieve this result, since only 7-10% of the Deposit will be involved in trading.

[pawanjain]

Whatsup with the large font. You could made the post with normal font size and it would have received the same response as it is now.

Patience is the key to trading profitably. Many people tend to make the mistake of trading in a panic and as per my experience panic trading always results in a loss.  A good strategy has to be planned first and then executed accordingly by placing the targets right.
A successful trader can make profits in any market provided his strategies are right.
We often buy/sell at the wrong time and then blame ourselves or the market for the loss.
So it's quite obvious that if we don't follow our strategy then we are about to lose our money.