What advice will you give to a beginner trader?

[adaseb]

Right now honestly is not the best time to start trading. The markets are crazy erratic and make no sense. Maybe not Bitcoin or Ethereum itself but the DeFI tokens and any of the stocks on the stock market.

Basically its a pure bull market and pretty much "ANYONE" can make money in this market. And this gives false hope. Basically people make money, tell their friends, who also make money. Pretty soon they are all going to get greedy and take out loans and lines of credit on their homes because they all want to be millionaires. And we all know what eventually happens. Basically the dot com bubble repeats or the 2017 crypto bubble repeats. It won't be pretty.

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[djmixen]

Hey,

I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.

The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.

I am sure we have traders here with vast experience.
Really excited to learn new things.

I suggest that even you invested without any knowledge that's not enough and you know it, right? you must aware that your capital is already in risk, if the expert traders knows that their coins was in gamble similarity and yet they still make a mistake in it how much the beginner like you, are you ready for that? Therefore, as much as possible you study about trading skills and earn knowledge about it too.

[kotajikikox]

Hey,

I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.

The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.

I am sure we have traders here with vast experience.
Really excited to learn new things.

Actually depend on which coins are you Holding now,If you invested in DeFi projects?then there will be some critical areas in which you need to be aware.
This is a hyping coins and any changes will depend on the investors either real or Fake investors.

But if you are into some Old coins like Bitcoin and like ethereum then Holding is much enough specially if you invested the Money that you can always afford to lose.


Never be too Greedy,just be enough in maximum of 20% per trade unless you can hold Long term then lets change the plans.

[Xinarae*]

I agree with you that greed usually puts us at a disadvantage. A greedy person can never succeed the first advice of the trader should be to gain knowledge about the business. The basics are fine, and starting a business with a small amount of capital will reduce the damage. These traders cannot survive in the market for long if they invest in greed later there are risks to go without getting frustrated and a quick review of the classic and original types of entrepreneurs will help you.

[CryptopreneurBrainboss]

The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.

True but mostly when you're trading valuable coins like Bitcoin and probably some well known altcoins (but this isn't a guarantee). With altcoins that aren't popular or having low trading volume or exposure compared to their counter part, the chances of using this strategy and come out profitable is minimum.

Just as you hold and wait also note that sometime you profit more or lose less if you were willing to take that small lose, wait for further dip to re-enter the market or move on to other opportunities. My advice would be to always take profit when the opportunity presents itself don't forget you're trading and not investing.

[Mr.Scott]

I've noticed that there are a lot of trading guideline for newbies in the forum but most of times they are getting confused and don't know where to start or what to buy. Take advantage by ordering low cap coin that has good possibility big surge up and always follow the trends.

[crwth]

There are a lot of things that could help you and it varies on your trading style. So I think, first of all is plan your trades. Don't make it a rush to trade and make sure that your conditions are met before anything else and it implies with the rules that you have set as well. With this plan, you would know what to do.

Do you plan to trade everyday or are you going to be busy and just trade for least of the time? I suggest you get a trading bot as well like Gunbot and you could trade and check it when you want to. You could set your conditions there and pretty much take care of the rest. It's not an easy trading tool to learn but once you have, you could potentially profit in the long run. The best thing about it is you could learn trading knowledge while applying it to the tool.

Let me know if you are interested with that as well.

[YOSHIE]

I am sure we have traders here with vast experience.
Really excited to learn new things.

You ask about crypto investing & trading advice, it's good enough for you.

There are many things to learn about trading & investing especially in crypto, if, I have to explain and write here for you, I have too much to write for you.

In order to shorten the writing and time, I will refer you to the three topics below:

1. Topic: 5 Tips for Successful Bitcoin Trading
2. Topic: A good advice for every traders.
3. Topic: Asking Investment advice?

If, you have time to read and see, you can review it to add your knowledge in trading & investing, hopefully useful.

[Ridwan Fauzi]

Buy low and sell high is the basic concept to trade, but you have to know as well which the low price that you should buy the coin. Moreover at the current situation where all crypto currency price then you will see there is many low price that been passed by bitcoin/altcoin. So, I mean if you spot trader you have to know where the strong support in case when you buy the coin then the coin will increase and you will get profit.

There is some important strategy to know, support and resistence, candlestick pattern and you have to know how to draw the chart with trend line and horizontal line. I'm new trader as well and currently I'm still learning about them and greatfully with these strategy I have profit altough it still small but at least I can trade and I can minimaze the risk that I'll be faced.

[ibuddy122505]

Someone who was totally new to crypto,eventually had very little capital to get started. So, they are looking to invest in a legitimate opportunity. For dummies, make research before investing. For most importan, learn technical analysis asap.

[Assface16678]

I think having a 500 dollar is a large amount for making an investment with the trading are you going for spots or future trade?

If you are trying to make an investment with the spots trade which buying a lot of coins when the market price of the coin falls down and hold till the marker goes into ATH.

If you are trying to trade with the future I think it's better to learn and earn a lot of knowledge regarding market trading including stocks and cryptocurrency, but be careful because the market is volatile I think 10 dollars is enough for your first trial.

[Nellayar]

1. Watch or Read tutorials and books about trading and investing.
2. Make a clear plan or goal for every execution.
3. Don`t hesitate to follow your plan, plan should always be executed.
4. Don`t fall under hypes and easy money scam.
5. Protect your assets by importing it in safe wallets.


Lastly, be sure that you are optimistic even the market is down. Just like what we are experiencing right now. Optimistic in a point that you have a strong bias with your coins because it is really productive and has future according to your fundamentals.

The rest, you will experience it along with your crypto trading journey.

[pragna]

Hey,

I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.

The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.

I am sure we have traders here with vast experience.
Really excited to learn new things.

What you said that is very simple everybody knows this simple word but if you want to be a good trader you have to know how to select a good coin first. If you select shit coin from market and hold you will be loser ultimately. So before investing any coin you should learn these coins roadmap, market volume, team connectivity and finally market coindition of that coin. If everything goes well you can hold that coin if price goes down. so my suggestion is read and research more and more before investing.

thanks.

[AnwarDah]

As a beginner, I advise you to dive deep into the trading market, and learn everything you should know before starting to trade! The second advise is to use a trading platform that is safe and secure. Personally, I use ProBit Exchange!

[CryptoDROI]

Hey,

I would like to know some advice and information which will be really helpful in my trading journey. I have invested $500 for the start and I am willing to learn and invest more.

The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.

I am sure we have traders here with vast experience.
Really excited to learn new things.

First thing you need IMHO is a clear understanding of the difference between a trader and an investor

BUY and HOLD is investing and for that yes you could do your typical fundamental analysis and check for the coin/community and all the basics

But, if your aim is to be a trader you should concentrate on learn Technical Analysis (TA) and read charts because your aim as a trader is to capitalize on the market movement for a particular time frame...

What you really don't want to do is be a trader that becomes an investor because he place a trade and went in the opposite direction, that would be your biggest mistake.

Dollar-Cost Average is a good technique to use and it will give you some buffer but you should enter the trade with a plan already, and keep in mind that most traders really don't even like that.

Is very possible that most traders would advise you to "cut your losses" and move to the next trade... and is perfectly fine too.

Usually with a good edge to enter/exit you should keep your risk always low, say risk 1 to make 2 as a rule of thumb

There is no way to win all the time in any trade, you can not predict what's coming but you should be prepared always before you even place a buy.

TA and indicators are a good guide and some of them will give you an edge, but money management is key.

Fear and Greed are main factors so be prepared for an outcome but expect nothing, whatever happens you had a plan in place, that's the best way I know to help with your emotions, the other is with a bot ofc.

But even with a bot my advise is to keep learning bots are good tools for automation and emotionless trading, but you still need to tell the bot what you want to do.

Hope it Helps.

[Ryker1]

[snip]
Lastly, be sure that you are optimistic even the market is down. Just like what we are experiencing right now. Optimistic in a point that you have a strong bias with your coins because it is really productive and has future according to your fundamentals.

Well, this is true. When it comes to optimistic it is a sign of courage on me. As a beginner, --you should have courage in trading to make it successful and profitable at all times. You can also focus on your game plan and not to lead in a wrong decision which made you a sudden loss. There are too many factors to consider if you are a newbie in trading. I suggest reading more on this thread and also study what is stop-loss and how to make a technical and fundamental analysis. Donnot be hurried in trading if your skills are not enough how do trading, just have a trial and error with a small amount that you willing to lose, once you become an expert, that is the time you will use huge amount.

[Shasha80]

In my opinion, beginner traders should practice more, being able to use websites that provide virtual trading features if our funds are indeed
limited. Because increasing trading practice can train our patience when trading, because having patience is important when trading. Without
having patience it is difficult to become successful traders.

[Lanatsa]

[snip]
Lastly, be sure that you are optimistic even the market is down. Just like what we are experiencing right now. Optimistic in a point that you have a strong bias with your coins because it is really productive and has future according to your fundamentals.

Well, this is true. When it comes to optimistic it is a sign of courage on me. As a beginner, --you should have courage in trading to make it successful and profitable at all times. You can also focus on your game plan and not to lead in a wrong decision which made you a sudden loss. There are too many factors to consider if you are a newbie in trading. I suggest reading more on this thread and also study what is stop-loss and how to make a technical and fundamental analysis. Donnot be hurried in trading if your skills are not enough how do trading, just have a trial and error with a small amount that you willing to lose, once you become an expert, that is the time you will use huge amount.

Trading does really need time and pure experience for you to be a better trader.You would really be undergoing lots of trials and errors along the way since you are just starting up then its inevitable for you to
have loss most of the time and thats part of learning process.

Just dont rush up because people who do tend nor prefer to make shortcuts are the ones who do commonly make mistakes.Dont get easily get on FOMO or Fud because these are factors that would
highly affect your profitability.

Always stick into your own analysis and it isnt bad to get some key or hints on co-traders but dont fully rely on them.

[el kaka22]

If I was starting now, I would have expected someone to tell me that it is not that easy, I know you are seeing people making tons of profit right now, but the ones who say they make money are the loudest ones. Why would anyone who gets into crypto trading with 100k and leaves with 20k come here and talk about how he lost 80k, sure there are some who does it to blame crypto to aliens who wants us dead or whatever, those idiots do exists, go check gambling section there are tons who lost on gambling and blames casino (like casino suppose to want you to win) however they are minority.

People who turned 20k into 100k however will come here in bunches, they will talk about how they are awesome and how crypto is awesome and what they are doing next and why you should do it too. Do not listen to them or care about them, those things happen rarely and you just have to be patient.

[djmixen]

make a plan before going to trade

That's true, without this plan everything will end into nothing for sure. Moreover, they also need to feed themselves about the knowledge in trading and the coins, they like to trade-in too. Having enough knowledge and idea could give extra confidence because you know what you are doing as an individual trade as well.