What advice will you give to a beginner trader?

[ImThour]

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.

[1715115078]

1715115078

[1715115078]

1715115078

[1715115078]

1715115078

[1715115078]

1715115078

[1715115078]

1715115078

[mk4]

I'm personally not a day trader, as my trades mostly span for weeks and months, but surprisingly not that much people suggest the usage of virtual portfolios. Pretty much trading with play money. eToro[1] has this feature, you might want to try it out so you could practice daytrading without losing any money.

[1] https://www.etoro.com/

[ImThour]

I'm personally not a day trader, as my trades mostly span for weeks and months, but surprisingly not that much people suggest the usage of virtual portfolios. Pretty much trading with play money. eToro[1] has this feature, you might want to try it out so you could practice daytrading without losing any money.

[1] https://www.etoro.com/

Is this providing money and trading for cryptocurrency or fiat stock stuff? I was actually looking for something like this to create a virtual portfolio to comapre my risks : profit.

[mk4]

Is this providing money and trading for cryptocurrency or fiat stock stuff? I was actually looking for something like this to create a virtual portfolio to comapre my risks : profit.

You don't need to deposit any money to use their virtual portfolio feature. They pretty much give you $100,000 of play money to trade with. Obviously you won't be able to withdraw the money. I suggest using this as you could trade as recklessly as you want just to test things out without actually risking any money.

[slapper]

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.

Nowadays, trading is becoming much easier than the past and you can easily access to any market you want. I suggest you should read more about stocks, cryptocurrencies, and forex. Youtube and online sources can give you a vast amount of knowledge in a short time. And as mk4 said, you should start with a virtual portfolio aka demo account first in order to understand more about trading and you wont lose any amount of your money anytime you become reckless

I suggest ICmarkets. It contains many pair including forex, crypto, metals as well as common stocks. They also provide demo account

[maydna]

I would advise the new trader to learn more about analyzing the market, and if he wants to start trading, the better limit the money before he has good skills to use bigger money. Many new traders use too big money to buy the coin, but they don't' have good skills to analyze the good time to enter the market, and they will end up buying the coin at a high price.

But if you only want to buy and hold the coin, you need to buy at a low price to hold it for some time and sell it when the price increases. You don't have to bother with the fluctuating price, which always changes because you have a target price to sell, and you don't worry if the price is down again because you will buy more amounts.

[GreatArkansas]

First, don't be greedy. Always remember that there are still a lot of better trades to come, if you lost a few trades, don't be greedy to earn back your losses, wait for another for a good entry.
Also, continue to learn, don't be stagnant if you still learning or beginner. Avoid listening to other without a proper basis, like if someone told you to buy this, buy that, sell this, sell that.
Keep going! Welcome to the trading world.

[Wexnident]

Don't overthink, stick to your plan, you can base your plans to everything you'd ever want to, but be sure that such plan actually has the foundation to stay in track, and to do that, you'd probably need to make adjustments depending on the results of each possible movement in the market. I'd also try out what @mk4 said about virtual portfolios, it may be practice, but it can get you up to speed on what to do when trading so you can cross out experience half-way as a problem.

Other than that, just make sure that your $500 is money that can be lost, since if I were you, I'd think of that fund as good as lost already. Mostly to stop feeling any type of emotion that you would feel when losing it, but it's also to help you trade with a clear mind.

[Wind_FURY]

I have invested $500 for the start and I am willing to learn and invest more.

What advice will you give to a beginner trader?

You should expect losses, and more losses. 90% of traders LOSE to the better 10% who can do it professionally.

Take responsbility for your own actions. Cryptocurrencies are very volatile, and unpredictable. You decided to trade your $500. Lose most or all of it, don't come back to the forum saying you were scammed.

Know as soon as possible if trading is for you. Most of us plebs are simply not good enough for it.

[ReiMomo]

Remember that day trading and long term trade are far different from each other. As a beginner, copy trading from other portfolio is a nice idea as what give idea above and that is extremely right that using Etoro trading platform is a good exchange to choose.

Well, this is very common question and the fact, you can simply googling it for more information you will gather.
I saw the traders tips article and I guess this will help you. Read this if you have time.

[sarmrakib]

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.

Its a good amount to start trading as a beginner .I think you should spend more time into the market to get the flow of price .
You just set the candlestick strategy try to understand the movement of the trend.Trend line could be a good be a good strategy if you follow .Research and study more on support and resistance .Hopefully gradually you will be a good trader .

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.

Sometimes it won't be worked i think .I have seen many times market goes more deep and trader making losses to buy it deep .So you should follow all the things related on it if the coin has any chance to bounce back.

[ArIMy11]

Maintain your confidence and willingness to learn trading no matter what happen to your journey. Not everyone succeeds in trading and I am one of those people. At first, I am decided to learn how to trade but as days, weeks, and months pass by I find it hard until there is no confidence , and I can't find any reason to continue so I decided to stop trading. Do not make the effort if it will be for nothing. Do not hurry things. We have a lot to earn in trading. As I have said maintain the willingness because no matter how hard time or laziness you may feel  or how many losses / incorrect decisions you commit during learning on how to trade, if you are willing you have reason not to quit easily. Remeber that learning is not a one day process.

[wxa7115]

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.

Probably the best advice that I would give to someone that is just starting is that even if you think you are ready you are probably not, I will recommend to employ at east 4 hours per day for 3 months to the study of charts and strategies before you even begin to trade, I know this may seem as too much time invested in the activity but I can guarantee you very few people go through the trouble of employing so much time to think about trading before they even begin and that will be your secret weapon.

When it comes to trading your luck or the size of your capital are irrelevant, what matters the most is your knowledge and that particular aspect can only show improvement if you train very hard to improve it.

[LUCKMCFLY]

I would tell any beginner that before getting into trading, the first thing to do is study the market, apply fundamental analysis theories and technical analysis, trust the books and learn before you trust influencers or academies. That way you will handle your own arguments, and then when you have your analysis, trade with virtual money before doing it for real.

[qory]

Well holding coins sometimes is not good since you can already cut your losses and make new entry to different coin also I'm not really that expert but I can suggest to you that you should divide your investment to different coin don't just focus on a single coin it's better to divide your investment to different coins.

[hulla]

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 of all, you ought to ask this question before jumping into trading though this current market momentum is good for beginners to make profit but you still need to understand that the market will not always be favorable.
In the meantime, i will advice you to read and study information on Binance Academy where you can learn every aspect of cryptocurrency and blockchain.

[Lanatsa]

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.

So you're a type of a long-term trader yet you do just wait for your holdings to have gains but are you aware on how long you can possibly wait when you do deal with crypto? Its unpredictable.

So patience would really be a major thing on this field and if you do make rush decisions or even on panic then that will surely cost you.

Advice?

-Dont be greedy
-Sell when on gain
-Dont let yourself fall in FOMO or Fud
-Dont easily believe on bull or bear calls by somebody.

[Oasisman]

I would tell any beginner that before getting into trading, the first thing to do is study the market, apply fundamental analysis theories and technical analysis, trust the books and learn before you trust influencers or academies. That way you will handle your own arguments, and then when you have your analysis, trade with virtual money before doing it for real.

This is the clear and concise advice for the trading beginners.
And I just want to add something.
As per the OP, $500 seems a huge amount to be starting in the trading field. While on the process of learning, losses are expected and there is a huge chances for a beginner to gradually lose all the capital. I should say $100 is an ideal range for the beginners to avoid lossing too much that might totally lost their interest in trading.

[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.

There are a lot of potential cryptocurrencies in the market dude, and you can check at the coinmarketcap. One of the tips that I could give is that if you are thinking long term I think BUSD, LINK, DOT, LEND, XEM, and BNB are the most trusted alts in this field of a business mates. Now if you wanna get some profit in a short period of time I could suggest AG8, LINK, XRP and ETH in my own opinion.

[maxreish]

Set your goal.
 This may help you to prevent being greedy when taking some profits.
 And dont get stucked. What i mean ia that there is particular time where in a coin drops and it hardly pump again. Holding for so long is a choice but another choice will be to sell it and choose another coin to trade to compensate from previous loss.
 
 Also, it's always bettet to diversify your trading portfolio so you'll have better trading results.