What advice will you give to a beginner trader?

[Wind_FURY]

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.

What? Then if the trader you copied the trades from loses, you also lose? Is that a good idea? NO, it's actually a BAD idea. That's the worst advice given in the topic.

Copy-trading is for inept, lazy people. eToro is mocking you.

[Kelvinid]

The above replies are good enough and I hope it will brings your into the right path.
But there is one thing I have to give, don't take trading seriously. Promise, it makes you addicted when you have been doing it well, and soon it changes your attitude and becomes greedy which could be a reason of your failure.

And don't put all your money in trading, this is not a thing we can assure of even though you've been doing it great. Have to keep in mind the risk in trading and much better to have back-up rather than losing it ALL for just a minute.

[benkhalil3]

My first advice learn and keep in your mind that you will lost your money. Do not follow that trading signal channels that promise to give you 20% and more profits most of them are scammers. As beginner , avoid trading in futures  it is so hard . Try to trade with spot and my last advice watch-out scam trading exchanges.

[Peanutswar]

So you want to buy a coin with an amount of 500 dollars I think you do not need to get deep learning regarding trading because at the end of the day you will hold those coins.

[1]The only thing that you could do or I advise is to watch the market price of the coin if you think this is the right time to buy a coin go for it and if you feel don't.

If you still pursue learning regarding reading how to make a good trade you can easily make an investment with the trading indicators so can help you makes good investment timing.

[2] if you would like to make a daily trade with the use of the market movement it requires a lot of knowledge and skills so better to focus on this because we are talking about money.

[tokoorochan]

My first advice learn and keep in your mind that you will lost your money. Do not follow that trading signal channels that promise to give you 20% and more profits most of them are scammers. As beginner , avoid trading in futures  it is so hard . Try to trade with spot and my last advice watch-out scam trading exchanges.

i am prefer to avoid trading channel which is promises give us profits. i am sure the group owner only create hype coin and buy it before member follow it. i am ever be the victim on trading signal , and now i am prefer to join telegram group that discuss about why token or coins will fly.beside give us profit it also improve our knowledge.

[Bitlover10]

If you are a beginner then don't be a trader in this market. Be a holder of btc and eth. Or top 10 coins. Because in this market traditional or experienced trader makes loss. Even i am 100 percent sure 99 percent of people got liquidation in recent dump in the market. So holding bitcoin is good. Because here is so many price manipulation.

[boyptc]

IMO if $500 is a good start and if that amount to you is affordable whether you profit or not. Focus on trading with one specific coin and the best coin to do that is with bitcoin.

Be familiar with what's happening.

And when you think that you have now the idea of fluctuations and risk you are getting when you trade, it's your decision to diversify and try trading with another crypto.

[piebeyb]

I need to understand the market even learn all crypto markets for almost about 5 years, nothing short to learn let alone analyze with just 2 weeks, start trading for the first time, if you fail let alone experience a loss, don't mistake it as a failure, learn what wrong so you can become a trader who can understand the market wisely and well, you can use small capital to trade or use a demo account, I think that's my advice for you, try starting from a small capital, remove your mind from big profits, still focus on learning to understand the market

[tbterryboy]

Small entry points never really makes you rich, know that before you do anything so that you do not expect the worlds from crypto trading, without that knowledge you will do stupider things one time after another. If you get in with something under 1000 dollars, you are not going to make a huge amount that would be even considered a living wage, if you get in anything under 100k you are not going to have anything life changing.

Crypto trading could make you 50% per month but that is not sustainable, you can't do that every single month, but having like 5% per month is not really unrealistic, which means in a 500 dollar capital, you will have to be patient to reach levels that could actually be considered big. If you want to turn your 500 to 2000 in a month, you are going to get upset.

[Cryptoababe]

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 will advice you to always set stop loss on any trade
Always take profit strictly too
Take loss strictly too
Believe in your logic
Be patient before opening position
Dont be greedy
Dont use too high leverage.. Its irresponsible.
So all these and you should be successful

[sulendra12]

make a plan before going to trade

But, plan without an execute is just nothing. You have to make a plan and how to execute them afterwards, people can make a plan so easily but they don't know and don't remember how to execute the plan properly or even try to do the plan. You probably have heard "it's easier to said than done" it's how much what happened now.

[Dorodha]

If the newcomers can be given any advice about trading in general, it is to say that they should not make any decision about trading out of emotion and manage the trade as wisely as possible so that the borough does not get into any trouble later. In general we notice that new trades are always emotionally settled and the risk is much lower if they are aware. One of the most important things is to have a long lasting experience.

[iamsheikhadil]

Firstly, you have made yourself dedicated to holding your coins even when it goes down. That's 50% of what trading should actually be! Congrats! Next you have to learn about market analysis, and how it works. You might need to sometimes copy trade from experts to know their experiences as sometimes experience>knowledge! You need to have patience, skills and trust on yourself and your portfolios. Do good research on the coins/stocks or commodities you are investing in as well.

[proscratcher]

The best advice that I can give to a beginner trader is to invest first on education. Trading is not easy, and it takes time to learn the proper trading method.

[Reid]

$500 is a large start.
I started with just $100.  Just to try it out.

At first, I was good at it. Beginners luck maybe.
In the long run, profits get cold.
I think what you need is patience here. Don't try to be greedy or you will end up with most of the starters out there.
Rushing to make profits and making bad decisions.

[rexxarofmoknathal]

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.

First of all, I think the advice mentioned above is one to try to stick by, specially since the market has become in such a volatile low downtrend, holding is key. Second of all, I see a lot of advice has been given using virtual trading which I personally don't encourage as with trading the real value is that you're playing with real money so your decisions aren't as weighted as they'd otherwise be.

Lastly, try not to get too hung up in the trade analysis charts, yes this is important but it can be daunting for somebody starting anew, just get up to speed one step at a time. Also, don't go with leverage unless you really understand it.

[gabbie2010]

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.

The bottom line is that did you research well before deciding to invest in that particular coin? is the coin a good coin with future prospect? and not those pump and dump coin, if it is a good coin don't worry about the price declining now the present drop cuts across almost all the cryptocurrencies probably a major price price pullback or correction is being experienced, the choice of hodling the coin is the bet for now after the price correction a massive pumping of the price is imminent definitely you earn some profit in a long run.

[CucakRowo]

Advice :
1. LEARN. Learn from legit guru. Guru that proven. You can check their trading portfolio (minimum 1 year) for your consideration. Legit guru will be act as your supporter, friend and mentor.
2. Risk Management.
3. Time. Time for learning and improving.
4. PATIENT.
5. For real trading, Use money that you can afford to lose.

[wxa7115]

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.

This is called the survivorship bias and it is one of the most insidious logical fallacies that you can find, people for the most part only care about what they see and it is obvious that in this forum winners are overrepresented, because as you say if a person is able to obtain great profits out of their investment they are going to come here and they are going to be very loud about what they did to obtain success.

But what people do not see is that for each one of those winners there are at least nine losers that never come to the forum to talk about their experiences and this gives the illusion that everyone wins in this market, when we know that this is simply impossible.

[Viscore]

make a plan before going to trade

But, plan without an execute is just nothing. You have to make a plan and how to execute them afterwards, people can make a plan so easily but they don't know and don't remember how to execute the plan properly or even try to do the plan. You probably have heard "it's easier to said than done" it's how much what happened now.

That's right. Not all it becomes impossible if we are willing to take the risk and challenge our self to learn more and not just to be contented of what have learned by now. Trading couldn't be an easier thing to start with but if we are going to make it right and make benefits for this, we have to work on it. There is no shortcuts for this and of course, it takes days, weeks, or even months before we are getting ready into action.

And a thing that we should remember as a trader, we have to fully control our emotions and don't get FUD.