What advice will you give to a beginner trader?

[Imran232]

Thank you soo much for interesting in crypto trading platform  with a $500 handsome amount .  From my trading experience i will suggest you a biggest point which is do not started with future trading. Because its profitable but risky which is not for beginner. I suggest you to choose spot trading. Because it will be lower risky. For your success i will suggest you to choose a best exchange and find some most potential coin and invest them with spot trading and wait for price pump and take profit. If your choosing currency gone dump wait it hold it don't panic. And when it will up again take your profit and try to invest another. In this process try to learn about more trading option. And gain knowledge about trading then you can use other trading option. I hope you understand. If you want to my opinion about any exchange i use binance exchange. In my point of view its best for me for its security. All the best for your trading journey hopefully you will get your best.                                 

[adzino]

You should first learn how the market works. You shouldn't keep your expectation very high based on the fact that some people made millions over night investing in crypto currencies. $500 sounds like a good amount to start with. Try investing smaller amount of different coins. You should also get to know how the trading platform works so that you don't get confused or anything. Like mk4 suggested, you can try etoro and their virtual trading currency that has no real value and you risk nothing. You can understand how everything works, but remember, those are play money and you receive it for free. So you don't have any risk and your decision won't be the same like you would have taken if you invested with real money.

[panganib999]

Of course before anything else, you first need to educate yourself first on how does the market runs and make yourself knowledgeable about certain coins to better know and to choose better the coin that you wish to do the trade. Basically, you need to learn the basics of doing the trades because if you would just keep on depositing money to do trades, which is your money is at stake on a certain coin which you do not know much about, you are simply putting your money into a gamble for not knowing anything first before you do the act. Before engaging into any trades, assure that you know the coin very well and of course the market for sure you will not just be reliant on a certain coin. After you have fully known how the market works on various coins, then its the time you do trades. Educate first, observe,  then do the act. Do no jump into trading without knowing anything. Remember you wish to do trading and not gambling.

[Maroons]

You should first learn how the market works.

This is really the gold tier advice that a newbie needs to hear from anyone because if you know how things work in the field you are entering you are going to have no problem at all for you know you're surrounding and you're playground and second most important thing is be comfortable with how you do things, things won't work out well if you are doing it uncomfortably so keep in my to have confidence and be comfortable to what youbare doing.

[djmixen]

Most of the newcomer in this industry of cryptocurrency is always thinking quick profit even they know to themselves that they don't have any knowledge about it. But because of greediness, this pushes them to go through with it, we're in the end always lost their investment, so better to learn first while practicing themselves in demo trading first, just a thought.

[azmirihaque]

Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

[20kevin20]

Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

Honestly, trading strategies rarely work with crypto trading. Been following many charts and predictions on TradingView on a weekly basis for years and, besides very very obvious patterns, most of them don't really follow up. Even top traders miss a lot of times. The immaturity of crypto markets makes trading a constant experience of unexpected events.

[Bitlover10]

For beginner trader I can only give few advise
1 keep learning about market
2 gain your knowledge about coin
3 never take margin like 2x 3x or 50x
4 keep away from taking high leverage trading

[wxa7115]

absolutely true what other user said about leverage derivative and future.
this is not trading but it's just gambling. and in the long term you're going to lose your money.
use a demo account to learn more about functions of a trading site. it's always better than start directly with cash.

Without a doubt trading with a demo account is going to help you at the beginning when you are not familiar with the platform you are using but even then there are limits to what you can learn with a demo account.

For example with a demo account you will be able to employ your strategy perfectly without second guessing your decisions because you are not losing real money but once you being to use it you will be pressured to get results and if you lose a few trades in a row it will be very hard for you to use your strategy effectively especially if you are a newbie.

[cheezcarls]

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 some few guys and gals who reached out to me saying that they want to get started in cryptocurrency trading. I asked them first if they want to trade everyday or just long-term holding. If they want to do day trader, I usually give them advice by watching Youtube videos about the basics of day trading, and read some useful information here on Bitcointalk.

Google and Youtube are our best friends in finding information that we want, especially in getting started for beginner traders. It’s just that I don’t have all the time to teach them, but I want them to be self-resourceful.

[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.

There are some few guys and gals who reached out to me saying that they want to get started in cryptocurrency trading. I asked them first if they want to trade everyday or just long-term holding. If they want to do day trader, I usually give them advice by watching Youtube videos about the basics of day trading, and read some useful information here on Bitcointalk.

Google and Youtube are our best friends in finding information that we want, especially in getting started for beginner traders. It’s just that I don’t have all the time to teach them, but I want them to be self-resourceful.

Everything is already available and can really be checked and searched online but people are just too lazy to do even this basic stuff and even if they are just starting they do really rushed up to things
to make it profitable which is really very wrong.

When Im still new to the market then I cant really deny that we do love to rush things on making money but as soon you do able to experience things then you will gradually realize things.

For beginners out there then take your time to learn up even the basics first then try to minimize the risk as small as possible then it should be fine.

[carter34]

Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

Training and patients are key resources to become a successful trader. I have read so many articles and realize that you need to study hard, the different market types and how to interpret them.

[btc-facebook]

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.

Depending on what kind of coins you hold,
If you hold shitcoin then the price will continue to fall and it will be very difficult to return, the worst possibility is that the project will die and eventually become a scam,
If you are holding a major coin, then holding is the right decision and waiting for the price to rise again and reach a new ATH.
Major coins I mean are coins that are ranked in the top 20 of market cap in Coingecko or CMC.

[ice098]

Trading is the good way to make money but it is so risky for new traders. I will suggest new traders to trade on demo account. More market analysis is needed for being a good trader.

Same here, I strongly prescribe to do a novice trader. Being patient at the start and get into the market slowly. Various things will drop over various times. But, do your practice and wait until you have the money to throw in at the start.

Newcomers usually come to the market without any skill to make money soon after greed so they are more at risk. I agree with you that the first thing a good trader should do is to analyze the market well. Having a good knowledge of the market makes trading risky. Also invest small amounts as the market is not stable no one can say when it will go in which direction even if the price of the currency goes down trader will not suffer much.

I believe that non of us here just come at this platform without any knowledge what crypto is. I do believe also that being a member of this forum could help you a lot by getting information in the past experience of our co members on how they deal with their first trading of cryptocurrency. And as always being a beginner in trading you must not only equipped with knowledge of what is crypto is but you should also study the market and how could you play the game without taking so much token to risk for.

[dimonstration]

For beginner trader I can only give few advise
1 keep learning about market
2 gain your knowledge about coin
3 never take margin like 2x 3x or 50x
4 keep away from taking high leverage trading

Adding  here is the proper monitoring once put in exchange and plans to trade, we should be aware on how to take advantage on short term progress as it is what is in and in hype now and it is somehow risky to do, due to the fact that it's hard to determine whether that project is over or not yet, so taking consideration of putting amount limit and being able to monitor the news, chats and charts can help us trade properly thru hype, we should not only let the whales win during this hype.

[Mr.Scott]

Before starting the trading, a beginner first need to learn the trading strategy. To study different markets are very much important. A beginner can follow the successful traders and learn how they tackle different obstacles and situations. Then he or she can start short trading with small amount of investment. Gradually he/she will gather knowledge and experience and can be a successful trader.

Training and patients are key resources to become a successful trader. I have read so many articles and realize that you need to study hard, the different market types and how to interpret them.

A very good point of view. Patience is the obvious way to hunt the success in trading. However, some term you should follow like invest in yourself. By this way you may learn how the markets work and how to make better educated traders.

[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.

There are some few guys and gals who reached out to me saying that they want to get started in cryptocurrency trading. I asked them first if they want to trade everyday or just long-term holding. If they want to do day trader, I usually give them advice by watching Youtube videos about the basics of day trading, and read some useful information here on Bitcointalk.

Google and Youtube are our best friends in finding information that we want, especially in getting started for beginner traders. It’s just that I don’t have all the time to teach them, but I want them to be self-resourceful.

Good advice, you do not want them to be dependent on you for their learning process, let them learn on their own and if they have some doubts then they may come to you, a person they trust, to dispel their doubts.

However it is also important to warn newbie traders that day trading is by far the most difficult way to trade, it is also the most profitable which is why it attracts so many people, but the difficulty of it comes from the fact that you need to know your system like the palm of your hand and even a delay of a few seconds between your decisions can make the difference between making profitable trades or losing money in the markets.

[truthofshunya]

Simple but golden rule, " Never risk more than you can afford to lose".

[Drahzar]

first of all i'd give an advice to make your own checking list, which you will follow and consider credibility of each projet you plan to invest  and trade in. as for now, defi projects are most hyped and interesting - as for me i prefer to choose dex projects

[Drahzar]

first of all i'd give an advice to make your own checking list, which you will follow and consider credibility of each projet you plan to invest  and trade in. as for now, defi projects are most hyped and interesting - as for me i prefer to choose dex projects

agree with you, and i also try to invest in defi - dex projects. as for me, have a nice future, because decentralized exchanges make a great  hype and growing in volumes

besides, i'm watching just now an interesting stablecoin dex - xsigma. looks credible, backed by a public company and have a team from Ripple and amazon