What to avoid as a beginner in trading Bitcoin?

[boyptc]

Firstly, try to analyze the market. Don't enter without proper knowledge about trading. Secondly, don't try to make 2x/3x profit at a time. For choosing pair, try to choice strong and popular pair.

The desire to make profit, your advise is right.

Many beginners are thinking if they can just make 2x+ profits, they're already good. But in reality, it's quite hard to achieve especially if your capital isn't that much.

Try to aim in percentages.

Start like 5%, 10% and so on. I think that will work in process for those achievers.

[ice098]

Starting out with cash..? Does journaling truly help ?

Absolutely! I start to make a journal now to monitor my trades, and to help me to make my trading plan into reality, and by result I am slowly learn to minimize my losses and it helps me to follow my trading plan. This plan is my December future trading journal, but I pause for awhile because I got busy with my job. This is not so big gains and margin but what I am saying is, journal can help, especially for beginner like me.




PS: Don't mind that PLE it is PNL, also I am just still learning.

[kram31]

Starting out with cash..? Does journaling truly help ?

As a beginner here in Bitcoin trading, you don't need to stay in your monitor to find out if you earn or not.
Probably, just check it 3 to 5x in a day. Then, every time you open it be observant, analyze the movement in the chart
graph, check the higher bidder and Buyers so that you can able to see if you are earnings or not something like that.

[beerlover]

Starting out with cash..? Does journaling truly help ?

Remember if you are short-trading, avoid being greedy too much. In addition, even if you have the power to initiate your trades, DO NOT forget to remain 10% of your profits overtime. Imagine, you just set aside let's say around 100$/week, by the time you retire, you would be able to enjoy those winnings in the LONG-TERM.

In short, don't be afraid to cash out your profits. Even if garnering a profit in trading may be relatively difficult, avoid being greedy and as soon as you profit, decide on whether to cash it out or not. Be ready, however, you will be facing lots of mistakes and learnings along the way.

100 dollars per month until you retire is not enough money, but 100 dollars into bitcoin until you retire would make a huge difference, people should know their difference as well. If you invest 100 dollars into your bank account that would be 1200 dollars in one year, 12000 dollars in 10 years and 36000 dollars in 30 years which should be enough for you to retire unless you are a teenager, even in 50 years it is only 60000 dollars.

However if you invest that into bitcoin, and maybe a bit of altcoins as well, that could do 10x in 30 years and in 30 years you would have 360k instead of 36k that would be huge difference. Is it enough to retire? Depends on where you live but definitely good enough to live a decent life without ever working again even if you do not get interest rate from it.

[Janation]

Beginners should be taking care of some projects.

There are a lot of cryptocurrencies that go around and these new investors and traders should be taking care of those projects that seem too good to be true. I know that some of us are so desperate to earn, especially at this pandemic but you might fall into the trap of these scammers that won't just hurt but also would start your doubt about cryptocurrencies.

[ven7net]

Starting out with cash..? Does journaling truly help ?

Personally, I started my first BTC trade without using my personal funds. Yes, it so happened that I have been working through the Internet for a long time and was able to earn some capital, as they say, without investing personal funds. Of course it was not easy and not so fast, but it worked out and I know for sure that I can take risks as I use the funds that I earned. As for newbies, I would recommend doing the same as me, as it would swallow them to gain experience and understand the value of money. On the other hand, you can go the other way, for example, use personal funds, but then a beginner needs to understand that he needs to use funds that he does not mind losing, because his first steps in trading BTC will also be difficult and he will have to gain experience before he will start earning, not losing.

[redsun114]

The biggest thing that almost all noobs do is getting involved without realizing why. That's correct, they always go in and they think they are going to profit and the thing they buy will go up because someone on telegram said "this project with have this awesome thing on the 27th and after that price will skyrocket!!" and they buy and wait for 27th and nothing happens.

They do not understand "why" coins go up, they just eat up whatever everyone else says. The reality is that we do have a lot of great things in the crypto world, and they do go up, so when things go up that means newbies go check it out and see why it went up and learn the difference between why others didn't go up and why this one did. If you can study the behaviors of the market and how people react to changes, you could learn which ones are empty promises and which ones are real.

[k@suy]

As a beginner here in Bitcoin trading, you don't need to stay in your monitor to find out if you earn or not.
Probably, just check it 3 to 5x in a day. Then, every time you open it be observant, analyze the movement in the chart
graph, check the higher bidder and Buyers so that you can able to see if you are earnings or not something like that.

Well that's true, he should check his trade regularly so that he will not be missed anything and he will learn to monitor and manage his losses, he will learn how to use stop loss and trailing stop loss soon. And as he waits for his order to be filled or waiting for his coins to have an action he can read some essential books and pdf to widen his knowledge and help him to decide the next thing, if he will continue to hold it or it is time to sell.

[Shasha80]

If you are a beginner in the world of Bitcoin trading, you can avoid using large capital. Because you have to get used to trading using
small capital first, if you have successfully traded with a small capital. Then trading using large capital can definitely use it well,
because if you immediately use large capital when trading will only make you lose your capital, later there you will be afraid to try
to trade Bitcoin again.

[Ridwan Fauzi]

Starting out with cash..? Does journaling truly help ?

Starting to learn all of the trading strategy is a good way when someone has intention to start trading crypto. No metter how much capital that you spend it doesn't matter. Even, you can use $10 to start and got around $5 per days if you already know the chacteristic bitcoin price movement.

As for strategy that I use when I was start (actualy I still using this strategy until now) I learn the technical analyst first, there are so many book about technical analyst. And second, I only use some media social like twitter and other crypto currency as a banchmark to buy and sell my investment.

[molsewid]

If you are a beginner in the world of Bitcoin trading, you can avoid using large capital. Because you have to get used to trading using
small capital first, if you have successfully traded with a small capital. Then trading using large capital can definitely use it well,
because if you immediately use large capital when trading will only make you lose your capital, later there you will be afraid to try
to trade Bitcoin again.

Start with small one so you can easily monitor your progress, learn to make a journal it is the best thing that you may actually do when you are new in trading and that is the most common advice of everyone that spent years in trading. Journal will help you to have a trading plan to prevent massive losses and help you to have self discipline in trading in which much needed for us to not be taken away by greediness. Emotional management is very much in need too.

[Wipeout2097]

As a apprentice, you ought to maintain a strategic distance from a hazardous exchange instep you wish to form a ladderize exchange where you may slowly increment the sum of exchange in case you think that you just are getting increasingly commonplace to it. Avoid being a greedy to benefit, most of the begginers are in rush to win their benefit that leads them to lossing their cash within the middle or indeed within the beginning of their travel in exchanging. Learn the nuts and bolts to begin with and be astute in utilizing your cash, in the event that it is conceivable partition your exchanging monetary standards to more than one so you'll be able dodge a overwhelming misfortune on the off chance that in case you select a terrible cash to exchange.

[isaac_clarke22]

Rid of any emotion. Trust me, you'll regret every single tiny bit of your decision if you let your emotions get into you. That happened to me back then when I was still day trading.
Fear is common, because you're risking, OP.
Trading tools are there to aid you. One I remember that I use was Bollinger band.
DO NOT invest if the money is needed. Just invest something you don't mind losing. Don't focus on getting into full-time because you're still gonna test the waters just yet.

[boyptc]

Rid of any emotion. Trust me, you'll regret every single tiny bit of your decision if you let your emotions get into you. That happened to me back then when I was still day trading.
Fear is common, because you're risking, OP.

It is your other enemy.

Once you're too emotional with your trades, you'll be missing the discipline because you're only going to rely on your feelings and not on your plans and analyses.

[Fredomago]

Rid of any emotion. Trust me, you'll regret every single tiny bit of your decision if you let your emotions get into you. That happened to me back then when I was still day trading.
Fear is common, because you're risking, OP.

It is your other enemy.

Once you're too emotional with your trades, you'll be missing the discipline because you're only going to rely on your feelings and not on your plans and analyses.

Very bad since the effects always kills your decision making, lots of emotions brings you to fear each market movements, when bull shows up your fear of exiting in early stage leading you to lose the opportunities.

While in bear, you'll sell right away thinking that things will lead you to lose most of your funds forgetting that there's always corrections that taking place each time the market experienced bull season.

You need to control your emotion well, it will help out to avoid making regret mistakes, and it will lead
you to a much successful venture inside this investment.

[tygeade]

Starting out with cash..? Does journaling truly help ?

By journaling, you mean doing research to learn the things that you don’t know about? Yes that can really help you, it’s something that you should be doing on a steady. Then don’t be like all these newbies that will start trading and they will go to be making use of some exchanges that nobody knows about, it’s best to just go for popular exchanges, do your research and look for the popular, there is Binance, there is Coinbase, Kraken, Huobi and the rest of them that are popular, just compare them and know which will be better for you, then start making use of it.

Don’t go and start looking for some exchanges that comes out of nowhere and promising you heaven and Earth, because that’s how you can lose money. And don’t look for people who claim to be giving free signals or whatsoever, because they are scammers. Learn and do it for yourself.

[DoublerHunter]

Starting out with cash..? Does journaling truly help ?

~snip~
By journaling, you mean doing research to learn the things that you don’t know about?

^ Probably journaling that he meant is that to have a gameplan, it is the way to monitor the market and record the previous history that will probably repeat itself in the future. If that is what OP means, it really has great help to him, and stick to the plan will most likely always get a profit because you can able to control your emotion. If you have a plan you will have an idea of when the exit point, when to take profit, and when you leave the market. There are too many advantages to be made if you have journaling everything the decision you have.

[bitgolden]

Probably journaling that he meant is that to have a gameplan, it is the way to monitor the market and record the previous history that will probably repeat itself in the future. If that is what OP means, it really has great help to him, and stick to the plan will most likely always get a profit because you can able to control your emotion. If you have a plan you will have an idea of when the exit point, when to take profit, and when you leave the market. There are too many advantages to be made if you have journaling everything the decision you have.

I think if you could keep track of everything, it would probably help, or at least it probably can't hurt so you could do it and if it doesn't help it doesn't help and it can't really hurt which is a no-loss situation. I have tried it before, interestingly I wanted to push myself a bit harder and try to be better by writing it on online places as well, which meant that when I shared my reasoning and which coins will go up and which ones will go down, that meant that I had a chance to be humiliated by people who saw it, and I could be wrong and they would mock me.

So, I had to really work hard and find correct things not just because it was me making money, it was also about me getting mocked by other people if I am wrong. So at the end of the day I happened to just let it go because it was too much pressure and I wasn't as relax as I wanted to.

[boyptc]

Rid of any emotion. Trust me, you'll regret every single tiny bit of your decision if you let your emotions get into you. That happened to me back then when I was still day trading.
Fear is common, because you're risking, OP.

It is your other enemy.

Once you're too emotional with your trades, you'll be missing the discipline because you're only going to rely on your feelings and not on your plans and analyses.

Very bad since the effects always kills your decision making, lots of emotions brings you to fear each market movements, when bull shows up your fear of exiting in early stage leading you to lose the opportunities.

While in bear, you'll sell right away thinking that things will lead you to lose most of your funds forgetting that there's always corrections that taking place each time the market experienced bull season.

You need to control your emotion well, it will help out to avoid making regret mistakes, and it will lead
you to a much successful venture inside this investment.

That really happens.

It brings anxiety and making you decide in a quick time but later on, you have to regret what you've done. Luckily, for those who have experience with the bear markets. It did help us to have long patience and anticipation of the market's recovery.

Just control it and make a wise decision everytime you trade, beginners or not.

[Natsuu]

----

That really happens.

It brings anxiety and making you decide in a quick time but later on, you have to regret what you've done. Luckily, for those who have experience with the bear markets. It did help us to have long patience and anticipation of the market's recovery.

Just control it and make a wise decision everytime you trade, beginners or not.

Controlling your emotions is really easy to say, but really hard to execute when in the moment. I personally recommend taking a deep breather when in the moment as this will clear your mind, and make you start thinking somehow rational when in the situation. This will always help, even not in trading. Also, keep in track with your plan, as this will suggest the best possible move you can do when in the situation.