What Practical Advice For A Beginner Trader?

[cryp24x]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

You should learn from the mistakes you've done it before dude. Have an attitude of willingness to be a loser, or
be a risk taker, always have a self-discipline as well, don't let your emotions control you instead your supposed to be
the one who have the capability to control it. And never stop learning or don't quit if you believe that you will earn
in the future.

[barbara44]

My simple advice for beginner traders would be, if you're not ready to spend all your time for learning the process of trading then you should quit before starting itself.

That is not a simple advice; you must made a concrete suggestion for beginners to avoid all the frustrations .
Yeah, when a newbie is not ready to put all their time and efforts then definitely crypto trading is not for them. They must quit immediately once they realize this point.

never stop learning or don't quit if you believe that you will earn in the future.

I understand you are referring like "if not today then how in future"; okay, continuous learning is very much needed thing for sustaining success in trading but for beginners they should have learned all the basics and must have practiced on demo accounts at first hand.

[Hulhala15]

Firstly, learn economics and the market you want to trade on.
It is an open secret that before investing/trading something you need to know what the financial instrument is all about. It can be applied to stocks, crypto, currency, real-estate, literally everything. You should know what demand and supply are, because these two parameters participate in formong the price of the assets. Learn what bitcoin is and the differences between bitcoin and altcoins. Learn several trading strategies and see how they work on practice doing some backtesting.
Secondly, start analysing the charts. You should know what the charts and indicators show and the ways you can use the information they give. It is fundamental knowledge and skill that you need to acquire beore starting to trade.
Thirdly, learn the principles of money and risk management. These things are crucial to avoid blowing your budget. You will hardly unlikely to lose $300 in one single deal if you follow the rules of managing the resources you possess.
Finally, create an account and start implementing your knowledge on practice. Remember about psychological factor. Before making this or that deal, write out the reasons for making this deal. It will help you to indicate your mistakes if your deals are not successful.
Bonus: before coming to market you should have realistic expectations on trading. Don't plan to earn a million right away. Your first objective should be not to lose all the money. Losses may happen, but you should learn on them and improve your strategy.

[Sled]

Always seek knowledge first before entering the crypto industry, dont try any crypto activities if you dont have yet good knowledge about it, and make sure you know how to risk entering the crypto world especially doing trading and investing. Knowledge is always important in any circumstances in life so always make sure that you know what you are doing.

If you already have the knowledge and next is the application to know how much you learn. because it is not all about the knowledge but it also has accompanied with skills and strategies otherwise, it is still a failure. Normally, if we are new to trading, losses is can't be avoided, that is certainly frustrating but that is actually how we improve our life as a trader. Because if we find it so easy, we don't encourage ourselves to learn and gather more ideas. That is how it works and we don't just stop until we reach our goal and get satisfied with the results of our trades.

[Zilon]

Always have a specific amount you are willing to loose to the market on every single trade and you do this by using your stop loss. Most traders only seek for profit and neglet the fact that business is all about profit and loss. Once you have a set target of profit you wish to make in every trade you should also have a set loss target so you don't blow off your account if trading goes wrong

[molsewid]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

Everyone started trading as a beginner and like you as a trader I've been also lost and lose a much higher amount than yours mate. You are not alone, everyone experienced it but this kind of lose experiences will be the one which will give you a lesson learn that you can use on your next journey. As a beginner trader you must be ready in every possible scenario, equipped yourself with technical analysis knowledge and also having a willingness to learn in every failure. Becoming a wise trader is a constant learning so never stopped getting learn in every situation you will encounter.

[Nrcewker]

at first the trading business was not a business that had to wait for profit to come, but we had to learn the right way of trading, where we had to be able to control psychology and be self-disciplined towards analysis, so that over time, our target is trading for consistent profit, so that we can live from trading

I do agree on the face that trading is not a business, rather it should be done with proper calculation and observation.
Analysis is the most important part of trading if i say it very prank.
If you can’t analysis the market or the coin that you are investing upon, then definitely you will fall in losses.
Moreover as a beginner i will always recommend you to start with small amount.
Once you know when the market goes up and goes down, or in short find yourself comfortable, go with big amount and try your luck.
Wish you all the best mate.

[AakZaki]

Always have a specific amount you are willing to loose to the market on every single trade and you do this by using your stop loss. Most traders only seek for profit and neglet the fact that business is all about profit and loss. Once you have a set target of profit you wish to make in every trade you should also have a set loss target so you don't blow off your account if trading goes wrong

What you mean probably is risk management. Which aims to secure capital when the market is crashing. Beginner traders do need to know it, so the capital they have will also be safe. Trading is not just for and loss, but how to implement a strategy well. Knowledge of trading should be really updated.

[redsun114]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

The best advice would be to leave emotions out the door. There is no scenario where people could feel fear, happiness, joy, excitement, sadness and many other emotions and still be a great trader. I know you should feel amazingly happy when you turn 100 bucks into 10k right? That is a huge return and your hundred bucks is now ten thousand dollars so you should feel happy at the very least? Well that is wrong, you should not because your 10k could become 100 dollars as well if you invest it into some scam type project, which is why always be careful and always keep your emotions in check.

Same goes for losing money, just because you lost money a bit right now doesn't mean that you will end up losing money constantly, you may end up recovering that loss and making a great return as well. Just focus on what you can do and do not feel emotions and worry about what you can't change.

[Desmong]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

You should learn from the mistakes you've done it before dude. Have an attitude of willingness to be a loser, or
be a risk taker, always have a self-discipline as well, don't let your emotions control you instead your supposed to be
the one who have the capability to control it. And never stop learning or don't quit if you believe that you will earn
in the future.

Trading we'll know that trading require risks that is important if one can minimize it by using different risk management template. This risk of a thing is necessary in trading but one's ability to reduce it so it wouldn't affect the entire trading capital is better and more stress free than just trading without understanding risk that is inevitable in trading.
Since you want to go back to trading, try as much to familiarize yourself with demo trading, back testing, and working on good strategy that has good high win rate.

[sumant]

Looking at crypto uncertainty I would like to give a advice for beginner trader that put the money that you can afford to loose. Crypto market is very venerable at time you can not predict anything into this. A world label trade can go anyway up or down at any moment. Second thing I will like to tell that always search about chart and market that makes you more confident in trading arena. A beginner trader always put low capital to start trade. These are basics to learn.  do not be in hurry seen crypto past records.

[Webetcoins]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again?

The advice I am going to give is that you should look at the mistakes you made before.
You should try to understand what made you lose. You have had such experience and you will have to use that to your advantage.

When you have understood what caused you to lose, then you start looking for the solution and how to do things better next time so you don’t lose money again, and even if you’re going to lose, you should at least be able to reduce the loss. Study everything that needs to be studied and develop your strategies that will help you make more profit in the market.

[fullhdpixel]

The advice I am going to give is that you should look at the mistakes you made before.
You should try to understand what made you lose. You have had such experience and you will have to use that to your advantage.

When you have understood what caused you to lose, then you start looking for the solution and how to do things better next time so you don’t lose money again, and even if you’re going to lose, you should at least be able to reduce the loss. Study everything that needs to be studied and develop your strategies that will help you make more profit in the market.

This is the best advice there is out there. People keep talking about watching stuff and reading stuff and learning stuff and yeah they are right in a way that you can't get better without doing any of those. However one thing is for sure, you can't make a profit without actually doing, if you do what you need to do that means you are going to learn and without doing it you will only have some theoretical knowledge and that is not good enough.

After you start doing what can help you out even more than learning why you lose? It is the best method and people will be profiting a ton by losing, yes that sounds weird but the greatest thing to teach you how to make less mistakes is making mistakes and learning from them. Eventually it is going to be easier and easier and easier and that way you will end up being one of the best traders out there, all thanks to learning from mistakes.

[seleme]

I tried trading Bitcoin a couple of years ago but quit after I lost $300. What advice do you have for me if I decide to start trading again? Thank you!

The best advice would be to leave emotions out the door. There is no scenario where people could feel fear, happiness, joy, excitement, sadness and many other emotions and still be a great trader. I know you should feel amazingly happy when you turn 100 bucks into 10k right? That is a huge return and your hundred bucks is now ten thousand dollars so you should feel happy at the very least? Well that is wrong, you should not because your 10k could become 100 dollars as well if you invest it into some scam type project, which is why always be careful and always keep your emotions in check.

Same goes for losing money, just because you lost money a bit right now doesn't mean that you will end up losing money constantly, you may end up recovering that loss and making a great return as well. Just focus on what you can do and do not feel emotions and worry about what you can't change.

Well explained, the first rule is not to make money, it is to protect trading capital. The stop loss is the expiration date for your trades in case of market moves against your trades. The emotional trading will not add good consequences on your trading experience so better to learn before it is too late. Sooner or later, you will face with cutting loss or let it go trades so you have to prepare yourself for not letting emotions beat the logic of smart trader.

[jossiel]

Looking at crypto uncertainty I would like to give a advice for beginner trader that put the money that you can afford to loose.

Newbies that saw others profit will also make them feel that they can do that and will only have the logical thinking that, the higher the capital, the higher the profit.

That's what they'll set on their minds but surely is a wrong thought because it still depends on how they're going to trade. And as an addition to the newbies, always do a practice to gain almost everything you need.

[Liamttw]

Before trading, learn the basics of the crypto market, predict price trends based on the flow of cryptocurrencies in the market, analyze trading strategies, and stop loss and profit in time. At the beginning of the transaction, in order to reduce the transaction risk, you can first conduct a small amount of capital transaction or diversified portfolio investment. Don't be affected by FUD, learn risk management.

[ROBERT B]

Understand the knowledge of cryptocurrency, keep learning, and have a deep understanding of the market. Don't buy and invest in short-term altcoins. When you invest in cryptocurrency, you must have enough patience and a risk-taking attitude.
You can listen to other people's suggestions, but don't listen completely. Remember to have courage and adventurous spirit。

[Kittygalore]

Learned a lot frim this thread and hopefully I can employ those advice to a certain degree when I am trading. One thing that I can give advice to other beginner traders is to probably practice trading if you can because no point doing it without experience, you will only get big losses.

[fullhdpixel]

Learned a lot frim this thread and hopefully I can employ those advice to a certain degree when I am trading. One thing that I can give advice to other beginner traders is to probably practice trading if you can because no point doing it without experience, you will only get big losses.

I really think that bitcointalk is a great place to learn how to trade. There are both great traders here, and also people who know about TA a lot and people who focus on news a lot as well. You can learn something from everyone, of course not everyone is perfect in every aspect, but you can take the strongest parts of their advises and leave the bad parts of their advises aside and that way you will be making a lot more profit.

I am not saying this as a person who can give a great advice because I feel like mine are just very little risk and little return stuff so I do not advice too much aside from "buy bitcoin as much as you can afford" but I have seen other people here who are tons better than me at trading who gave great advises that I used in my own trading to make it better, some of them were bad so I removed them but kept the good ones in.

[Chato1977]

Learned a lot frim this thread and hopefully I can employ those advice to a certain degree when I am trading. One thing that I can give advice to other beginner traders is to probably practice trading if you can because no point doing it without experience, you will only get big losses.

And also be ready to what will come at first and use those experience for you future trading .

It is normal to lose in the beginning and this is part of the learning but if you lose constantly then better to leave it and forget about trading because this is not for everyone.

There are people who deserves to learn and earn and there are some who lose and fail.