What Practical Advice For A Beginner Trader?

[FanEagle]

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?

My humble and serious advice for you is, never start trading again; but you must go for investing with the bitcoins with long-term plans. Because holding bitcoin for years definitely get you chances to recover all your losses incurred in trading. There are other ways like learning all the required skills for trading and then getting back to trading still there cannot be any assurance for you to recover all your losses and then getting into profits slowly but when you are investing with bitcoin for long-term will definitely there must be minimum assurance for you to find differences in this crypto space than what you had experiences with trading.

When you realize the fact that trading is not the only way to make profits in crypto space, then definitely you will find other similar opportunities to make easy profits and fortunately we are already having one proven method which must be holding bitcoins for long-term.

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[leea-1334]

First, did you find out why you lost? Yes? No? If you found out why you lost then you're a step ahead to achieving success but if you didn't, it simply means you've to devout more time to learning. Trading is a profession and must be handled like every other profession that demands time and practice like medicine, law, engineering, teaching, journalism etc. Ironically, people hop into trading without getting themselves armed with the least knowledge of it. Going into trading without the required skills set is akin to gambling, simple and short.

Good point actually. We all jumped to conclusions about why he lost,,, assuming that it was like all of us in our first time and playing to emotions to gamble away everything.

But there could be other reasons. Maybe it was a platform malfunction. Maybe it was a pure scam. Maybe OP just did not know how to use stop loss or set it wrongly.

[jaberwock]

When you realize the fact that trading is not the only way to make profits in crypto space, then definitely you will find other similar opportunities to make easy profits and fortunately we are already having one proven method which must be holding bitcoins for long-term.

That must be a very strong point of why most people are still struggling with trading even they are not good with trading. Yeah, most people never realize that fact that like they can make their living even out of trading but they want to recover their money only from where they have lost. This must be the reason why most traders are always getting back to trading even after they lost their big capital.

Maybe it was a platform malfunction. Maybe it was a pure scam. Maybe OP just did not know how to use stop loss or set it wrongly.

But almost 90% of traders are sharing like they are not successful in crypto trading so the most common reason must be they are unable to tackle the fluctuations of crypto markets. It means they must need to improve their technical skills or they must need to switch over to some other opportunity.

[lienfaye]

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!

These are what I can advice to you.
- Fill your mind with knowledge.
- Have plan and strategy.
- Only use a capital you can afford to lose.

[Maslate]

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!

These are what I can advice to you.
- Fill your mind with knowledge.
- Have plan and strategy.
- Only use a capital you can afford to lose.

And use them wisely.
There are a lot of people who invest in time and knowledge here but to know what, they all forget those learning as they are driven by their emotions.

What I can suggest (additional), it is a need to learn how to control as this was the hardest part in trading. Many had lost their opportunity because of this thing and it mostly happens to beginners.

[gabbie2010]

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!

These are what I can advice to you.
- Fill your mind with knowledge.
- Have plan and strategy.
- Only use a capital you can afford to lose.

You should read articles and watch videos on trading thus acquire much knowledge never rush into trading because the market will continue to exist  and you should work on a trading strategy out of numerous trading strategies online, practice with it and get use to it, thereafter start trading again with as little as $100 to test your knowledge preferably adopt a higher charting time frame may be minimum of 4 hour timeframe for trading so as to have few time to analyze a trade.

[AakZaki]

As a beginner, you need a lot of adaptation and technical learning to analyze the market in every movement and learn fundamentals to find out what trends are affecting the market.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.

[CaVO32]

As a beginner, you need a lot of adaptation and technical learning to analyze the market in every movement and learn fundamentals to find out what trends are affecting the market.
which is no less important than all that including learning basic trading is managing emotions or mentally, because no matter how great emotions become number one that must be really controlled.
in the early days of learning to lose a few dollars may be normal, because it is a process for beginners to understand what they are doing. Trading is not just buying and selling, but trading is a process where buying and selling is done with knowledge and controlled emotions.

And after learning at least the basic TAs, start small. As the OP had his experience regarding bitcoin trading, he can again start with btc. Or other alts like maybe XRP or TRX, where you can trade using small amount of capital. Don't go for the hype coins like meme coins or defi tokens. The chance of losing is very high especially if you chose a crap token. Experience will teach you the tips and tricks in crypto trading but don't use big amount of money while you are still learning.

[Distinctin]

Aside from investing your knowledge in trading and learning the basics, it is needed for you to be aware that trading is not an easy money generator and has a big chance for you to lose as a beginner. And if you are not able to adjust yourself and brought it to your comfort zone, I suggest you not continue doing this because at the end of the day, you only just regret and feel disappointed with the result.

I don't want to discourage you but I just wanted to tell you the truth. Now, you have to think about it not just twice but multiple times.

[sumant]

For a beginner trader I would like to advice that put the money that you can afford to lose. Always trade with minimum capital because you might don't have patience and if your trade goes against you then you will loss money. Always search about project and their news. Learn some chart reading, always look for buy in deep and sell on high. These are point you should look for before trading.

[Questat]

*Don't get excited
*Don't be too emotional
*Understand clearly the nature of trading
* last, starts from small capital

I tell you that it won't work perfectly at first. And there are only two possible results in trading either to lose or to make a profit. It was your choice which one you have aimed for.

[Zilon]

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!

Spend time practicing demo account. Make sure you blow down the account to a $100 then try growing it from there. You can't make it if you don't study to discover your personal strategy you keep making losses. So give your self to learning and practice more often that you study.

[leea-1334]

Maybe it was a platform malfunction. Maybe it was a pure scam. Maybe OP just did not know how to use stop loss or set it wrongly.

But almost 90% of traders are sharing like they are not successful in crypto trading so the most common reason must be they are unable to tackle the fluctuations of crypto markets. It means they must need to improve their technical skills or they must need to switch over to some other opportunity.

Yes I do know that. It is statistically proven. But in OP's case he actually never explained what happened and I think part of a good trader's responsibility is to check that the site he is using is legit. Software is good,,, does not cheat you,,, does not give false order filling on market condition that actually did not happen.

[isaac_clarke22]

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We quite have a similar stories only that mine was lesser loss because I was still starting up and I didn't buy that much Bitcoin.
My strategy was day trading back then and if you are asking for my advice, try to change your strategy and see what fits the most. I realize that day trading was not for me because I did not have enough time to look at the charts to do the trades.

Oh and emotion. Try to rid of it if you can.

[CryptoYar]

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!

Trading in bitcoin/crypto is not easy, you have to do fundamentally and technically analysis, so you can make the strategy of entry and exit.

I don't think you have TA skills because if you had, then you would have made a good profit by forgetting such a small loss. so try to learn it if you want to be a trader.

if you do not want to take any kind of discomfort ( learning TA) then you can buy bitcoin and forget it for a few years, you will get a juicy profit, I believe bitcoin is still the best choice for the long term.

[1l1l11ll1l]

Trading can be very profitable, but it can also be quite frustrating. My advice is, don't always chase losses to get your investment back, because in that condition, you will actually lose more and get frustrated. just stop for a moment, think carefully and change strategies

[ethereumhunter]

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!

Spend time practicing demo account. Make sure you blow down the account to a $100 then try growing it from there. You can't make it if you don't study to discover your personal strategy you keep making losses. So give your self to learning and practice more often that you study.

That will be useful for beginners to familiarize themselves in crypto trading before they use their own money to trade. It will work if he learns more about trading, so he can try to set a strategy based on the current market situation. But he can also try to trade in the real exchange if he wants. But make sure that he controls himself because he will see many surprise moment that can make him worry. And he can try to use small money to test his skills to see if he can follow the trading or lose his money.

[tvplus006]

Trading can be very profitable, but it can also be quite frustrating. My advice is, don't always chase losses to get your investment back, because in that condition, you will actually lose more and get frustrated. just stop for a moment, think carefully and change strategies

In any case, it is better to under-earn a profit than to close a trade with a loss. Therefore, you should not try to sell the coin on high, because in practice, only a few manage to do this. Similarly, you will not be able to buy coins at the lowest price. And this should not upset you.

[Ararbermas]

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!

educate your self more because that's the most important when it comes trading "enough knowledge" wherein don't be contented in what information you get or tips, what i meant keep searching for new idea and strategy always..

And don't forget to practice your skill as well in order to improve it more.. As the matter of fact there are some tutorials around the internet when it comes useful tips in trading especially through YouTube wherein step by step.. so it will be a big advantage for all beginners who want to learn something more in trading..

[topbitcoin]

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!

If lost $300 made you stopped trading, so you still not ready to use that amount of money. Maybe beside control emotion, you can start with small amount or maybe demo account. But if you profit don't feel confident and then use big amount of money on next trading, try increase it little by little. Because sometimes, when someone get profit, they feel confident and then think if they use more money they will get bigger profit, but then market is not like what his expected and he lose.