What Practical Advice For A Beginner Trader?

[Michael63]

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!

[1715552699]

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[1715552699]

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[1715552699]

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[1715552699]

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[1715552699]

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[AB de Royse777]

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!

Invest in knowledge first before joining the crypto industry. Bitcoin is not an investment but a currency to trade.

[xSkylarx]

Before you start trading, ask yourself first if you already know the fundamentals. Did you learn from your previous mistake? You can't just start trading again just for the reason of earning money, if you don't know how to read the charts and candlesticks properly, then basically you are just gambling. If you are confident to trade now with your own skill then you should start learn how to control your emotion when some people spread fuds, or someone that causes you to hesitate in following your trading plan.

[Kelvinid]

Don't be afraid to take risks and importantly, don't afraid to lose. Nothing will happen if you live with doubts and not able to learn.

*being committed to your dreams/goal
*willing to listen to advice
*willing to change their behavior.

There are a lot of challenges as a beginner and it is a need for us to win. Lastly, have a POSITIVE mindset.

[unusualfacts30]

start with small amount and try to get it larger before investing larger amount. Invest only what you can afford to lose.

there is a lot of good information posted here, go through them first.

Use technical indicators and stop loss. Technical indicators help you not fall in emotional trap and stop loss help you not lose what you made.

[mk4]

1. Actually do research before immediately diving in
2. Probably trade using a virtual portfolio first. (look: eToro virtual portfolio)
3. Once you feel confident, start with a small bankroll
4. Accept the fact that you wouldn't grasp it in a single month, and that it will take a good amount of time for you to get a hang of it

[jackg]

Invest in knowledge first before joining the crypto industry. Bitcoin is not an investment but a currency to trade.

I feel like this might be a good thing to expand on. I'd say also get used to sending funds and knowing some parts of how things work with bitcoin and any other coins you want to trade to help you spot fuddy articles.

Also, look at some basic trading strategies and see how the markets respond to them, look at forex, stocks AND crypto if you're looking at graphs especially as you can work out the similarities and differences.

Try and work out how much you'd like to invest and put about 0.1% onto an exchange once you're comfortable with a strategy, then try to trade it up over a few months and see how it does. Pick a size for each trade (I'd recommend 5-10% loss max of the 0.1%) and look at analytics from the exchange to determine your win rate.

[terrorJR]

Know what you want to trade, do your own research from sources and references. Follow your preferred crypto media channel. and most importantly, you certainly don't fall asleep with fomo that plays cryptocurrency with the lure of big profits in an instant without giving an explanation of the risks.

and the last thing you need to inculcate in trading principles is to choose the right crypto based on your love of cryptocurrency growth. not on the basis of urgency.

[South Park]

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!

Probably the best advice I can give is that whenever you feel you are ready to trade the market you take an additional three months before you do it, it is very easy for people at the beginning of their trading careers to get really cocky and think they know it all and it is precisely that attitude that at the end costs them a fortune as they think they know everything the market can throw at them only to be surprised and lose everything when they are unable to understand what is it actually happening.

[tranthidung]

I tried trading Bitcoin a couple of years ago but quit after I lost $300.

How much the capital you used for that trading? This question is to know how big your $300 loss is per your total trading capital.

What advice do you have for me if I decide to start trading again?

If you are bad at trading, HOLD!

Bitcoin is in a macro bull trend (years) so HODL will help you see higher highs to take profit. Obviously, don't borrow money for your hodling. Bitcoin is a speculative asset, has serious ups and downs.

Two charts show same thing. Bitcoin is in yearly bullish trend and with same amount of fiat ($), you will be able to buy less and less Bitcoin amount over time.

[Rruchi man]

As a  beginner trader, it is best you understand the market properly first, don't trade on multiple pairs at a go, try to master a trading pair first before you try out another.

Also you should learn to watch your emotions when trading, some people will say you should not trade with emotions and that's the truth. Trading with emotions can cause you loses.

[Ryker1]

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!

Well, can I ask you --are you fully oriented on how trading will work, and what are those analyses and strategies that could be used?
Trading needs to invest more skills and knowledge before you will be diving in, it needs either fundamental or technical analysis so that you have a market price movement reference that can speculate accurately based on the market flow. If not, you will heavily suffer a huge loss for sure. Because trading is not a trial and error, it will always involve cash, you can practice also using it on paper or a demo trading.

[boyptc]

Start with little amounts first.

$20, $30 or $50.

Any amount that you think is little, start with it and learn from the experience as you trade. It's okay to lose with such amounts because the knowledge that you'll have from the experience can be applied to your next trades in profit.

[kram31]

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!

I know that all traders in  bitcoin trading are aiming to earn, but some of them forgot that lost is part of the game in trading.
Now, if you lost that means there is something you need to develop in your way of thinking about doing activity in trading. Besides,
you've been doing it for a couple of years anyway.

[sheenshane]

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!

It could be;

• Demo trading
• Copy trading
• Study and research trading analysis stuff
• Egaging different crypto trading commonunity(not the hype)

If you aren't ready yet, I suggest you invest for while in Bitcoin and hold it until you will know how to trade.   Trading needs more time before you will consider it is a good opportunity and have potential in trading, but in fact, if you are in actual trading, you can't manage your self.

[cabron]

"If you are not up to learn to do it, just hold your coins."

It's just what it means, no secret to that because every holders are already profiting without even trading. Most of the traders are actually going to keep trying to accumulate BTC to make money. Someone said to me that if you are going to try leverage, do it on the minutes chart. Haven't tried but it probably would.

[awik p]

"If you are not up to learn to do it, just hold your coins."

It's just what it means, no secret to that because every holders are already profiting without even trading. Most of the traders are actually going to keep trying to accumulate BTC to make money. Someone said to me that if you are going to try leverage, do it on the minutes chart. Haven't tried but it probably would.

for bitcoin it may be safe if we hold it for a long time, but for other altcoins that are not in the top rankings it may be very dangerous if we hold it for a long time, because when the price pumps, it can be followed by a dump and eventually it will take a long time to grow, there is even the possibility of becoming a dead coin

[leea-1334]

It's good that you back because there's a lot of opportunity here if you are going to take trading seriously. My advice is to keep on learning and don't give up easily just because you lose doesn't mean you don't have future here. Trading takes a lot of time to master and to become profitable, just be patience and know the basic rule of trading, you buy based and sell based on your own analysis.

Apart from the fact he is probably an alt account,,, but for the benefit of doubt if OP is really new, then the early signs is not good. The fact that someone is lazy to find out on his own and just ask a question with no background shows there is probably nothing we can do for him.

Crypto is for the person eager to find out on his own,,, and discover things on his side by trying and reading and listening first. Asking last.

[Maus0728]

Read some of the Day Trader's story on Reddit. You can have a glimpse of what day trading looks like in real life and learn some of the past mistakes that they have done during their first year of this career. There are lots of golden advice that you can find learned only by experience and struggles.

This is something that I do every day, to re-read before the day starts as a reminder to not duplicate their bad experiences in day trading.

Some of the best stories that I have read:
[1] https://www.reddit.com/r/Daytrading/comments/ntsdd5/day_trading_for_a_living/?utm_medium=android_app&utm_source=share
[2] https://www.reddit.com/r/Daytrading/comments/np9vaa/how_i_got_started/?utm_medium=android_app&utm_source=share
[3] https://www.reddit.com/r/Daytrading/comments/njqvy0/how_i_found_incredible_success_day_trading_after/?utm_medium=android_app&utm_source=share

[maxreish]

Manage your emotions

This is always the problem encountered by the traders that usually mess things up when panicking when the market go sideways or being greedy at cashing out profits.  Better to manage your emotions and do some profit goal to prevent this kind of emotions.

Continue to Learn

As a trader, we thought those tools we had learn is enough but this is something we should acquire continuous knowledge for improvement and to become better and successful trader.