What Practical Advice For A Beginner Trader?

[thecryptogandalf]

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!

Go for bakctests and demo trading

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[wiss19]

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!

From what I have understood, most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved, and once they trade and lose, they quickly run from the market. That’s what happened in your case, you lost and you ran, because at first you thought that Bitcoin was another cash cow and you never considered whether there are risks or not and you didn’t prepare yourself for the ahead that were ahead of you.

It’s good that you know that now, and I believe that you are ready to start trading now, knowing fully well that there are lots of risk involved.

[Vaculin]

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!

From what I have understood, most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved, and once they trade and lose, they quickly run from the market. That’s what happened in your case, you lost and you ran, because at first you thought that Bitcoin was another cash cow and you never considered whether there are risks or not and you didn’t prepare yourself for the ahead that were ahead of you.

It’s good that you know that now, and I believe that you are ready to start trading now, knowing fully well that there are lots of risk involved.

Trading is a test of how long we can extend our patience. Some just give easily and never turn back again. This is mostly happening to newcomers, I know they were hard to adjust to the market volatility and that makes me understand their feeling when they lose at their first attempt. But, if they are really strong and committed to their plan and goal, eventually, they can surpass the trials.

As a newbie, it is just something we really need to work hard and to find ourselves enjoying what we do despite the losses we got. And this is how trading will works.

[AakZaki]

~snip~
What I've noticed with many newbies, they want an overnight success which is a very dangerous thought and belief in this market.

You are right many beginners think trading is the fastest job to get rich. Even an expert can make mistakes, what about beginners. Luckily it's only once won't repeat with trading. Beginners must be prepared to lose money and have a strong mentality to survive. Because trading is a process we need to learn from experience.

[Silberman]

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!

From what I have understood, most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved, and once they trade and lose, they quickly run from the market. That’s what happened in your case, you lost and you ran, because at first you thought that Bitcoin was another cash cow and you never considered whether there are risks or not and you didn’t prepare yourself for the ahead that were ahead of you.

It’s good that you know that now, and I believe that you are ready to start trading now, knowing fully well that there are lots of risk involved.

This mentality is prevalent among newbies and while this is not completely their fault as if we take the time to look at social media then we are going to see that many promote bitcoin in that way, they should know better, simple logic will dictate that in a market in which the purpose is to earn money and that no one gives money for free then this means that if you want to win then someone else has to lose, then there must be more losers than winners and yet they never think about this.

[FanEagle]

most of the newbies that comes to trade cryptocurrencies are doing so because they thought they were going to make quick money, they never consider the risks that are involved

Yeah, the foremost advice anyone could give to newbie traders must be not rushing for making money. Because only those traders who are good in patients got chances to crack profits out of crypto trading. Market is something like highly unpredictable and you must need to keep your nerves down so that you can find the right opportunities to make money.

this means that if you want to win then someone else has to lose, then there must be more losers than winners and yet they never think about this.

I'm having contradicting opinion here. For example, you are buying and someone is selling and you both can be into profit when for the case like bitcoin market; it is like your seller might have bought when bitcoin was trading below $10k and you are buying right now and you might be selling when bitcoin market will be trading around $40k so you both will be into profits and someone who will be buying around $40 might need to wait more to gain his own profits.

[Slow death]

trading is not easy, it is very difficult and there are few buy and sell opportunities that arise during the day when it comes to trading bitcoin. There are some basic things you need to know before trading bitcoin:

1 - you must know technical analysis

2 - do not buy if you were unable to identify support and resistance

3 - don't buy just for guessing

4 - always put Stop - Loss

[Renampun]

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!

a little advice from me that is 'don't cut loss...

you may experience a decrease in the asset from the price you bought it for, when that happens then all you have to do is hold it until the price goes up again. and don't buy during the FOMO market because it's very dangerous.

[jostorres]

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!

a little advice from me that is 'don't cut loss...

you may experience a decrease in the asset from the price you bought it for, when that happens then all you have to do is hold it until the price goes up again. and don't buy during the FOMO market because it's very dangerous.

I would never give that advice to hold a dropping asset just because you purchased it at a higher price.

You may have invested into a useless coin and it's normal in crypto trading and if you are going to hold it indefinitely long just because you want the value back from it, you might not just end up in loss but it might become dirt while you wait for an endlessly long period of time.

Whether you bought it for cheap or costly, your decision to sell must always be backed by the support and resistance in the market for the coin and what kind of development is going on within the project in the coming time. Sometimes there might not be enough support in the market but if there is solid development going on, you can always rely on that, and is a good reason to hold.

[wiss19]

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'm sure you learnt one or two lessons from your failure in trading the first time you tried it. I'm sure one prominent lesson you must have learnt would be to invest in learning as much as you can before you trade.
The only advice I'd give to you would be to really understand how trading works. Understand fundamental and technical analysis. Understand how chart patterns works. Understand these things and you'd be to make profitable trades, reducing your losses to the barest minimum.

There are many things one can learn especially after facing some initial loss in trading. I can make an endless list of things one can improve and should look to work on, but I will go with the 2 most important ones.

1- Right Attitude: If you are serious about trading, make sure the attitude is not to make millions overnight but to earn some dollars in every trade. Make sure you have enough time for trading because if you are thinking of trading in part-time, you will eventually hate it at some point because you can't dedicate enough time.

2- Management of funds and tools: You must have a good estimation of how much you should trade each time because this isn't gambling and your trades should be based on the profitability chance in each trade rather than your gut feeling about it. You should also know the basic tools like stop-loss.

[CryptocurencyKing]

Work out a strategy of your own from your previous experience with trading. One thing you should understand is, someone has to loose in other for some other person to gain. All you need is for you not to be on the loosing side and to do that, you've got to have a working strategy in place. Its best to be of your own becuase, you'll better understand the changes that might arise with it.

Also, train your emotions on how you feel or perceive the market. Its one way the market actually plays around with you and not having the right emotions about it could mess up your trades and possibly your head too. You ought to have a plan about your trading and determine the point at which you could say, its enough and be satisfied with what your having.

[Cherylstar86]

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!

Don't be a quitter when you don't see any downfall that's going to make your holdings at zero value. Losing is just normal at first time or even for expert traders, they'd often experience this kind of problems. That's part of the process in order to make you learn better, so my advice is to continue in trading but avoid futures and just choose spot when using binance. Be at safer side and don't risk your money without proper knowledge.

[Porfirii]

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!

Go for bakctests and demo trading

This seems to be a simple and practical, good advice, just what the OP was asking for.

On the other hand, this is not the best place to write this but IMO the best advice for a beginner trader could be not to start trading: I don't believe in TA (I have never worked as a professional trader but I own a degree in economics) and it is quite possible that you get the same gains by simply hodling, so you'll have much more free time to concentrate in other business, better sleep, better mood... Sometimes we focus on a goal and get lost in the details, and forget what is important for a healthy and fulfilling life.

It is not for everybody as not everyone is prepared to hodl during a multi-year bear market and I could be wrong if a black swan happened and everything goes to zero, so this shouldn't be taken as a financial advice, but it is my personal choice and I feel happy to share it.

[bitgolden]

1 - you must know technical analysis

2 - do not buy if you were unable to identify support and resistance

3 - don't buy just for guessing

4 - always put Stop - Loss

Sounds like a practical approach.

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.

Yeah, success in trading is simply depending on how effectively you are utilizing our time and all available resources. People are mostly just dreaming about success in trading but never prefer to put all required efforts. This is the reason I just like to advice in a way to filter out those dreamy traders before they are starting.

[Nrcewker]

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 first advice that should suits a newbie is that, invest what you are capable of losing.
In your initial trading days, don’t start with investing huge amounts.
At first understand the market, and see the movement of the coin.
And yes if you can afford then go for some paid signals, these are almost 90% of the time correct.
Hope this will help you OP and you will earn huge profit by trading.

[milewilda]

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 first advice that should suits a newbie is that, invest what you are capable of losing.
In your initial trading days, don’t start with investing huge amounts.
At first understand the market, and see the movement of the coin.
And yes if you can afford then go for some paid signals, these are almost 90% of the time correct.
Hope this will help you OP and you will earn huge profit by trading.

They wouldnt learn until they do try and test out the market for themselves.They wont really learn if they wont get their hands wet and this is why telling some recommendations wont really be followed most of the time.
People or beginners would be discovering out something when they do experience the market hands on and when it comes to mistake then it would really be a common one.The only thing i do say is about thinking
risk management most of the time because this would be an important factor that would really be helping you out on at least sustaining in the market. Dont get easily discourage with mistakes because
this would be common, always mind off about on how you do learn up and trying out your best to sustain yourself and the rest of knowledge would really be gained on actual experience.

[Serco]

1 - you must know technical analysis

2 - do not buy if you were unable to identify support and resistance

3 - don't buy just for guessing

4 - always put Stop - Loss

Sounds like a practical approach.

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.

Yeah, success in trading is simply depending on how effectively you are utilizing our time and all available resources. People are mostly just dreaming about success in trading but never prefer to put all required efforts. This is the reason I just like to advice in a way to filter out those dreamy traders before they are starting.

Its be an obligation for whom want to start their trading journet, we must really prepare well in trading skill either technical or fundamenta analiys. As you said , preparation will take longer time than we have to start instantly without learning something at all. Our effort in this step will decided our successfull story in financial market.

[wahyu wida]

1 - you must know technical analysis

2 - do not buy if you were unable to identify support and resistance

3 - don't buy just for guessing

4 - always put Stop - Loss

Sounds like a practical approach.

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.

Yeah, success in trading is simply depending on how effectively you are utilizing our time and all available resources. People are mostly just dreaming about success in trading but never prefer to put all required efforts. This is the reason I just like to advice in a way to filter out those dreamy traders before they are starting.

Its be an obligation for whom want to start their trading journet, we must really prepare well in trading skill either technical or fundamenta analiys. As you said , preparation will take longer time than we have to start instantly without learning something at all. Our effort in this step will decided our successfull story in financial market.

At first we are very taboo with trading journals, and it is difficult to run them, but with a lot of effort and discipline, we will get used to it, and as long as we learn this is a process as a pro trader. Don't give up when our analysis is wrong, because every trader must have made mistakes

[Obito]

My advice to someone like you is probably to do your own research and if you are reslly a beginner, you should probably practice trading first, there are a lot of demo trading out there that you can use to practice trading so you can gain experience without the risk of losing from making mistakes.

[cheezcarls]

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 are not alone. Everyone here starts as a beginner and seeking some advice as well. You must invest in knowledge first. There are lots of resources you can find here in this forum. And not just here on Bitcointalk, but Google and Youtube are your best friends as well.

Learn how to be self-resourceful too. Don’t be afraid to ask questions or clarifying something here in the community.