Trading as a newbie?

[GeorgeJohn]

I have only started with $50 as a test - I made my first trade last night after buying LCX last week at $0.033 I sold at $0.045.

This is a 36% gain which is a pretty good start, now I will wait and have a look around to see what is badly down later and buy in when I feel there is a likely pump coming.

LCX reached $0.055 last night so this is a 67% increase from where I bought only a week ago so makes me realize there is money to be made in this bear market.

What i want to say in a nutshell is that, trading is something i believe that have to do with experience, and it's only the experience person knows all about trading and can actually make a profit it's indicators, so i don't really know or understand the basic things that concerns trading. Before someone can make a profit in trading you most at least understand that trading have that trading have rudiments before someone can make a potential profit you most at least understand it's futures.

[1715176892]

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[Bitcoin_people]

Since we don't understand trending very well, we are completely new users. So I think that the newbies should not trade without knowing about the market at present. It is seen that if you invest without knowing anything, it is normal to face loss. It is a good decision for beginners to start investing with as little money as possible and trade the market with the advice of a good investor.

[xSkylarx]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

Try to learn SL as well in which you can minimize your losses. This can be good be good but it requires you to spend time and monitor the market, if you are okay with that they go on. There's nothing wrong with that, but better to learn at least reading The chart or at least learning to read candles, that is the basic thing that you can do and it is kinda effective.

Stop loss is really required in trading as this can stop you from losing more. It was already taught when we first learning trading unless you want to lose all of your money. Candle patterns is needed also familiarization of indicators as it can see what is the direction of the crypto. I always using indicator to see if it is overbought or oversold that I don't get overwhelmed and very confident on my trades.

[Fatunad]

I believe that one of the most important stages for a beginner is training. This is something that is really worth paying enough attention to. Without this, the result can be somewhat frustrating.

+ dont make yourself in a rush
+ dont make yourself greedy
+ dont make yourself that impatient
+ dont make yourself get dragged with some Fomo or Hype

Stick with the known common ways or the basics and you would gradually making yourself that improved basing on those.
Sustainable is what you should really be minding off and trying out to make yourself to handle on various
market conditions.

[JamesDaniel90]

Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.

I am now in Gala and waiting for that to pump to close my next trade.

I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.

Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.

[boyptc]

Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.

I am now in Gala and waiting for that to pump to close my next trade.

I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.

Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.

Gala's pump IMHO was already done but, congratulations for having that much gain through shiba. Trading isn't really for everybody because when someone who sees his portfolio go down like 10% on an instant in the day, then that's going to faint his heart.

Well, keep it up and always make good decisions and don't let your emotion do the decision making for you.

[JamesDaniel90]

Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.

I am now in Gala and waiting for that to pump to close my next trade.

I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.

Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.

Gala's pump IMHO was already done but, congratulations for having that much gain through shiba. Trading isn't really for everybody because when someone who sees his portfolio go down like 10% on an instant in the day, then that's going to faint his heart.

Well, keep it up and always make good decisions and don't let your emotion do the decision making for you.

Looks like Gala and the market is slowly falling but I am holding Gala long term anyway so if it is a while until we see another pump then so be it.

Considering I am fairly new to crypto I feel I deal with the volatility quite well, I don't panic sell or anything like that am just holding till bull run next year.

[tygeade]

Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.

I am now in Gala and waiting for that to pump to close my next trade.

I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.

Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.

It's surprising that Shib is still alive but I think you are only lucky there so don't get carried away and stay on that coin. Remember there are still better coins out there which can give you more guarantees of earning a profit. For your second coin, Gala. I have a confidence with this one so you can stick with it.

We are now on our way to the bull run so I don't think the market can crash anytime soon but crap coins are the only ones who can crash at this point so you better be extra careful with your picks even if you say that you are mainly a long term investor. Congrats about the profit that you built during the 2 weeks of trading. I hope you will stay humble and stick within your limits only.

[martyns]

Trading is something complicated,and it's not adviceable to just jump into it,it is good to make research,ask questions,and bare in mind that anything can happen along the line.It is a two way thing,either you gain or lose,but when one loses,it is good to be matured and know that loosing is part of winning.You must loose for you to win in future,Always know that loosing gives you experience,and those experiences gives you the answer to your present problem.

[Obari]

Just as other users have adviced, I think you should get other source of income rather than hoping on trading now since you're still very new on the space and trading business. I would also advice that you take your time to first learn the basis of trading from reputable traders and also watch more of YouTube videos as well as tutorials and don't be too quick to jump into the real world of trading but first you should do more of practice with the demo account provided by any preferable broker you might choose and get more familiar with them before depositing and always remember that trading is risky and you shouldn't use borrowed money or money you can't afford to lose.

[lalabotax]

especially if they first see trading videos on youtube. it sure looks very easy to get profit.
hopefully, the OP will come up with a better way of trading. this will probably take quite a while. because trading is not going to be easy to learn in a short time.

Indeed, when we are watching the video, it seems easy. But, when we are, I am trying to do it, it suddenly feels like trading activities are something that is very difficult, It's mind-numbing, it's emotionally draining, it's like pulling strings, so many people fail or can't cope with trading activities because of these pressures. However, for those who can enjoy the activities, and really appreciate them, it is not easy, it's very difficult but they are able to be consistent in doing it and earning money on it. It needs a hard effort to do, not as easy and soft as we watch. 

[cozytrade]

Since we don't understand trending very well, we are completely new users. So I think that the newbies should not trade without knowing about the market at present. It is seen that if you invest without knowing anything, it is normal to face loss. It is a good decision for beginners to start investing with as little money as possible and trade the market with the advice of a good investor.

Yes I agree with your decision. Because newbie who don't know about trade if he wants to learn trade with big money then he will lose all his money. Newbie who want to learn trade in first stage advice from those who have good knowledge about trade.  He should start trading in the first position. If he trades like this for a few days, he will gradually have a good knowledge about the trade, after which he will be able to trade alone when he understands.

[lienfaye]

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

It would be great if what you expected really happen for real, unfortunately you can't expect things to go as planned because it's not that easy. Some coins that are currently down and you think a good one to invest in can't recover back anymore for a certain reason.

That's why many traders failed to profit because the market is unpredicted even they already have experience and more knowledgeable of what they're doing. So if you want to be a trader have your own analysis and strategy, don't use a capital that you can't afford to lose since the outcome is uncertain.

[DanWalker]

Update - currently up 110% since I started trading 9 days ago, just wish I had started with more but it is a learning game for me being very new to this.

I am only trading coins I am holding long term so if I do enter a trade and we crash then I am happy holding.

Have no idea how long this rally will last but its good to see green days as its been so long!

It sounds easy, but you need to be very careful and not get too greedy, the market can give you 110% profit but can also take all yours in one night. I just want to advise you: taking profits is never wrong.

Honestly, as a newbie, it is tough to make a profit with trading, what you need to do is minimize your loss and learn from it. Persevere and don't give up every time you lose, over time as you gain knowledge and experience, you will be able to recover those losses. As a newbie, aim low and account for the losses you face. Expectations that are too high will only make you more eager to make money and will lead to more mistakes.

[bitgolden]

I have only started with $50 as a test - I made my first trade last night after buying LCX last week at $0.033 I sold at $0.045.

This is a 36% gain which is a pretty good start, now I will wait and have a look around to see what is badly down later and buy in when I feel there is a likely pump coming.

LCX reached $0.055 last night so this is a 67% increase from where I bought only a week ago so makes me realize there is money to be made in this bear market.

What i want to say in a nutshell is that, trading is something i believe that have to do with experience, and it's only the experience person knows all about trading and can actually make a profit it's indicators, so i don't really know or understand the basic things that concerns trading. Before someone can make a profit in trading you most at least understand that trading have that trading have rudiments before someone can make a potential profit you most at least understand it's futures.

It's true, with more experience you end up being a lot more fun and a lot better at what you do, it's literally becoming like a hobby the more money you make. I know it is not common for people to have trading as a hobby because it is regarding financial situation. But, if you are trading with money that you do not initially need, then you will not care about it like it's life or death.

You will have a job that gives you a salary, and the trading will be a separate thing and you will do it like a fun hobby. I have turned out to be like that after 5+ years and I am having a blast when trading, it definitely helps me make a lot more money this way for sure.

[Rodriguezan]

The discussions here are most eye-opening

[nurilham]

Because newbie who don't know about trade if he wants to learn trade with big money then he will lose all his money. Newbie who want to learn trade in first stage advice from those who have good knowledge about trade.  He should start trading in the first position. If he trades like this for a few days, he will gradually have a good knowledge about the trade, after which he will be able to trade alone when he understands.

Indeed. Newbies must focus on learning, their main goal is to get enough knowledge and experience. Newbies must avoid prioritizing profits in the early of their trading journey. If they focus on profits, they can't focus on learning and they may end up with huge losses. Newbies also don't use big money in early trading, just use small money to avoid big losses. They can use a bigger amount of money when they already have enough knowledge and experience. At least, it should take for a few months to have sufficient knowledge and experience.

[Pamadar]

Because newbie who don't know about trade if he wants to learn trade with big money then he will lose all his money. Newbie who want to learn trade in first stage advice from those who have good knowledge about trade.  He should start trading in the first position. If he trades like this for a few days, he will gradually have a good knowledge about the trade, after which he will be able to trade alone when he understands.

Indeed. Newbies must focus on learning, their main goal is to get enough knowledge and experience. Newbies must avoid prioritizing profits in the early of their trading journey. If they focus on profits, they can't focus on learning and they may end up with huge losses. Newbies also don't use big money in early trading, just use small money to avoid big losses. They can use a bigger amount of money when they already have enough knowledge and experience. At least, it should take for a few months to have sufficient knowledge and experience.

It's better to use small amount of starting capital, amount that you can afford to lose when you are starting in this business, it's true that the value of learning is more important when you are a beginner.

It's tough to use huge amount and mistakenly position your trade as the chance of losing is very possible
at the beginning, unlike when you already gained knowledge that you can use, the chance of making decent
amount of profits is very possible.

[Hypnosis00]

It's better to use small amount of starting capital, amount that you can afford to lose when you are starting in this business, it's true that the value of learning is more important when you are a beginner.

It's tough to use huge amount and mistakenly position your trade as the chance of losing is very possible
at the beginning, unlike when you already gained knowledge that you can use, the chance of making decent
amount of profits is very possible.

Besides, earning huge is possible when we already have deep knowledge about trading. Those who are in hurry usually got failed and lose their money. Putting a small amount while we are still learning is good enough to have more experience and it was not hurt to feel if ever we lose. For me, $100 is good enough, not that small but not also huge to lose if we got mistakes. So instead of thinking about earning quickly, we better focus first on how to adapt to the situation and enhance our knowledge and skills as they are the tools that could help us to grow. Because it makes no sense if we do trading and use huge amounts but in the end, we lose them all, and we only got disappointed.

[Patrol69]

Since you said you are brand new to trading then you should know trading well first.  First of all you will find a lot of related information on various social media where trading is discussed very nicely. If you don't have a complete understanding of trading then surely you can face losses while trading. Because there is a lot of risk in trading. You must decide on the matter after considering the overall situation.
But first of all you have to make an account with any exchange to trade. After opening the account, deposit the amount of money you can afford or the amount you want to trade with in that account. After making a deposit, you will buy some of the coins you like when the price drops significantly or when you feel that it is profitable to buy these coins now. After buying, when the market is positive, you can sell your coins for some profit if you want. That's how you can start trading.