Trading as a newbie?

[albon]

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?

If your experience is zero, it is not unlikely that you will lose your money in vain. Trading is not easy, not guaranteed, and is not always furnished with gains. You must gain experience first, make your investment low, and be aware of the right trends, basics, strategies, good trading platforms, how to conduct research, and know the chart curve, so I advise you to educate yourself, as the more information and knowledge you have, the more available opportunities that you can benefit from, n addition to that the buying and selling operations that you make are the ones that will help you collect profitable amounts. Knowing the right time is one of the most important things in trading and choosing good currencies is what gives you profits. Therefore, if you want to buy currencies, choose a time when the markets are stable and free from fluctuations and sharp price changes, and currency prices are cheap.

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[tjtonmoy]

Firstly, I would say if you don't have experience, then learn first. Then come back to trading. There are some things you need to keep in your mind before trading.

That includes :

• Start small and learn as you go:
  Don't risk a lot of money on your first trades. Instead, start with small amounts, then slowly increase your amount as you gain more experience and confidence.
• Have a plan:
  Know what you want to achieve with your trades and have a plan in place to achieve it. This should also include your risk tolerance, your investment limit, and the specific cryptocurrencies you want to trade. Make a plan on how much you want to earn or can earn with your assets and what's the most amount you can afford lose.
• Diversify your portfolio:
  Don't put all your assets in one thing. Instead, spread your risk by investing in a different cryptocurrencies and not focus on one. This way, if you choose wisely, then you can make profits even if you lose some in the process.
  
• Don't get emotional:
  It's important to keep a cool head when trading cryptocurrency in order to not make any mistakes. Emotion leads to wrong decisions. Don't let greed or fear influence your decisions.
• Protect your assets:
  Make sure to secure your cryptocurrency holdings by storing them in a safe and secure wallet. There are many posts regarding this in this forum. If you already know how to do it, then it's all good

There's also a lot to take in to consider, but I don't think I will be able to point out all. So read all the reply and try to learn from them. Tere are more experience people who are leaving their thoughts here. Follow their words and Do Your Own Research too.

[Alisha-k]

It is a nice strategy but as a newbie start with an amount you can afford to lose then increase your risk when your confidence level increases. 10% profit is very achievable with good timing. But make sure there is a written plan for your goal. And your plan should be bold enough and kept at a strategic place where your eye will have a daily contact with so you maintain your goal.

[Hallroom]

If you are trading then of course I think you should train on a trusted coin.  Because if you keep trading on any coin other than trusted they can go away in case of market dumping.  That's why trading should be done by looking at the good platform and the future of the coin by looking at the website.  As is Bitcoin.  By trading on Bitcoin you will definitely profit and be successful.

[Sebas.tian]

Thats a good analogy already. Buying when its down but you need to take a broader details like if its down, how long its been down, maybe its still in the phase of going down. Thats where you learn indicators where youll find out whether that project could go bounce and reversal at particular time based on past activity. Theres too much to learn but you understand a good way on how to start and thats great.

Buying when the price is down is a sign that you will achieve something good at the end of your investment when the price is high in the market, which is a popular strategy many potential traders used to make more profits from the community. Carry out your personal research before investing,  it will help you to identify potential coins in the market so that you will not invest wrongly in the market than to make a good choice that will bring something good in the future. Bitcoin and Ethereum is still looking profitable to both long term traders and short term traders to use this season to buy and hold until the price increase higher before they can sell to make income.

[cryptoaddictchie]

Buying when the price is down is a sign that you will achieve something good at the end of your investment when the price is high in the market, which is a popular strategy many potential traders used to make more profits from the community.

Buy low sell high is a typical approach however it doesnt mean that its always work that way. Some projects arent gonna go that way that why we need to be careful on choosing which one will have a good run on the next bull run. Yes its gonna be hard to distinguish thats why we need basic knowledge and also maybe charisma on choosing our investment. The only mantra you could use are your brain for these matter so pick wisely.

[Davidvictorson]

I always advise new traders to think long-term while making decisions. Know how to accept and manage the risks associated with trading. Don't put all of your money into trading; if you are losing a lot of money, know when to stop, pause, and review. Furthermore, the importance of a trading coach cannot be overstated. It is advised that you find a mentor and consult with them anytime you are unsure of something because any mistakes you are going to make may have already been made by them.

[Yamifoud]

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?

It was a profitable strategy but I was not really confident if you could apply it in actual trading. We have to consider the current situation OP, though aiming for 10% is not impossible but the question of you can wait for that to come knowing that we are in the bear season and most coins are in the dump. Honestly, this will become effective during the bull season but with this bear season, I'm not really sure of that.
Too harsh maybe but I tell you that it was tough to start trading this time. I would suggest for you is to buy now and just hold.

[JamesDaniel90]

Hello all, appreciate the input.

Currently I am 67% up since I started trading last week, just makes me feel like I should have started with more but I am very new to this so didn’t want to risk much!

It has opened my eyes to trading though, up until last week I had just been DCA and holding but think over the next few months and definitely into the bull market I will do a lot more research and give trading a go properly.

[irhact]

Firstly, I would say if you don't have experience, then learn first. Then come back to trading. There are some things you need to keep in your mind before trading.

Nicely written, this is one of the very mistakes newbie make that cause them to lose when they try to trade, they don't have any experience but they want to gamble and see if they'll be lucky then when they lose they begin to call the industry a scam or quit forever. As a newbie if you don't have any experience trading then you shouldn't do such from the very begining.

Trading should only be done by those who have spent sometimes taking lessons and have studied the market then have understood how to go about it. Everybody must not be a trader, you can become an investor or pick interest in other ways of making money from the market.

[tjtonmoy]

Firstly, I would say if you don't have experience, then learn first. Then come back to trading. There are some things you need to keep in your mind before trading.

Nicely written, this is one of the very mistakes newbie make that cause them to lose when they try to trade, they don't have any experience but they want to gamble and see if they'll be lucky then when they lose they begin to call the industry a scam or quit forever. As a newbie if you don't have any experience trading then you shouldn't do such from the very begining.

Trading should only be done by those who have spent sometimes taking lessons and have studied the market then have understood how to go about it. Everybody must not be a trader, you can become an investor or pick interest in other ways of making money from the market.

Basically what I said all was just what a beginner should do. After that, they have a long journey ahead of them. Mastering these will take a long time and if you can survive this then you can learn the advance technique. If you can't master this and make the same mistakes over and over, then your future is dark. You can never be a successful trader.
These are just simple basic knowledge that newbie should know and also learn. Hope this could help OP to make his journey a bit easier.

[virasog]

It is a nice strategy but as a newbie start with an amount you can afford to lose then increase your risk when your confidence level increases. 10% profit is very achievable with good timing. But make sure there is a written plan for your goal. And your plan should be bold enough and kept at a strategic place where your eye will have a daily contact with so you maintain your goal.

If you are a beginner in trading I would suggest not even use the amount which you can afford to use, but rather do paper trading and see if you can make profit with this experiment.

Most people in trading do this mistake that they start to trade with the capital without learning and without gaining any experience. The financial markets are not easy from where you can get profit and they will just snatch your money if you come in this financial markets without any preparation.

[blockman]

Hello all, appreciate the input.

Currently I am 67% up since I started trading last week, just makes me feel like I should have started with more but I am very new to this so didn’t want to risk much!

It has opened my eyes to trading though, up until last week I had just been DCA and holding but think over the next few months and definitely into the bull market I will do a lot more research and give trading a go properly.

What you're feeling is fine and you're conscious of it. Don't get overwhelmed with what you're experiencing now. And, congratulations to you. The market is favoring what you're doing and bitcoin's price is going up so, the alts are also going up as well.
Don't stop with what you've started about DCAing and just keep going with it because you'll never know how much gain you'll have when the actual bull run has started.
Don't also be discouraged if you're up for now and soon you'll see that it's on red because that's a normal phase of this market.

[GeorgeJohn]

I always advise new traders to think long-term while making decisions. Know how to accept and manage the risks associated with trading. Don't put all of your money into trading; if you are losing a lot of money, know when to stop, pause, and review. Furthermore, the importance of a trading coach cannot be overstated. It is advised that you find a mentor and consult with them anytime you are unsure of something because any mistakes you are going to make may have already been made by them.

Actually some people don't undergoes training before venturing into trading, the main factors that makes some people to start experiencing lost during trading is lack of understanding the primary techniques behind trading, and sometimes people learn trading through online tutorial, so their is no way you can learn trading without understanding the basic things that will hinder your trading ambition or your target in trading.

[Hamza2424]

Trading as a newbie dear it is similar to the most famous quote in my region fire in hands of the Monkey no doubt monkeys are one of the intelligent animals but they are not familiar with fire so they ruin everything similar to this. Try to understand the exact same case in trading any type of trade no information means zero earnings and 100% loss. Learn then Earn as always suggested train first then apply any model.

[Quidat]

Trading as a newbie dear it is similar to the most famous quote in my region fire in hands of the Monkey no doubt monkeys are one of intelligent animals but they are not familiar with fire so they ruine everything similar to this. Try to understand the exact same case in the trading any type of trade no information means zero earnings and 100% loss. Learn then Earn as always suggested train first then apply any model.

You should really make yourself that versatile as much as possible on which its a must thing for you to be able to learn and as a newbie then it would really be just normal that you would really be having
mistakes or which it is really just a common error for a noob but sooner or later on the time that you do able to gain up experience then you would really be able to hold yourself and sustain
on this market but of course it wont really be a smooth sail ride which you had thought or think up earlier when you are just starting.You would be learning up
due things along the way thats why you shouldnt really make yourself in a hurry.

[Peanutswar]

If you dont have any experience of ideal to watch first those videos on the internet just an insight.your heads up or insights only and then you can have an idea to seek what kind of coin you will make to trade with and by that next to know good is the how does the technical analysis works this really helps you where to entry your position and exit. Of course trading not only with knowledge but also the concept of.your discipline to make a trade.

[Kelvinid]

Hello all, appreciate the input.

Currently I am 67% up since I started trading last week, just makes me feel like I should have started with more but I am very new to this so didn’t want to risk much!

It has opened my eyes to trading though, up until last week I had just been DCA and holding but think over the next few months and definitely into the bull market I will do a lot more research and give trading a go properly.

You'll be happy with that 67% up but never be surprised if one day it drops because of the volatility of the market.
You already have that momentum, keep doing DCA as this is the best strategy used during the bear season. The bull season will come soon but not this year and if you want to keep holding, well, I guess you need to extend your patience as well.

You don't need to rush OP, just keep learning as this is the way it helps you to understand more about how trading works. Buy, Sell, and Hold...

[livingfree]

This is exhausting, I didn't do it before but I've seen someone it before and at the beginning, it was working for him but not for a long time...

This strategy only works in a bull market when purchases are made during a correction. In a bear market, with such purchases, you can lose a deposit, since there is no certainty that after the price drops by 10-15%, it will subsequently begin to increase. Most often, the price continues to decline, as the market is bearish.

Yeah, depending on the market situation too.

And those that I've seen before that did this were too happy not until they can no longer win over this strategy against the market. I guess perfect timing it is and that should be taken as a note.

So, when they or anyone who's thinking of doing this sees the same situation, you can capitalize and do the strategy if you think that shall work on your technique.

[Sayeds56]

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?

If somebody decides to risk his money in trading then nobody can stop him because its his money, but for newbies it is very important to understand the risks involved in this field, though it can be a great way to potentially make earning but with proper research, understanding the dynamics of market & learning technical charts to get help from, for entry and exit at right time & protecting your trade through use of risk/money management tools to avoid total loss of capital.