Trading as a newbie?

[Oshosondy]

Is not all the time that roll up trades will turn into profit. Sometimes a long trade like that keep losing straight and your capital keep burning down. You can not rely on such trade to come back from losses therefore using stop loss comes in here. If you want to extend your time in the market when you have used low leverage then you need to use stop loss incase your expectation is not met.

I can never use stop loss. I have used it in the past and I have experiences not to use it again. Stop loss is for newbie traders while learning and for those professional traders that uses high leverage. I do not use high leverage anymore and I do not use stop loss anymore.

Trading does not make one to be rich but can help one to financial stable expecially when their is a source of income as a beginner.

There are even some people that have negative says about their trading experience, about how they lost huge amount of money. Trading can bring profits or losses should be what newbie traders should start with and look for are strategies to know how to avoid the losses.

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

I can say that the average newbie who is just getting into trading thinks something like this “buy when it goes down, sell when it goes up” but it is not as easy as you think. When you are sure that a coin is going to go up, it can just go down and keep going down until it is well below the point you bought it at. Maybe you will continue to hold the coin, but that could make you lose even more and in the end you will not get profit but even bigger losses.

My advice is that it's better for you to trade with small capital first and buy popular coins, for example like BTC, BNB, or ETH. Maybe you will experience losses at first when trading these tokens, but if you are patient and continue to monitor the market you will definitely be able to make a profit. The point is to stay patient and exit when you are profitable enough.

[Oshosondy]

I can say that the average newbie who is just getting into trading thinks something like this “buy when it goes down, sell when it goes up” but it is not as easy as you think. When you are sure that a coin is going to go up, it can just go down and keep going down until it is well below the point you bought it at. Maybe you will continue to hold the coin, but that could make you lose even more and in the end you will not get profit but even bigger losses.

My advice is that it's better for you to trade with small capital first and buy popular coins, for example like BTC, BNB, or ETH. Maybe you will experience losses at first when trading these tokens, but if you are patient and continue to monitor the market you will definitely be able to make a profit. The point is to stay patient and exit when you are profitable enough.

That was what I thought before, that I should buy at low price and sell at high price, it was not even derivative trading, it was spot trading and I lost some money because of lack of experience. Those were the days I was a newbie trader before I later decided to know how to trade on derivative market.

Using small amount of money is very important for newbie traders because they will have emotions, thinking they are losing and close a trade. What they will experience is reduction in trading fund before they will have experiences and the right strategies to make profits. Little amount of money should be used by newbie traders to start trading.

[Jawhead999]

I always advice to every newbies, don't trading if you can't willing to lost 90% of your money and lazy enough to learn! it's better if you just stick invest in Bitcoin and make more money in your fixed or real life job. In trading you need to be active for 24/7 since you must not miss any moment when you're need to sell and when you're need to buy, when you miss the good moment, you can't maximize your profit.

[Adbitco]

Yes i have been involved in this before it's called "Scalping" and is best suited for the beginner but somewhat risky because you have to choose the best coin to buy that would give you such percentage in two to three days, apparently you need a better funds to start this operations and must focus on a reputable coin, such as BTC, ETH and BNB and any other coin that changes so faster. But before you venture into this you must ready to use a spare funds that you aren't eager to use immediate or time soon as some coin may not gives you the results you wanted after purchase.

[monineklutak]

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.

Don't have the mindset of making money in trading when you don't have any idea about trading.  What you should consider first is to learn,  have knowledge about it first. Trading does not make one to be rich but can help one to financial stable expecially when their is a source of income as a beginner.  Don't think trading is something you can just start and make a lot of money . You have to give your time and learn trading,  if you learn and understand you gain good profits in trading.

Not all of them do but I still find those who want to make quick profits in trading,
I agree with you that the mindset needs to be changed and they also don't realize that mindset is not a good thing,
in trading knowledge and skills are needed and we can get that by learning

[Sterbens]

If reading what will be your trading strategy, I'd say it's a very easy strategy to implement Lol. But in practice it's not as easy as you say, moreover, it's not always a coin that drops 15% and then pumps back 10%, if that cycle always happens then there's no such thing as failing in this trade, everyone must be successful.
Don't try something you don't understand, it's better to do something that many people are sure to do, namely investing in bitcoins.
If you have the thought that what you are saying is wanting to make a quick profit, then that is a very big mistake. I'd rather say you said luck.

[maydna]

I would not advise a beginner to trade before understanding how to analyze market movements. He must know how to do it first and get used to trading through a demo account or at least he can learn to analyze market directions. After understanding how to analyze the market, he can only start trading with a small amount of money to see how far he has understood his lesson.

In your case, you can lose money often because you buy a coin down 15% and expect it to get a 10% pump so you can sell it at a profit. If only it were that easy mate.

But it won't be as easy to imagine because we also never know which coin will get the pump. So you better learn more about analysis to know which coins can be bought, held, and sold at high prices.

[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.

You can test it out and see if it's going to work for you. We as traders and investors have differences and some things that might work for me is the opposite for you.

Have a dry run and experiment and see if your encouragement and plan will result into a good one if not, then try again until you realize that there must be some other strategies that could work for you.

[gunhell16]

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?

Tried doing that recently, but it wasn't profitable for me as a cryptocurrency trader. Because I want to sell at least 30 to 40% depending on its resistance movement on the chart.

Because if that's the only way to make money in crypto, it seems like I won't be able to achieve the goal I'm looking forward to.

That's why if I were you, try to learn more about crypto trading here in this industry anyway.

[Franctoshi]

I will advise you should forget about the money side of trading for now and focus on the learning process, because after learning you earn.
So, Just know that if your aim is to make side hustle with trading and as you've stated that you got no experience in trading, then be rest assured that in the end you gonna lose your money.

Your main focus should be on learning and understanding how to trade profitably, And that's what you should do right now as we're in the bear market before the start of next bull market.

There are rules involved in trading and you must know them and also develop your own rule base strategy in order to Navigate the volatile crypto market.

[jostorres]

Your strategy is very simple and easy to follow, but the problem is, how would you choose which coin to buy? How can you make sure that it will pump and not go to its grave? Though it is working, it is very risky on that part of choosing the right coin. I don't know if you already know trading, but try to learn it first since your strategy is like "buy low, sell high," and you are just on the tip of an iceberg. 

Trading is all about buying low and selling high. for now he only knows about the basics because he is still a newbie but he is willing to learn more on how to become a professional trader. when we say professional trader, this will now involved technical analysis (i.e charts and drawings) and not just by simply looking if which coin have gone down or have gone up.

He admits that what he is currently doing is like playing a gambling because he have no idea yet if the coin that have drop is a shitcoin or not but it's great that he got lucky and he is still up by some percent. Despite of it, he still thinks that what he is doing is not complete. This is what I like about him.

[borovichok]

There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

Newbies are meant to undergo specific trading Courses before taking the bold step into trading live accounts with reasonable leverages and lotsizes. Newbies are ought to have complex PDFs that would be embedded inside a book or online trading courses. Trading is risky and takes only the bold and brave ones to gain profits and survive in both the bull and dump season. Trading don't only comprises of technical and fundamental analysis, there's more to it, how one can eliminate greed and exercise patience for good trading entries.

[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?

There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

Using all kinds of strategies creates more confusion; it is not like in gambling, where you can use them all. In trading if someone teaches you their strategy but if it isn't working for you, you need to find another strategy or create your own. Most traders create their own strategies as most of the ones they've copied are not working for their trading style, which is why they end up creating their own or customizing other strategies and also in trading your strategy is needs to be simple just couple of confirmation before you can trigger your trade.

[Inspiron14]

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?

There are many strategies for trading. The trading platform is risky if you do not know this strategy of trading. You said you are a newbie so you better not think about live trading. Trading platform is not so easy that you can earn money from here very easily. People are losing a lot of money from here for a small mistake. So there are many strategies to learn about trading for those who are new I think using all these strategies then they should come to the trading platform.

It's better to learn first and don't need to rush, especially since this is a trade where the risks are big.
study all the strategies and determine which one suits you,
what is clear is that there is still a lot of preparation to be done and it certainly takes a lot of time too

[gabbie2010]

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.

Don't have the mindset of making money in trading when you don't have any idea about trading.  What you should consider first is to learn,  have knowledge about it first. Trading does not make one to be rich but can help one to financial stable expecially when their is a source of income as a beginner.  Don't think trading is something you can just start and make a lot of money . You have to give your time and learn trading,  if you learn and understand you gain good profits in trading.

I think that is where newbies always get it wrong when it comes to trading, their mindset is earning profits first without taking the rigorous learning steps of trading, that is why 95% traders always loses their portfolio majority always liquidate or rekt their funds due to lack of knowledge, the OP needed to study, learn and practice via demo or stimulation until profit making is consistent, trading is not gambling where the price of a coin is predicted to pump in certain period of time, however trading with knowledge in Technical, Fundamental analysis couple with a strategy  are needed to guarantee consistent profit earning however all these comes with learning and experience.

[tvplus006]

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.

[Ararbermas]

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?

it will gonna lead you losing money for sure, so i suggest stop doing that because fyi not all coins can guarantee a good progress in the future even many people talking about it or trading it because it doesn't make sense at all . And don't just basing on it's situation, i mean must seek for specific information first as well before investing or trading if the coin has really a potential even in short term if you really want to make profits.  Choosing a coin isn't easy like what you think mate. So better learn more about trading..

[Tony116]

It sounds simple and very easy to make money, but think, if trading were that easy, we would all be rich, and no one would lose in this market. I can say that trading is considered the hardest part of the market, not everyone can make a profit from it. I recommend that you take the time to learn before you start to practice trading, it should be added that in addition to the knowledge and experience to start trading, you need to prepare some money that can lose. Because I haven't seen anyone start trading without losing. Professional traders also had to lose a lot of money before having the success they are today.

[ajiz138]

Of course you are allowed to make side income from trading but you have to remember about the concept of trading in crypto? and it's not easy especially for beginners, so you still have to learn more about trading and lots of patterns that have to be learned as well as using money that isn't big so you won't experience big losses even though it's part of the risk but still a beginner asks then what's already know trading must anticipate that novice trading is not too aggressive when you don't know qualified skills, so live it and learn good trading concepts.

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's not going to be as easy as you say, sometimes we'll get stuck buying price drops and it doesn't re-pump for a long time in fact it's going to tend to drop even more so it's not going to be easy to try a few times, my advice is don't let this become a habit but with the knowledge they have, they will be able to look for potential with a profit of 10% or even more.