Started testing the waters in futures trading

[cheezcarls]

After being hesitant for years, I finally got out of my comfort zone and started testing the waters in futures trading. I had to admit though. I don't have any TA skills yet to make my own decisions.

My good friend from Poland who is now based in Cebu, has his own trading signal. So he told me to give a try for now even with small amounts only.



I'm fully aware of the risks though because it's much more riskier than the traditional spot trading. As of now, I got a bunch of wins and losses in my trades where most of the declarations are long due to the mini bull run that we are experiencing as of today.

I am not expecting much results whether wins or losses, because I am still testing the waters. But still it's better for me to have a better understanding of the chart so that I could make my own decisions on the target amounts of a specific pairing to take profit and stop loss.

Whether I take profit or got liquidated, it's worth the experience. But for now, I am not yet ready to go big on my trading capital because I need to be emotionally ready especially when things are going southward.

[1714785042]

1714785042

[Oshosondy]

My good friend from Poland who is now based in Cebu, has his own trading signal. So he told me to give a try for now even with small amounts only.

Learn trading yourself. If not because you have good risk management, trading signals would possibly have failed you. Trading signals are scam.

But be very careful and I can recommend you averaging, or just use low amount of money to trade because trading is very risky.

[michellee]

I also suggest to my friend to test the market through futures trading. I told him he could get into the bitcoin market right now with less than $1 while studying bitcoin movements and he finally gave it a go with $22 and less than $1 to buy.

I advised him to enter during yesterday's correction and got his buy price at $22.7xx and when it dropped further down, he decided to buy again, which made his entry buy price lower than his previous entry buy price.

And if you want to be able to trade well, you have to learn about market analysis to enter the market when the market is being corrected.

[boyptc]

What can you say about your friend's signal? Is that really working and helped you a lot or it's just the same as guessing a trade because it's inaccurate?

Well, first, congratulations for trying it out. I've got no balls in doing it again because I don't want to experience the same burn that I've taken when I did it before.

Just as what they say, you've get to learn more about analysis like TA, fundamental and the other strategy.

[RockBell]

Futures trading is one of the things I dread the most when it comes to trading. If I'm not holding, the spot is risk-free compared to the futures, where you can lose a lot of money, but you gain experience when you lose money because one important fact about trading is that you will undoubtedly lose money, but I'll choose either spot or hold personally. it really difficult to what will happen next in the market.

[Tytanowy Janusz]

Whether I take profit or got liquidated, it's worth the experience. But for now, I am not yet ready to go big on my trading capital because I need to be emotionally ready especially when things are going southward.

Each time you open a trade, put a stoploss few dollars about your liquidation price because liquidation is much more expensive than regular position close. It will save you a lot in a long run. Especially if you trade with high leverage.

Remember that even if you are successful for weeks, does not mean you are good at trading and can go crazy with big bets. Some strategies works until market change its dynamic which can happened after weeks/months. I know people that double/tripled portfolio in few months just to go bust right after.

[Hamphser]

Whether I take profit or got liquidated, it's worth the experience. But for now, I am not yet ready to go big on my trading capital because I need to be emotionally ready especially when things are going southward.

You should test out waters self first on spot trading and it would be ideal on that way on which you are really that able to make enhance of your TA skills and i would really say that this would really be much better
rather than making yourself on testing on futures which i do consider on very risky move to be made specially when you are just starting up.I could say because i have done on the same path too but since leverage is really way too big then it could really make your emotions been mainly played for this particular time unlike when you do spot which you wouldnt mind on being liquidated since you could be able to hold your
position for too long if in case the price hadnt go on what you are expecting.

[Issa56]

Instead of you testing how to trade futures with trading signals, why don't you learn how to do your analysis yourself and test your trading skills, since your friend is giving you signals, I think it will be better if you just ask him to teach you how you can learn about technical analysis. You are trading with just little amounts currently, will you still be depending on your friend for signal when you deposit huge amount of money and you want to start trading, I don't think you should trust anyone with your money, the best thing is to learn how to trade yourself.

[goaldigger]

Futures is very risky and its good to have someone who can guide you while you are still learning the process. Just continue to learn and time will come that you can have your own strategy in trading, just make sure to set up your cut loss price and your target price so you won’t get liquidated. Technical analysis are important in trading, focus on this as well because trading is very tricky, don’t put too much emotion as well to avoid any bad decisions.

[Captain Corporate]

I remember early days when bitmex started and they had a demo and I used it a bit, and I have to say it wasn't as good as I imagined it would be and it was a bad result for me generally speaking. On the other hand I tried the real thing as well for a while, with very small amounts like 100 bucks of course, but the results weren't as bad as the test, and yet it ended with bad result because of my bad management. I could have profited from it if I was more careful but I seen that investment as just a test and that is mostly the reason. I would say its really not an easy way to make money and not my cup of tea.

[Johnyz]

You’re doing good to test the water first before trading with Big money, the faster way to learn is to experience it.

Following the advice of you friend can still be ok at your early stage, as long as you still analyze his advices then you can be good. Know that trading is very risky regardless of your approach, so stay focus and continue to learn, this is a long journey and don’t expect profit right away because you’re still on the learning phase.

[ScamViruS]

Futures trading is one of the things I dread the most when it comes to trading. If I'm not holding, the spot is risk-free compared to the futures, where you can lose a lot of money, but you gain experience when you lose money because one important fact about trading is that you will undoubtedly lose money, but I'll choose either spot or hold personally. it really difficult to what will happen next in the market.

If you do not know well about trading then you will not get good results in any market. Futures trading is undoubtedly super risky, the slightest mistake can pay a huge price. Therefore, not knowing well about futures trading, futures trading can be a suicidal decision, which can washout the trader's trading account instantly.

Last year we have experienced some incidents in the crypto market which show that spot trading can also lead to unimaginable losses.

[crzy]

Futures can be more rewarding if you have your analysis ready, but since someone is guiding you I expect that he gives you the right advices and didn’t force you to do futures without telling you his own analysis. Learn more, and explore more about trading and futures, this can be a good source of income if you have good trades from your strategy. Be thankful that you have a mentor like that, though be careful with futures trading its too risky for a beginners.

[kamvreto]

Your decision to keep doing the trial and not to vary the trading capital you made was the right decision. because you are in a high-risk market with rapid fluctuations. Futures trading requires the skill to read the market well and be able to control emotions because the market cannot be controlled. Sometimes some predictions don't work out the way they should, so having a backup plan helps.
and the most important thing in futures trading is Using leverage wisely, Leverage can increase the potential for profit, but also increase the potential for loss. Therefore, it is very important to use leverage wisely and limit risks.

[carlfebz2]

Your decision to keep doing the trial and not to vary the trading capital you made was the right decision. because you are in a high-risk market with rapid fluctuations. Futures trading requires the skill to read the market well and be able to control emotions because the market cannot be controlled. Sometimes some predictions don't work out the way they should, so having a backup plan helps.
and the most important thing in futures trading is Using leverage wisely, Leverage can increase the potential for profit, but also increase the potential for loss. Therefore, it is very important to use leverage wisely and limit risks.

Testing out waters with small amounts specially on futures isnt a bad move and since you are aware with the risk then go ahead and test it out.Just make it sure that on the time that you do see that you are making

some profits then dont tend to go all in or put up huge capital on futures as long you dont able to grasps with the risk involved into it.If you dont like to go with spot and really that like on doing futures
then go ahead.Just make sure that you do able to withstand with those leverage and liquidation point or prices.

This isnt similar to spot that you could still able to hold your position on the time that the price would be negative into your entry point.

[Scripture]

I am not expecting much results whether wins or losses, because I am still testing the waters. But still it's better for me to have a better understanding of the chart so that I could make my own decisions on the target amounts of a specific pairing to take profit and stop loss.

That's a good way to start your trading journey, there should be no expectation because you are still not good at it.
Always have that cut loss level to avoid being liquidated because future moves faster than you think and if you miss to set it up, you will be liquidated instantly. There's a good demand for futures trading recently even if its more risky compare to spot trading, some trader are very aggressive nowadays, I hope you won't be liquidated in futures.

[stompix]

I'm fully aware of the risks though because it's much more riskier than the traditional spot trading. As of now, I got a bunch of wins and losses in my trades where most of the declarations are long due to the mini bull run that we are experiencing as of today.

Well, it's petty simple then.
Add your current revenues in case you would liquidate all your assets, I'm pretty sure a portfolio manager app could do that in a second and then compare with the results of purely holding Bitcoin. If your gains in $ are far larger than what you could have gained by simply holding BTC, or if with the alts you hold you could buy more coins then it means you did better than just holding. The problem in this that you have to look for is that the majority of your gains shouldn't be sourced from one single coin because that means you've simply gambled and one of the dark horses you picked won.

That being said, trading signals, meh! It's more like those old pump and dumps groups, really hard next to impossible to trust one with more than peanuts.

You should test out waters self first on spot trading and it would be ideal on that way on which you are really that able to make enhance of your TA skills and i would really say that this would really be much better

Enhance the skills of seeing lines and dots where there are none to be seen? A bit of weed would do the same! 
I still can't figure out why everybody is so focused on this TA when every damn week we have a move that breaks all previous rules and charts.

[jackg]

Yeah I feel a lot på signal groups that provided good signals used to get paid to add enough bad that they could heighten the highest bidder's pump and dump scheme.

If there's a strategy the friend taught your or if the signals are coming from a strategy (such as an indicator - preferably a few together - or support and resistance) then it's a lot less risky.

Compared to a lot of products offered in crypto, I don't think futures trading is the way to go anymore.

[Jatiluhung]

using small capital and installing small margins to learn in futures trading is indeed better. I did it too. but in the end I realized that I was not ready for it. because I really still have to learn the basics of doing analysis. Be it technical or fundamental analysis. Futures trading has more risks and opportunities than spot trading. maybe for those who are proficient in doing analysis doing spot trading is quite easy so they continue with futures trading. good luck.

[slaman29]

Good luck, and be careful. And I say luck because that is literally what you need to be successful;)

I hate to say it, but I have to bring up a statistic again, that traders don't "trade to learn". Just as you don't play roulette to learn about gambling.

And I know it doesn't make sense to read that at first, because of course, you learn by doing.

But the person who is making trades or doing new trades to learn about a feature, is the same as the guy playing roulette for the first time to learn about the different ways to bet on them. Once you've understood all these things, you have nothing to learn.

So every trade you make after understanding, it's no longer for learning.