Trading as a newbie - advice?

[WatChe]

It’s a great idea to just settle down and learn the basics about trading rather than jumping into it. And once you learn a thing or two I would first advise you to use the Demo account provided by some exchanges. This will also guide you and then start off with your won funds but make sure you start with small amounts to minimize the risk of losing huge amount.

Here is a thread of books about cryptocurrency basics and trading by Ratimov; big library of bitcoin and blockchain books

Here is also a awesome trading tips on GitHub

Cryptocurrency market is not like a gambling industry where anyone can  come in and roll the dice rather it needs proper knowledge and expertise. If you are jumping into cryptocurrency without prior knowledge then chances are that you will lose money (as many  new comers do). Demo account is good for practice but real experience comes from the account that is backed by capital. Make sure you don't invest too much, which you can't afford to lose.

[fauzan Ichsan]

Before buying a trading book, look at those links that have been given to you. There are free resources that you can read and search for them first before deciding to buy.
Aside from those reading materials, check on exchanges that have a demo account. From there, you will have the idea on how it looks like to trade and how much risk you're willing to take.

I don't know why most people, especially newbies, ignore this but demo accounts are a great way to practice your knowledge to have an idea about how you are doing after learning the things, if you have learned a new trading strategies, simply go ahead and use the demo account to test it out to see it if works or not, you can also see if you start trading with whatever knowledge you have gained so far to see if you will get profitable or not.

Newbies generally just invest their real money after learning a little bit about trading and that is how they incur losses, if they don't use real accounts with real money but practice with demo accounts first and learn everything properly, they won't have to face any losses when they start trading with real money.

a demo account is very useful for beginners to test their knowledge of trading, by looking for that strategy in a demo account they won't be surprised when doing a real account, but it should also be known that there are other challenges to real accounts, namely psychology, sometimes a good strategy may not necessarily work on a real account considering the psychological pressure that breaks our strategy. therefore do not rush to invest funds in real investment before having sufficient knowledge and mental readiness. because after all we bear the risk

[Mpamaegbu]

I have been looking online for a book to buy to start things off does anyone have any recommendations?

www.babypips.com is a nice place to start the basics. It was part of the sites I slept on during my formative years in trading. I strongly recommend it. However, whether reading babypips, other resource materials or not; it still boils down to practicals. If you read all you want but don't demo trade or back test whatever information and strategies you've assimilated from books or sites it amounts to nothing. Practice is the main thing in trading. You need to burn the midnight oil doing that. Trading is a serious business career.

Again, once you think you've found your footing in demo trading and want to go live; learn Money Management (MM) and don't ever force trades. Let the trades come to you. If trades delay or don't come, act like nothing wrong happened. No one needs to be trade every day to be profitable.

[Litzki1990]

There are already many posts about trading information for newbies hope you read those posts well. If you read these posts about trading well, your understanding about trading will be clear. Every task is difficult in the new situation. A new member will find trading very difficult in the beginning and when he starts trading without having any idea about trading then it will be seen that he is losing in most of the trades as a result of which it will be seen that he is disappointed and he has developed a negative mentality about trading so beginners should not start trading at the beginning. Newbies should first get adequate understanding of trading. Adequate idea as well as help from various professional traders should be taken so that if a new member maintains the initial aspect then that new member will achieve success in trading.

[Rabata]

I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

This two books below have lots of good reviews are they good for someone new like myself? ..

Certainly, books can be a great idea to learn the basics of trading and nowadays most people can learn online from basic to advanced levels. One can learn well in both ways if one tries. For new traders, I would like to say that those who will trade should not get greedy or take any trade emotionally. Newbies usually make these mistakes. Before trading, it is necessary to know the detailed information of an asset. The strategies given by others can be observed but the trader has to prioritize his own decisions.

[Dessy88]

There are lots of posts on trading for newbies which are really helpful. Because there is always more risk in trading and loss here reduces the amount of your capital unlike investing. Also you should research first then try the new stage because if you lose in the first stage then you will retire from the crypto market later on. Moreover, in the beginning of any business, the risk is high, so experience is essential first.

[mvdheuvel1983]

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

Yes there are a lot of them. At least I know you would have read the comments here. But take the one that works for you. Do not feel intimidated or overwhelmed with it. Take them in bits and test them out. If it works for you fine, go with it otherwise, throw it away.

I am not expecting big things straight away but want to at least learn the basics.

Good. You don't need to expect big things but expect little wins as they show you that you are doing something right and you should continue or something wrong and you should sit and review your methods.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

In addition to the books you have listed my suggestions to you would be to add other podcast and video materials to your learnings.

[teosanru]

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

This two books below have lots of good reviews are they good for someone new like myself? ..

https://www.amazon.co.uk/Trading-Strategies-Replicable-Techniques-Management/dp/B09WZ296F2/ref=mp_s_a_1_2_sspa?crid=2RZ07ID9WJP3L&keywords=trading+for+beginners&qid=1689428852&sprefix=%2Caps%2C69&sr=8-2-spons&sp_csd=d2lkZ2V0TmFtZT1zcF9waG9uZV9zZWFyY2hfYXRm&psc=1

https://www.amazon.co.uk/How-Day-Trade-Living-Management/dp/1535585951/ref=mp_s_a_1_3?crid=2RZ07ID9WJP3L&keywords=trading+for+beginners&qid=1689428852&sprefix=%2Caps%2C69&sr=8-3

The second book that you have mentioned buy this one. Secondly buy any basic candlestick course and advanced price action course from anywhere. I am telling anywhere because most of them are going to tell you the same thing no matter what. After you are done with these basic things next step would be to open a demo account and start practicing the strategies that you have learnt. After you are able to make discipline consistent profit in demo account for a few days then move to proper main account.

[Botnake]

I have been looking online for a book to buy to start things off does anyone have any recommendations?

www.babypips.com is a nice place to start the basics. It was part of the sites I slept on during my formative years in trading. I strongly recommend it. However, whether reading babypips, other resource materials or not; it still boils down to practicals. If you read all you want but don't demo trade or back test whatever information and strategies you've assimilated from books or sites it amounts to nothing. Practice is the main thing in trading. You need to burn the midnight oil doing that. Trading is a serious business career.

Again, once you think you've found your footing in demo trading and want to go live; learn Money Management (MM) and don't ever force trades. Let the trades come to you. If trades delay or don't come, act like nothing wrong happened. No one needs to be trade every day to be profitable.

Certainly. Reading will never guarantee success in trading although I would say it’s also helpful but everything will still matter on how experienced you are in trading. That’s why some chose to have a demo account first before they start to engage in live trading because trading needs more practicals especially in dealing with emotions as you can’t learn to manage your emotions just by simply reading and studying trading. So do prior reading and let your experience do the rest.

[molsewid]

A newbie wanted to trade and learning the basics first is a good idea rather than trading right away without enough knowledge as it would only result in losing more money compared to a newbie who learn the basics. It's good to know that a newbie have a good mindset. As the saying goes, "never dive into a strange water that you can't see through as now matter how experienced you are, you will never know the danger that it will cause". Good luck with the trading and profit in the future.

indeed that's one of the main reason why some traders didn't go well in this first few days of trading. We should learn the things that a token or a coin mjst have in order for us to get and understand how the market will flow.Sometimes we need to have a basic understanding of charts as well such as candlestick so that when bear market came we can still monitor our classes.

[goaldigger]

There are lots of posts on trading for newbies which are really helpful. Because there is always more risk in trading and loss here reduces the amount of your capital unlike investing. Also you should research first then try the new stage because if you lose in the first stage then you will retire from the crypto market later on. Moreover, in the beginning of any business, the risk is high, so experience is essential first.

Still wondering why many are still asking like this where in fact, there’s a lot of resources available online already, and its to start learning how to trade nowadays. Well, that books can be a big help and I also suggest to look for alternatives like a youtube tutorial or having a mentor when it comes to trading. Its also good if you can use a demo account first so you can already feel the pressure in the market. Start from the basic, and keep on doing a research before anything else.

[Fivestar4everMVP]

Even though i agree that starting off by reading books as one of the ways to learn trading is also a great idea and step, i would also say, never neglect or lookdown on the area of practicals, that is actually putting all that you are reading to the test through trading live on a demo account, yeah, there are several very advanced exchanges and brokers where you can sign up for a demo or live account.
Demo account simply means an account given to you to practice trading, funds on this account is not real fund and cant be withdrawn,
While a live account is an account where you will have to deposit real money and trade like a pro, on this account, you can make withdrawals as you so wish, its on you if you make profit or losses ..

So as you are reading books , its also a good idea to start training yourself and putting your trading skills to the test by trading on demo accounts, demo account creation are always free across all exchanges that supports it.

[SamReomo]

Hi I want to get into trading and just wondering if anyone has any advice on how to get started?

I am not expecting big things straight away but want to at least learn the basics.

I have been looking online for a book to buy to start things off does anyone have any recommendations?

If your main intention is to learn the basics of trading then I recommend you to watch some YouTube videos as those can be more helpful then the books you are trying to purchase. A human learns far better from moving images with sound rather than with text and images that a book provides, and fortunately these days there are a lot of those videos available on platforms like YouTube for free of cost.

If you are new to trading then I recommend you to be careful when reading and following those books because a true trader doesn't rely on the experiences of the other traders, but works on his/her own strategy and makes a trading plan that would work in different conditions of the market. My advice would be to go with a demo trading account, and do some trades using a demo account.

I recommend you to learn about indicators like RSI, Bollinger Bands, and Moving Averages because those technical indicators are very important for a trader and if someone who know how to use those indicators in a good way then that person can have quite good trades without any doubt. The most important indicator for newbies would be RSI because that indicator is easily to master and it can be very helpful in trading.

[Xampeuu]

I think for the first time in trading a novice trader would be better if he has a friend who is familiar with trading beside him, so that at least he can lead him to introduce him to the world of trading. the use of indicators is an important thing to know at first, because with indicators it seems to be a stick for the blind, but not completely the indicators are always correct, so we have to be able to respond when the indicators don't work. and after that we get a feeling about trading, and it's as if we can talk personally with the chart

[tvplus006]

...Newbies generally just invest their real money after learning a little bit about trading and that is how they incur losses, if they don't use real accounts with real money but practice with demo accounts first and learn everything properly, they won't have to face any losses when they start trading with real money.

If, after each loss of money, a beginner will conduct a comprehensive analysis in order to find out the cause and avoid such mistakes in the future, then such a loss of deposit can be regarded as training. And without such a loss of deposit, it is impossible to gain experience, which, in tandem with knowledge, must necessarily lead to profitable trading.

[ScamViruS]

There are many posts, articles available online to know about trading, this forum has a lot of information about trading if one reads carefully he can get enough knowledge about trading. Trading is like a professional business and it is very difficult to do well without experience here. It is a good initiative if a newbie trader tries to learn about trading by reading books, to become a successful trader you have no choice but to read. These books have many positive reviews, if you think you want to invest in learning then you can buy these books.

[palle11]

I think for the first time in trading a novice trader would be better if he has a friend who is familiar with trading beside him, so that at least he can lead him to introduce him to the world of trading.

I agree that it is quite rewarding for a newbie who already had close friend around with him could learn fast but I'm still in doubt with this that one friend could have this negative feeling about opening up his total trading analysis to a friend. Some trader complain that they have used up some money to go acquire some knowledge through seminar groups, telegram or youtube and so they will require a friend or someone to pay for the full service they went.

[Mahanton]

I think for the first time in trading a novice trader would be better if he has a friend who is familiar with trading beside him, so that at least he can lead him to introduce him to the world of trading.

I agree that it is quite rewarding for a newbie who already had close friend around with him could learn fast but I'm still in doubt with this that one friend could have this negative feeling about opening up his total trading analysis to a friend. Some trader complain that they have used up some money to go acquire some knowledge through seminar groups, telegram or youtube and so they will require a friend or someone to pay for the full service they went.

Only a few of your friends or really that very are if someone would really be teaching all the things that you would really gonna need to learn or something that he learns too.We know that there are friends which arent really that liking on telling someone about on the things that they've been dealing specially if this is the sole reason on why he's experiencing that financial freedom or having those good numbers in terms of profitability.
They dont really like on getting that being equaled or similarly be able to earn on the same way because there are ones who dont really like to see their friends progressing and would be able to have that competition.
Its not really that something new on which there are friends who doesnt really care about on teaching you on the first place.If there's one of your friends would be willing on teaching you these things then lucky for you,
but if not then making yourself or having that self learn is never been that a problem.Although it would be taking much more time and effort because of self learn but doesnt mean that you cant learn on the same
thing, it would really be just longing up the duration.

[KingsDen]

A newbie wanted to trade and learning the basics first is a good idea rather than trading right away without enough knowledge as it would only result in losing more money compared to a newbie who learn the basics. It's good to know that a newbie have a good mindset. As the saying goes, "never dive into a strange water that you can't see through as now matter how experienced you are, you will never know the danger that it will cause". Good luck with the trading and profit in the future.

Most newbies will jump into trading without learning the basics and sometimes they do not also ask questions. Majority of them regrets in the end. My advice to Op is to first determine if he truly wants to trade, I remember I laid hands on trading but it didn't give me any peace of mind and i stopped trading.
If actually you want to trade, ensure that while reading the recommended books, always try trading with a demo account. Practicing what you have read is the best way to learn trading. Do not dwell so much on the theories and forget the practice.

[danherbias07]

Thanks all - what I am also unsure of is the best time frame to trade on?

Rely on your experience in choosing the best time frame to trade. It will be on you, by monitoring the fluctuations of the market. I mean, we cannot tell that exactly because we may be on a different timeline. But there are threads before that discussed this, I just cannot find them anymore since they are buried in the deep of trading sections. If you have enough time then just go look for it.

Regarding the first question, just keep on learning the basics even if you think you are already professional in trading. It's to always go back to where you start because there will be times that you will need them especially when you are on a losing spree.
Is reading books still a thing now? I mostly just watch tutorials and tips on the popular streaming service. I mean that's better for me since it's short and there are visual aids.