For newbies and plebs who want to self-study to become "traders"

[Wind_FURY]

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For under-capitalized plebs like many of us are, you won't have to find quality "trading resources". It would be a waste of our already limited capital. The best use for it is merely to buy the Bitcoin DIP, and HODLing it as a store of value, then DCA any additional capital that you earn.

Plus instead of wasting your time in trading, just find a job, a second job, or other ways to earn extra money.

you just hit the nail on the head. I appreciate your honest response to my question. I do know that not having a stable source of income while relying 100% on trading profits might not be the way to go for most people and it might mess up trading psychology since a new trader would have to choose between their empty stomach and withdrawing a part of their trading capital every time to survive. This isn't the ideal way to go.

I do have some concerns:  

Plus instead of wasting your time in trading, just find a job, a second job, or other ways to earn extra money.

Someone with a stable source of income might just want a trading career or has a passion for trading and numbers. This wouldn't apply to them?
 

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

[sana54210]

With the few years of experience I've garnered in trading, I'm of the opinion that those who jump up and down on social media brandishing one paid signal group, articles, books or the other aren't actually profitable. They're mere marketers. Those who trade for a living don't have time for such unnecessary involvement on daily basis.

Talking about those who think they can be self sufficient by solely learning on their own, my word to them is that they will easily and quickly burn out. In trading, no man is an island on his own. We need the knowledge of others to know where we truly stand. Cross fertilization of ideas is needed to help proper one further in life, trading especially.

They can learn from books, trading courses, videos, signal groups and can learn from warnings such as this topic. Unfortunately, learning by reading is not enough, never enough. They must experience with real trading practice which will help them to test knowledge they learn, test themselves including their deeply inside personal characteristics.

Hopefully they won't be burned out before they learn enough and practice enough in this risky market. If they survive, they will have good future because where there are risks, there are great opportunities.

I believe that learning from any resource is fine, as long as they do not do it just from a single source. If they keep trying to find more and more sources then they are going to eventually end up with a good result one way or another. It is going to end up with a situation that will be better.

I know that it will not be simple and it will have some results that will upset people when they are not doing something that will be better, but when it comes to losing money, if you could see that as learning possibility as well then it means we are going to do a bit better. I hope that people will learn to be better eventually one way or another, should be an important thing that takes time and not something that is quick and easy.

[Russlenat]

I agree.

However, most newbies who make profits luckily the first time will surely lose their cool and will act like they already know how trading works. So, in their next trade they will enter a big trade and lose it, so their negative emotions will kick in and do stupid things and that's where they lost their path, chasing their loses without any plan at all.

That’s how tempting trading profits is. You might be winning in your first trade but that will never guarantee the same thing will happen in your next trade. The market is so much unpredictable due to its high volatility, so be careful not to fall too much on your greed.

While this is true for most newbies, but I’m not saying it generally. Some are still wise enough not to fall for their first profits as trading can be sometimes deceiving especially if you think you know everything about trading and how it works in the market.

[wxa7115]

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

[SharonC]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

That's right! Most of the trading experience is based on observations and uncountable number of attempts

[Wind_FURY]

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

[beerlover]

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

The second part is very important, there are a lot of people who made a wrong move but they were lucky that the price of that thing didn't go down, and even went up, they think they did something right. Unfortunately they repeat the same wrong thing because initially it made them a profit, and then they realize that it is not going the way they want it to go and they end up losing money because of it.

I hope that it gets better eventually but when it does, I also believe that it is going to cause a lot of people to realize their mistakes. Newbies need to make sure that they learn how to do it the right way, if they do then they are going to end up making a decent amount of profit without a doubt and should return with a profit.

[Adbitco]

For the sake which you said is not better they look for a mentor?
Someone who knows more than them or a kind of school that or institution that focuses on training people to trading independently since most of the resourceful books and videos created over the net and youtube might not be a true way to overcome some difficulties in trading, while some creates those videos to make money but putting up an acts of creating a video on how to teach people how to trade. To me the best advice is to locate someone who is very known to be a trader or an enthusiast who focuses on trading, since beginner are desperate of venturing into trading whereby sourcing information across net and youtube and just as you already said most of them might not be professionals.

[Mahanton]

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

When it comes on trying out to assess your trading capability then 1 year should really be enough or even on 6 months on doing trading.Its true that trading skills could really be acquired on long time and would really be dealing up with tons of trials and errors before you could really be able to make yourself that find out whether you are doing just fine or not. It is really just that there are people who are really that too in rush on
learning up things and skipping out those basic fundamentals on which it would really be causing for it to have those kind of errors which causes out those mistakes and losing money. Majority of newbies would really be having that urge of emotion on learning things on just few days until they would come to realize that it isnt really just that right that you would really be having that kind of behavior.
Self study could really be that possible but not all would really be able to take up that fast way on learning or having a good grasps on whatever they are tending to deal with.

[lixer]

The second part is very important, there are a lot of people who made a wrong move but they were lucky that the price of that thing didn't go down, and even went up, they think they did something right. Unfortunately they repeat the same wrong thing because initially it made them a profit, and then they realize that it is not going the way they want it to go and they end up losing money because of it.

I hope that it gets better eventually but when it does, I also believe that it is going to cause a lot of people to realize their mistakes. Newbies need to make sure that they learn how to do it the right way, if they do then they are going to end up making a decent amount of profit without a doubt and should return with a profit.

Newbies usually learn it the hard way, it is very rare that a newbie trader asks someone before taking any trades, they simply watch some influencer or someone who teaches trading on YouTube or Twitter and they blindly follow them without even realizing what they are getting into and whether they should buy a certain coin at that time or not, and this thing causes them losses initially, and once that happens, they realize they need to learn things first.

The first couple of trades are very crucial for a newbie trader because they will either make them overconfident or make them realize that they are not doing it right, if they manage to get profit in their first couple of trades even without knowing anything, they might take a bigger loss in the next one.

[mirakal]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

Yes. Be careful at all times. Trading is not a get rich quick scheme that you need to be obsessed on it. So trade at your own risk. And when you trade, acquire knowledge and valuable information first and make sure that you are getting them from reliable and legit sources, and not from random crypto influencers that pretend to be expert in trading when in real life, they are losing a lot from it.

Trade in the best way possible but never chase for consistency in profits as you are trading in a very volatile and unpredictable market, which means profits are not guaranteed in the first place.

[freedomgo]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

Not all that talks about trading are worthy of our time listening and reading. Still, we should be careful on choosing those resources that will come to influence our mind and thinking. If we can do our due diligence to research on the reliable traders online, then that will help us a lot not to fall from believing in their traps.

Trading is not also a means to make profits only. It’s actually there to help us learn the value of bitcoin or any cryptocurrency and realize that what we see at the moment will not be forever, so we should learn to give importance to its value while it’s still available at the moment.

[Wind_FURY]

I don't know. The person has to judge his own trading performance himself/herself. Because even though a person has a stable source of income but he/she consistently loses a part of his/her salary in "the passion for trading", then what would be the difference between that and losing money regularly in the casino playing Craps?

There are only two ways to judge our trading performance which go hand in hand, the first one is the money in our pockets, if at the end of our trading session we have more money than when we begun then this is a good sign, as people should trade for only one reason and that is to make money.

The second criteria we need to use is the process which allowed to get those profits, after all if those profits come from a fortunate movement of the markets that saved us from losing money then we did something wrong and as such those results are not repeatable, however if those profits came from a deep analysis of the markets and we have backtested our strategy many times and those results fit what we can expect out of it, then we are doing things the right way and can expect more sessions like that on the future.

I don't know how each and one of you judge your "trading performance", but I'm very confident that if your data is merely one year or two years or even also 3 years, it might not be large enough to "judge" how profitable you are in trading. There's a reason why professional traders back-test their trading strategy to 10 years.

Plus my post was for plebs like me who might be doing under-capitalized trading and believing that they could out-trade the market consistently. It's like gambling in my opinion.

When it comes on trying out to assess your trading capability then 1 year should really be enough or even on 6 months on doing trading.

I'm a mere pleb, and I'm also just learning but I'm sorry, ser. I'm very VERY confident that isn't true. If you don't believe it, you can ask those traders and investors who have been in it long enough for their thoughts and opinions to matter.

It's also just common-sense. Having just one year of good performance is not indicative of that person having a consistent winning career as an investor or a trader. There might be exceptions, but it isn't the usual.

[Issa56]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

You are very right about this, most of those people writing those books and producing those videos are not really a professional traders, they are just doing it for the sake of money that's why we all having to be careful, that's why in most videos on YouTube, they always talk about the profit they made alone, and they will hardly talk about the losses in their trade just to attract people to their page, because if they are making all those videos to truly educate people, they will be talking about both profit and lose, no matter how professional you are as a trader, you will definitely lose money, you cant be making money always.

All what i will tell newbies that are trying to learn how to trade, can read some of those books or watch some of those videos just to learn the basics of trading, but they shouldn't follow their strategy, they have to learn their strategy on their own, i know even if they are selling those books for the sake of money, they will be able to teach the basics of trading. So as a newbie trying to learn how to trade newly, you have to start with a little amount because you will be losing money during your learning process.

[macson]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

thanks to you for this topic, newbie traders have big expectations for trading, they come to make a lot of money but the majority of them just lose money and then leave, while those who persist definitely have a chance to become an experienced and even professional trader.

like a battlefield, trading activity is that, every trader must have good skills -> understand analysis techniques, fundamentals, economics, understand how to use trading tools, control emotions, not be lazy to keep learning is the basic foundation that must be owned by every both beginners and experienced traders ^{(this is an important thing that many professional traders have explained)}

[GreatArkansas]

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

This is 100% true and for sure a lot of writers or people who are writing some content about trading are really losing money on trading and they are just making money on these books or some are making money on affiliates like inviting someone to signup under their links on some exchanges and they will earn money via commissions.

[Peanutswar]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

In some point yes it is, but in other way is people want to read these because they want to know what are the other strategies and their experiences with the trading practices its not all about buying the book its all about too base on the studies they made, and most of the important is the experience. Like you are paying a service. Are you willing to pay a person who does not know the things you want to know? of course not in some point that's the perspective of the use with the book.

[shivansps]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

Great advice, I agree with you completely. But the question is how to distinguish a person who is an impostor or is not competent from a person who is really an expert. You need to read a lot of books to find one that works, you need to study a lot of material on the Internet so that in the end you form the right opinion. Without your own mistakes, you will not be able to go this way.
A mixture of my experience and someone else's is a good decision.

[khiholangkang]

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.

In some point yes it is, but in other way is people want to read these because they want to know what are the other strategies and their experiences with the trading practices its not all about buying the book its all about too base on the studies they made, and most of the important is the experience. Like you are paying a service. Are you willing to pay a person who does not know the things you want to know? of course not in some point that's the perspective of the use with the book.

Yes, that's right, we certainly wouldn't know DCA, Hodl and so on about trading strategies if we didn't study them from speculation, articles, books and other studies which concluded that Hodl and DCA are the most effective ways to trade strategies that have little risks in the process even though it takes a long time to get the benefits.
Caution is necessary because there are indeed some manipulations in the writing, so the best way to solve this is not to stick to one source of knowledge, of course there are also many honest and truly victorious people in trading, then they write it down to be used as next generation guide.

[Dickiy]

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

This is 100% true and for sure a lot of writers or people who are writing some content about trading are really losing money on trading and they are just making money on these books or some are making money on affiliates like inviting someone to signup under their links on some exchanges and they will earn money via commissions.

Well, the fact is it's quite hard to believe some of them, in an educational content they always show something like what we need and even with some of the strategies they exemplify. When we saw it, it looked like it made sense, and then we went to do it according to what we got from them, for the result, maybe you already know that 50 - 50, some are really accurate according to the market and some are loss until you get MC . To be honest, this is also what I often asked when I was a beginner, how to find a mentor who is truly experienced so that our learning process can be directed and in the end I decided to study alone without a mentor and would only read books on trading in several library.


Maybe there are also some of them who have difficulty finding the right mentor or reference. So, you are absolutely right, recently I heard that one of the content creators who always educates about trading has been arrested by the authorities for defrauding many of its members, cases like this have now happened a lot and many have become victims. Most of them just want to take advantage of us, as you said, most of them are affiliates who take advantage of the situation and get a lot of profit there. So the point is to be more careful when looking for a mentor who is truly experienced, find out the person's personality first, don't let them have the opportunity to deceive you.