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

[o48o]

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.

Most of the people claiming they are winning traders are not. They are removing their losses from any feed etc. You can find out what kind of traders influencers truly are from tradingview.

In there you can't remove your bad calls. Everything stays in your history after you publish them, even the embarrassing fails. In there you can see that most loudest and proudest are failing all the time. Just like people who are getting relatively good results.

After spending a while to find a good trader and even when following it, it gets pretty clear why you need a such thing as a stop limit. Because traders are wrong a lot more then they would like to admit.

[nelson4lov]

~Snipped

~Snipped

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?

[Sanitough]

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.

It’s a sad reality that some people are even making a business out on innocent people and see them believing that what they have read or seen are actually the best ways to make profitable trades. But in reality, those influencers are not actually profiting from trading but since it’s their own way to sustain their income and make a living, then we cannot also blame them for that. The reason why we don’t need to trust easily whatever we read in an article or seen in the video as it could be misleading in real life.

[Maslate]

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.

Or just for content fillers to get their sponsorship get through . No one will tell ya how to be rich in trading, or simply put it no one will tell ya how to get rich at all.

I am one of those people that "learned their lesson the hard way and just HODL Bitcoin". It's just not worth investing my mental health in keeping up with my trades daily especially that what I was doing was merely day trading. What I earned? Lesson and experience.   I still learned quite few technical stuffs like Bollinger Band and RSI though.

It's perfectly fine if trading isn't working out for ya. Trading is not for everyone.

And even if there are people who will always claim that trading can make someone instantly rich, well it’s still not a guarantee since trading is unpredictable and even if you have the skills and working strategies, you are still not excuse from committing inevitable losses. That’s why some end up quitting for good and just settle on bitcoin hodling where they can still make profits without risking that much.

[Japinat]

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.

Trading does not guarantee profitability in reality. But if you know how to deal with its market unpredictability, then eventually you will get to trade and be profitable on your trades. Those who exert a lot and make tremendous effort will actually end up winning while those who just rely from merely reading and watching trading videos, it’s still uncertain for them if they can survive the risk in trading.

[kamvreto]

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.

Trading does not guarantee profitability in reality. But if you know how to deal with its market unpredictability, then eventually you will get to trade and be profitable on your trades. Those who exert a lot and make tremendous effort will actually end up winning while those who just rely from merely reading and watching trading videos, it’s still uncertain for them if they can survive the risk in trading.

Direct trading practice is needed to be able to achieve victory, because practice will provide extraordinary experience rather than just watching trading videos which of course is just a theory. Knowing how to deal with market uncertainty gives added value so you don't panic in the face of any market conditions. Anyone can do it as long as he wants to learn and practice it. The risk will still occur, but when you know what to do, the risk can be minimized.

[Viscore]

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.

What we heard and see especially if it’s all about making profits can sometimes be deceiving on our part. Even those videos and articles from professional traders, those won’t still guarantee us a decent income knowing in trading, those strategies who might work for others might end up not working for us. That’s why we have to be extra careful when trading. And as much as possible, never rely for others when you trade, but trust your own knowledge and skills because trading indeed is a not a game of chance and luck but mostly a game of your mindset, skills and strategies.

[Cookdata]

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.

There is nothing I hate seeing like those thumbnails on Youtube videos, sometimes I think those guys that give predictions and guides about trading contribute to why newbies lost money into crypto because instead of them to be teaching the important aspect of trading, they will be busy saying things that will give them goosebumps and make their adrenaline grow over their head and when they rush and start trading without any basic knowledge and get burn, they start crying like babies.

There is another funny thing these trading guides traders do, they don't in reality trade any shit, they only hold coins and freak out the public with trade settings and hype; the Halving is on the way, just watch how they come back to hype people once again about trading guide and when they make their gain, they vamous and come back the next time there is another hype in the market.

[AicecreaME]

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.

[abel1337]

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.

Beginners luck! It happen commonly. Having a luck and a careful first trading decision will bring you profit but newbies underestimate the market and make loose decisions like doing a trade without their proper research. They also tend to spend more on their next trade as they are overconfident with their trade. After receiving a consistent loss, that is the time that they will realize that the market is no joke at all. This is why not everyone last long on trading because of the persistence and consistency needed on each trade.

[AnonBitCoiner]

There are large number of books which doesn't contains true information so before accepting those books first try to read three or more books and also learn by watching videos.
Although all videos and books are not trustworthy so try to find the same point in more videos and if possible then check those videos and books which are free of cost so if you get wrong information which does not matches to the reality so you money will not be used in wrong way.

You can get knowledge easily by hearing from those friends who are a part of crypto trading and then some knowledge can also be achieved through self participation in the same thing.

[Mahanton]

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.

Beginners luck! It happen commonly. Having a luck and a careful first trading decision will bring you profit but newbies underestimate the market and make loose decisions like doing a trade without their proper research. They also tend to spend more on their next trade as they are overconfident with their trade. After receiving a consistent loss, that is the time that they will realize that the market is no joke at all. This is why not everyone last long on trading because of the persistence and consistency needed on each trade.

Just like on gambling or whatever you've been doing specially on first tries, there are really indeed moments on which you would really be making yourself that being that confident on the time that you would be making profits or making out good decisions on your decisions whatever you are currently dealing with but its true that never ever underestimate the market because you would really be finding yourself that you are still that far into reality
on becoming that sustainable on this market specially when you are still a noob and there's still lots of things which you do really to know and needs to learn up first for you to be able to make yourself that survive.

All of the things that we do really need up to learn is already available online on which you can really be able to learn for yourself even if you are a noob and dont make yourself that
too confident just because you have done some good initial trades on start up. Always learn along the way and never be that too rush on making decisions without
any solid analysis when it comes to various things.

[Rengga Jati]

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.

It really makes sense and must be really careful...
Moreover, mostly, it is theoretical. Seem like super easy when learning from reading from books, journals, watching any videos, and other sources. Seem like trading is easy and can be done by self easily by following the tips and tricks for trading, for beginners.
But the fact is vice versa.

We always try to learn and understand so many things in trading. But sometimes, this will not work very well when we are going live in trading, this seems so different. But this is the truth, it will be exactly different. because sometimes, the theory is just theory. When we are newbies and we really don't know about trading and self-study, sometimes, we miss certain information, misunderstanding what is meant by the sources, and sometimes we realize that we have understood the study, but in fact, not yet exactly.

But, this is much better when we have that effort to study and learn more about trading before entering trading activities. This is much better than nondoing it yet. Because at least we have an understanding, and further, we can learn by doing because this will be more effective. however, we also must know how to learn by doing that will not risk our funds very much. yeah, do it and start it with a small amount of money until you really know how to trade. Btw doing sharing and discussing what you have learned from the sources with other traders will also help us to synchronize the understanding, fix the misunderstanding probability, and to sharpen our understanding about it.

[justdimin]

There is nothing I hate seeing like those thumbnails on Youtube videos, sometimes I think those guys that give predictions and guides about trading contribute to why newbies lost money into crypto because instead of them to be teaching the important aspect of trading, they will be busy saying things that will give them goosebumps and make their adrenaline grow over their head and when they rush and start trading without any basic knowledge and get burn, they start crying like babies.

There is another funny thing these trading guides traders do, they don't in reality trade any shit, they only hold coins and freak out the public with trade settings and hype; the Halving is on the way, just watch how they come back to hype people once again about trading guide and when they make their gain, they vamous and come back the next time there is another hype in the market.

I sort of understand it. Not the part where they do not teach the real things, but understand the part where they make it grand and make it sound like something major at the same time. Why do I understand it? Because, it is a medium, and you need to get attention and in order to get attention you need to make sure that you are doing fine.

If you are doing fine then you are going to be making some serious profit from it as well. I understand that it is not going to be easy, and I can see why it is getting to be something a bit more troublesome over course of time, because in the end they are not helpful. But if they keep what they have, and add in some stuff about how they come up with those things, it could be something good.

[Distinctin]

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 exactly the reason why newbies are not allowed to trade not because it’s hard for them to make winning trades, but mostly because their emotions are high and uncontrollable so they end up making wrong decisions that will certainly become the reason why they keep on losing from trading.

Trading can be mostly deceiving especially for those traders who have high greed, and those who trade with greed are definitely the newbies in the market. So be careful when trading, be cautious not to fall from those who pretend who are winning traders.

[Hamphser]

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 exactly the reason why newbies are not allowed to trade not because it’s hard for them to make winning trades, but mostly because their emotions are high and uncontrollable so they end up making wrong decisions that will certainly become the reason why they keep on losing from trading.

Trading can be mostly deceiving especially for those traders who have high greed, and those who trade with greed are definitely the newbies in the market. So be careful when trading, be cautious not to fall from those who pretend who are winning traders.

When you do win on your first time trades, then you would really be having that impression that trading would really be that so simple and something that you could really be able on doing without any issues on which

this is the primary thing that would mostly be playing out on newbies mind on the time that they would really be making some profitable trades on their first time and just like in gambling on which they would really be having those thoughts that it would really be something that make them rich.Sooner or later on the time that they would be experiencing such loss of money then this is where they would really be telling to themselves that they do really lack of knowledge with trading and need something even more on which this is the time that they would be making out realizations that it isnt really just that enough.

There's a significant difference in between those veterans and noobs in dealing up with this crypto space.If you dont know on handling out yourself on this very unpredictable market then you
wont really be able to survive comparing to those people who do have the idea on how to deal up with something like this.

[Myleschetty]

I like the advice given by the OP of this thread because some cryptocurrency investors and traders seem not to understand that most content creators creating some teaching, market prediction, and hype videos are not really into the market and they are only creating the content and prediction just to sell themselves to the world.
Therefore, I never put my faith in the predictions of an influencer.

[taufik123]

When you do win on your first time trades, then you would really be having that impression that trading would really be that so simple and something that you could really be able on doing without any issues on which

Beginners or anyone will get caught up in this situation and lose their guard because the first win gives a good impression.
Whereas the first win can be a warning that one must be more vigilant and must do better market analysis.

this is the primary thing that would mostly be playing out on newbies mind on the time that they would really be making some profitable trades on their first time and just like in gambling on which they would really be having those thoughts that it would really be something that make them rich.
-snip-

Being a beginner trader really needs to be focused and consistent, learning all aspects of trading knowledge.
The first trade does seem like gambling and this is quite common because beginners still do not fully know how to do the right analysis so that they can determine where to enter and exit. The first win is just a fortune that can encourage further trading.

There's a significant difference in between those veterans and noobs in dealing up with this crypto space.If you dont know on handling out yourself on this very unpredictable market then you
wont really be able to survive comparing to those people who do have the idea on how to deal up with something like this.

The crypto market is very unpredictable, even if you analyze it correctly and are sure the price will go up.
But suddenly when there is FUD the price will crash and situations like this do require strong psychology and no need to panic.
If financial management is well controlled then it is time to buy and add more assets.

[crwth]

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.

I think the second sentence that you gave is the reality of some people who have managed trading and just gave up and go to the sure route, which is HODL bitcoin, and that's one of the things that we need to consider knowing that it could be more profitable if you did that. There are some people who are really built for it in trading as they will show results for sure. Characteristics of this would probably be some patient and also understanding of technical stuff would be easy. It will take time to master for sure.

[gabbie2010]

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.

I was once a believer of reading trading books to becoming successful in trading, I read so many forex trading books especially Al Brook, however most of those stuffs I read is in sharp contrast with reality of Price Action during live trades, I once incurred streaks of losses while trading a crypto/USDT pair while applying one of the trading strategy obtained by reading a book based on Elliot wave, I followed all the methods explained by the writer yet wasn't profitable, I also believe Hodling is the best for a newbie in crypto with a reasonable capital, though I had switched to forex trading which I learnt after I had thrown away many fancy indicators on my chart without any usefulness I now rely on RSI and Ema  indicators only with Price Action.