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Author Topic: My First Advice To Beginner Traders  (Read 237 times)
Peanutswar
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October 04, 2023, 01:02:22 PM
 #21

People want to get reached and other people say that crypto is the most effective way base just make an investment, but its not true you needs to have knowledge and skills regarding the coin you want to invest, if you make a mistake possible that you might lose your asset. Dont chase for the money, chase for the knowledge on that you can easily manage to earn profit and lessen the losses.

LEARNING:
It's very important to know that your success in trading depends so much on how much information and education you have about trading before and while you are still trading. As a beginner trader, invest so much in learning before thinking of earning, this is very important. Get good quality education and information about trading, read books, take courses online or offline and make sure to get every good information possible about trading as this will greatly influence your success in your trading journey. Understand that you are acquiring a skill and that means it requires some time to gain mastery of the skill, so dedicate the necessary time required to Learning just as you do in college and soon you will be glad you did as you will be enjoying the results of learning first. Learn before you earn  so you don't have to spend all your earnings learning.

Trading is not for all people, if they are not capable yet of making a trade fortunately possible they will just be liquidated which can be an expensive learning but its part of it, getting failure is part to of more knowledge and not all people are already skilled some of them takes time before adopt those things so you do not need to hurry up too much, experience is the best teacher.

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goxcraft
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October 05, 2023, 11:39:36 AM
 #22

I believe trading is all about experience and not mind set. It is good one have a good mindset but that does not guarantee that you will be 100% accurate while trading as that has nothing to do with making profit while trading but your skills and experience do because that would help in telling you when to invest and when not to.

Learning is a good thing and experience is better.
Agree!!! Even with the right right mindset one cannot be a good trader. Yes, it is required that you should have a good mindset but in trading what matters the most, my opinion, is "Experience". Experienced trader knows when to trade and when not to. Even with vast knowledge in trading and the best strategy plan, if you are inexperienced, there is a very big chance of loosing.
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October 05, 2023, 12:27:31 PM
 #23

Every member has a lot of trouble when he is new to every subject but when the new member works hard and tries to learn about the particular subject then the difficult task becomes very easy for him. 

At one stage of education, math seemed very difficult to me at first, but when the teacher explained that difficult math to me, then that math seemed much easier to me, but before the teacher explained that math, I thought that I might never be able to master this math.  Things are similar for a new member. 
Trading may seem a very difficult subject to a new member at first but when he tries to learn about trading and spends time on a particular subject, it will gradually become easier for him. Tips for newbies try to learn and be patient.

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October 05, 2023, 01:50:27 PM
 #24

May I add one more on @OP's list, aside from mindset and learning, attitude is also needed to be a successful trader.  Here is a good to read article if one wants to know the different attitude of a successful trader:

Positive Mental Qualities of Successful Traders
What Kind of Attitude is Necessary to Become a Successful Trader?
Top Five Attitudes of Successful Traders

With all the mindset, motivation and learning if a trader does not have the right attitude, all of their effort will be in vain. Like for example, a trader lacking patience will often end up selling their stash at a lost or at a minimal profit missing out on the supposed to be actual profit if they just waited for the target price to realized.
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October 06, 2023, 11:36:42 AM
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 #25

Before I proceed any further it's important to know that sometimes our knowledge outside this forum may not equate our ranks here so  that doesn't mean quality information cannot be gotten from a low ranked person on this forum, some of us are good at what we do outside here. That been said let's quickly dive dip into the subject matter.

Obviously quality information can be gotten from lower ranked members, if you had heard that it can't from someone here, don't take it too serious as he/she must have made a mistake generalizing it due to the experience that most newly created accounts are turning out to be troll account or created just to spam the forum to gain activity for potential ranking up after getting the merits by any means they can't. We have had some quality newbie accounts that have gone on to become a popular name on the forum due to their quality, if you have the potential nothing is stopping you from achieving that too but don't post repeated content and expect us to call it quality.

Before you consider going into trading fully as a full time hustle or a hustle on the side, I advise you put the following to consideration first, I will be considering just two points and they are as follows:
1. Mindset.
2. Learning.

Contrary to trading, you can invest in Bitcoin and HODL to avoid the whole stress of trading but if you have made up your mind to trade, doing the two things listed above isn't enough. You can have the right mindset and be learning but you need more than that to have a successful career as a trader because the learning don't stop and the experiences is needed to have a successful career, you also have to know how to generate capital because you don't expect things to go smoothly. This advise though is a good start and if you keep building on them you'll have potential of having a successful career.

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