Trading advice for newbies

[Myleschetty]

There is a lot to learn for someone who wants to have crypto market analysis skills. And it's not as easy as they imagine because most of them will stop in the middle of the road and many won't even be able to carry it out.

Agree with what you said but something good doesn't always come easy and it's better to bear with the hardness of having the rightful knowledge in crypto trading than be lazy and lose money in almost every trading which is the exact reason we see the stats of traders that quit trading to be higher than those that keep trading.

[gabbie2010]

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.


You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

Option 2 is one of the greatest aspect of trading that every trader must get accustomed to as a newbie it's going to take a very long period of charting time to able to grasp almost all the concept of candlestick patterns and Price Action when analyzing a chart without it I don't think any trader can have an edge over the market.
Option 1 a trader must take profit at the appropriate zone usually Resistance or Support else price reversal or pullback might occur instantly due to high volatility of the price especially cryptocurrencies thus it is mandatory to learn how to spot resistance and support zones.
Option 3 Truly it's advisable for newbies to start learning trading vis Demo or start with small fund just test your trading abilities

[sana54210]

one thing I would like to add is that in trading practice is harder than theory, yes maybe we understand if we only theorize, but if we do it then it will be more difficult than what is imagined. My advice, when learning about trading then we can directly practice with a demo account.
The problem is not just there, when using a demo account then we will be able to analyze well, but when we are already in trading with real money then believe me it also becomes something difficult. The reason is quite basic, which lies in the mentality. Yes, in a demo account we will not receive pressure, because losing or winning the money we use is not real, but when we use real money then the pressure will affect our mentality.

That part is the most important part there is. There are way too many people who are wrong when they do something like that, and yet they keep on working on paper, and keep trying to get better, and assume that when they start trading they will be good.

The reality is that, if you start trading right away without learning anything then you will be terrible, if you end up learning a lot but do not trade then you will not be good neither. So the assumption is that you need to end up trading, and then you need to end up with something better as well, it should be important. I think if you learn first, then be bad trader for a while and gain experience, eventually you will keep getting better because you know what you should do.

Those do come in hand in hand together, you need to do both in order to get better. However, you also shouldn't stop learning and studying and reading up on trading just because you have been trading for a while and you think you gained enough experience.

This isn't some market that you end up learning it all, it is ever evolving, one thing that works today may not work 10 years down the line, so you should keep up with the times and see what people are doing or investing into, that's an important part of investment world, obviously we are talking about a situation that may take some time, because you are both working a regular job, also trading, and you need to study trading and all these combined leaves very few hours a day for you, maybe not even that much on busy days.

[synchronym]

The most important thing in trading is patience. Trading must be done with patience. Those who do not trade patiently. They can't benefit from much training if they are in too much of a hurry to trade. Long term trading should be done. Trading should not be too hasty. In the case of trading, you have to have a long-term plan, otherwise good success will not come.

[AakZaki]

And just expect that you'll get to learn from your mistakes as a newbie, that's the essence of starting this market.
Don't expect that you'll have a lot to get when you start because that's how it goes, you're not the best when beginning.
But if you persist and stay and apply all of those lessons you get from being newbie, it might be worth it.

being a beginner will make a good experience for trading. because no one can learn quickly without having bad experiences when starting trading. The error that occurs will be a task that must be completed and a solution to the problem will be found. This allows beginners to continue learning. I also experienced the same thing and in fact everyone else did too. From beginner to become a professional if they remain diligent in learning how to optimize trading knowledge.

[2girls]

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

Market is always volatile we can never say that may be it is stable. Because every new day there is some dump comes in any coin which were waiting for a long even. But the problem is why people love to invest more in volatile coins?

Also there are many other coins which can be bought for the better trades but that should be on the right way I mean not having too much volatility in the coin otherwise there will be more risk.

[Nrcewker]

A newbie should give time to the market according to me. I have often seen people have a misconception that trading means quick and easy money overnight. But that’s completely wrong. The amount of money that you will make from trading completely depends on the risk that you are willing to take. But as you are a newbie, hence it’s advised to take less risk and get familiar with the market. Once you gain enough experience try different strategies and make desired amount of money.

[Dewi Aries]

And just expect that you'll get to learn from your mistakes as a newbie, that's the essence of starting this market.
Don't expect that you'll have a lot to get when you start because that's how it goes, you're not the best when beginning.
But if you persist and stay and apply all of those lessons you get from being newbie, it might be worth it.

being a beginner will make a good experience for trading. because no one can learn quickly without having bad experiences when starting trading. The error that occurs will be a task that must be completed and a solution to the problem will be found. This allows beginners to continue learning. I also experienced the same thing and in fact everyone else did too. From beginner to become a professional if they remain diligent in learning how to optimize trading knowledge.

Basically trading is very difficult, not everyone can get involved in this field and maybe only some of them have a warrior spirit and strong mentality that can go through all the processes they will experience. Achieving profits in trading is not as easy as turning your palm, you really need experience and very good skills but on the other hand it is not easy to get such knowledge and you will only be able to get all of that from the experience of the failures you have experienced.

That is why traders need a long time to be able to master everything until they can get a fairly consistent profit, therefore every trader must have a strong mentality because the risk of loss can never be avoided and one that can minimize losses so that they are not too significant is to continue to learn from mistakes to be able to develop skills and insights. I think all traders will definitely experience something like this in the initial process of their approach and to determine whether they will be able to become successful traders or not it returns to themselves, if they always work hard and never give up then I think there is success waiting for them ahead.

[traderethereum]

There is a lot to learn for someone who wants to have crypto market analysis skills. And it's not as easy as they imagine because most of them will stop in the middle of the road and many won't even be able to carry it out.

Agree with what you said but something good doesn't always come easy and it's better to bear with the hardness of having the rightful knowledge in crypto trading than be lazy and lose money in almost every trading which is the exact reason we see the stats of traders that quit trading to be higher than those that keep trading.

Good things often come with difficulty and that is where the challenge lies for us. If we are able to get through it, we can definitely get or achieve what we want.
But if we don't want to or are lazy, we won't get anything and we might even lose the money.
In crypto trading, we are required always to learn to analyze because the crypto market is always changing. And if we are not willing to learn more, we will find it difficult to profit from trading. We also definitely don't want to accept continuous losses, so we must be able to learn from many sources so we can improve our analytical skills.

[Myleschetty]

There is a lot to learn for someone who wants to have crypto market analysis skills. And it's not as easy as they imagine because most of them will stop in the middle of the road and many won't even be able to carry it out.

Agree with what you said but something good doesn't always come easy and it's better to bear with the hardness of having the rightful knowledge in crypto trading than be lazy and lose money in almost every trading which is the exact reason we see the stats of traders that quit trading to be higher than those that keep trading.

Good things often come with difficulty and that is where the challenge lies for us. If we are able to get through it, we can definitely get or achieve what we want.
But if we don't want to or are lazy, we won't get anything and we might even lose the money.
In crypto trading, we are required always to learn to analyze because the crypto market is always changing. And if we are not willing to learn more, we will find it difficult to profit from trading. We also definitely don't want to accept continuous losses, so we must be able to learn from many sources so we can improve our analytical skills.

Yeah, no one gets easy there's a sacrifice and devotion of time to analyzing the market. However, profit-making in crypto trading doesn't solely depend on knowledge trading and constant research about the market.
Crypto is not for everyone and if someone whose trading is not his thing trades with adequate knowledge he will still make a loss in the end.

[tbct_mt2]

Restoring a crypto/bitcoin wallet can be done with the phrase that we saved. Besides I doubt we can recover our Bitcoin wallet.

A wallet seed phrase or private key is key for your wallet recovery. If you have it, you can recover your wallet any time.

Another method is you will need a wallet file in backup and if it is an encrypted file, you will need a password to decrypt it and access your wallet private keys and bitcoins.

I really support your opinion regarding basic newbie matters. Know and be able to operate a Cryptocurrency wallet. Because it is very important for newbies to save their assets.

Before they can trade, they must have ability to store their bitcoin or cryptocurrencies safely. Because the advice is always "Don't use all money for trading" so the part is not used for trading, must be stored safely and not on centralized exchanges. People have to be able to secure their own wallets.

Trading, I think a good and safe thing for newbies is investment compared to trading. Trading is high risk, but also high return. Considering the volatile movement of crypto, trading carried out by newbies without experience and knowledge can result in big losses and potentially gambling.

Trading is risky and I really believe that hope to get rich with trading will cause massive loss. With trading, you can win big then lose big and you will need a lot of time to master trading and control your trading decisions.

[lombok]

A wallet seed phrase or private key is key for your wallet recovery. If you have it, you can recover your wallet any time.

Another method is you will need a wallet file in backup and if it is an encrypted file, you will need a password to decrypt it and access your wallet private keys and bitcoins.

Yups, as long as we are able to store it well and don't lose it, our wallet will always be safe. It is important to be able to keep the key and try not to have it or share it with other people.

Before they can trade, they must have ability to store their bitcoin or cryptocurrencies safely. Because the advice is always "Don't use all money for trading" so the part is not used for trading, must be stored safely and not on centralized exchanges. People have to be able to secure their own wallets.

Well, this is something that many people often miss and underestimate. Storing in a personal wallet is safer than in an exchange wallet which is prone to phishing cases, and is safe if at any time something bad happens to the exchange.

[Bitcoinpoly]

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

With newbies, they should never touch trading with any type of trading.

They have to learn first about Bitcoin, how to store bitcoin safely when they buy it. What wallet to use for bitcoin storage, how to back up a wallet and recover a wallet.

Then after learning basics, they can buy bitcoin and store it in their non custodial wallet for their investment. Let me repeat, investment, not trading.

Trading is risky and newbies are more vulnerable to lose money in trading. Even senior people in the market can lose money with trading so don't expect newbies to get profit with trading.

I understand what you’re saying, basically you have to know that when a newbie copy trade from an elite trader it’s not the newbie who is doing the analysis. The people who do the analysis are the elite traders, your role is just to look for an elite trader with good previous record, copy their trader and take profit don’t be too greedy. Copy trading is not for only newbies, myself I get busy and copy trade from elite traders on Bitget, I prefer using Bitget because it shows traders profile, so I get the opportunity to choose the best trader.

[Best-mary]

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

Don't forget about fundamentals. I wrote about it here https://bitcointalk.org/index.php?topic=5473619.msg63135587#msg63135587

The only thing left is greed and if we can get a way with it, it did be easy for any one

[michellee]

I understand what you’re saying, basically you have to know that when a newbie copy trade from an elite trader it’s not the newbie who is doing the analysis. The people who do the analysis are the elite traders, your role is just to look for an elite trader with good previous record, copy their trader and take profit don’t be too greedy. Copy trading is not for only newbies, myself I get busy and copy trade from elite traders on Bitget, I prefer using Bitget because it shows traders profile, so I get the opportunity to choose the best trader.

Unfortunately, many beginners don't know whether they are elite traders or ordinary traders. The amount of money a trader uses to trade does not guarantee that they are an elite trader because if someone has a lot of money and uses it to trade, he can also copy other people's trades.

They should learn about trading and not just copy trades from other traders. By learning to analyze, they will have useful skills to find the time to trade. Copy trading is not for all traders because, after all, they need good analytical skills. If they can learn more and can analyze well, they will definitely trade well.

As for the market, it will depend on each person's comfort. They have to find it themselves and don't just rely on advice from others.

[AakZaki]

Basically trading is very difficult, not everyone can get involved in this field and maybe only some of them have a warrior spirit and strong mentality that can go through all the processes they will experience. Achieving profits in trading is not as easy as turning your palm, you really need experience and very good skills but on the other hand it is not easy to get such knowledge and you will only be able to get all of that from the experience of the failures you have experienced.

That is why traders need a long time to be able to master everything until they can get a fairly consistent profit, therefore every trader must have a strong mentality because the risk of loss can never be avoided and one that can minimize losses so that they are not too significant is to continue to learn from mistakes to be able to develop skills and insights. I think all traders will definitely experience something like this in the initial process of their approach and to determine whether they will be able to become successful traders or not it returns to themselves, if they always work hard and never give up then I think there is success waiting for them ahead.

Sometimes there are some beginner traders who always work hard to learn how to trade well, but they don't have a good enough understanding and don't have a mentor. This will be quite difficult, but if he keeps studying it will gradually become easy to understand. In theory it might be possible, but in practice it will change greatly, because the fluctuating market makes anyone's mentality shaky when they first start trading. beginners certainly need to overcome these challenges in order to have an experience that will awaken them.

[Bitcoinpoly]

Restoring a crypto/bitcoin wallet can be done with the phrase that we saved. Besides I doubt we can recover our Bitcoin wallet.

A wallet seed phrase or private key is key for your wallet recovery. If you have it, you can recover your wallet any time.

Another method is you will need a wallet file in backup and if it is an encrypted file, you will need a password to decrypt it and access your wallet private keys and bitcoins.

I really support your opinion regarding basic newbie matters. Know and be able to operate a Cryptocurrency wallet. Because it is very important for newbies to save their assets.

Before they can trade, they must have ability to store their bitcoin or cryptocurrencies safely. Because the advice is always "Don't use all money for trading" so the part is not used for trading, must be stored safely and not on centralized exchanges. People have to be able to secure their own wallets.

Trading, I think a good and safe thing for newbies is investment compared to trading. Trading is high risk, but also high return. Considering the volatile movement of crypto, trading carried out by newbies without experience and knowledge can result in big losses and potentially gambling.

Trading is risky and I really believe that hope to get rich with trading will cause massive loss. With trading, you can win big then lose big and you will need a lot of time to master trading and control your trading decisions.

Investment is more safe but even before they invest they still need to understand a lot about the crypto space. It’s not just investing without having any knowledge. Before you can invest you should understand the potential profit and the potential loss, also the right investment to venture into, if I’m to recommend I will recommend Bitget Shark fin product for newbies to make money.

[Bitcoinpoly]

if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

There is no shortcut to this, Even though you want to do copy and paste trading, you need the basic knowledge about trading, that is, how to set t.p's and stop loss because sometimes an instructions maybe given to you by an expert trader that you copy to adjust stop loss or your take profits, and you don't know how to go about it, except if you're into exchange copy trading that is automatic where you don't need to do anything and the system does all the jobs for you.

Those are basics that involves little technicalities, newbies need to learn that compulsorily. Some exchange gives directions on how to set SL & TP most times possibly not all exchanges but Bitget does.

[barisbilgili]

A newbie should give time to the market according to me. I have often seen people have a misconception that trading means quick and easy money overnight. But that’s completely wrong. The amount of money that you will make from trading completely depends on the risk that you are willing to take. But as you are a newbie, hence it’s advised to take less risk and get familiar with the market. Once you gain enough experience try different strategies and make desired amount of money.

Those who understand by trading can make money according to their wishes quickly. I think they have misunderstood trading, there are many things that must be understood well to be able to trade and also we must really understand the market well and also know the risks what we will get if we make mistakes in making decisions in trading.

You are right, if we are new to trading, it would be better for us to use a little capital to be able to trade while understanding trading well and when we understand it well then we can do it with capital according to what we want to make a profit.

[Mahanton]

New users within the crypto space should understand that crypto trading is different from gambling where a mere prediction can yield result. As a newbie within the crypto space kindly check the following before you go into trading.

1. Learn about the volatile market
2. Learn how to analyze chart
3. Take your time to practice demo trading before going into real trading.
4. Do not be greedy, take profit when it’s best to do that, do not hope to get the whole world at a time.

You need to understand the learning process takes long, you have to be calm and follow through the process, if you’re too interested in the profit and not the skill or you don’t have time to do so, you can opt in for copy trading where you get to copy trade from elite traders and make profit, though copy trading is not available on all exchanges just few exchanges like Bitget has it.

Good luck newbies❤️

6. Dont make yourself that easily believe into others trading analysis or recommendations
7. Dont get impulsive with your trading decisions
8. Dont get yourself that being impatient
9. Proper financial or capital management
10. Patience

These things might really be that just simply the basics but when you are on the actual situation or condition then it would really be that so damn hard to follow these principles.
This is why it would really be always best that we should be mindful on the steps that we are really that doing because if you dont then you would really be finding yourself on a tough spot.
Set out some goals or targets on hitting up a specific profit period on which it would really be just that depending on how well you do make out those decisions.
It might not be simple but its not something impossible to do so. It all matters with discipline.