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Author Topic: What should newbies do in trading?  (Read 1487 times)
shisotsu (OP)
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December 09, 2023, 11:21:31 AM
 #1

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
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December 09, 2023, 11:40:51 AM
 #2

Trade with the amount of money you are capable of losing. The kind of money that will not give you emotion.

If I earn $250 weekly. I can decide to trade with 5% which I can afford to lose. That means I will accumulate 5% of it weekly and try to make profit.

That is $12.5 weekly.

Try not to lose but continue to accumulate. I mean no to much risk trading. But if you lose more, stop trading after many months of losing. If you gain, continue to gain and accumulate.

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AicecreaME
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December 09, 2023, 12:25:40 PM
 #3

Aside from basic fundamentals of trading, and other things you should study.

You need to control yourself, especially when entering a trade after you lose a trade. Don't rush yourself making a big profit, keep it at a steady phase, don't expect too much from yourself since you've just started your trading journey. It's important also to don't quit if you really want trading as your source of income. Don't afraid to try new things, that'll help you grow as a trader and a person.
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December 09, 2023, 12:28:24 PM
 #4

According to a quote I read, "Impossible has many options." Yeah, you just have to try other options in the crypto space. If you feel you are losing more than you can no longer handle, then you can switch to only investing (buy Bitcoin and hold), but what you must also know is that behind any professional trader, there have been countless unsuccessful trades and lost funds, and even to date, those referred to as professional traders still experience losses. Trading is not the only way to make a profit in the cryptocurrency market; you can change option to being a holder or keep trying and taking note of every cause of every failed trade, and then you can change your strategy too.

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December 09, 2023, 12:44:48 PM
 #5

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
First is to know what is your objectives and from then on you should commit yourself on that. You don't have a choice but to get yourself dirty if you want to get back what you've lost or make more out of it, it's not easy considering you've got little portfolio but it's worth it if in the end you succeed. My advice is to focus on the small profit, let's see you focus on $20, then $50 etc., that way you'll focus more rather than focus on the huge amount of profits.
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December 09, 2023, 12:54:43 PM
 #6

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
That's actually what I am about to say, to just trade.

Things will be learned eventually and if you think that you do know more and understand a lot with technical analysis then it means that you're better than me, honestly.

Just do it and you'll get to adapt the survivability of your money in trading because it's like a normal reaction that you need to do better.

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December 09, 2023, 01:15:35 PM
 #7

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
I feel that you are uncomfortable with your current situation and doubt if you will continue. Therefore, I would say that the best thing for you to do now is to quit trading because it never makes sense if you continue when your mind is out of focus and are afraid. Just save your $45 to buy stuff rather than lose them all. Just come back when you are ready and make use of your experience as a tool for your improvement and recall all the mistakes you've made as this could help you understand fully what is trading really.


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December 09, 2023, 01:20:28 PM
 #8

Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
My only advise is to invest in knowledge about trading. As long as you didn't back test enough your strategy and didn't prove that you can be profitable, don't trade with real money. You have to make sure that you're confident enough with your strategy before you try real account. And my suggestions is to trade only with a small amount because live trading is different from demo, trading with emotions can affect your execution.
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December 09, 2023, 01:26:14 PM
 #9

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
If you don't want to lose your remaining balance, then take a break from trading. It's not necessary to trade consistently when you are at the losing end, know when to trade and know when to stop. This is the reason why we should only trade on what we can afford to lose, at least there will be no issues if we happen to lose them all. Trading has a lot to lose than to gain, most especially if you are still starting learning to trade.

Using demo account never guarantees that you will be free from inevitable losses when trading in live. Its still different when you trade involving real money and emotions, which you can't learn from demo trading.

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December 09, 2023, 01:44:22 PM
 #10

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account.
When you make losses in trading as a beginner, it can affect the confidence you have to keep trading. This is a good reason to not hurry to start trading when you are not ready for it.

watched many educational videos on YouTube,
It is not possible that you have seen all the videos, if you have watched videos on one side, study videos on another side of trading. Watch videos on the strategies used by traders, their method of entry and all that. If you have a friend who is a trader, ask them for signals, so you can compare with what you have and improve the confidence you have so you can be bolder to try trading with some money.
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December 09, 2023, 05:41:14 PM
Merited by fillippone (1)
 #11

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it

I don't want to say trading books are not necessary, they are primary but don't waste too much time on them. Once you know the basic, go straight to details videos that will put you through trading practice, the more you practice, tbe more you understand the trading and even improve much better.

From your trading history, I don't think you have master trading that much. Unless you are dealing with a large capital. Such amount is to large to be lost on a single trade. If you are into trading futures, please avoid that for now and if the loss continues, then you should try paper trading. It's more like trading in real time, you can select any of your trading pairs on Tradingview and you can use it to trade and it's going to be in real time to the reference exchange yiu choose, let say A represent A token and then chose A/USDT from kucoin, it is going to be mimicking that pairs from that exchange and so does other exchanges as well.

Regarding next line of action, try and pay attention to the fundamental aspect of that coins, the news is what drive coins in the market, if you don't blend fundamental aspect of the coin to the technical, your trading is going to be a nightmare and pain in the ass.

.
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December 09, 2023, 05:42:22 PM
 #12

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
Do you also apply the strategy you use on your demo account to your real account? If indeed the strategy you use on your demo account is correct then that strategy should also work well on your real trading account, always remember that trading has no end, every trader must learn, must maintain the consistency he has, and must have a good strategy to use in trading, don't let your trading activities go badly because you don't have a good strategy.  Always also evaluate the strategy you use when trading because it is very important, you will only make a loss if you don't have a good strategy in trading (you can use a demo account as a medium to practice your trading strategy)
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December 09, 2023, 06:15:37 PM
 #13

I advised you to don't lose hope. I appreciated that you have earned 20$ with just 34$ investment. I think its a great achievement. Don't think about your bad experience in trading. Just think you have earned profit when you are a newbie.
Loss is a part of trading. Every trader as a Newbie face these experiences at their initial stage. Try to start again with the free airdrops. When you earned some money then invest it in trading again.

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December 09, 2023, 06:27:29 PM
 #14

A newbie does not need to go for trading for a first time. It is better you continue using the demo account until you have become better in trading. It doesn’t bring much emotion as you’ve said but it is better to learn in a demo account than a real one. If you want to go full into trading when you feel you’ve learned enough, just use the money you can afford to lose. There is a lot of emotions attached to trading, if you can’t control them, you’ll leave trading and lose a lot of money before you know it.

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December 09, 2023, 07:16:57 PM
 #15

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
I think I know this feeling, I have faced it, its called fear of soaked away from the markets sentiments, you might be following so many people and some of them must be saying to perform trading and will be sharing there profits that they have made over night or in the span of 10 days maximum while at the same time other people will be sharing that market might dump and you should avoid trading. And between them you are being pressured and don't thinking straight now.

I will tell you one thing, avoid all of them and use the knowledge that you have gained so far and do whatever you think is right and worth a shot but don't forget to listen to others because sometime people talk and you get ideas but never make there ideas dominant over yours.
In simple words try to be independent of other's ideas and do your own research, don't afraid to make money even if the market is so volatile that it moves up, and in this time I don't think there is any factor to afraid of because in the short and long both the market is bullish. But don't take my words for sure.

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December 09, 2023, 07:58:07 PM
Merited by Odohu (3)
 #16

Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it

We all have had this experience when we're trading, some individual had it at the beginning of their trading career while others had it as the middle. Don't give up hope but also don't use an amount that you won't be comfortable losing. This is the most important thing when trading and also not losing too. Always take profits as you don't know the mind of the market. If you're afraid of losing then it says you don't trust your trading strategy and you need to practice more.

Take a break as you have met a dead end but don't give up as you might be stronger and bigger in trading after this experience, go back to the basics and learn again. You should risk some small amount of money to get real life feeling from the market when you have practice severally with a demo account for a start as it's looking like you don't understand trading or not having luck when you trade. If after learning and practicing again and you still feel this way then give up trading.

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December 09, 2023, 07:59:21 PM
 #17

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
You don't have to force yourself in trading when you think trading experiences has been very unfavorable to you. You know, I also heard from a lot of people that in order to learn in trading, you should get used to trading more so you can improve your trading performance and develop your trading skills and strategies. Well, part of them are true but seeing how your losses may continuously affect your finances, that would be a big problem then. For me, taking a break is also important. If you see you are at the dead end, then do not risk your money losing them all, but stop for a while and only trade again when you think you are ready again to trade. Unwind yourself and relieve your stress from trading, and after that just trade again when you think you're good enough to start again.

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December 09, 2023, 08:08:14 PM
 #18


the bull run is perfect for spot market trading. you don't even have to make it hard on yourself.

i started with small amount as well which i only trade when i'm about to sleep just using my phone. i can decide before sleeping and then check when i wake up. if nothing happens just let it be until something comes up like 30% growth. for newbies, spot market trading is the way but still learn the indicators.

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December 09, 2023, 08:18:21 PM
 #19

I'm also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager's book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I'm at a dead end and don't know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
You must have been trading cryptocurrencies that you shouldn't have been trading that too at the wrong time. Newbies often FOMO and buy tokens and cryptocurrencies that have already skyrocketed, thinking that they will ride the tide as well and earn some profits but instead of getting profits, they get their money stuck and lose money when the coin they buy starts dropping significantly after their purchase because it was already at the top of its chart.

So, it's not important to just know technical analysis or other stuff but you need to make sure that you are trading the right cryptocurrencies at the right time to avoid losing money, and don't try scalping if you are not being able to get a lot of success in it, take a break, practice your strategies and start afresh.

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December 09, 2023, 08:34:49 PM
 #20

Trade with the amount of money you are capable of losing. The kind of money that will not give you emotion.

To add on this, newbies should understand the reason why they should go through the learning process at first in trading, this will help them understand how to trade, where and when to trade as well, there are times we cannot just begin with doing something out of being passionate about it, such may be a means of getting us confused if care is not taken, but we need to follow things by order.
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