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Author Topic: What should newbies do in trading?  (Read 1487 times)
milewilda
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March 14, 2024, 09:51:01 PM
 #101

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.
Trading is hard and not a get rich quick scheme, a trader needs to have a source of income to fund the trading, and as advised to trade with amount that they can afford to loose, to minimize loses, and if they continue to experience loses over a period of time, it'll be best to take a break from trading. A newbie that's continuously losing should stop trading, take a long break as you said and restrategize, then come back, if it continues then perhaps trading is not for him, he can convert to become an investor, and hodle reputable coins/tokens.

I don't know if any trader would consistently lose money if he or she actually learned from previous mistakes. It's somewhat impossible for me to find them continuing to lose money on trades if they really learn, but greed will sometimes make it difficult for them to grow. Of course trading is not a get rich quick scheme, but many traders have that mindset especially when they are beginners.

Losses in trading are an inseparable part, but there are always strategies to minimize losses. Traders must avoid greed in each trading session, meaning there are times they have to take profit and times they have to exit with losses. But if trading isn't a good fit for them, then I agree long term investing in coins is potentially a wise choice.
Learning could really be acquired or could really be that gained on actual experiences on which this is something that will really be that just depending on a certain individual on which we know that there are ones who would really be that mindful about those mistakes and errors on which they do learn from it and applying it into their next trades. Whereas, there are still those individuals who would really be that not mindful or simply
doesnt care about into their loses and would continue to trade despite of those errors and not minding on learning it. You would really be able to soon realize on the things on what you should or must do because you wont really be tending to make yourself that not caring just because you do still have the money.

Learning is really that something that there's no end line of it. This is why it would be always wise that whenever you do face up those difficulties or errors then it would be better that
you should always learn from it. Apply it into your next trades until the other.

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March 14, 2024, 11:53:13 PM
 #102

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
All traders new to trading and veterans should follow the same strategy. You lost $90 out of $120 because of your mistake. It is always better to buy from the dip while trading. You may have bought from a market which results in a lot of losses if the market goes down further. If you can get enough knowledge about trading then that is good for you but watching videos from youtube will help you more if you can try yourself but always remember don't be greedy in trading platform if you are greedy. Then you will not be successful no matter how much experience you gain in the trading platform.

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March 15, 2024, 05:55:38 AM
 #103

you lost money already in several times i will advise to you don't trade with big amount which will not be affordable to you, secondly still you are a newbie in trading so you should not take big risk, if you bought a coin then see your balance is going negative when you try to wait for recovery don't sell your coins in low price.
Many people think that trading is more profitable but due to the possibility of some risk with it you have to face losses at times. If you are new to trading you should not give large amount. New side has very little experience about the market. Trading with high volume will lead to greed. In order to become a successful trader one must learn to overcome greed and control it.

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March 15, 2024, 12:09:56 PM
 #104

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
It Good that you did not give up despite losing 90 out of 120 i lot of people would have sold everything and conclude that they are no longer interested. Just noticed that most if this exchanges have academy that can put you through in what ever you want to learn the basics starts from there. And understanding enough is wrong because if you understand everything then you won't lose any money but as it is even professionals lose money so their are days that your analysis can fail you. Despite trading looking easy it is not easy at all. There is no way you won't lose money but I think their things you are missing out because you can not be losing money like that and since you have your emotions worked on. Then given up is pointless.

All traders new to trading and veterans should follow the same strategy. You lost $90 out of $120 because of your mistake. It is always better to buy from the dip while trading. You may have bought from a market which results in a lot of losses if the market goes down further. If you can get enough knowledge about trading then that is good for you but watching videos from youtube will help you more if you can try yourself but always remember don't be greedy in trading platform if you are greedy. Then you will not be successful no matter how much experience you gain in the trading platform.
Exactly what I was saying if the measures of safety have been put in place then it will be difficult for to just lose 90 dollar. For just one trade if that how people lose money while trading. People would have avoided it. Loosing that amount of money is the person fault and if he wants to continue he should take responsibility for his actions. From yesterday the price was done its a perfect opportunity to buy then trade from their. Looks as if the trading was on a zero knowledge and that might be the reason for the lose. Any were he wants to learn is good but understanding is what is important. As a trader making sure you are on the right path is something that should drive you always.

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March 15, 2024, 01:39:11 PM
 #105

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
Since you first started your trade with $120, you have lost $90, which means you only have $30 left. The coin you traded in may have bought the coin at a high price but should actually buy the coin to trade when the price of the coin is in the dip. If you don't want to lose your remaining money then you should refrain from trading. As per your post it seems that you have suffered loss so now you don't need to trade continuously. Trade with the amount of money you can afford to lose. We all may think that trading is actually an easy thing but in reality it is not, trading is actually very difficult and risky. If you want to do trading then you must first study the basics of trading and other things related to trading so that you become experienced in trading.

The more a person understands about trading, the better he will become at trading. A person who is skilled in trading has the highest chance of profiting from losses if he trades in any coin.

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March 15, 2024, 02:17:43 PM
 #106

you lost money already in several times i will advise to you don't trade with big amount which will not be affordable to you, secondly still you are a newbie in trading so you should not take big risk, if you bought a coin then see your balance is going negative when you try to wait for recovery don't sell your coins in low price.
Many people think that trading is more profitable but due to the possibility of some risk with it you have to face losses at times. If you are new to trading you should not give large amount. New side has very little experience about the market. Trading with high volume will lead to greed. In order to become a successful trader one must learn to overcome greed and control it.

Newbie traders get encouraged by the other traders who earn a large amount of money and of course, if you are a beginner it is quite hard to understand where to start, because you don't have a guide so you must need to invest first with the knowledge, what are the fundamentals, what are the basics, strategies and techniques. If you are still quite afraid to make an investment paper trading is one of the best training grounds but sometimes you are still quite confident because it's just not real money, no risk at all just knowledge, so some newbies willing to risk their small funds to test out their acquired skills if it's effective or not. Keep learning trading is a continuous learning to lessen the risk and increase the profit gains.

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March 15, 2024, 03:41:04 PM
 #107

What should newbies do in trading?
Trading crypto is not the same as trading buying and selling real goods, the process of becoming a crypto trader is long, first we have to understand especially about the crypto we want to trade, master market developments, be smart in analysis and have the ability to calculate where to start buying and selling.

Crypto trading needs real guidance and direction, by those who are experts in trading, it is important as a beginner to avoid real losses, in essence: learn to trade from experts, not on links on the internet and do it according to your needs, don't trade beyond your limits.

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March 15, 2024, 04:28:53 PM
Merited by jaberwock (1)
 #108

And this is why you are advised to do demo trading before starting trading. Greed and emotions are very important in trading, those who can gain experience in controlling these things can do well in trading, and for that demo trading is very important to understand the market.
While there really is no emotion using demo trading, it's advisable for those that are trying to test some strategies. When you're not yet sure if your trading skills are going to be worth it, it's best to try and get into demo trading first doing some back test before you wholly commit with your actual plan and money that's ready to get into it. But if you're brave enough ready to lose with your potential capital, you can skip that part as long as you are trading with an amount that you afford to lose.
I think that is the point of trading at demo accounts, you do not accept any success there as something awesome but you do at least accept failure there as terrible. When you are trying a new strategy at a demo place, you see if it will do good or bad, the point here is that if it does good you still need to test it with small amounts at real trading but if you do terrible at demo then you do not even try it at the real thing at all.

This usually works pretty well, because so far whenever I tried something at demo and failed, and if I insisted and tried at real trading then I usually fail there too. So, you are not using demo to find good stuff, you are trying demo to weed out the bad ideas and 90%+ of the time this system works very well.

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March 15, 2024, 05:24:49 PM
 #109

Here you will get lots of ideas but most of the ideas will be different so you won't be able to work with all the ideas. So first you need to increase your practice knowledge then you can get the right idea. People try to make money from crypto in different ways such as trading, investing and holding are popular ways. But most of the new investors consider holding professionals at first but later they may become experts in other matters. More or less experience can be gained from crypto in exchange for everything in time and money.

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March 16, 2024, 06:05:33 PM
 #110

Newbie traders get encouraged by the other traders who earn a large amount of money and of course, if you are a beginner it is quite hard to understand where to start, because you don't have a guide so you must need to invest first with the knowledge, what are the fundamentals, what are the basics, strategies and techniques. If you are still quite afraid to make an investment paper trading is one of the best training grounds but sometimes you are still quite confident because it's just not real money, no risk at all just knowledge, so some newbies willing to risk their small funds to test out their acquired skills if it's effective or not. Keep learning trading is a continuous learning to lessen the risk and increase the profit gains.
The reality is that there are way too many people who see what others do, and they try to replicate it and they end up making a loss. If you do not have the knowledge and the experience of a veteran trader, then you can't make a profit like a veteran trader, but newbies see what they did, and try to do the same, at the wrong time, which results with a loss.

I buy X at 100, and sell at 150, and make a 50%, a newbie sees this, buys at 150 to sell at 225 but it drops to 120 because it already peaked, and then they wonder what they did wrong. This is why we should be considering the situation as highly risky, we need to do something much better and easier. This way we could make more money if we learn to be a better trader, before we start to trade.

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March 16, 2024, 08:22:25 PM
 #111

Here you will get lots of ideas but most of the ideas will be different so you won't be able to work with all the ideas. So first you need to increase your practice knowledge then you can get the right idea. People try to make money from crypto in different ways such as trading, investing and holding are popular ways. But most of the new investors consider holding professionals at first but later they may become experts in other matters. More or less experience can be gained from crypto in exchange for everything in time and money.
It's not that easy to become an expert, especially if you are a beginner and only depend on other people's predictions, it won't help you to understand how to become an expert trader. Everything can be done gradually and you have to study it well. It takes a lot of experience to understand how crypto works. Don't be too influenced by other people's analysis, you don't need to rely on people who are said to be professionals but are not clear about their knowledge. Learn to analyze yourself and do it well, then you will find the rhythm.
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March 17, 2024, 10:54:08 AM
 #112

It all depends on the coach and trader that is educatimg a newbie so that they can be knowledgeable about trading and have some skills.
We need to be wise and keep doing something that will profit us as traders whether ww are newbies or a long time trader.
The goal is to make money from the trading and the only waybwe could go about that is to make sure we need learning and advancing our arsenals so we can keep making earnings from trading as we keep getting more information to keep trading.
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March 17, 2024, 03:57:48 PM
 #113

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

Am not that surprised, because this is what you get when listening to 3 or 4 videos from YouTube by most influencer, so after then, they will think that they are ready to trade, not knowing that it takes more than that to gain mastery in the craft.

If truly you really want an advice from me, bro I am going to tell you to stop and go for knowledge first, that money you have already wasted would have been best utilized in acquiring knowledge, than jumping into the market because one or two YouTube influencer told you how he makes millions a day, and because of that you thought it easy, so I suggest you stop trading, and go for knowledge, don't come back till you have learned and gain mastery.

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March 17, 2024, 05:57:44 PM
 #114

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

Am not that surprised, because this is what you get when listening to 3 or 4 videos from YouTube by most influencer, so after then, they will think that they are ready to trade, not knowing that it takes more than that to gain mastery in the craft.

If truly you really want an advice from me, bro I am going to tell you to stop and go for knowledge first, that money you have already wasted would have been best utilized in acquiring knowledge, than jumping into the market because one or two YouTube influencer told you how he makes millions a day, and because of that you thought it easy, so I suggest you stop trading, and go for knowledge, don't come back till you have learned and gain mastery.

OP lacks that confidence right now to actually trade on his own. It is quite obvious that the knowledge he has gotten so far from the videos he watched and books he read has not done enough justice to him. OP needs to learn alot to boost his confidence, it is not ideal for him to ignore trading with demo accounts, he still needs it to master his craft. Once he has that confidence, he would be able to manage his emotions to some extent.


It is not quite easy to master the art of trading as a newbie, in the first few years of trading, losses are bound to occur and this is not a reason to want to quit, rather it is a time to learn from your mistakes and improve on your trading skills.  The money lost so far should be seen as the cost you have to pay in order to succeed as a trader.  This is why we always advice newbies and all traders to always trade with amounts they can afford to lose because anything can happen.

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March 18, 2024, 03:48:25 AM
 #115

Simulated trading isn't too bad, if there is a trading option with tesnet or practice, I take an example on binance, anyone can access it with real market prices there, as a beginner do not prioritize filing because of the victory in simulation trading. it is easy and does not deposit money / assets directly and does not need to prioritize psycology in pump or dump. the result is only curiosity. It is better to continue practicing with technicals that continue to be studied, not all prices in the past will end according to analysis. and force yourself with mainnet assets.

Your impression in trading I have also felt it, it is a fairly large nominal for beginners, if you can make a profit with a daily target of the capital it is better because we calculate the percentage of the capital.

Indeed, every trader wants to go through the skill stages faster, I once regretted a coin that I sold too quickly because I was too complacent and looked for the potential of other coins, as well as the opposite when buying too top.

I think if you think so you are already next level but recognize the risk, even losing coins with the same value will be quite tiring when the price goes up. I always limit what I earn today and how much money I am ready to lose if the market conditions are difficult to digest.

1$ sangat berarti
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March 18, 2024, 11:58:52 AM
 #116

You mentioned you have already lost your value by trading and suffered a loss. But it's not that you don't know about trade but you have acquired knowledge about trade as much as you can and traded but you could not profit. In this case I think the amount of money you have left is the money you should try to gain knowledge about investing first rather than trading now and plan to invest in the future. Because if you invest your money and hold it, the chances of making profit from it are much higher than trading. Also you should do more research on the trade and try to be around more skilled people And you can start trading again with the amount of money you will get profit from the invested money.
I don't believe that a person who manages to gain enough knowledge before entering the market can incur extreme losses, I know that one can also not have all their trades become successful but they should at least be able to gain some profit in the long run if they are doing the things in the right way.

If someone thinks that they are not knowledgeable enough about the market, they shouldn't start trading and should try to learn and improve once they think they have learned enough, they should try their knowledge and skills using demo accounts to see if they can use their knowledge to gain success.

One should enter the market after proper evaluation of their knowledge and understanding because once they enter the market, it's real money on stake and you can't afford to make mistakes after that.

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March 18, 2024, 12:22:39 PM
 #117

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

It looks to me like you have put in a lot of effort to learn and teach yourself about trading, which is an investment also and way more important than having a big capital. It's normal to face challenges and crashes, especially as a beginner in trading world you can’t learn without experience and knowing your emotions. While demo trading cannot offer the same emotional experience as real trading with your own money, it still can be a valuable way for applying your strategy and winning confidence without risking more money as you already lost the first 80% of your capital.

I advise you to consider taking a step back in order to strength your approach and focus on managing risk effectively. Remember also that trading is a journey and learning from both successes and failures is just a period in your long journey for growth if you want to be a trader. For me practicing is more essential than anything, with time ans experience you will teach yourself as nobody will do to you.

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March 18, 2024, 02:45:46 PM
 #118

At this moment you should not use any money in trading, because trading is very risky. You can never make money from training if you don't fully understand trading, if you make some money you can lose more than that if you don't have knowledge about trading. You have to work hard in trading. You have to be perfectly prepared. Because all the money is lost because of a small mistake in trading. So prepare yourself in such a way that there is no error while trading. then you can make money from trading.

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March 18, 2024, 04:05:47 PM
 #119

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
As a brand new trader, it's not advisable or a wise decision to jump into trading with real money when you have not mastered the art of trading, you can read all the books in the world as regards to trading, watch all the videos and all that, but then, but you really did not take your time to practice all this things you have learnt before actually diving into trading with real funds, what you were supposed to do is, first, practise all you have read, watched on and through a demo account, and when you have practised enough and very confident in yourself, you can then proceed to starting a live trading with a maximum of $10 to $20 dollars, and only increase this amount as your account balance grows.

Trading is not something one can or should hurry into, if you do not take your time to learn to trade the easy way, you will have no choice but to learn it the very hard way, which is, losing money over and over and over again before you finally start to get it right.

What I did advice is do is, start a demo trading, and put all you have read and watched in practice on your demo trading account, train yourself to be good at analyzing the market and making the right decisions before you move back to live trading, and when eventually you move over to live trading again, start with a small amount of money.

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March 18, 2024, 05:50:57 PM
 #120

At this moment you should not use any money in trading, because trading is very risky. You can never make money from training if you don't fully understand trading, if you make some money you can lose more than that if you don't have knowledge about trading. You have to work hard in trading. You have to be perfectly prepared. Because all the money is lost because of a small mistake in trading. So prepare yourself in such a way that there is no error while trading. then you can make money from trading.
Behind the risks involved in trading, of course there will be profits when we can understand the risks we face in trading and it would be better to postpone trading when we don't understand it well and first study it well so we can trade well. get benefits from this and when we just understand trading then we have to try it with little capital and have to make decisions with correct analysis based on the knowledge we have and if we still experience failure we have to be able to improve and return to trading to be able to have profit on the trade.
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