Step you have to take before venturing into the market

[wxa7115]

Demo accounts and trading with demo accounts only can help you to test your knowledge about technical, fundamental analysis but it won't be too helpful when you switch to trading with your official account and real money.

With real money, you will start to be greed or fearful and it will be start of many problems in trading.

Reducing risk in trading is a very good point. To reduce risk, don't use leverage, don't use futures. Just don't.

People can advice to use maximum x2 leverage, I don't call it is a bad advice because with x2 leverage, you reduce risk of forced liquidation. Just reduce that risk but does not guarantee you will never be liquidated.

So to reduce risk of liquidation, to avoid it, better just don't use leverage, even x2.

Even a level of leverage that may seem harmless requires a trader to be way more careful with the way they trade, since a 2x leverage not only means that your profits can double but this is true about your losses as well.

So a movement that at worst could give you some important losses when not using leverage, now becomes a movement that could threaten your account and your future as a trader, and the higher the leverage, the greater the risk this could happen to a trader and they could deal with it in the wrong way.

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[lienfaye]

(1) Go for knowledge first

This. Before you start your trading journey, gaining knowledge is the first one that we should focus on. How can you succeed if your mind is empty and you're just simply guessing. Those who just watched an experienced traders earning a huge profit through trading and became interested for thinking they can earn the same amount too by just trying. But didn't take time to learn will likely experience losing their capital for not being aware of what a trader should do when they trade.

(3) Do not see trading as a get rich quick scheme:

A mindset that can take you to a wrong decision. Because if this is your goal, then trading might not be the way that you're looking for to profit in snap. Because it takes time, moreover the profits are not guaranteed because it depends on the trader's knowledge, strategy and skills.

[Fuso.hp]

Every investor or every trader must make these decisions and plans before entering the market. Come to trade with crypto currency but you don't know about crypto currency then what to trade. We need to gain adequate understanding about trading and we must accept everything that may happen to us after trading. Trading cannot be done with wrong ideas in mind. Someone might have put it into your brain that trading means profit and if you trade with the idea that the more money you trade with, the more profit you will make, then you are sure to be in danger. That is why you will be in danger because trading will not only give you profit but also you have to accept loss. You can do good if you trade by accepting that you can make a profit and you can make a loss.

[Bloodseekers]

Every investor or every trader must make these decisions and plans before entering the market. Come to trade with crypto currency but you don't know about crypto currency then what to trade. We need to gain adequate understanding about trading and we must accept everything that may happen to us after trading. Trading cannot be done with wrong ideas in mind. Someone might have put it into your brain that trading means profit and if you trade with the idea that the more money you trade with, the more profit you will make, then you are sure to be in danger. That is why you will be in danger because trading will not only give you profit but also you have to accept loss. You can do good if you trade by accepting that you can make a profit and you can make a loss.

Of course, it is very important for every investor to first understand market conditions well before making a decision to start trading and we also have to learn about the possible losses that we will incur if we make mistakes in trading.
If we think that by trading we will make a profit, of course this is a wrong understanding of trading, even for those who have a lot of experience, there are still those who experience losses in the trades they make, so it is very important to have the correct knowledge in trading so as not to experience loss and loss of assets that we own.

[Questat]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

[sana54210]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Proper execution of those steps are the hardest part, that's what people have trouble with, that's what people are trying to avoid as well. I understand that it may feel like it is an alright situation but the reality is that knowing something and being capable of doing that said thing are two different situations.

Some people out there are capable of knowing and doing the same, some people do not know and can't do, but there are some people who knows what they should do and still fail to do it and these suggestions are not for them, they are going to need to be careful with what they are doing, and that's the most important part. I believe that we are going to be forced to focus on what we could do, that's the deal.

[Lanatsa]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Proper execution of those steps are the hardest part, that's what people have trouble with, that's what people are trying to avoid as well. I understand that it may feel like it is an alright situation but the reality is that knowing something and being capable of doing that said thing are two different situations.

Some people out there are capable of knowing and doing the same, some people do not know and can't do, but there are some people who knows what they should do and still fail to do it and these suggestions are not for them, they are going to need to be careful with what they are doing, and that's the most important part. I believe that we are going to be forced to focus on what we could do, that's the deal.

Agree, we can set all of those things before or on the time that we are  really just that making those plans on which on the time that you are on the actual condition or situation then this is where things
do start out to be challenging on which there's no way that you could really be easily making yourself that be following all through all of those things so easily or simply  you would really be bounding yourself
into those mistakes and errors just because applying those things that you had planned earlier do really fail on doing so. Somewhat making yourself that be wary about those guidelines is much more better
rather than into those people who do just simply jumped in without any preparations and awareness about the things that could happen ahead.

It would be always important and it would be always recommended that you should really be that making yourself that wary or prepared at least. You might missed up something
but doesnt mean that you wont really be able to patch it up, this is why it would be important that you should really know on when to adjust accordingly
if you do encounter those things.

[shisotsu]

(2) you must learn how to be patient: without patience it's nearly impossible to be successful in the crypto market, that is one of the virtue required in the craft.

As a newbie I can say that after you lose your deposit several times, you will become much more patient than in the begining of your path. I deposited into my account at least 4 times and every time I lost everything due to fomo and lack of knowledge. After my last loss, I decided that this is not my business and I don’t want to do this anymore. But a week later I decided that I would make my “last” deposit and do everything according to science. And for some reason, after I deposited it, I realized that I didn’t have the same excitement that I had with the very first deposit, I was no longer angry when I lost and I didn’t smile like a fool when the price went in the right direction. I just draw conclusions and, if it was a losing position, I review the charts and look for my mistakes, and if it was a profitable position, I don’t feel anything at all and just prepare for possible future losses.

[Abu-Naim]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Of course, this is why knowledge should come first and foremost. To be a successful trader, you need to devote time and some money to learn about crypto trading because trading is more difficult than crypto investment because crypto investment is easy because you will only learn how to buy and save your coin in your wallet, then learn how to secure your wallet and also have patience for a long time in order to gain the adequate profit they deserve; trading entails a very high risk because money moves extremely quickly due to a small mistake, which is why one must be an expert in trading before fully committing to trading.

The mindset of maintaining every business is similar to that of cryptocurrency because all of them involves risk management.

[Finestream]

The very first thing that you have to do before venturing in the crypto market is to establish your knowledge about bitcoin and the crypto space. With that, studying diligently and doing extensive research will help a lot so you will come up with valid information. When you already gained adequate knowledge, you can easily set up your plans and work on it to make a successful venture on bitcoin and on the crypto market.

[GeorgeJohn]

Nice thread mate, one thing I will add is one needs to avoid greed, some newbie traders sometimes get too greedy that they so much trust their analysis and end up either putting too much funds on a trade or do not know when to apply a break even point or even take partials. Greed can also be associated to the reason why most people rush trading lessons or class and jump on trading themselves.

The thing I want us to know concerning trading is that, if you are determined in trading their nothing will make you to experience lost more profits, because before someone ventures into trading you have undergoes the concepts and know the rudiments of Trading and that is while people who did not learn very well will not understand the basics things that have to be the barrier in trading as well, secondly greediness is another factor that makes people to lose in trading so therefore I would like us to remove greediness and set it outside during trading so that we will make a profit.

[boty]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Going through the process of learning about crypto can sometimes make us bored because we don't understand crypto well, but if we can be patient with what we learn, we will be able to get results that are equivalent to what we learn, even if we experience a loss on the first try. Of course, this is normal so that we can correct these mistakes by not repeating the same mistakes again.

You are right, if we still have doubts about crypto it would be better to postpone jumping into the world of crypto and do further research about crypto so as not to make a mistake in deciding to enter crypto.

[Questat]

All the things needed have already been mentioned OP but the problem now is the proper execution of the said steps. Because whether we like it or not, this is not an easy task especially when we are totally no-how about crypto. And it was not just that, it came in a hard way as we can't learn and grow in a single day and sometimes we lose money for the sake of learning.

That is why before venturing into crypto, we assure ourselves that we can do it and that we can take the risk without worrying if we lose. Otherwise, don't make a decision to enter if we are in doubt.

Proper execution of those steps are the hardest part, that's what people have trouble with, that's what people are trying to avoid as well. I understand that it may feel like it is an alright situation but the reality is that knowing something and being capable of doing that said thing are two different situations.

Some people out there are capable of knowing and doing the same, some people do not know and can't do, but there are some people who knows what they should do and still fail to do it and these suggestions are not for them, they are going to need to be careful with what they are doing, and that's the most important part. I believe that we are going to be forced to focus on what we could do, that's the deal.

Failing happens because we assume that all things come too easy as we have money to fund trading and knowledge about the market. But it was not enough to lead us to success, it is also the need for patience and being emotionally strong which is very unfortunate that most of the traders don't have. We can say that trading is not for everyone, not for those who easily give up, and of course, not for those who are impatient and careless people.

[el kaka22]

Seeing others make money easily makes people want to make money easily, which results with a lot of trouble, I understand that there could be a lot of people who would like to make some money without working too much for it, but the reality is that we are not going to end up with that much money to begin with.

We should be careful and just because we saw others making a lot of money doesn't mean that we are going to make money just like them, it is not going to be the same thing and we should be careful about it. I believe that the best thing to do right now would be just making sure that things go smooth. I understand it is going to be tough, but I also understand it is going to be risky as well, it is just not that easy to handle it all.

[Dzwaafu11]

(1) Go for knowledge first: as a crypto enthusiastic or an investor it's very necessary that you knows all that it entails on how to navigate your way safely in the crypto industry.
Knowledge to me is paramount because with it,  you will know how to react in certain situations, which will really be helpful in your crypto journey.

Without the knowledge, everything will be impossible as far as trading or investment is concerned. Knowledge will be the one to guide you in everything you do in your investment or trading. However, all the points you mention are things that, whenever you have the knowledge, those things will be done. There is no way you will do the remaining things you mention without the knowledge because it will be like the key to your success in the journey, although there are other things that are needed, and when you get them definitively, you will find it easier.

(2) you must learn how to be patient: without patience it's nearly impossible to be successful in the crypto market, that is one of the virtue required in the craft.

Patient is also good. Many people came and went because they didn’t have the patience to invest, trade, or even do anything in the market. Patience will make someone a successful person in crypto. With patience, you will learn, and at the same time, if you have patience, some times you will lose and some times you will gain. That is how it work, peope who came and leave due to lack of patient this are the things that affect them. So even the risk can not be taken without patient so everything is patient.

[Rengga Jati]

In theory, everything should be prepared and carried out seriously and with full awareness. Because we all understand that the crypto market is not something easy, but more complicated. Not only that, when we are going to enter the crypto business, we definitely understand the risks, the high risks so no matter what, we must prepare well.

Bu in fact, not everyone ideally does that, so this is what actually makes the image of crypto even worse. As explained in one of the lists, it is related to:

(3) Do not see trading as a get rich quick scheme: mostly the set of people that falls into this particular trap is the newbie's, but after some series of losses, they will discover that it's not really what they thought it is.

What was in their minds and thoughts about crypto from the start was excessive and tended to be inappropriate. They just see how successful people are currently with crypto, and they want to be like them. and their high hopes are sometimes fulfilled, sometimes they think that getting money in crypto is quite easy, so they already imagine getting rich faster. The problem is that they also don't want to learn and try more optimally. So here of course they will be unprepared for the real crypto marker conditions.

[batang_bitcoin]

Many investors or traders don't plan their exit points. It doesn't have to be an actual and full exit to the market but you set when you're going to take profits. Maybe you forget someday that you're here for taking profits in the market and because you're greedy enough, you are entirely doing the whole thing very wrongly. So, if these tips will make someone remember on how it should go for a trader, you need to set your points of getting in and out every time you plan to trade.

[Natalim]

Many investors or traders don't plan their exit points. It doesn't have to be an actual and full exit to the market but you set when you're going to take profits. Maybe you forget someday that you're here for taking profits in the market and because you're greedy enough, you are entirely doing the whole thing very wrongly. So, if these tips will make someone remember on how it should go for a trader, you need to set your points of getting in and out every time you plan to trade.

Having a plan and following the plan consistently will end up successful. Unfortunately, most of the traders do it in the wrong way as they enter trading with a lack of knowledge and preparations which is why a lot of traders fail and quit. But I don't see it as surprising knowing that not all are destined to become a trader since not all can't dare to face the risk and can dare to handle stress and market pressure. That is why before we venture into trading, we must be aware of how risky and stressful is this, or else, never try it because surely you can't follow the plan due to mixed emotions.

[Mate2237]

All the points you gave are valid in trade and I will asle add one to the ones listed. Don't rush when trading. Also be calm and that where patient which you mentioned come to play. Any trader who has not gotten enough knowledge on trading and because of the basic knowledge gotten from demo account will just waste his or her money in trading. Trading in is not for children play. Trading is not a Ponzi Scheme that people would go into and make money within a day or a week.

In trading you have to wear thick skin and know how to control risk.

[SmartGold01]

I can see some good points in what you said but people of nowadays that are venturing into trading doesn't want to follow some guidelines especially those you listed and they felt is one day in and two days profits even though I have not fully diluted into trading but at least I have seen some helpful material that one can read to get herself prepared. The more one keep practicing the more they becomes more active in trading and shouldn't start with what they can't afford to lose because at first it is very tempting and wouldn't know when they might used the wrong lots size to empty their accounts.