Step you have to take before venturing into the market

[tbterryboy]

The first step for a newbie when starting trading is to stay away from futures and leverage trading because it's too risky for a newbie to manage and they can easily get liquidated without getting any profit unless they are lucky otherwise. The second step is to start learning, as you mentioned because you can achieve anything if you don't know anything at all. A lot of people might think of it this way, but trading is not like gambling where you place a bet, and wait for the outcome and you might win it. If you want to be a profitable trader, learn about it first.

A lot of newbie investors get into cryptocurrency trading without getting enough knowledge because they think it's very easy to earn money in this market which isn't true. Earning money is not easy, it's as simple as that. If you have money and you want to make money with it, you will need to learn everything about the investment you are going to make with it.

[poodle63]

The first step for a newbie when starting trading is to stay away from futures and leverage trading because it's too risky for a newbie to manage and they can easily get liquidated without getting any profit unless they are lucky otherwise.

i feel this, so many newbies out there after figuring out that there are feature like future trading they try to do with really high leverage just because they think it would be great making some good profit within short amount of time but we all know that these future trading are so volatile and with high leverage even slightest price dipping could cause our capital to get liquidated, its these price dipping or sudden flash pump that truly could disrupt the plan with future trading and these kind of thing happened so frequently that I think if anyone try to leverage like 25x or even 100x then be ready to maybe gonna get liquidated along the way even though the general trend of the coin itself is rallying when we are trying to long.

[Mauser]

(7) know how to manage your risk: in other to stay in the market for long, you have to know how to protect yourself ( your capital), protect it with all your might, pay more attention to this, because you might win five trades in a row and lose everything at once if you don't know how to manage your risk.

Even though it's quite far behind in your list, number 7 is the most important one for me. In trading it comes all down to risk management to make a long term career. For me I will always prefer to keep a closer eye on risk than to get the highest possible return out of it. Because we can only lose our capital once and after the majority of our capital is gone, it's going to be nearly impossible to recover again. I feel like a common mistake newer traders are making is to only focus on the return side of trading. It's so much cooler to chase the highest possible return and when you can show off among your friends how much money you made with your trades. I always feel like the higher we aim our returns to be, the more risk we need to take to get there. It's similar to the banks where risk management departments are not that popular, because they hold back everybody else to achieve higher profits and bonuses. In the end it's a very important department and we should accept the limitations they give.

[dunfida]

(5) plan your entry and exit point: most times this lack of planning cost us dearly, because failing to plan is like planning to fail.

This would be your best shot on doing this, on which you shouldn't really be that making yourself that greedy on which on the time that you do see the opportunity on making up profits then it would really be just that right that you should really be planning on having some exit rather than on holding your position, unless if you are really that holding it for long term. Somehow we do know that there would really be different types of traders or investors on which there are ones who do really love to see profits in a short term and there are ones who do love on holding just because they cant bare up with the risks involved.

This is why it would really be that best that you should really set up those kind of targets and plans so that you wont really be ending up on regretting on the time that you do see opportunity and grab
it rather than on letting it past and waiting for very long time before you could see that window of opportunity once again.

[Sanitough]

Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.

[Kelvinid]

Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.

That is the thing we supposedly but unfortunately, many people underestimate how the crypto market works, they simply just think it is too easy and can still manage to trade so well despite the lack of knowledge and preparation. And so no surprise how they suffer losses later. We just hope that newbies will spend their time digging and learning more ideas, and stop rushing. We keep in mind that in order to gain success, we also need to work hard and stop assuming that we are well-prepared yet to continue learning.
 - have a concrete plan
 - strategies

It all works efficiently and successfully.

[wxa7115]

Everything that is listed below can be achieved if you have accomplished acquiring knowledge and understanding each of them so you will be guided properly before planning to venture into the market. Thus, thorough research and study should be a must, so you will be widely open to the risks and rewards that this crypto market is associated with. Otherwise, entering the market without long term preparation is like entering into gambling, you are confident to take the risk yet you don’t know how to win your game.

That is the thing we supposedly but unfortunately, many people underestimate how the crypto market works, they simply just think it is too easy and can still manage to trade so well despite the lack of knowledge and preparation. And so no surprise how they suffer losses later. We just hope that newbies will spend their time digging and learning more ideas, and stop rushing. We keep in mind that in order to gain success, we also need to work hard and stop assuming that we are well-prepared yet to continue learning.
 - have a concrete plan
 - strategies

It all works efficiently and successfully.

Anyone that thinks that trading is easy is either a natural born genius when it comes to the markets or someone that has never traded before, with the latter option being the most common by far.

And this is because when you do not know anything about trading, it may seem very easy to predict the markets, as you only need to buy at the bottom and sell at the top, which are easy to identify when you look at the charts, but what those people are not taking into account is that when you are trading for real no one really knows when the bottom or the top will be reached, and everyone is trying to make their best guess about when this will happen.

[letteredhub]

(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.

Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that  may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market  against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.

[TimeTeller]

(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.

Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that  may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market  against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.

Patience is indeed needed in this market because it is not an overnight task to learn things.
Those tips and strategies can be learned throughout the years of your experience.
And do remember, each project is unique, thus, it is quite difficult to apply your learnings. You still need to assess every situation.
The strategy you used for one coin doesn't mean it will be applicable to your next coin. They have their own strengths and weaknesses, and that's for you to find out.

[AnonBitCoiner]

(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.

Knowledge is one of the most necessary thing in order to get success because without Knowledge a person looks like a blind whose thinking power is zero during difficulties. A successful person is that who know very well about getting profit during difficulties because with in favorable circumstances everyone can get profit but a real investor or trader will always look towards an opportunity and will tolerate harsh condition with his patience and Knowledge.

You should not think that from trading people have obtained profit but you are unable to do so but remember that every successful person was once like you therefore you can also work well by getting knowledge, and enhancing experience.

[letteredhub]

(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.

Acquiring the knowledge and applying it in your trading with a proper risk management strategy in addition to having patient with your trade can be a strong weapon against the market psychology which can be deceptive to new traders that  may have acquired the knowledge quite well but lacking patient with their trades, that at the event of unpleasant move of the market  against their trade they get too quick to take profit instead of being patient with their trade for the greater success of it that lies ahead with time. Some even out of fear exit the trade with a loss.

Patience is indeed needed in this market because it is not an overnight task to learn things.
Those tips and strategies can be learned throughout the years of your experience.
And do remember, each project is unique, thus, it is quite difficult to apply your learnings. You still need to assess every situation.

Quite well, we need patience to be able to take up assessment in all situations and, this patient is not something we learn from books and articles it's something we conscious have to teach ourself, for with patient more experience is gathered based on what the outcome of our patients from not hasting to take a exit resulted in.

[blckhawk]

Knowledge is the most important key in order to make the most profit from the market. Without knowledge it’s impossible to make even 1 cent from the market. So it’s very obvious that you need to educate yourself more and more before actually placing a trade. Secondly the most important thing is managing the funds/bankroll. Trade the amount that you can afford to lose. I have seen many newbies dive into trading because with trading they can become rich overnight. But that doesn’t happen at all.

Together with knowledge, you also should consider being wise. It's a much more royal version of knowledge because you can almost apply it anywhere and with wisdom, you will also be able to stop yourself from making bad decisions that's disguised as good or presents itself as a good decision.