Simple practices to improve trading (2).

[Rruchi man]

As a notice, I originally created this topic on altcoinstalks, but because there is a larger traffic here, I like to share it here too because I believe that in addition to my observations, there will be other observations from other more experience people that we can randomly learn from.

Some simple practices can help a newbie trader to quickly improve on his/her trading skills. some of these practices are very simple, can be done alone or best with another newbie trader who wants to become an expert trader. Some of these practices that I have observed are;

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.
- Whenever you loose in trading, always return back to find out the reason why you failed.
- Do not depend on signal groups.
- Practice emotional control.
- Do not focus on too many cryptocurrency pairs.
- Join a community of traders.

These are a few, and I am sure there are more from other traders, please share to the benefit of us all.

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[Oshosondy]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.

You can trade with $15 if it is spot. You can trade with less than $10 if it is future trading. Some people will see the amount to be small and prefer to start trading with it for practicing instead of demo.

- Do not depend on signal groups.

This is right. Signal group is a means scammers are scamming newbie traders. I mean the paid signal groups.

- Do not focus on too many cryptocurrency pairs.

Some traders are good but they are losing because they choose the wrong coins. Bitcoin and high marketcap coins with less volatility are better.

- Join a community of traders.

I will not encourage this because it may also lead to scam.

[Churchillvv]

Thanks for the simple practice guide, I think here in this board this is my best for now.

Normally with a common sense one should be able to identify all this practices and follow them, even as I'm not into trading I know someone who is into it and the first told him as he complained about his losses is to join a community of traders. I believe it's one big practice that could motivate one to do better in trading.

I think emotional control has been a big problem for my friend, his not patient in life. He complains on every single thing that happens, not accepting things the way they are, he keeps losing because his not patient enough.

Aside this too I have mentioned I think, he needs a to know all this practices to keep him on track that's why I said thanks for the post. Perhaps it's very vital to people like me that will be venturing in to trading soon.

[stadus]

Thanks for the simple practice guide, I think here in this board this is my best for now.

Normally with a common sense one should be able to identify all this practices and follow them, even as I'm not into trading I know someone who is into it and the first told him as he complained about his losses is to join a community of traders. I believe it's one big practice that could motivate one to do better in trading.

I think emotional control has been a big problem for my friend, his not patient in life. He complains on every single thing that happens, not accepting things the way they are, he keeps losing because his not patient enough.

Aside this too I have mentioned I think, he needs a to know all this practices to keep him on track that's why I said thanks for the post. Perhaps it's very vital to people like me that will be venturing in to trading soon.

If you have set goals to achieve in trading, normally you will not rush into trading without learning the basic steps and guidelines as they are going to help you making a successful trade in the process. Well, I must say what OP has listed are all valuable tips. And for you to be able to reach your goals as a trader and become a successful and profitable one, you should be more willing to accept your weaknesses and failures in trading so that you can find ways on how to improve them and master your trading skill and strategies.

[logfiles]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.

Demo trading is good when one is just learning the basics of trading but if you want to completely learn how to trade. You need to know how to control your emotions and trust me, in demo trading you won't feel that many emotions.

It's only when you use real money that you will feel the real emotions and how they affect your trading style.

- Whenever you loose in trading, always return back to find out the reason why you failed.

Yes, learning a lesson is very important because it's costly. Sometimes it's also good to cool off and return with a fresh mind.

- Do not depend on signal groups.

100% correct.

[Cryptomultiplier]

... Some of these practices that I have observed are;

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.
- Whenever you loose in trading, always return back to find out the reason why you failed.
- Do not depend on signal groups.
- Practice emotional control.
- Do not focus on too many cryptocurrency pairs.
- Join a community of traders.

These are a few, and I am sure there are more from other traders, please share to the benefit of us all.

I would like to start from the least you mentioned and that is the fact that if one intends to go in a certain direction, he/she must learn to seek out and join the right community. It might not be important at first, but overtime when there's too much on the mind or one is frustrated with some life challenges that may also include trading, a group of like minded individuals can help speak what we really want to hear and this get us motivated to strive on.

About emotional control, I think by now, every member here should have come across several posts both in the gambling session and elsewhere about keeping ones emotions in check either when losing or winning. Same applies to trading and even in real life job situations. The man who is in control of his emotions, can learn anything and handle many issues too.

While using demo accounts, a trader who wants to improve can watch YouTube videos and other trading videos online, to get new insights and perspective into the world of trading, this should help one form their own strategy and be better than others.
Doing research into past trading success strategies should help as much as knowing how the trends help in speculating price movements and best trade scenarios.

[Zaguru12]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.
- Whenever you loose in trading, always return back to find out the reason why you failed.
- Do not depend on signal groups.
- Practice emotional control.
- Do not focus on too many cryptocurrency pairs.
- Join a community of traders.

These are a few, and I am sure there are more from other traders, please share to the benefit of us all.

Practicing using demo actually is just to learn how to Use some features on the exchange but it will definitely not be able to teach you physiological skills which is essential in this space.

Depending on signal group is something that every newbie trader have to avoid. Signals to me is more or less just an information and someone who basically knowledge will utilize the information well and will bring out his own entry and exit points. But trusting the signal groups without knowledge Makes you jump on trades just anyhow and will even stop you from learning about it.

Yes as a crypto trader the best way to chart is ti focus on few pairs, this pairs might have been back tested to be sure that your strategy works on that pair. There are many pairs but not same strategy actually works on all of them

[SamReomo]

Trading with a demo account will never improve someone's trading abilities. Most of the traders who start with demo accounts end up losing a lot of money when they start trading with real money. In demo trading our emotions aren't triggered but when it comes to real trading then our emotions go get triggered and we start feeling panic if we see price dropping where we wanted it to move upward. So I guess a new trader should better begin with low amount but it should be real money not virtual money that's credited to demo accounts.

[Alone055]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.

As mentioned by @logfiles, when you trade in demo mode, it doesn't have the same feel and emotions maybe because you know you are not using real money which is why you do it with freedom and without any fear, whereas when you get into the market and start making actual trades with real money, it feels completely different.

- Whenever you loose in trading, always return back to find out the reason why you failed.

Yep, it's a very big mistake that most newbie traders commit, instead of evaluating and rectifying the mistakes, they stop trading because of the loss which isn't the right attitude for a trader because as a trader, you will need to live with losses as well because you can't be making successful trades all the time.

[wxa7115]

Trading with a demo account will never improve someone's trading abilities. Most of the traders who start with demo accounts end up losing a lot of money when they start trading with real money. In demo trading our emotions aren't triggered but when it comes to real trading then our emotions go get triggered and we start feeling panic if we see price dropping where we wanted it to move upward. So I guess a new trader should better begin with low amount but it should be real money not virtual money that's credited to demo accounts.

Never is not really the word I would use here, traders using demo accounts can improve their skills if they are diligent about its usage, however it is also true they will miss one of the most important aspects of trading with real money, which is to control their emotions when things are not going according to plan.

However if I was asked to recommend using a demo account or not using it to a newbie, I would definitely recommend it, as the number of mistakes they will make when trading for real will go down if they do, and minimizing your mistakes when money is on the line is key for the success of any trader.

[SamReomo]

However if I was asked to recommend using a demo account or not using it to a newbie, I would definitely recommend it, as the number of mistakes they will make when trading for real will go down

The biggest mistake a trader does is his/her false beliefs. Those traders who learn trading with the help of demo accounts often develop false beliefs. Such traders don't actually learn anything because they haven't traded with real money, and when they start trading with real money then those false beliefs start breaking.

Such traders often face huge losses when they start trading with real money. I would never advise a trader to begin with demo accounts if they're serious about their trading success, but if someone wants to try demo accounts before moving up with real money then that's their own choice.

[jrrsparkles]

Stop day trading, it may look opposite of what you are trying to accomplish but this is the fact that most day traders end up making no profits or being in net loss over the period of time so they did all for nothing while doing long term trading can help them to realise the importance of taking advantage of market dips.

[Mrbluntzy]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.
- Whenever you loose in trading, always return back to find out the reason why you failed.
- Do not depend on signal groups.
- Practice emotional control.
- Do not focus on too many cryptocurrency pairs.
- Join a community of traders.

These are a few, and I am sure there are more from other traders, please share to the benefit of us all.

Every exchange and brokers have added the Demo trading feature to their platform and it is easy and always recommended for newbie to first learn on the Demo account before they start trading with real money. Using my self as example, I am always trading in demo account and it have even became a hobby for me to do that always because I feel I have understood so many tricks about trading but yet am scared to trade with real money because I feel it will always be a different feeling when am trading with real money and virtual money on the demo. For those people that handle demo practice funds as real funds, it can help them learn how they can control their emotions when they are trading with real money.

[Bureau]

Stop day trading, it may look opposite of what you are trying to accomplish but this is the fact that most day traders end up making no profits or being in net loss over the period of time so they did all for nothing while doing long term trading can help them to realise the importance of taking advantage of market dips.

Day trading is risky but it doesn't mean every day trader end up making loss. The simple rule is everyone who trades will not always make profits they will suffer loss. With experience and understanding of charts day traders do make profit and sometimes it is more than they expected.

[Rruchi man]

- Join a community of traders.

I will not encourage this because it may also lead to scam.

When joining a community, there also has to be care taken when choosing the community to join. If you are not certain of the community to join, you can create your community by starting a group and inviting others who are interested in trading to join the group. 

Because of the potential of scammers in the groups, you do not need to be engaged in a private discussion with anyone if you are just a member, but if are the admin and creator of the group or community, make it known to everyone to be careful of private messages from other members of the group/community.

A benefit of joining a community is that you have a group of people that can provide you quick answers to any questions you have and then offer you insights, and share learning materials with you in cases and situations where you need them. Things can be easier with a group of people with same interest, than you trying to be a lone soldier. 

[kentrolla]

Valuable share but you know most of the traders fails because they don't do demo trading and directly gets into trading even though they are not prepared to lose the capital but end up doing without proper strategy and practice, blindly following the signal groups and indicators shared in YouTube and the most important they just jump into futures trading without knowledge.

[Adbitco]

Trading as we may know doesn't just come as an entitlement or something like a gift where you could get it so quickly and become very perfect in it within limited time frame as they may wished. Trading is not what we can start going into competition without you knowing what you are doing, most times it's good to know the basis before going into full competition or you need be upto the intermediate level to have a full control over your funds or equity.

Yes, I know trading with demo is actually a good idea but as you said most people who are financial stable may not want to start with demo why because they would want to kill the fear or trading fever. Where as some people who can't withstand seeing them losing can still hold onto trading with demo but still, there fear has not yet overcome since they will definitely face it when they fund their real account.

[justdimin]

- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.
- Whenever you loose in trading, always return back to find out the reason why you failed.
- Do not depend on signal groups.
- Practice emotional control.
- Do not focus on too many cryptocurrency pairs.
- Join a community of traders.

These are a few, and I am sure there are more from other traders, please share to the benefit of us all.

Good tips for newbie traders, especially the first tip is very important for those entering the market as fresh traders and have never been into any financial or trading markets before because it is essential for anyone to practice before doing anything so that they can see if what they know or have learned can be used practically because often, we might have some knowledge but we can't use them practically to achieve results.

Signal groups are also a very big weakness for newbies because most newbie traders don't want to get into the lengthy process of learning everything themselves so they look for shortcuts to profit, and while looking for those shortcuts, they join such groups to get signals that they can utilize to earn profit from trading.

[Nrcewker]

Many newbies often skip this important step of trying with demo account first. They directly try to trade with real account with real money. They don’t evaluate the risk involved and hence make very wrong decisions. For the wrong decisions they lose all their hard earned money also. Hence it is very important to at first learn about trading. When you are familiar with the concepts, try to trade with demo account. Once you are confident then only trade with real money with minimum risks.

[GreatArkansas]

(...)
- Practice demo trading, although not all traders started with Demo trading because some traders actually could handle the risk of loosing.
- Be consistent, and to encourage or learn consistency, you can start a 21 days trading challenge with a fellow newbie trader, or a trading challenge for as long as you want. If you do a challenge with someone, the person can encourage you when you feel like quitting from the challenge due to failed analysis or other reasons.

Exactly. Starting to trade and the early days of trading is really tough, we must always think that's the time that is difficult in trading. Because most of the people who jus started to trade do not stay for long, some are just temporary, after how many losses trade, they tend to stop which is not good. Some are not consistent, they just trade whenever they want or depends on the market.