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.

[1714549158]

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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.

[Questat]

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.

Indeed, they don't but beginners often lose than make profits. But this is not a big deal here because these bad experiences are a tool for us to improve as well. Because of our losses, we pushed ourselves to learn more and adapt to the situation. That is why we come up with some strategies and ideas to build a strong trade position to earn. That is why we have to do things that will help us to improve and make us proud of ourselves that despite the losing experience we have before, we become an achiever.

[joeperry]

Great tips! This could be helpful to new traders, I would like to add some resources that they can use to apply your tips:

If I am not mistaken Binance have a mock trading features, which is good for practicing your strategy or familiarizing the market:
https://www.binance.com/en/support/faq/how-to-access-mock-trading-in-binance-futures-b3706b248f2b4b1caabb4bf253bf067f

or in Bitsgap (though I haven't tried it):
https://bitsgap.com/demo-trading

Regarding the community you can check this Reddit groups:
https://www.reddit.com/r/BitcoinMarkets/ - Sharing tips, strategies, etc.
https://www.reddit.com/r/CryptoCurrency/ - News & Discussions

[mirakal]

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.

If you just want to experience the trading scenario, using demo trading account might be a good start so you will be aware of how the market works. However, it will never guarantee trading success and profitability when you are already trading using real money because it’s still a lot different when you trade using virtual money than real money. Also, emotions are more strong and visible when you are already trading with your live account, unlike  in demo trading, no real emotions are involved.

Still, you can do demo trading for your initial preference. But after that, learn to trade for real using minimal amount so you can avoid too much losses while you are still in the learning process. Trading is risky, but it gets more risky and dangerous if you are not inclined to what you are doing.

[Mpamaegbu]

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

You're right. This is very important and an easy way of moving ahead. Nothing helps better than doing a reassessment on failed trades to ascertain what could've gone wrong in the first place.

- Do not depend on signal groups.

Depending on signal groups can easily lead to overdependence and laziness on the part of traders who do that. However, I've to make it clear that it's not a bad idea to belong to such groups. It's just that whoever belongs to them shouldn't depend solely on them to take trades. At best to watch what's happening there and crosscheck with whatever bias one has, if at all one wants to.

- Practice emotional control.

The great trade killer. That's an integral part of trading. Besides Money Management (MM), control of one's emotion is another key skill to acquire in trading.

- Join a community of traders.

Only those who believe that a tree doesn't make a forest will understand the benefit of belonging to trading communities or specific communities of their profession. This is very important.

In addition to all you said, everyone starting out in trading should also demo trade but they shouldn't linger too long on it. Otherwise, they're likely to develop cold feet going live.

[senyorito123]

This is indeed a motivating thoughts that came from you mate, and I really cherish to absorb those very important insights which contributes to the knowledge that helps us improve with trading despite the fact that many scammers roaming around the world of internet.
What I like about is the one you mentioned about emotional control, because on my personal experience I was also a facing struggles those days when my assets begun to suffer of market dip. I've been through hardships and sleepless nights, but I need to move on and continue to learn new ways to improve my trading abilities. Because if we give up, nothing will happen will become loser of our entire life.

[batang_bitcoin]

As someone who practices trading, it's best not to get confused with a lot of pairs. Stick to just one as start and master it if you can. The best pair that one can start with is through Bitcoin/USDT. That's the easiest way to understand how the other pair works and if someone wants to improve trading. You don't have to do two things at the same time but mainly focus on one pair first until you master it, then that's the time for you to expand in other pairs.

[wiss19]

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.

They can even skip the learning part, much more this but some says that demo trading is ineffective. I doubt it was their hard-earned money that they lose because if it's theirs, they will be very careful with their actions.

I think it's easy to be confident trading using a demo account but this must be the reason on why we mostly get a good result during this phase. Confidence really can do wonders. If we want to earn as much as possible, we need to carry the same confidence or much better if stronger than that when we are now stepping on the actual trading arena. Loses are still inevitable but regrets are now minimized or not felt anymore.

[Assface16678]

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.

They can even skip the learning part, much more this but some says that demo trading is ineffective. I doubt it was their hard-earned money that they lose because if it's theirs, they will be very careful with their actions.

I think it's easy to be confident trading using a demo account but this must be the reason on why we mostly get a good result during this phase. Confidence really can do wonders. If we want to earn as much as possible, we need to carry the same confidence or much better if stronger than that when we are now stepping on the actual trading arena. Loses are still inevitable but regrets are now minimized or not felt anymore.

Well, its not that demo trading or demo account is ineffective, that is the purpose of demo account so that the traders could practice their execution and their way of forming their technical analysis, more like using demo account could have an disadvantage or more like the trader could pick up a bad habit in when he/she will execute in live account, for example, because the trader become too comfortable with demo account he may become to comfortable when it comes to live account as in demo account he may not feel the pressure and the fear of losing money, that's why its important for those traders who practice in demo account to treat it like its an actual trade, treat the funds in demo account as their own, so when it comes to live trading they might become too aggressive and realize the reality when they got to experience the losses and result to funds becoming zero.

[Kelward]

- 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.

Thanks for sharing these essential tips on how to improve trading, so as to avoid loses which is quite much, without adequate knowledge the loses will be even more, but it's important to note that this tips that you mentioned are secondary trading knowledge or experiences to aquire, the primary thing is for a trader to first learn essential skills which are fundamental and technical analysis. Although some experienced traders can argue some of the tips like newbies starting with demo account, they believe that newbies will not gain confidence with demo trading, but I agree with you that demo is important for learners. The only thing that I can add is that newbies should trade with the amount that they can afford to loose.

[Natsuu]

- Join a community of traders.

Don't! Not unless if it is a paid one with a healthy set of networks and understanding authority or mentor, then that will be good. Because if not, it can work against you. You may end up comparing your progress to others and see yourself less even though you are making amazing feats and returns. You may hop from strategy to strategy in that case. Your trade may get influenced by people who don't have any clue of your trading style.

Trading is a solo sport. IN front of the chart it's always been you vs you.

[Y3shot]

- 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.

This is to you their are a lot of things people needs to know about in trading. To be successful I trading it is just more than having money to start trading because their are a lot of things that needs to be known. The problems a lot of people do have with trading is that they are not willing to spend their time to learn trading instead they are so much concerned with making profit from trading.  Their is much to practice before starting trading. Trading with a demo account is not a bad idea, atleast it will give one a good knowledge when beginning trading properly.

Concentrating on the emotion and not to allow the emotion to control one when money is been lose in is another important thing a new trader needs to understand.

[Natalim]

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.

But I won't say this is a hopeless decision or a wrong move. Although we can say it is not really improving someone however this is a stepping stone for a beginner to learn trading in free with some freebies to practice. But of course, that won't stop there if we want to be more knowledgeable, skilled, and succeed, we need to step up and take risks in using real money. Actual trading is a good experience that determines how far we are now and the applications of all the learnings we have. Reading books and watching videos are also contributing factors to our development but as mentioned, not all things we can learn instantly but gradually.

[Alphakilo]

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.

I wouldn't advice this if you are a beginner. Only a professional trader with proven record should do this. And even at that if it is an open group you cannot prevent scammers from gaining entrance. You will need to be very tactical about inviting others to join the group. You will need to create a proper entry channel so that the members of the group will be safe.  

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.

I agree with you on this but making it known that everyone through private message will be stressful. And will be difficult to keep up with as the group grows. If the group size is small of about 10 to 15 persons then the possible of scammers will be reduced.

[wxa7115]

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.

I wouldn't advice this if you are a beginner. Only a professional trader with proven record should do this. And even at that if it is an open group you cannot prevent scammers from gaining entrance. You will need to be very tactical about inviting others to join the group. You will need to create a proper entry channel so that the members of the group will be safe.  

It is better for a professional trader to do everything on their own, my reasoning for this is that even if belonging to a group may seem to give an advantage to the traders which are part of it, most of the time this will only create doubts on your strategy and your execution.

Doubts which could lead you to make mistakes you could have avoided by refusing to second-guess yourself, and simply correct whatever mistakes you may have committed by studying the markets on your own.

[Bushdark]

I don't see anything wrong with using a signal group since we all know that 70% crypto trading is based on fundamentals and one would have to be ready to explore it by joining signal group to get quick information about the crypto market. We should be always ready to take trades and also check information about the market since that is the order of the day when it comes to trading.
We can make money even when we join signal groups that will keep giving us information about the market.

[Zoomic]

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.

I wouldn't advice this if you are a beginner. Only a professional trader with proven record should do this. And even at that if it is an open group you cannot prevent scammers from gaining entrance. You will need to be very tactical about inviting others to join the group. You will need to create a proper entry channel so that the members of the group will be safe.  

It is better for a professional trader to do everything on their own, my reasoning for this is that even if belonging to a group may seem to give an advantage to the traders which are part of it, most of the time this will only create doubts on your strategy and your execution.

Doubts which could lead you to make mistakes you could have avoided by refusing to second-guess yourself, and simply correct whatever mistakes you may have committed by studying the markets on your own.

If a professional trader decides to create a community of traders, he is not doing it for himself only, but for other traders who need to advance more in trading. Even with other members in the community, he still remains focused and trades without doubts and that is why he is a professional. A professional trader doesn't need a community if he knows it all, there must be a reason for deciding to be part of a community. But, newbie traders need this community of likeminds more than the professional traders do. The platform will help them do researches and share their experiences which will in turn help them learn from each other's mistakes. There is absolutely nothing wrong with being part of such a community, the only challenge is that in such a community, there might be members there with ulterior motives. It is the duty of everyone to protect themselves from cyber attacks. Inasmuch as everyone is in one group, they are still strangers and potential suspects and should be treated as one.

[Viscore]

This is indeed a motivating thoughts that came from you mate, and I really cherish to absorb those very important insights which contributes to the knowledge that helps us improve with trading despite the fact that many scammers roaming around the world of internet.
What I like about is the one you mentioned about emotional control, because on my personal experience I was also a facing struggles those days when my assets begun to suffer of market dip. I've been through hardships and sleepless nights, but I need to move on and continue to learn new ways to improve my trading abilities. Because if we give up, nothing will happen will become loser of our entire life.

Emotions become the best enemy in trading, and many traders fail in the process of trading because they are not good in controlling their own emotions. But everything can be learned in trading, even on how to deal with our own emotions that we think are highly impossible the first time we trade.

Understanding how the market works in trading is very crucial. This will encourage traders to be patient rather than impatient, and to be less greedy rather than highly greedy when trading. If we can't avoid them everytime we trade, at least we can take some measures to lessen them as much as possible.

[FinePoine0]

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

I usually use two strategies in trading, I divide money into two parts in trading. I do sports trading in the current market with one part of money, and another part of money I keep in reserve tofil. And if the market is dumping more then again I can sport trade from that fund again. I have had considerable success using this technique and have been successful in reaping benefits a few times.

[Barikui1]

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.

One of the major thing that have cost most traders losses over the years is lack of knowledge, and  lack of discipline because most traders thought that they can be successful in trading  without the required knowledge is which is not possible, because even if you are successful in a single trade, lack of knowledge on how to manage your risk properly will definitely make you lose everything on a single trade, so when a trader skip the learning process, he or she is more likely to be unprofitable on the longer run.

Another thing i don't like as a trader is depending on a signal group because when you are too dependant on a signal group, it makes you feel too relax, and you wouldn't have to improve your trading abilities, which will likely makes you not not knowing anything in technical analysis and fundamental analysis, so it's best to me that you do it yourself so as to improve yourself in all aspects than to depend on signals that fails most times.

[Nrcewker]

The best practice to be successful in trading or to improve your trading skills is to gain theoretical knowledge at first. Read articles or books about trading and make yourself equipped with the knowledge. Secondly once gain the required knowledge, try trading with demo balance and account. Don’t rely on other people’s opinions or calls, and try to analyse the market yourself. Have patience and show faith in the market. You will definitely improve trading and make profits through this.

[Rruchi man]

I don't see anything wrong with using a signal group since we all know that 70% crypto trading is based on fundamentals and one would have to be ready to explore it by joining signal group to get quick information about the crypto market. We should be always ready to take trades and also check information about the market since that is the order of the day when it comes to trading.

The simple thing wrong with using signal groups is the dependence you can develop from using them because of how easy they will make the trading process.

We can make money even when we join signal groups that will keep giving us information about the market.

The same information can be gotten yourself if you find out how, and when you find out how, it becomes a lifelong skill because you will always know how to stay informed.

[Hamphser]

The best practice to be successful in trading or to improve your trading skills is to gain theoretical knowledge at first. Read articles or books about trading and make yourself equipped with the knowledge. Secondly once gain the required knowledge, try trading with demo balance and account. Don’t rely on other people’s opinions or calls, and try to analyse the market yourself. Have patience and show faith in the market. You will definitely improve trading and make profits through this.

Suiccess is something that would really be pertaining on how well you do make yourself that be able to handle up in trading on which it would really be just that a normal approach that you would really be needing up to do the things which are really that sensible on doing so because once you would just simply ignore these things then you cant really be that progressive.

Deal up with real trades with actual balances, other learnings could really be acquired through real experiences on which this would really be something that normal. It is really just that there are ones
who do really love on having that kind of easy and doesnt really like on experiencing those hard situations but rather prefer on having that easy and comfortable but we do
know that its impossible for you to be able to attain success without hardship. Let yourself that realize these things.

[Alone055]

The same information can be gotten yourself if you find out how, and when you find out how, it becomes a lifelong skill because you will always know how to stay informed.

Even though it's not that difficult, some people are too lazy to do that which is why they look for shortcuts. Shortcuts for trading can either be copy-trading features provided by exchange platforms or joining signal groups on Telegram or other messaging apps where you get trading signals to get profit which I have never tried myself so I can't share any experience. However, I have always wondered how can they have so many successful trades and still beg members to join their premium groups only for $10 to $15 a month.

You can find hundreds of unsatisfied and frustrated newbie traders on social media all the time, those are the ones who can't get rid of this dependency and when they don't get success as they expected, they become angry and frustrated, might even abuse the market and cryptocurrencies for their losses but they would never blame themselves for not trying to learn something before they got into trading and blindly following others.

[Sorryfor]

Yes the above tips in trading can be very effective for a newbie trader. Also I think before trading he must know the workings of it well, also there are other things he must avoid. It can be said that a new trader should never trade with large amounts in the beginning. Through this his money may have a huge risk through which he will suffer financially. Also as a newbie trader if possible he can be in contact with a skilled successful trader through which he can learn many things which is not possible to learn normally.

[Finestream]

This is indeed a motivating thoughts that came from you mate, and I really cherish to absorb those very important insights which contributes to the knowledge that helps us improve with trading despite the fact that many scammers roaming around the world of internet.
What I like about is the one you mentioned about emotional control, because on my personal experience I was also a facing struggles those days when my assets begun to suffer of market dip. I've been through hardships and sleepless nights, but I need to move on and continue to learn new ways to improve my trading abilities. Because if we give up, nothing will happen will become loser of our entire life.

I think everyone struggles with controlling their emotions while in trading, most especially if you are at the peak of losing. Although this is certainly quite hard as we eventually turn very emotional when we see our trades turn into losses, but with consistent trading experience and trading at the amount you are comfortable of losing, I believe you will come to manage your losses without involving too much of your emotions, hence wrong decision making will also be avoided.

[lalabotax]

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

The trading demo is indeed quite helpful. At least we first understand the interface and trading mechanisms in general first. only after that start learning about how to analyze the market. Demo trading may not provide a very significant sensation for mental development, but it will be quite clear and increase knowledge about cryptocurrency trading on the exchange quite well.

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

This is something that is not easy to do, because sometimes, we will actually feel very stressed when we lose trading. However, it is true, whatever it is, when we are ready to trade, we should have various strategies and tactics to make the most appropriate decisions for our trading. and this is something that must be done and owned, if you want to develop into a professional trader.

- Do not depend on signal groups.

Exactly, don't trust trading signals 100%, especially if you want to spend a lot of money to register with the VIP signal group. They won't be able to guarantee it, and you also can't use it if you yourself are not able to use it well and appropriately. Because signal trading has no guarantees either. You must also have knowledge to apply these trading signals.

[Rockstarguy]

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.

Practicing with Demo account is good as a new trader but it is wrong to just depend on it that it can sustain or help when doing real trading in the market. For me I think after one might have practice trading with Demo account it will be better to also enter the real market with just a little fund to get the real knowledge and better experience.  When we trade with the real money the experience,  feelings we come across also contribute in learning more about trading . If you one depend on demo training and decides to enter the real market with good sum of money it will end  up as big lose.

In trading no knowledge is a waste, learning with Demo is not bad but this should not be the end of learning thinking the knowledge from demo trading is enough to start up the main trading.

[fullhdpixel]

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

I usually use two strategies in trading, I divide money into two parts in trading. I do sports trading in the current market with one part of money, and another part of money I keep in reserve tofil. And if the market is dumping more then again I can sport trade from that fund again. I have had considerable success using this technique and have been successful in reaping benefits a few times.

I think you are referring to spot trading by saying "sports trading", I was a bit confused at first but then I realized that is what you are talking about.

Your strategy is a good one because having some funds as a back up while you are trading can be a good thing when the market is extremely volatile and since we never know which side the market might move next, having some extra funds can help you make some more purchases when the market dips from the point where you have bought earlier.

This way, if the market goes up from where you bought earlier, you can take a profit, and in case the market goes down from there, you can add more to your bag so that you can get more profit when the market recovers from the dip.

[el kaka22]

Best "training" that I have seen in general is the fact that you have to pick a personal favourite strategy that you like and keep doing that many times over. There are a lot of people who made the mistake of picking others strategy and ended up with a greater return in the end and tell you that you should follow them, that is a wrong move because that won't work the same way for you.

However, if you pick something you like and keep trading that over and over and over again, that experience will eventually get you to make a lot of money in the end and will be the best way to approach things. I personally believe that the best way to go would be just making sure that you could end up with a good profit eventually.

[stomachgrowls]

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.

Practicing with Demo account is good as a new trader but it is wrong to just depend on it that it can sustain or help when doing real trading in the market. For me I think after one might have practice trading with Demo account it will be better to also enter the real market with just a little fund to get the real knowledge and better experience.  When we trade with the real money the experience,  feelings we come across also contribute in learning more about trading . If you one depend on demo training and decides to enter the real market with good sum of money it will end  up as big lose.

In trading no knowledge is a waste, learning with Demo is not bad but this should not be the end of learning thinking the knowledge from demo trading is enough to start up the main trading.

Demo trading would really that good when you are zero knowledge or complete newbie with trading on which famiiliarization when it comes to those trading terminologies and other similar stuffs.
Get yourself to learn up even with those basics and on the time that you have seen yourself on learning enough then it would really be the best time for you to go with live trading.
Just like on what others been saying that live trading would be better directly even if you are a noob which its not really that a bad recommendation but if you arent that
confident then you could start up with demo and practice yourself.

On the time that you are already that familiar with those tools and other terms then this is the time that you would really be making out such transition into live.
There are things that you cant be able to learnt up on demo which you could be able to learn on the time that you would be trading with live.

[alastantiger]

Practicing with Demo account is good as a new trader but it is wrong to just depend on it that it can sustain or help when doing real trading in the market. For me I think after one might have practice trading with Demo account it will be better to also enter the real market with just a little fund to get the real knowledge and better experience.  When we trade with the real money the experience,  feelings we come across also contribute in learning more about trading . If you one depend on demo training and decides to enter the real market with good sum of money it will end  up as big lose.

Demo trading is like going to the forest with a forest guide. Live trading is like being in the forest alone with wild animals. There's always a demo trading illusion and illusion isn't a joke. Once I got caught in that illusion with my demo results earlier last year. I made a 40% return in the month of March with proper risk and execution, then next thing you know, my ego is all fired up, I foolishly hopped into  live trade environment and my equity started to get smashed because of emotions. Since then, I have gotten books on trading that has been helping me reinforce my understanding around trader psychology and management of a trade.

[SamReomo]

In trading no knowledge is a waste, learning with Demo is not bad but this should not be the end of learning thinking the knowledge from demo trading is enough to start up the main trading.

Learning with Demo account is recommended for those traders who don't have any amount to start trading, but those who want to make trading a way to make long term profits should move to real account instead of making virtual trades with a demo account.

I believe that someone who can afford to invest $10 per month on trading should move to real trading account then learning with demo account. I personally recommend demo account to only those who don't have anything to invest in it, otherwise I would never recommend anyone to go with a demo account.

[wxa7115]

In trading no knowledge is a waste, learning with Demo is not bad but this should not be the end of learning thinking the knowledge from demo trading is enough to start up the main trading.

Learning with Demo account is recommended for those traders who don't have any amount to start trading, but those who want to make trading a way to make long term profits should move to real account instead of making virtual trades with a demo account.

I believe that someone who can afford to invest $10 per month on trading should move to real trading account then learning with demo account. I personally recommend demo account to only those who don't have anything to invest in it, otherwise I would never recommend anyone to go with a demo account.

It is better to trade with money on the line, even if the amount is small, as this will allow a trader to feel the pressure that comes with having the need to outperform the market or lose money in the process, a feeling which is not there if you just use a demo account.

However demo accounts also have their place, as their biggest advantage is that you can try as many strategies as you can create, and even if on paper you are suffering huge losses, the reality is that your capital is still protected and you have nothing to worry about.

[Lakai01]

[...]
I believe that someone who can afford to invest $10 per month on trading should move to real trading account then learning with demo account. I personally recommend demo account to only those who don't have anything to invest in it, otherwise I would never recommend anyone to go with a demo account.

I don't see it that way at all, no, and it also contradicts everything you learn in trading courses or from professional traders.

To be successful in trading, two things count above all: a fixed plan that you stick to (entries, exits, ...) and the necessary mental strength to follow through with the plan. Newcomers in particular do not have either and 99% of them will fail if they start with real money.

Here it helps immensely if you gain months (!) of experience about yourself and the market without actually losing money. Demo accounts or very simple paper trades in an Excel file are an incredibly helpful support here and ensure that you pay significantly less learning money. A newcomer who starts with 10$ real money can just as well play on a gambling platform until the money is gone, as the entertainment value is usually greater.

[Bushdark]

We can depend on signal group for us to make money from trading especially when we are not so good at analyzing the market to know what could possibly happen next in the market. We need to be a wise trader for us to keep making money whether from a signal group or from analyzing the market by ourselves. We need to be wise and make sure that we don't do things that would attract greed in trading because this has been the major problem of many traders turning trading to gambling.
 

[Natsuu]

We can depend on signal group for us to make money from trading especially when we are not so good at analyzing the market to know what could possibly happen next in the market. We need to be a wise trader for us to keep making money whether from a signal group or from analyzing the market by ourselves. We need to be wise and make sure that we don't do things that would attract greed in trading because this has been the major problem of many traders turning trading to gambling.
 

This is not sustainable in the long run because you are relying too much on other people's analysis. Well of course in signals, the only control you have then is risk management. You're gonna lose in trading anyways, so it's better that you lose money because of your own thinking and conviction and learn from your own experience. For me it would be wiser, to pay for mentorship than signal group. Because shouldn't be concerned about making money but making a system that works for you. So you have a process and that process will make money for you.

[Yamifoud]

A trader never stops learning and even if they have already reached the top, they still doing this in order to improve more and also because of the changing situation of the market. A lot of things that need to know when you are doing this much more if you are just a newbie and you will have to use all means in order to acquire more knowledge.
 - demo accounts have been a good start for newcomers. Most trading platforms offer this one just to help learners. Exposing ourselves to real trade gives us more learning but using a demo account is a way to familiarize how trading works and a sort of preparation for a bigger responsibility when you are now using real money in a real trading scenario.

[bettercrypto]

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.

The practice of emotional control is something that should be learned very well because many people miss it most of the time. The ones that are always brought by emotions, especially if suddenly there are massive amounts dumped in the coin they are holding. The result is that they always end up panicking and panicking, which leads them to end up selling at a loss, which should not be done, especially if the crypto they are holding has real potential.

So, when it is really studied well, it is certain that such scenarios will not just lead to an unexpected drop in the coins we hold in the market. Instead, we will always be calm because we know the movement in this type of industry in the crypto space.