Simple practices to improve trading (2).

[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.

[1714561516]

1714561516

[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.