Best trading advice for a beginner

[mustakimalam]

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[Pressurizedem]

My best advice to any beginner is to be very vigilant, and also know that we have scammers here too.
They should bare in mind that the moment they start trading on an ignorant note without proper guidance, it will have a way of ruining their moral against future trades.

Taking risk is part of trading, but you have to be careful with the kind of risk you take to avoid health complications as a result of the expensive risk you took.
I know every risk taken is an experience gotten, but at thesame time, you have to be cautious and learn well before you start trading.

[Botnake]

If you are money hungry, looking for way to solve your money problem I don't think that trading is the solution, you've simply turned to a restless person, your minds are all on getting the cash, you will fail as a trader.

A good trader must have a life first, a business that brings in some money every time and they must be willing to use some part of the money to risk on trade, the difference is their mind will be at rest, easy to control and think straight.

Haven't you noticed that you make right decisions when money isn't your goal when trading? Don't get it confused, someone who is making money elsewhere and still trading is better in the head and mind than someone who have nothing and look up to trading as the solution.

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

[Rustam Meraj]

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

It is easy to get caught up in idea that trading is quick way to get rich but as you said it is really risky to rely on it for all your income. Using it as side hustle is much smarter and more realistic plan. You also made crucial point about greed. So if emotions take over can lead to bad decisions and bigger losses. And if anyone has knowledge that when to trade and when to stop so it is really good skill. And building long term wealth usually means having balanced strategy that combines trading with other more stable investments like stocks or real estate.

[Cookdata]

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

This is subjective and opinions differs. We have plenty of traders from different places, I'm not looking at traders from crypto perspective because most often this place is only profitable when Bitcoin is doing well and there is an altcoin season. The moment we pivot to bear season, it becomes impossible to make money as trader here but real traders don't rely on crypto alone, experienced ones go to other market to make a living and they depend on them for survival.

Trading is profitable and can be sustainable if that's what you do for a living. Most people that thinks trading isn't a way for living don't even give into trading fully, they just look at the market and scan one or two things and by the time they see nothing, they go their way to do other things. There are traders on YouTube that are 10 years of experience long in trading and they are making good amount of money from it, there are evidence to show from their taxes unlike some pretenders and liers.

[cxtreenal]

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

It is easy to get caught up in idea that trading is quick way to get rich but as you said it is really risky to rely on it for all your income. Using it as side hustle is much smarter and more realistic plan. You also made crucial point about greed. So if emotions take over can lead to bad decisions and bigger losses. And if anyone has knowledge that when to trade and when to stop so it is really good skill. And building long term wealth usually means having balanced strategy that combines trading with other more stable investments like stocks or real estate.

You cannot compare trading to those stable sources of income or wealth. As you mentioned stocks or real estate. I identify trading as a productive element that is an ideal way to increase wealth at the same time as losing significant amounts of money which may not be the right thing to call a loss because you will be trading with the amount of money that you are willing to lose or you have accumulated as floating cash. Do not try to match the impact of this money with the needs of daily life and the environment.I am saying is that trading is a risky way whether you are new or superficially understand it or you are experienced. You should remember that being with volatile assets means you are in a risky situation.
The amount of risk can be more or less in a coins so you should develop yourself more skilfully by analyzing the market and keeping your portfolio fresh by accumulating small amounts.

[Stavri]

What advice would you give a newbie that started trading? Let's say he has decided to leave his comfort zone and get his hands on the it.
Are there pitfalls to avoid? Where is the best place to get started with? Any materials to help grasp the concept faster? Do you mind giving hints on what helped you scale through in your early beginning.

Start with one of the most well-known centralized exchanges and deposit around 50 to 100 USDT. Make small trades. open and close positions, buy and sell. Play small with that money for 1 or 2 months to get familiar with the ecosystem. After that, ask yourself if you’re ready to trade with larger amounts. If your answer is yes, then go ahead and start.

[Pablo-wood]

Start with one of the most well-known centralized exchanges and deposit around 50 to 100 USDT. Make small trades—open and close positions, buy and sell. Play small with that money for 1 or 2 months to get familiar with the ecosystem. After that, ask yourself if you’re ready to trade with larger amounts. If your answer is yes, then go ahead and start.

What if the person can't afford to lose that amount. We have demo accounts which  happens to be preferred for playing and mastering trading skills. Learning the hard way will only lead to emotions trauma and regrets. Playing with demo accounts will from the start will train a newbie on the ethics governing trading generally.

[As-Soon-As]

What advice would you give a newbie that started trading? Let's say he has decided to leave his comfort zone and get his hands on the it.
Are there pitfalls to avoid? Where is the best place to get started with? Any materials to help grasp the concept faster? Do you mind giving hints on what helped you scale through in your early beginning.

According to my advice, trading is very risky, since you are new, you can join trading with a small amount of money. However, you have to trade with trusted coins, among which I want to choose Bitcoin as the best coin for you. If you trade Bitcoin, then there is definitely a possibility of profiting more than losing money, but you can think about holding Bitcoin.
Holding is safer than trading, if you hold Bitcoin for a long time, then your guarantee of getting benefits will definitely increase. But if you trade, then of course you have to trade at your own risk, but you can participate in trading or folding with as much money as you can lose.

[Alone055]

Start with one of the most well-known centralized exchanges and deposit around 50 to 100 USDT. Make small trades—open and close positions, buy and sell. Play small with that money for 1 or 2 months to get familiar with the ecosystem. After that, ask yourself if you’re ready to trade with larger amounts. If your answer is yes, then go ahead and start.

It should depend on where the person is from, because for some regions, $50 is a lot of money, and I wouldn't recommend anyone wasting that much money only to try and learn trading because that's not the only way to do it. One should firstly focus on equipping themselves with enough knowledge about trading and the market as a whole, so that when they start doing everything practically, they don't face any sort of problems because they would already know everything and have only not done it practically yet.

Once a person is fully equipped with the necessary knowledge about trading and the market, even cryptocurrencies and their usage as well, then they should think of jumping into the market with a budget that they know they can easily afford to lose because it will be an experimental amount that they will use for practice. If someone can find a way to test their knowledge using a demo account, that's even better.

After practically testing the knowledge and skills they have acquired, they should evaluate the results and see if they are good enough or still need improvement. If it's the first one, they can continue with a bit bigger amount next time, or if it's the latter case, they should work on the mistakes they've made and retry.

[Sticky Bomb]

Looking for the best crypto trading advice?
Instead of guessing, learn how to read market signals, track volume spikes, and identify altcoin season before it hits.
 I’ve shared everything in this quick guide:
 Read now at www.cryptotopupdate.com – learn smart crypto strategies in just 5 minutes.

5 minutes? Is that even possible? Strategies that are learned over a long period of time with practical trials and errors that you'll teach in barely 5 minutes. I think your methods are very quack even without looking at them since it comes off an unrealistic learning duration, so it lost it's credibility from your presentation. I bet many members here knows more than just waste their time on your link.

[Iamgoat]

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

It is easy to get caught up in idea that trading is quick way to get rich but as you said it is really risky to rely on it for all your income. Using it as side hustle is much smarter and more realistic plan. You also made crucial point about greed. So if emotions take over can lead to bad decisions and bigger losses. And if anyone has knowledge that when to trade and when to stop so it is really good skill. And building long term wealth usually means having balanced strategy that combines trading with other more stable investments like stocks or real estate.

Trading has more risks and can bring more Return on Investment quickly than investment. What I will encourage and advise every beginner is to pay attention and pay to learn how trading works professionally. Trading requires a lot of education and expertise and not anything on the surface. You need an in depth knowledge to be able to learn how to trade with profits and minimize lost. My advise will continue to be  learning, learning, learning.

[Y3shot]

My best advice to any beginner is to be very vigilant, and also know that we have scammers here too.
They should bare in mind that the moment they start trading on an ignorant note without proper guidance, it will have a way of ruining their moral against future trades.

Having an understanding of scammers not far away from you is a lesson that beginners need not take for granted because many beginners have been victims of scammers due to their lack of understanding.

Beginners need to learn first because many become victims to scammers since they don't have an understanding of what they are supposed to know, and scammers usually take their lack of understanding as an advantage. Learning is very important, and with this, it will be difficult for scammers to mislead or deceive someone.

[Olatundespo]

I strongly agree on you. Trading isn’t a reliable source if we see it as our main source of income, but if we are trading as part of our side hustle, that could possibly work that way. Trading is definitely risky, and the more we become greedy to make money, the more we can’t think of the right decision to make, and that will only increase the risk to lose in the long run.

So my advice is, know when to trade and when not to. Do not force yourself to trade just because you hear people getting rich from it, believe me you don’t get rich by trading alone, but if you do investments and trading, there’s always higher rate of getting rich in the future.

It is easy to get caught up in idea that trading is quick way to get rich but as you said it is really risky to rely on it for all your income. Using it as side hustle is much smarter and more realistic plan. You also made crucial point about greed. So if emotions take over can lead to bad decisions and bigger losses. And if anyone has knowledge that when to trade and when to stop so it is really good skill. And building long term wealth usually means having balanced strategy that combines trading with other more stable investments like stocks or real estate.

Trading has more risks and can bring more Return on Investment quickly than investment. What I will encourage and advise every beginner is to pay attention and pay to learn how trading works professionally. Trading requires a lot of education and expertise and not anything on the surface. You need an in depth knowledge to be able to learn how to trade with profits and minimize lost. My advise will continue to be  learning, learning, learning.

You should keep buying as you learn because when we start reading textbooks it only gives us insight and makes us wise but to be a successful trader you have to observe the market and make decisions by researching the coins because to understand the situation in the market you need to know about the structure of the coins, investment type and duration are all important things. If you do not have practical experience there will be no benefit in gaining knowledge by reading books.

As you said that trading requires a lot of education and skills, I also agree with you that those traders should keep accumulating regularly to gain skills because if you do not have a stack of coins then there will be no material to gain skills in trading so keep a decent holding to become experienced so that you can maintain long term investment and short term trading in the separate row. You should remember that long term investment is better than short term trading.

[Mpamaegbu]

~

What if the person can't afford to lose that amount. We have demo accounts which  happens to be preferred for playing and mastering trading skills. Learning the hard way will only lead to emotions trauma and regrets. Playing with demo accounts will from the start will train a newbie on the ethics governing trading generally.

I won't advise anyone to stay too long on demo. At maximum on demo shouldn't exceed three months. It's my specification and my reason is that once one is comfortable on demo, going live and testing the real murky waters with open risk becomes too scary a thing to do. The type of feel demo gives isn't the same with live account. I tell you this for free. Another thing to know is that no matter how long you stay on demo, you're still going to blow your first truly funded live account. I don't know why it's that way. No matter how skillful and profitable one thinks one has become, that sad incident has to be there to usher one in. Some say it's the induction fee every trader pays 😂.

[Dareo]

I won't advise anyone to stay too long on demo. At maximum on demo shouldn't exceed three months. It's my specification and my reason is that once one is comfortable on demo, going live and testing the real murky waters with open risk becomes too scary a thing to do. The type of feel demo gives isn't the same with live account. I tell you this for free. Another thing to know is that no matter how long you stay on demo, you're still going to blow your first truly funded live account. I don't know why it's that way. No matter how skillful and profitable one thinks one has become, that sad incident has to be there to usher one in. Some say it's the induction fee every trader pays 😂.

Ah, demo accounts are so good to get the basics down, but they don’t prepare you when it is your own money that is at stake and the emotions that follow. That is why I also consider that it is not a good idea to remain too much on demo because you become comfortable with imaginary risk.

Movement to a small live account after two months is the best prescription. It teaches you to deal with pressure, fear, and greed even though you lose; however, it is a small amount. And you know all, almost a rite of passage to blow the first account, but as long as you have good risk management it does not have to kill you it comes as part of the learning experience.

[Mitchell]

Locking as OP has been long gone. Feel free to create a new topic if you have questions (and be sure to read the stickies).