Start Trading for Beginners

[MarangoZ]

If you ever wonder how many people make profit when market is going down  or up
here are few tips on how to get started for Beginners
(this is based on my knowledge and how I do it )

1. You need to choose a Broker I do use IC market  as broker

2. You need MetaTrader 4 or 5 app 
Once you have done the KCY on Ic market it gives you the account info which u will use on Metatrader

3, Use Trading View to see the  Real time Charts if the coin you are trading

4. See what time do news Starts as most of them have high impact I do use https://www.forexfactory.com/calendar  and those that has red color have  a lot of impact
Never pay for telegram groups that sells Signals all of them are Scam, if he know how the market will go he would trade for himself and would not have time to manage the group or ask for payments !

Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose.
Before you start to put real money into trading

START with DEMO account and learn a lot before starting with real money
Learn how to use SL (stop loos) Important
Learn how to set TP (Take profit)  Important
Learn how to manage your balance
Learn how LOT works 

There are many people who made money from trading and there are a lot who lost money too by being greedy or lack of knowledge
Hope this thread helps someone
Cheers from MarangoZ

[Alphakilo]

Thank for sharing your experience.
This looks like more of forex than crypto trading.

*Move topic to trading board. That's where most of the trading discussion happens.

If you ever wonder how many people make profit when market is going down  or up
here are few tips on how to get started for Beginners
(this is based on my knowledge and how I do it )

1. You need to choose a Broker I do use IC market  as broker

In crypto trading Binance, ByBit, Kucoin is recommended from personal experience.
 

Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose.

This applies to cryptocurrency trading as well.

Before you start to put real money into trading

START with DEMO account and learn a lot before starting with real money
Learn how to use SL (stop loos) Important
Learn how to set TP (Take profit)  Important
Learn how to manage your balance
Learn how LOT works 

Based on your experience, beginners may like to know how long you spent on the demo version, perfecting your trading skil and what you recommend for them? You could also share if your first live trading was a loss or profit made.

[MarangoZ]

Thank for sharing your experience.
This looks like more of forex than crypto trading.


Based on your experience, beginners may like to know how long you spent on the demo version, perfecting your trading skil and what you recommend for them? You could also share if your first live trading was a loss or profit made.

you are welcome the fees are more less than on binance and its more easy to set SL and move it in few seconds
Demo Account gives you 100k $ , people need to edit it and get a low balance e.g 200-500$ like how much they would put Real money
so it feels like its real money and have that kind or prespective 
My strategy is 1/3  so I risk 1% of my balance to profit 3%
If i lose twice that means im only 2 % down
i dont do more than 2 trades per day  as overtrading leads on lost

my 1st live trading was a profit as I try to maintain  the discipline and risk menagment

[BitMaxz]

I am also using that Forex Factory for checking upcoming events. CPI sometimes affects the BTC price a bit based on what I noticed, and also FOMC sometimes does affect BTC, only those with high impact.

I am using the MetaTrader 5 app on my phone, but all of my analysis is on TradingView because MetaTrader has limited tools.
I trade with a microaccount, and my broker is XM. I do trade some currency pairs, but mostly Bitcoin and ETH using MetaTrader, and I do also trade on crypto exchanges, for now on OKX, with multiple sub-accounts for different strategies or setups.

There's no group that actually will give you a good analysis or signal if you are looking for signals for free. The minds and ideas on TradingView would give you some insight into possible price action shared by individual traders. But I don't rely much on them because I am using BTC Bookmap for live price action and order flow.

Your guide should be a beginner's start. They should start with demo or paper money available on TradingView for free. They also need to learn risk management. If he manages to be profitable in demo or paper money, that would be a good start to trading with real money, but keep it low at the start because emotion can change your perspective.

[Gozie51]

My strategy is 1/3  so I risk 1% of my balance to profit 3%
If i lose twice that means im only 2 % down
i dont do more than 2 trades per day  as overtrading leads on lost

my 1st live trading was a profit as I try to maintain  the discipline and risk menagment

In trading, risk management is very important.  The amount used to risk for your profit should be lesser to what you are aiming for so that even if you lose that trade, it won't affect your account size and discourage you to go for a potential winning trade. Just as you said 1/3 ratio is cool.

However, emotion is important to be put under check. Trading demo is not same with real trading because of the real money involved.

We also have to know it is very risky trading forex or CFDS. They are highly volatile and you can lose your capital at a go if you don't protect your account by using SL.

[BitGoba]

I wouldn’t recommend trading to anyone unless they have dedicated a lot of time to learning technical analysis and other skills needed for successful trading. It’s important to remember that trading is a very difficult and stressful job. I’ve read analyses showing that only about 10% of traders are profitable in the long run.
When it comes to Bitcoin a it’s much smarter to focus on your main job that generates income and gradually accumulate as many Bitcoin sats  as you can

[Merit.s]

Trading is very risky due to the volatile nature of crypto, this is why it is very risky to be a trader. Beginners should not jump into trading thinking that it is a means to make quick profit, because it's the opposite. If you want to be a professional in trading, you must learn be ready to take the risk because running at loss is inevitable.

Using demo account to learn how to trade wouldn't improve your trading ability, because when you enter the real market, it's a different thing entirely from what the demo account is. Only trade with the amount of money that you can afford to lose. Learning the fundamental analysis and technical analysis is very important as a beginner.

[Porfirii]

I don't think that you can make sure profits even if you learn TA and FA. When I started my crypto journey I thought that trading would be a good idea if I learnt the necessary skills and that I could take it as a part-time job, but after reading to writers who are very knowledgeable and still very critical on this subject I believe that trading is too risky, and not only for beginners.

I will not be the one to take away your desire to learn and put into practice your knowledge on the subject, but I would take it more as a hobby than as an actual side-career.

[Botnake]

There could be a lot of traders who actually made it on the top and gain successful and profitable trading, but let’s not be blinded by the number of traders as well who are losing a lot more than their gains. Majority are certainly trading nowadays, but only few have been making trading a successful career.

My point here, if you think trading works for others, that does not mean that it will work for everyone. Trading is highly risky, you may win at first probably because of luck, but the rest may turn into a huge loss. That’s exactly why beginners should not rush into trading, but should learn to enhance their knowledge and skills first prior to risking their hard-earned money when they engage in real trading scenarios.

[Darker45]

There are many people who made money from trading. That's like 1% of those who tried.

The reason why the 99% are losing or missing the bigger profit had they preferred to hodl is not that they're greedy or that they lack knowledge. It's simply that it's hard to time the market. It's hard to be accurate. It's even next to impossible to predict the bottom and the top.

A newbie has a tendency to FOMO. Many will think trading will make them accumulate Bitcoin faster. That's a fallacy. As a matter of fact, I don't think a crypto or Bitcoin beginner should trade.

[knowngunman]

Thank for sharing your experience.
This looks like more of forex than crypto trading.

No, It doesn't look like Forex, it's Forex trading going by his explanation. This is even more risky than crypto trading from my personal experience thou.

Learn how to use SL (stop loos) Important
Learn how to set TP (Take profit)  Important
Learn how to manage your balance
Learn how LOT works 

A trader that already created accounts on brokers and started using MetaTrader should already know about these already. Seeing your topic title, I was expecting a detailed explanation on the basics of trading for beginners but what I see here is not for a total beginner. These are the basics every potential trader is expected to be familiar with even before they have account to start trading.

There are many people who made money from trading and there are a lot who lost money too by being greedy or lack of knowledge

At the end, we have more losers than people who make money from trading. Learn and trade for experience and not focus on people making it from trading because you're likely to lose concentration.

[Aanuoluwatofunmi]

Op you're into forex trading and not crypto, this makes it not suitable enough for the topic to remain further here than being in the trading or peculation board, though the content on your post is a guide to help beginners, but we are expected to talk about crypto in this context than forex, some of us here may not be interested in forex as there is clear difference between crypto trading and forex trading.

[Mrbluntzy]

Trading crypto is even more easily understandable than forex and I guess that newbies can learn crypto trading faster than forex, you don't need MT5 & a broker but with just centralized exchange you would just make your deposit and start trading, if you are not yet ready to trade with real money, you can also use the demo option. In crypto trading, you can even do spot option trading, it has less risk than leverage trading, you can't trade spot option on forex market.

[Zigabel]

There are many people who made money from trading and there are a lot who lost money too by being greedy or lack of knowledge
Hope this thread helps someone
Cheers from MarangoZ

These lines caught my interest because for me I find it really vital. Greed is a very big factor most traders battle with and it is not limited to beginners alone, even experienced traders fall victim of not been able to control their Greed level,  it will also interest you to know that it applies both when you are winning and when you are loosing,  it is not just when you are winning alone that you get greedy,  you can be loosing and Greed will set in and in a bid to recover you chase losses with bigger lots and leverage.

This mostly occurs when the traders lacks proper knowledge of the market or the trader is beginning to loose sit of market psychology and dynamics and allowing emotions to come in probably because they are looking at a target and hoping to make some quick money with which they are going to use to settle a quick bill, this is common with experienced traders,  they can get to a point where they suffer same fate too. As a trader make sure to get as much good knowledge as possible and stay disciplined at a times.

[Dzwaafu11]

Trading is very risky due to the volatile nature of crypto, this is why it is very risky to be a trader. Beginners should not jump into trading thinking that it is a means to make quick profit, because it's the opposite. If you want to be a professional in trading, you must learn be ready to take the risk because running at loss is inevitable.

Seriously. And this is what some newbies don’t understand before getting into trading: you, as a knowledgeable trader or person who knows about crypto, if you try to tell someone who wants to get into trading that they should have deep knowledge of trading before doing anything, they feel like you are discouraging them from trading. That is why I can only tell the newbie to make sure he has knowledge before trading. Because if you try to tell them how risky it is, they take it another way.

Using demo account to learn how to trade wouldn't improve your trading ability, because when you enter the real market, it's a different thing entirely from what the demo account is. Only trade with the amount of money that you can afford to lose. Learning the fundamental analysis and technical analysis is very important as a beginner.

Sure. A demo account will not improve someone's learning process in trading because as long as you are not using your own money, that person won’t know how risky trading is, but using your own money and not a demo account – that is when you will be able to trade with full knowledge and worry about losses – but trading with a demo account won’t make you serious to avoid losing that money.

[Questat]

I don’t suggest actually trading for beginners. The risk to lose gets higher when you trade without sufficient knowledge and experience, so if you plan to maximize trading and goes all out learning all those techniques and strategies, still I won’t advise to focus on trading just because other traders are creating successful stories from it.

Trade at your own risk, and with that, I mean to say just trade to earn a side income, not as a main source of income. It gets more risky to win from your trades especially if you do it as a means for survival, rather than as a side hustle.

[Onyeeze]

My strategy is 1/3  so I risk 1% of my balance to profit 3%
If i lose twice that means im only 2 % down
i dont do more than 2 trades per day  as overtrading leads on lost

my 1st live trading was a profit as I try to maintain  the discipline and risk menagment

In trading, risk management is very important.  The amount used to risk for your profit should be lesser to what you are aiming for so that even if you lose that trade, it won't affect your account size and discourage you to go for a potential winning trade. Just as you said 1/3 ratio is cool.

However, emotion is important to be put under check. Trading demo is not same with real trading because of the real money involved.

We also have to know it is very risky trading forex or CFDS. They are highly volatile and you can lose your capital at a go if you don't protect your account by using SL.

The problem is that so many persons fails to understand the way of trading, if someone should learn trading that person is ought to know that risk management is very important thing to know in trading, trading is like something we have to understand the basics things, at most or at first you have to acquire the basics procedures of trading before you embark on trading, so many people get lost in trading due to they failed to learn, I think consistent trading can make you as a trader to know the loophole in trading and you will overcome all the problems you might encounter

[Maslate]

Your experience may provide a helpful tip for beginner traders, but never expect that what works for you, it will also be effective for others. Different traders come with different experiences and challenges so even if they master what you have shared OP, still there are inevitable losses that are hard to overcome.

My point here, don’t convince newbies to suicide in trading. Let them do trading when it’s the right timing to start trading, because no matter how successful you are as a trader, that will only motivate them to trade but I don’t think beginners are good enough to risk with trading.

[Moreno233]

You did not add the aspect of how to actually trade and everything you explained are basic things everyone will do to be able to trade. The most important thing being to choose a trading strategy which they must test in demo and confirm the performance before they can implement in a real account.  This is where most traders fail, they start trading without a strategy that have been tested and verified. If you try trading without a strategy, you will learn the hard way.

[Distinctin]

I don't think that you can make sure profits even if you learn TA and FA. When I started my crypto journey I thought that trading would be a good idea if I learnt the necessary skills and that I could take it as a part-time job, but after reading to writers who are very knowledgeable and still very critical on this subject I believe that trading is too risky, and not only for beginners.

I will not be the one to take away your desire to learn and put into practice your knowledge on the subject, but I would take it more as a hobby than as an actual side-career.

Trading is more than acquiring knowledge, its technical and fundamental analysis, and even if you have those basic skills and strategies that work for others, still there is no guarantee that trading will be profitable on your part, most especially for a beginner like OP.

You know, trading is more complex than it seems. You are trying to win in such a speculative market, that’s why it’s really hard for us to gain sustainable profits. And if ever we have gained at first, that does not mean that there will be fixed outcome the next time we trade.

In fact, every trading opportunity comes along with challenges on how to end it up favoring on our side, because mostly, no matter how positive our trades look like, we still end up losing due to unpredictable and unfavorable market behavior.