Advice for someone new to crypto trading?

[ColdWalletGuy]

Hi everyone,

I’ve been reading the forum quietly for a while and finally decided to join. I recently got interested in crypto trading, but I’m not really a big risk-taker, so I’m trying to approach this carefully instead of jumping in blindly.  There’s so much information out there, and honestly it can be overwhelming. Some people make it sound easy, others say it’s brutal.  I’d rather hear advice from actual users who’ve gone through the ups and downs.

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?
2. Any habits I should build early on?

Appreciate any guidance. I’m here to learn properly, not gamble my savings.

Thanks in advance!

[joeperry]

For what I've seen, you'll be a good trader since now, you already valuing your savings and not jumping into things and it's a good thing that not only you're researching on how to trade but also ask the community and other people for guidance and advice. Anyway, I'm not a professional trader and I only learned to trade here but I can give you some advice and some pointers, based on my own experience (follow it or not, it's up to you).

1. Don't jump into futures trading, unless you have a working strategy and you know how things works, you should avoid it. Some people including me, when I was new, almost wrecks my trading wallet.
2. Don't try and trade low volume, meme coins, and shit coins. Those coins were community/hype driven and the price is too volatile that in just minutes or seconds, can ruin your account.
3. Don't join signals groups. There's a lot of service or groups that asks for payments for signals but honestly only few or most of them are not good, it's better to read trader's analysis in Binance and TradingView, as you can get more perspective and insights on other people's analysis.
4. Regarding habits, practice to control your emotion and let your analysis do its work. Usually in trading, you have target entry, stop-loss, and take profit but sometimes due to the volatility of market and human emotion, we sometimes stop-loss early or take profit early and sometimes, instead of having a profit, we just take an early loss because of our emotion.

[0xredhot]

Hi everyone,

I’ve been reading the forum quietly for a while and finally decided to join. I recently got interested in crypto trading, but I’m not really a big risk-taker, so I’m trying to approach this carefully instead of jumping in blindly.  There’s so much information out there, and honestly it can be overwhelming. Some people make it sound easy, others say it’s brutal.  I’d rather hear advice from actual users who’ve gone through the ups and downs.

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?
2. Any habits I should build early on?

Appreciate any guidance. I’m here to learn properly, not gamble my savings.

Thanks in advance!

Just gonna say it simply, trade with small amounts first, the rest you learn a long the way but gonna drop couple simple ones:

> Do not revenge trade to make it quick back.
> If you start looking to Rolex page after first big gains stop trading and chill out. (you gonna probably loose it after)

Thats it have fun, where and what you planning to trade on?

[Big Dirams]

Hi everyone,

I’ve been reading the forum quietly for a while and finally decided to join. I recently got interested in crypto trading, but I’m not really a big risk-taker, so I’m trying to approach this carefully instead of jumping in blindly.  There’s so much information out there, and honestly it can be overwhelming. Some people make it sound easy, others say it’s brutal.  I’d rather hear advice from actual users who’ve gone through the ups and downs.

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?
2. Any habits I should build early on?

Appreciate any guidance. I’m here to learn properly, not gamble my savings.

Thanks in advance!

Trading is absolutely risky and overwhelming to be honest. However some users has made it looks like trading is stress free and easily one can make massive profits but that not just the case here, trading is risky and to be a profitable trader one need to set our mindset straight and understand the facts about it.
  In trading loss is inevitable and the earlier we accept that the Better we enjoy our journey, no matter how knowledgeable a traders get to be or becomes loss are likely to occur and that just part of the game so let always expect loss at any time because a trader can’t run away from instead we can reduce our loss by risk management.


  Perhaps about an habit you should build, I’ll advice you to build up your emotions and feelings straight like learn to control your emotions and never allow it to make decisions for you most especially in the market. One way we can start building your emotions is by demo account at least you will gain little experience from there and understand much better.
Never focus on making fast profits or chasing after profits, respect your boundaries and make sure you obtain the right knowledge about trading because a trader with no knowledge ends up in the bad spot of trading.

[Stepstowealth]

1. What’s the biggest mistake beginners usually make?

Beginners can make the mistake of setting high expectation, and then not equating the expectations with the amount of work and dedication that will be required to make it happen, and with the high expectations they get dissapointed when trading is not going as expected for them. To learn trading, I know you must have patience to learn and discipline to continue because it will be discouraging at many stages.

2. Any habits I should build early on?

Build patience.

[Gozie51]

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?

New traders believe it is an easy area to make money easily from and they take high risk leverage on the market. That is dangerous. If you are lucky that the price swing to your direction the first try, it doesn't mean you will be lucky the next time. So use a leverage size that you can risk with. However, try your hand first using a demo account to get use to the terminal. Again to start a live trade, you open a mini account first.

2. Any habits I should build early on?

Learn to use stop loss. It will preserve your account more than when you just take unstoppable risk.

Good luck to you.

[crwth]

The members have already said a lot of things, and they are valid. Personally, the best thing that you can do is the following.

• Controlling emotions
• Proper risk management

Another thing that I think would be helpful ^{(I haven't really fully invested in doing it, though)} is having a written trading plan. Like how you decided to enter the trade, what risk parameters, and what position size you used. There are a lot of things that you can test out for this but I think it will be dependent on the trader.

[nara1892]

Very good question, it seems that you prefer to think about how to prevent rather than cure and this is good because this way then you should not make the same mistakes that beginners do in general, I am not an expert in trading but at least I have knowledge from my own experience.

1. The biggest mistake that beginners usually make is that they are too ambitious in responding to profits, rash every time they make a decision, cannot control themselves when they lose so that in the end they go bankrupt.

2. Habits that must be built from the start are being responsible for the losses incurred, discipline, patience in waiting for the moment of execution, make sure to have a reason why you open a buy/sell position, and finally, make it a habit to continue learning and evaluating.

[shawonngp]

Since you want to start trading, you are welcome to do so. Of course, you need to learn some basic knowledge in the beginning. While you are new to trading, start with a small deposit that you can afford, as you are more likely to lose early on. You have to control your emotions so you don't overtrade. You can't expect high profit, because you can lose a lot in the beginning. No way to engage in futures trading, except for pro level traders; profiting here is uncertain. It may even seem like a gamble for beginners.

[Alphakilo]

I have taken the liberty of compiling some of the more basic points to note of which involves the golden rule of surviving, of which is very more important than winning big on day one. You should also do well to invest only what you can afford to lose, always do your own research to avoid some major and minor mistakes that may be very costly.
The use of leverage as you may find out is what you as a newbie trader should also try very much to avoid, learn to use stop losses, learn to use DCA strategy of investment, learn so much and master risk management practices that should also involve minding your security strength.
Above all, FOMO and FUD are major parts of cryptocurrency trading and you must encounter them, so be prepared and avoid them at all cost by not following the crowd to do what they do.

[terrific]

Hi everyone,

I’ve been reading the forum quietly for a while and finally decided to join. I recently got interested in crypto trading, but I’m not really a big risk-taker, so I’m trying to approach this carefully instead of jumping in blindly.  There’s so much information out there, and honestly it can be overwhelming. Some people make it sound easy, others say it’s brutal.  I’d rather hear advice from actual users who’ve gone through the ups and downs.

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?
2. Any habits I should build early on?

Appreciate any guidance. I’m here to learn properly, not gamble my savings.

Thanks in advance!

1. Trading memecoins. And believing that trading is easy but it's not. Don't believe to the lies that the content creators of crypto have made.
2. Patience. If trading don't work to you, you have another bet and that's to be a HODLER. I guess that you've heard of that before.
Because of the traders are losing and, most of the holders are winning and more profitable.

[bangjoe]

These are a few of the many that must be understood:

• A common mistake that beginners make is to think that trading can get rich quickly so that they have the wrong attitude and view of trading, this is a fatal mistake that beginners have that must be corrected from the beginning before jumping into trading and in order to see also a clean mindset in a broad scope in trading, not just about chasing brush profits.
• The initial habit that must be built is to have money management, time management and risk management, before trading these three points must be understood so as not to be mistaken in trading, many people underestimate this even though it is a very important fundamental to get used to.
• And the most important thing after that is mentality control, keeping yourself from being greedy, making rash decisions, having patience, not over trading which causes losses that make traders 90% fail in this industry.

[aylabadia05]

This is your second post after creating an account on February 23. The biggest mistake most beginners make is losing money due to their inability to read the price charts of the coins being traded.
If you are committed to trading, don't jump straight into futures trading, but try spot trading first.
My best advice is not to focus too much on trades that have a greater chance of losing money than the expected profit from the trade.

This isn't the feedback you were hoping for, but I feel it's necessary to say this because professional traders also lose a lot, but they don't publish it in their content.
That's all.

[AmoreJaz]

I have taken the liberty of compiling some of the more basic points to note of which involves the golden rule of surviving, of which is very more important than winning big on day one. You should also do well to invest only what you can afford to lose, always do your own research to avoid some major and minor mistakes that may be very costly.
The use of leverage as you may find out is what you as a newbie trader should also try very much to avoid, learn to use stop losses, learn to use DCA strategy of investment, learn so much and master risk management practices that should also involve minding your security strength.
Above all, FOMO and FUD are major parts of cryptocurrency trading and you must encounter them, so be prepared and avoid them at all cost by not following the crowd to do what they do.

On my end, start with btc if you want to get how crypto trading works. But use small amount of money. You need to have a good grasp on how to transact and execute order. Because if you will go to alts that are know to earn high profits - more than likely, you will lose money from this route. You need to know your way on how to do your transactions in crypto first. Once you get a good hold of this, then, you can start exploring other alts, but preferably top alts.

[Finestream]

Mostly, the biggest mistake that most beginners do is jumping into trading thinking that their confidence is good enough to make profitable trades. And when they start to experience the opposite and suffer from consistent losses, that's when they'll realized that trading is undeniably risky and dangerous most especially for those who enter trading without knowledge and reliable skills and strategies to make positive trades and make sustainable profits.

[Abu-Naim]

For someone starting out and wanting to be thorough,

1. What’s the biggest mistake beginners usually make?
2. Any habits I should build early on?

Appreciate any guidance. I’m here to learn properly, not gamble my savings.

Thanks in advance!

It’s is interesting to see a newbie coming ti ask for guide on how to trade, because so many newbies will just jump into trading directly without looking back until they made their mistake that lead them to lost of their entire capital within some seconds, they will come back to start seeking for knowledge which should have been the first thing to start with.

I have read through the comments and I have seen a lot of advices to you, I will advice you to carefully read the comments and engage, you can learn extensively through then and can also ask any question you might need more clarification on.

Haven’t said so, crypto trading is not easy as some people are saying, and it is not also difficult; all you need to coach yourself and you are good to go. Learn, practice using some demo accounts and keep learning. Also learn to take risk and manage risk.

[Hypnosis00]

Beginners often think that bitcoin trading is just too easy that others are already building their wealth, so they jump on trading and finally found out that trading is never easy but definitely hard and tough, and even scary and dangerous for those who have real background on how trading works.

Now the habit I want to share is never stop researching and always seek for new and valid information. More than being skillful and strategic, every trader should also be  knowledgeable on what is happening in the market and on how they can come up with good and practical solutions after.

[HONDACD125]

1. What’s the biggest mistake beginners usually make?

I think it's probably doing FOMO. A lot of newbies don't understand how the market generally works, so when they open the market some day, see that a coin or a token has a large green candle, so they believe that it's going up and they can also make some trades in it and get some profits, but they don't understand things like overbought and stuff, and as soon as they make an entry, the coin starts dropping because the market has already squeezed the profits out of it, and they have become exit liquidity for someone.

2. Any habits I should build early on?

Try to stay as patient as possible, because you are going to need this in trading, especially during unstable market situations where the market isn't going in a single direction, and if you try to make trades in such situations, you will probably lose money. It is better to only make trades when you know that the market isn't in a situation to trap you.

Also, why are you interested in trading when you are not a risk taker? Those who are not risk takers usually stay in investments and don't do trading.

[passwordnow]

1. What’s the biggest mistake beginners usually make?

They believe that there's a shortcut to become profitable. They copy trade and think that's all they can do and that's automated way of trading. And they're also believers of the signal scams that needed to be stopped. Because if they're not going to believe in themselves and only to the signals that are sent to them, it won't take long until they start quitting trading and make it easier for themselves that they should no longer trade.

[Y3shot]

1. What’s the biggest mistake beginners usually make?

The biggest mistake of Beginners is not not having the interest of learning but are very fast just to make money from trading. trafing requires good understanding and when their is no understanding of trading, old normally go through a lot of challenges that can lead to lot of loses in trading.

2. Any habits I should build early on?

Greed and patience is a common character in trafing that normally affects traders. It is important every trader needs to be discipline to get rid of greed and to learn to be patience with market and trading outcomes.