Advice for someone new to crypto trading?

[Maslate]

Beginners often think that there is easy money in trading, so they enter trading and trade blindly, and eventually lose all their hard-earned money. This is the biggest mistake of every newbie in trading, and after losing, that's when they start taking time how trading works and how traders can take advantage from trading.

There's one habit that's definitely a must for everyone, and that's being disciplined in trading. One can only be patient and cautious in the market if the trader itself has developed discipline first and foremost.

[Kelvinid]

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.

Preparing yourself for trading is the best thing any beginner can do.

However, I doubt if beginners will take their initiative to create a trading plan prior to real trading in the market knowing majority of them wanted to enter trading for quick profits.

But after some trading mistakes and losses, and realized that there is no easy way to succeed, maybe that's the time that they will focus on making a written trading plan to avoid further losses and increase their trading potentials while they also increase the amount of their trading experiences.

[Selaphiel]

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!

We are both newbies here on the forum, OP, and as a newbie like you, I don't think we need to rush into crypto trading right away. I know that this is really the place to get profit in the crypto industry that we are in. However, I also agree with most of my readers here that most people say that trading is not easy to learn, and it seems like they are really telling the truth.  Because there are many who have been on the forum for a long time, but they themselves admit that they don't know how to be profitable in trading, so most of the time they are just holding what they are doing as holders. So for now, don't jump into the actual trader; study it well and understand it thoroughly.

[Versatile_choice]

Preparing yourself for trading is the best thing any beginner can do.

However, I doubt if beginners will take their initiative to create a trading plan prior to real trading in the market knowing majority of them wanted to enter trading for quick profits.

But after some trading mistakes and losses, and realized that there is no easy way to succeed, maybe that's the time that they will focus on making a written trading plan to avoid further losses and increase their trading potentials while they also increase the amount of their trading experiences.

Preparation is very essential in the lives of new beginners, because this will make them to be able to understand everything that concerns trading, both the benefits and the risks involved and will also support them in having the right technique that they will need in their trading, which can help them in achieving their success in it and this will also make them to be able to make decisions that will helpful and supportive but its also important for them to have the mind that trading does not offer steady forward progress, as the market is not always stable and can't be controlled.

[Miles2006]

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!

This word got my attention “ risk-taker” every trader should be prepared to encounter risk at any point mostly a newbie who’s new and lacks guide. One habit I think every trader ought to build is patience, after a loss you might give up because you’re not really a risk taker yet a devoted trader will always try again with minimize fund, putting all eggs in one basket is wrong as usual don’t trade with huge money basically you cannot predict the market movement. By following the basic common practice you’ll definitely make a better development yet, nothing is 100% guarantee reason why trade is considered risky.

[sheenshane]

Preparing yourself for trading is the best thing any beginner can do.

Emotionally, mentally and of course, financially.
Those are the most important things to prepare when you're stepping into trading.
After that, you must also have a good trading workplace, choosing a reliable computer and, of course, a stable internet so that it's easy for you to trade without interruption.  Next, choose a trusted trading platform, many traders often have a mistake on this.

Remember, there are no shortcuts in trading, and don’t expect excessive profits, you won’t always win. Sometimes losses teach you and help develop your skills.

[jossiel]

IMHO, the important habit that you'll need to build on is about patience and delayed gratification.

Because soon you'll be able to make some and a lot of money from your trades once you're able to understand how to trade properly.

And from there, you might think of things that you should purchase with the profit you've made. That's fine if you'll spend some and reinvest it back in the market so that your continuous flow with the trades you're making is there.

So, patience in the market and delayed gratification with the profit you make from there so that soon it will be your money making itself another one for you.

[Oluwa-btc]

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 think this window is an avenue for you to initially learn from most people's experience, new into the crypto trading world all you need to do is trade wisely, learn every necessary tracks inorder to execute a good results. You really would experience some positive and negative results but the best thing to do is to avoid trading blindly and be informed about the risks of trading.

[Ndabagi01]

1. The biggest mistake beginners fall for in the market is the first impression they have that this is a get rick quick scheme and that they can make money off the market very easily. Not knowing about the process and just jumping on the final anticipatory result is kind of awk to me. Let them learn the process before coming to conclusion of what they’ll aspire in the market.

2. Stay true to your goals. Keep leaning and relearning until you get it right. Never chase your loses as they’re part of what makes you a disciplined trader. Be patient and not force the market to work in your way, if your strategy is okay, you can even anticipate the market before it plays out. Have a proper risk management and stick to it as it’ll help you manage your funds well and limit the losses you can incur in a trade and make better planing ahead of time.

[dunfida]

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. - Thinking that trading is easy
    - They can make money and become rich easily
    - Chase up their loses and making trading revenge
    - Become greedy and dont take profits but rather posting up some screenshots 
    - Impulsiveness or simply about emotion issues
    - Lack of risks management

2. - Demo trading
    - Take a good grasps about TA and FA
    - Keep up some reading with other traders in the community, you can learn something from it.
    - Keep trading with small amounts and trying to apply those learnings you do get along the way.

Experience would be the best teacher and you would be able to learn it along the way but of course it will be depending on how will you be able to adapt into it.

[justdimin]

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

Learning from online sources can never be "enough", even a veteran trader still keeps learning as much as they can by reading materials and watching videos because there is never enough knowledge to be better.

Another benefit would be using what you learn with small amounts or even demo accounts, that way you would not only be able to "learn" stuff but also be able to confirm that you actually did learn it. Because, trading is the only way to confirm this and if you are not careful then you would lose money and assume that you learned when you have not.

[Baki202]

And for those who are new to the system, they should make sure they have learned and acquired the knowledge because the word "trader" comes with a big responsibility. You cannot make money if you don't know how to trade. That is one of the mistakes they are making. Trading is interesting when you know what you are doing because there is no way for you to be able to trade if you cannot analyze the market. You need to be able to predict the market that is the only way things can be better for you as a trader.

Trading comes with a very big responsibility, so there is no other way that you can become a trader if there is no direction. So, for starters, there are things they need to know, like after knowledge, they need to be consistent in trading. Even if they are starting with a demo account for more knowledge. Experience is very important when you're trading, but a lot of people don't even trust themselves because of its complications.

[Odogwu-Blockchain]

Welcome to trading anyway,

Lessons to learn goes this way, start with spot trading and begin with long term investment to ease your tension and let you have clear thinking on your trading journey because trading is a journey.

Build up the emotional health that concerns trading whenever a bad time happens, it lets you stay strong and make the best and the right decision when there available.

[Pandorak]

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

I often meet beginners who are new to the world of trading. On average, they have the wrong mindset, thinking that trading is the fastest way to get rich, when in fact trading is full of risks. We often hear of many people who go bankrupt as a result of trading carelessly without the right knowledge. It is important to understand that it is easier to incur losses in trading than to make profits. There are many things that need to be learned first (technical analysis/trading strategies, money management, trading psychology).

2. Any habits I should build early on?

Be diligent in reading, analyzing, and backtesting repeatedly. The key is to learn and keep learning.

[Ziskinberg]

Beginners are mostly confident to explore in trading and prove theirselves that they can actually make it, and the work WEAK is unacceptable for them that's why they have to prove to other traders that they have the guts and courage to succeed in trading. But deep within, they are struggling how to navigate trading.

Research and long term preparation are crucial in trading. If you are lazy to conduct research, quit trading. There is no room for traders who have insufficient amount of knowledge about trading.