5 Things I have learned in 5 years of trading!

[cashisking86]

1)   A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

2)   Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!

3)   Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.

4)   Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.

5)   Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.

What else have you all learned in your time trading?

[HeavLeighGill]

I thought you made several good points!
I’ve struggled with setting realistic goals (as you mentioned), along with learning the right way to cope with losses. All of your points were pretty spot on and I don’t think some of them are mentioned enough, so hopefully this will help others, whether they are only consider opening a trading account or if they have more experience.
I’ve only been at it for a little over a year, so you definitely have more experience. Hoping to see more posts like this in the future, thanks for sharing!

[Egg_burger]

Agreed that it is certainly not a get rich quick scheme! Some good points in here.

Also, you can not buy experience. Time in the markets is one of your most valuable assets.

[Hipshot]

Another point is that successful strategies often won't last. The market always changes and we must formulate a new strategy under time pressure, because on the other side of a good trade there is someone who feels the pain of losing (or underperforming) and this makes him learn faster.

[Proton]

I agree with everything and add that trade has taught me to be as emotionally stable as possible

[Lanirex]

I agree with everything and add that trade has taught me to be as emotionally stable as possible

What is written above is true, but in trading to be successful for me the most influencing factor is experience. The longer we are in the Crypto market, the higher our trading knowledge will be.

[Fawpac2]

There is no end to your learning when it comes to trading. The more you learn, the better for you. You can never trade with little acquaintance. If you want to trade, you must have enough gold.

[Cinno3]

I think there is no end to the learning of cryptocurrency relationships. Because if you know and understand blockchain technology well, maybe life will end but the boundaries of knowing and understanding will not end. So those who do research on cryptocurrency or blockchain technology are very interested in learning or knowing. It takes a lot of time to get to know blockchain technology better. So within five years or 10 years it is impossible to actually understand blockchain technology.

[Linda78]

Trade No one can do it because one cannot trade without knowledge of this subject. There is no end to the learning that the more he learns, the more he can benefit trade .If you do not have enough knowledge about this trade, it is normal to lose. So we need to know and understand trade better.

[Linda78]

If you want to trade, you have to acquire complete knowledge. No one will be able to trade, because if you want to trade without understanding well, you must read. Then understand us better about trading Should be done. If you can trade with understanding, you will definitely get good results. It is possible to be successful only if you have to choose some good projects for trading.

[Callisto]

I especially liked about the "guru" of traders of social networks. There really is one charlotte who counts on the fact that all the hamsters will run to them and will buy paid subscriptions from them to teach them how to trade. No one will share with you their history of use in the trade, everyone should understand this and not fall for such charlottes.

[cashisking86]

If you want to trade, you have to acquire complete knowledge. No one will be able to trade, because if you want to trade without understanding well, you must read. Then understand us better about trading Should be done. If you can trade with understanding, you will definitely get good results. It is possible to be successful only if you have to choose some good projects for trading.

This is on point. The reason I think so many struggle is they spend time (if they do) studying a specific strategy without understand the WHY of the matter. First and foremost try and understand how the market moves and the underpinning reasons for it. It's much easier to then create a strategy around that foundation.

[Rinat8368834]

The first thing I learned is that you cannot go to the entire deposit. The second is not to trade while intoxicated. The third is not to trade on emotions. Fourth discipline. Fifth risk and money management.

[36B]

at least you have to be patient and when trading never take too long to make a profit withdrawal because sometimes the price can go up but a few moments later it immediately collapses, so stay careful when trading and don't get carried away by emotions. still patiently waiting for a good moment.

[Dora Walletinvestor]

Amazing advice, I agree with your views OP!
I would add that I have learnt to be very cautious and suspicious about trading products, services etc. that require you to pay - I have seen so many stories on forums about people who got scammed, and there are so many different ways to get scammed if you are not careful.