Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Sarionadukecom on June 23, 2024, 07:48:32 AM
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
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When it comes to risk management, I'd say buy BTC and maybe some of the top altcoins (check Coingecko for the list). The reason is that they are less volatile which means you don't have to worry much about your portfolio dropping to $0 overnight. You should probably read also about the Bitcoin halving or the four year cycle and how it affects the market. It should give you a good idea when to buy and when to sell.
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First of all you need to avoid getting excited because over excited investing in crypto is more likely to get losses. Second you should only practice at this time how you can make money from crypto. Analyzing what you need to do in crypto requires you to master everything. Here investment, trading, holders to get profit in everything, you need to be skillful. Because the more experienced you are in crypto, the more your profit will increase. In the end i want to say that don't invest by following anyone words, because you have to bear the results from the investment.
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When it comes to risk management, I'd say buy BTC and maybe some of the top altcoins (check Coingecko for the list). The reason is that they are less volatile which means you don't have to worry much about your portfolio dropping to $0 overnight. You should probably read also about the Bitcoin halving or the four year cycle and how it affects the market. It should give you a good idea when to buy and when to sell.
Buying Bitcoin is a good advice (but I wouldn't consider in my own judgement) buying altcoins as a good advice.
The crypto market is indeed a very volatile and risky one, highly unpredictable but at least, there are some security and preventive measures newbies could apply to have a more safer ride through his crypto journey.
Rather investing in shitcoins which are even more dangerous options to consider, I'd advice buying and gradually accumulating Bitcoin and HODLing for the long-term, rather than going into short-term trading, that's the mistake a lot of newbies make, they go into short-term trading with little or not experience at all, there by resulting to losses and more losses.
Newbies must understand that it's impossible to always predict the market's next move, so rather than trying to time the market or venture into short-term trading which requires attempting to predict the market, you could HODL through the short-term fluctuations while considering the long-term trajectory and benefits of Bitcoin.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
I will give you 5 tips that will help you becoming a good trader and you will also learn how to manage your risk.
1. Read
2. Watch
3. Read again
4. Watch again
5. Repeat the 1st and 2nd one.
Kidding aside, those are the 2 things that you can do in order for you to become better. Trust me, there are many successful traders now that are doing those 2 things. Of course, those 2 alone will not be enough. Having a mentor that might guide you would be better. Sometimes, paying courses would be a good option only if you want to pursue becoming an expert trader. Overall, there are many advice that we can give to a newbie, but those 2 are like the fundamentals that will help you to become successful in whatever you want to be.
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Most traders stop after a month or two due to losses, so the best advice is not to think of trading as a full-time job or as making profits. Trading is a series of profits and losses, and a good trader is one whose general trend of trading is profits.
Start by learning the basics of technical analysis, then invest a small amount and look for lower-risk trades (those currencies that have a logical reason to rise and whose price is lower than the current value). Over time, you can try pairs that are lower in terms of trading volumes and therefore more risky.
Always learn to control your emotions and deal well with losses.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
* Make research, enquire and identify a crypto currency with the potentials that may suit your goals actualization.
* Be sure that cryptocurrencies are highily volatile so that you can always condone with the market conditions.
* Always afford to invest with what is affordable to loose.
* Don't expect a get quick rich while investing on the cryptocurrency.
Diversification of investment is important to overcome inflations or protect valuable potential falls.
Stay anonymous with your crypto holdings and keep your private keys secretly.
* Set up your investment goal either on a short term or long term goal and alternate your current source of income so that you can actualize your crypto investment goals.
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Aside from what everyone has said, i would also advise to only invest what you can afford to lose. If you intend to perform short-term trading, you should get used with high volatility, compared with different investment choice.
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Many important points are said above so read them carefully. Beside from that never go blindly with so called crypto experts. They might only be shilling their invested coins and dump right after you if you believe them. Main thing is, crypto is really volatile and risky market so you must invest the amount you're willing to lose or can afford to lose. Also don't panic and sell if your coin is down and you're confident you've invested in good project coz good project always bounce back. Market goes up and down and vice versa. So patience is a key.
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Don't think that bitcoin investment is a get rich quick scheme and the only way that you can benefit from the volatile nature of bitcoin is when you invest in a long time and hodli. This is why you should only use part of your discretionary income to invest in bitcoin and don't get involved in shitcoins for a start because they are like gambling. Don't jump into trading for a start, it is easy to invest than trading.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
I will suggest you to change your goals.
Most traders lose money , specially in crypto market.
Select some fundamental good coins, such as Bitcoin and Ethereum.
Learn how things work. Learn how to use dex and swap services.
Hold for years at least until next halving.
Then keep just a small share of your portfolio in trading.
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Generally, weather when it comes to general crypto related stuffs as a newbie or trading, I always emphasize on understanding. Some newbies are too anxious to join the crypto space and eventually end up losing to either trading or holding because of their low experience and understanding in that field. As a newbie your first priority is to make sure you understand how crypto works before diving into it especially when it comes to the financial aspects.
Another important thing that a newbie should put into great interest is his level of security awareness. The crypto space can be dangerous for those that have very low security levels.
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I will suggest you to change your goals.
Most traders lose money , specially in crypto market.
Select some fundamental good coins, such as Bitcoin and Ethereum.
Learn how things work. Learn how to use dex and swap services.
Hold for years at least until next halving.
Then keep just a small share of your portfolio in trading.
I also have similar advice for new traders, but I will divide it into a few specific parts:
1. Lower your expectations of getting rich quickly in the crypto market. Remember, high returns come with high risks.
2. Strive to learn as much as possible about market analysis and scientific trading methods.
3. Never forget to use stop-loss orders!
4. Manage your capital and emotions effectively, especially greed.
5. Choose the best crypto assets to ensure profits: BTC & ETH.
6. Avoid unnecessary arguments and focus on your trading.
7. Don't borrow money to invest!
8. Don't let trading negatively impact your life and family.
9. Share your trading experiences with others.
10. Don't forget to enjoy the fruits of your labor :)
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Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader.
Certainly, you are making a good decision by getting involved with the world and market of cryptocurrency because here there can be big rewards all waiting for you but take note that with rewards comes big risks. Now, I am not a good trader myself as there are still many things I need to learn. And that is the key there: LEARN before you can EARN. Invest in educating yourself of the ins and outs of the industry so that you can hone in yourself and be ready for the rewards while minimizing risks. At the same time, never be afraid to try as not doing anything can also be fatal to your future. I am also advise that if you can it would be helpful to get into a mentoring system or even a group where you can be taught on what works and what does not. Good luck to you and hope to see you on top enjoying the life you all deserve.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Maybe this can help. What an newbies should do in the crypto world, and also what not to do. Yes, these tips may not guarantee that you will be safe and 100% successful, but at least they hope they can help you prepare yourself to be better:
What DOs:
1. Do your own research before deciding anything. (DYOR)
2. Start by learning first about crypto and all around, and stay updated on non-crypto news and developments.
3. Invest wisely, use your own free money that you can afford to loose.
4. Do diversification in choosing crypto to invest in, don't put it in 1 basket all in.
5. Choose only reliable and trusted exchanges and wallets.
6. Practice patience
7. Learn from mistakes, because mistakes are one of the best teachers for us.
And what DON'Ts:
1. Don't panic everything happens to the market, be calmer.
2. Don't invest in anything without understanding what projects or coins they are.
3. Don't invest all in quickly in hype coins, this is too risky, better to stay away from this, before you really understand how to analyze these hype coins.
4. Don't keep all assets in 1 online wallet, this is too risky. For long term investment, it is better to use a hardware wallet.
5. Don't forget or lose any important data, such as password, GA, Phrase, and others.
6. Don't click on any suspicious links whenever it is, even if it is in your mail, message, social media or others, it is to avoid any scam and phishing.
Sources:
https://www.binance.com/en/square/post/1281376
https://www.financemagnates.com/thought-leadership/4-crypto-investing-mistakes-newbies-must-avoid/
https://academy.yellowcard.io/topics/dos-and-donts-of-crypto/
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Pick an amount you can lose every 2 weeks.
for the sake of argument $20 every 2 weeks.
that would be $520 in a year.
Pick any coin don't care what you pick does not matter.
Buy $20 every 2 weeks for a year straight.
Do nothing but that just that nothing else.
Once 1 year is over. look at the coin decide if you want to sell or hodl.
if you can not do what I say you have no discipline and should never ever ever trade.
Basically you are training your self to dca and hodl.
If you can not dca and hodl a small reasonable amount . Like $20 every two weeks forget trading.
BTW it does not matter what coin you pick.
It does matter that you can stick to just that coin dca it and hodl it for a year.
worst cast you zero out and lose $520 best case it grows to a decent amount.
BTW Aug 18th 2023 btc was about 26,000 feb 24 2024 it was 51,000
So for the first six months of the dec you averaged 38,000 purchase price. we are over 62k so all of that coin did well
and from feb 24 24 to now June 25 24 we range between 51k and 72k which is about 61k average and you broke even with that.
you did 10 of 12 months so far and are ahead. if you did btc.
I want you to learn the feelings hodl gives you . They can be hard to resist.
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What DOs:
And what DON'Ts:
It is true that these tips are good and useful, but they are not directly related to trading, as doing private research, learning, or investing wisely or diversification are not trading strategies, but rather investment, as trading depends on learning the concepts of market psychology and the basics of technical analysis, in addition to accessing news that affects the market and trying Know it before it spreads.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
You have to take small baby steps, it's not just you can jump into trading and become successful, so it will take years and years of you losing money, gaining money, losing it again, having that experience under your belt, comes back strong and then continue to trade.
What I'm trying to say is that it's not going to be easy road to be a bad ass trader. Most of the successful once at one point in their career could have lost a lot of money. So if you are willing to go in that route and be mentally ready then you need to start somewhere else. So just used small capital in the beginning and do some trades obviously to gain that experience and then try to perfect your strategy along the way. I don't think that you need a mentor or something, there's a lot of reading materials in the internet that you can follow.
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By default, cryptocurrencies have technical risks compared to trading other entities such as forex, shares etc. which are difficult to recover from. The general advice for the crypto space is simply to choose a trusted, tested, feature-rich platform, avoid offering signals and managing funds from strangers.
Lastly, as a provision for learning your trading skills, no one gets rich overnight unless they gamble.
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By default, cryptocurrencies have technical risks compared to trading other entities such as forex, shares etc. which are difficult to recover from. The general advice for the crypto space is simply to choose a trusted, tested, feature-rich platform, avoid offering signals and managing funds from strangers.
Lastly, as a provision for learning your trading skills, no one gets rich overnight unless they gamble.
Trading in cryptocurrency not promising with profitable always and has own risk, its important adopt by all trader or investor when investing their assets in cryptocurrency. Increasing trading skill and read more information needed before trading is important part how to get minimalize risk when trading in crypto, some trader just following the other when investing in some coins although price of coins have reach up and not see the possibility price keep increasing or get decreasing later.
Be smart when trading in cryptocurrency and always be ready with risk happening later.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Cryptocurrencies are risky but if a little research is done on managing these risks before investing, the investment can be relatively less risky. There is less chance of losing when investing in Bitcoin. If one invests in Bitcoin even if there is a loss it will surely give profit if it can be held for long term. Also there are some altcoins that can give big returns in the long run. The most common mistake that beginners make is to invest in a coin for high profit which later loses. An investor should make a decision by researching before investing.
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Trading in cryptocurrency not promising with profitable always and has own risk, its important adopt by all trader or investor when investing their assets in cryptocurrency. Increasing trading skill and read more information needed before trading is important part how to get minimalize risk when trading in crypto, some trader just following the other when investing in some coins although price of coins have reach up and not see the possibility price keep increasing or get decreasing later.
Be smart when trading in cryptocurrency and always be ready with risk happening later.
Investing is different from trading they are different because investing to any assets you need to hold them for a long time in trading they do but they have a target price unlike in investing no matter what the price is they are holding it and sell it when they think they profit.
Yes trading is very risky but it is a part of trading mistakes if you didn't experienced this you will never learn and it takes time before you can be profitable trader you need to keep practicing if you want to speed up learning and improve skills then backtesting is always recommended all strategies are all working if you know how to optimize them and learn the management risk.
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Aside from what everyone has said, i would also advise to only invest what you can afford to lose. If you intend to perform short-term trading, you should get used with high volatility, compared with different investment choice.
Investing what one can afford to lose should be the number one advice to offer to a newbie before every other thing, that's like the primary advice to dish out to enthusiast with intentions and interest to invest in tge crypto market, although this isn't just applicable to only crypto investment exclusively, but also other forms of investment, or whatever endeavours that involves risking your money or resources.
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We all can start to give out our respective opinions and advice to a newbie but it is left for him to take into action all we have told him, some could not afford to learn something new and yield to advise, instead they will go ahead into something they are not used to and make series of mistakes before realizing what they are missing out, we should learn about anything before going deeply into it.
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At the op if you don't have proper discipline you will certainly lose.
Practice discipline a lot.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
I would advise you that if you are new to the crypto space, then try to learn the market sentiments, and do some personal analysis and make a good research. You may find many things on which you can do a good research. Your own research will make you better, so this is very important to do your own research in the crypto space. On the same time, my second advise is that after you have learned something from your research, invest only that amount you can afford in the form of losses as crypto market is very unpredictable and anything can happen any time in crypto space.
Well, After all that for the risk management, you should not invest all of your amount in the single project; you should deversify your net investment into different project so that one project will perform badly and the other one can make you some profit. This is not a financial advice to follow you can use it as a reference for your own research. DYOR!
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
There are a lot of tips and facts that a trader should know in order to become a bad ass trader. But I think taking the first step is the most necessary thing. Its a good thing to have a motivation to become an expert trader but still you can't make good profit or lesser lose in the start. If you will consider yourself a little more bad ass and at the same time won't be making profit then you will disappoint yourself.
I will say, clear your head, set your goal if you want to do daily trading then set your daily profit goal and try to make a plan on the basis of analysis you have made. Follow that plan and don't go against it on the basis of emotional sentiments.
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invest only that amount you can afford in the form of losses as crypto market is very unpredictable and anything can happen any time in crypto space.
Its a good advice, we should only invest in crypto what we don't fear to lose. Which means the money won't be affecting our lives if we even lose that money in crypto. We don't usually lose money in crypto if we are doing Spot but in future trading we are so close to lose it all if we make one bad move.
Well, After all that for the risk management, you should not invest all of your amount in the single project; you should deversify your net investment into different project so that one project will perform badly and the other one can make you some profit. This is not a financial advice to follow you can use it as a reference for your own research. DYOR!
Diversification is also a great advice, it minimizes our risk but we also have to do analysis to realize what other coin we should invest in. For example if that coin is directly moving with the price of BTC then when BTC goes down your that coin will go down as well. You can try to diversify out of the crypto space as well like in gold.
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Trading in cryptocurrency not promising with profitable always and has own risk, its important adopt by all trader or investor when investing their assets in cryptocurrency. Increasing trading skill and read more information needed before trading is important part how to get minimalize risk when trading in crypto, some trader just following the other when investing in some coins although price of coins have reach up and not see the possibility price keep increasing or get decreasing later.
Be smart when trading in cryptocurrency and always be ready with risk happening later.
Investing is different from trading they are different because investing to any assets you need to hold them for a long time in trading they do but they have a target price unlike in investing no matter what the price is they are holding it and sell it when they think they profit.
Yes trading is very risky but it is a part of trading mistakes if you didn't experienced this you will never learn and it takes time before you can be profitable trader you need to keep practicing if you want to speed up learning and improve skills then backtesting is always recommended all strategies are all working if you know how to optimize them and learn the management risk.
yes learn from mistakes. a fat finger can turn a 100 dollar purchase into 1000.
Worst than a fat fingered buy a fat finger sale . How about looking to sell 1 btc at 60,000 usd and missing a zero making a sale at 6,000 big mistake.
It is why I advise anyone looking to trade is lear to dca for a year and hodl the coin for the year.
Do that mistake free.
Say $100 worth of bitcoin 52 weeks in a row.
If you make mistakes doing that find out why you did the mistakes. You need to gain knowledge about your emotions to trade well.
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*Invest with the little you have, don't invest with the mind you will become a millionaire at the end of the day because that mindset can lead to destruction.
*Avoid projects that promise ROI on every given day.
*Invest in bitcoin, than you invest in altcoin. Like having a portfolio of 80% bitcoin, and 20% altcoin
*Have diversified investment in top altcoins.
*Be cautious about the type of link you click or get your wallet connected to.
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Diversification is also a great advice, it minimizes our risk but we also have to do analysis to realize what other coin we should invest in. For example if that coin is directly moving with the price of BTC then when BTC goes down your that coin will go down as well. You can try to diversify out of the crypto space as well like in gold.
Some altcoins such as ETH are recommended to be the same long-term investment as Bitcoin. Seeing how ETH is performing is also beyond doubt.
And some of the top altcoins can also be an option, but choose the ones that really have good development.
For investments outside the crypto space, gold is a Safe Haven asset that will withstand inflation and secure its Value well.
A few percent may be good enough if put into gold.
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Diversification is also a great advice, it minimizes our risk but we also have to do analysis to realize what other coin we should invest in. For example if that coin is directly moving with the price of BTC then when BTC goes down your that coin will go down as well. You can try to diversify out of the crypto space as well like in gold.
Some altcoins such as ETH are recommended to be the same long-term investment as Bitcoin. Seeing how ETH is performing is also beyond doubt.
And some of the top altcoins can also be an option, but choose the ones that really have good development.
For investments outside the crypto space, gold is a Safe Haven asset that will withstand inflation and secure its Value well.
A few percent may be good enough if put into gold.
A newbie should focus more on accumulating bitcoin alone and should not involve himself with altcoins that are centralized. We know that Etherum has being there for quite some time now but due to the kind of project it is, it should not be the focus for newbie. The reason why I said so is because bitcoin has proved itself to be an asset that will last long in the market and the price will also be increasing overtime. Only invest with the amount of money that you can afford to lose.
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*Invest in bitcoin, than you invest in altcoin. Like having a portfolio of 80% bitcoin, and 20% altcoin
In my honest opinion, it is better to invest in BTC and other assets that's not crypto, i.e. real estate. I know some people are altcoiners, so they cannot do without buying altcoins, so your recommendation is cool for them, altcoins should surely take the lower percentage in your portfolio.
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1. Educate yourself
2. Be updated
3. Diversify your portfolio.
There are many more advice that we can give, but I think these 3 could be a good start for a newbie. I mean the 1st one alone is enough already because a newbie MUST educate themselves first before investing their money.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
But if you are performing badly in trading then of course you can hold Bitcoin. Success is possible only by holding bitcoins, because if any investor wants to keep his money, holding bitcoins is a must. When he intends to hold Altcoins he will most likely lose immediately.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Maybe this can help. What an newbies should do in the crypto world, and also what not to do. Yes, these tips may not guarantee that you will be safe and 100% successful, but at least they hope they can help you prepare yourself to be better:
Well, you are right. Maybe this will be 100% effective or not, but I think it will create a mindset of what to do or what not to do by comparing the situation with these points. These points are the base and will be very important for a newbie who wants to come to the crypto world. If he ignores it, then the consequences will not be good. Here, the new persons want quick profits, and for that, sometimes they don't read something carefully and sometimes they miss some good news due to overconfidence. I think maybe some newbies see your post but won't read it, and this will be their own mistakes. So, I am adding these points: please be serious and do a detailed overview of anything you are entering..
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3. Diversify your portfolio.
Like i have already said in this topic, it is great to diversify your portfolio, but it is important to do it right. I don't recommend that after buying BTC, one should buy so many altcoins as diversification, it should be in other unrelated assets, i.e real estate. However, even if you want to include altcoins, just a few, very few.
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Aside from what everyone has said, i would also advise to only invest what you can afford to lose.
Yes, this is a very basic matter in crypto investment. We must use the money that we can afford to lose. Sometimes, there are people who use all their money in crypto investment because they are influenced by the story of successful people in crypto. This shouldn't happen because it may lead to severe losses. Well, I really agree with your suggestion, sir. ;)
I think I also will advice newbies to not using loan money. I see some of my friends using loan money to buy crypto coins. Even if they use the money to buy Bitcoin, I think it is still too risky. For the safe investment, I believe it is not good to use loan money because it must have the deadline for repayment and loan interest, too. This can lead us to hurry selling the assets.
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When it comes to risk management, I'd say buy BTC and maybe some of the top altcoins (check Coingecko for the list). The reason is that they are less volatile which means you don't have to worry much about your portfolio dropping to $0 overnight. You should probably read also about the Bitcoin halving or the four year cycle and how it affects the market. It should give you a good idea when to buy and when to sell.
This will surely give us the idea of when bear and bullish cycle come thus we can invest respectively but don't you think its a long term procedure for example currently there is bullish cycle and and to take entry a person have to wait for bear cycle. That make no sense. I say to become hard ass trader a person should have enough caliber to be in stress and be active on internet.
Funds are also necessary along with other educations but I will skip them. I say a mentor would be a nice idea to follow and get more knowledge and expertise. I don't think top altcoins or BTC is lesser volatile because they are highly volatile and you and I can see it by looking at the 48 hour chart. Do I have to fill captcha every time I post?
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Trust the process. You will be having a hard time to become a profitable trader. I believe you will experience losses no matter how disciplined you are that you can keep on following your plan. Journal all your trades, and if you lose, determine what was the mistake. By doing that consistently, you will harvest all the efforts you made since the beginning. And if you are in trading, always make sure to change into Isolated mode and put a stop-loss in every trade.
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It will take time before you become a bad ass trader. IMO, don't aim to be a bad ass trader, I'm not sure what that means to you but just be the profitable one and simple trader. A lowkey that's reliant to himself and his skills that's been developed through the period of time as you trade. Learn all the curves and take every mistake as a lesson that you'll learn for the long run to improve your trades. You don't get to win in trading everyday.
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Maybe this can help. What an newbies should do in the crypto world, and also what not to do. Yes, these tips may not guarantee that you will be safe and 100% successful, but at least they hope they can help you prepare yourself to be better:
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I think maybe some newbies see your post but won't read it, and this will be their own mistakes. So, I am adding these points: please be serious and do a detailed overview of anything you are entering..
I think so too. because actually there is a lot of information that we can get both on this forum and in other sources which is truly more complete and informative. But unfortunately, as you said, not all newbies want to read it. even if you read it, it's just a glance and you're not interested in understanding or implementing it. Because indeed, they may only focus on how to get more money in a shorter time, they will be much more interested in learning or doing it.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Patience is the key to success. First of all you must be patient to get into crypto. You can invest in top cryptos to avoid risk. Especially crypto currencies like Bitcoin, which are at the top of the cryptocurrency list. There are several other currencies whose value will not drop to $0 overnight. One thing must be kept in mind, if you invest, you must invest for the long term. As a newbie you can gain some knowledge like what is crypto currency? How does crypto work? What is the name of the top cryptocurrency? Gaining this knowledge will reduce dependence on others.
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I think so too. because actually there is a lot of information that we can get both on this forum and in other sources which is truly more complete and informative. But unfortunately, as you said, not all newbies want to read it. even if you read it, it's just a glance and you're not interested in understanding or implementing it. Because indeed, they may only focus on how to get more money in a shorter time, they will be much more interested in learning or doing it.
Must learning everything if want to be success in bitcoin or altcoin trading, its not matter with the beginner or new comer only in cryptocurrency but also experienced trader must read more in forum or in channel giving new information about bitcoin news.
Currently bitcoin going drop and I think if trader read the new information bad news make bitcoin down understood well how to manage well taking much profit entry with lower price without scare how long bad news will run. Need learn more if want become success in trading not only for newbie but also every one as experience or not must learning every day.
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Patience is the key to success. First of all you must be patient to get into crypto. You can invest in top cryptos to avoid risk. Especially crypto currencies like Bitcoin, which are at the top of the cryptocurrency list. There are several other currencies whose value will not drop to $0 overnight. One thing must be kept in mind, if you invest, you must invest for the long term. As a newbie you can gain some knowledge like what is crypto currency? How does crypto work? What is the name of the top cryptocurrency? Gaining this knowledge will reduce dependence on others.
What do you mean by gaining knowledge will reduce dependence, do you mean on other people so we don't have to take advice from them? Advice is best all the time and following crypto signal groups that are trending in telegram is also best because we can know what the world is predicting about BTC and about other currencies whose value won't be dropping to 0$ which I say is not fully true because all the centralized coins are vulnerable to dropping to $0.
It is necessary to know what the world is thinking in order to outperform it to make a profit and for sure. I learned this thing a long time ago never think you don't need anyone else. You have to observe what most of the experts and normies are talking about BTC. I am not saying to follow them but just observe them.
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Just continue what you are doing which is learning first before doing something. Being knowledgeable is very important and also don't forget that if ever you face a failing in trading is that you should be always positive and think of it as a stepping stone in your journey of learning. In other words, you are learning from your mistakes to become better in the future. Another thing is learning about the crypto you are trading with like bitcoin for example as it will help with your decision making situation.
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In other words, you are learning from your mistakes to become better in the future. Another thing is learning about the crypto you are trading with like bitcoin for example as it will help with your decision making situation.
Everything you say is true, some newbies do not take their time to learn before doing things in the crypto industry, it is either they don't learn about trading before getting in and then they lose all their money or they don't learn that they should use a self custodial wallet, and they go on to store their money in a custodial wallet, and lose it, etc. The most important thing is learning and newbies should pay attention to it.
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Everything you say is true, some newbies do not take their time to learn before doing things in the crypto industry, it is either they don't learn about trading before getting in and then they lose all their money or they don't learn that they should use a self custodial wallet, and they go on to store their money in a custodial wallet, and lose it, etc. The most important thing is learning and newbies should pay attention to it.
I guess you can say that those newbies are the ones who learned from their mistakes the hard way (if they did learn) unlike those who did learn first before doing something in crypto field. I have read somewhere in a forum where they learned from their mistakes the hard way so I believe that their advice would be the same as mine that's why I advise newbies to increase their knowledge first before anything.
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Patience is the key to success. First of all you must be patient to get into crypto. You can invest in top cryptos to avoid risk. Especially crypto currencies like Bitcoin, which are at the top of the cryptocurrency list. There are several other currencies whose value will not drop to $0 overnight. One thing must be kept in mind, if you invest, you must invest for the long term. As a newbie you can gain some knowledge like what is crypto currency? How does crypto work? What is the name of the top cryptocurrency? Gaining this knowledge will reduce dependence on others.
What do you mean by gaining knowledge will reduce dependence, do you mean on other people so we don't have to take advice from them? Advice is best all the time and following crypto signal groups that are trending in telegram is also best because we can know what the world is predicting about BTC and about other currencies whose value won't be dropping to 0$ which I say is not fully true because all the centralized coins are vulnerable to dropping to $0.
It is necessary to know what the world is thinking in order to outperform it to make a profit and for sure. I learned this thing a long time ago never think you don't need anyone else. You have to observe what most of the experts and normies are talking about BTC. I am not saying to follow them but just observe them.
I'm not saying don't depend on others to gain knowledge. To acquire knowledge you must acquire knowledge through others i.e. depend on others. This does not mean that you will continue to depend on others for the rest of your life. This is completely wrong. You have to gradually become self-reliant. Otherwise you won't discover anything new. You will notice, the person on whom you are completely dependent is dependent on himself i.e. self-reliant. You are dependent on others when you acquire knowledge, but you must be self-reliant when imparting knowledge to others.
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3. Diversify your portfolio.
Like i have already said in this topic, it is great to diversify your portfolio, but it is important to do it right. I don't recommend that after buying BTC, one should buy so many altcoins as diversification, it should be in other unrelated assets, i.e real estate. However, even if you want to include altcoins, just a few, very few.
I forgot to say it, but you're right.
Diversifying is a must, but overdiversifying is already bad.
Like what you said, diversifying into different cryptocurrencies isn't considered diversification because it's under one asset class still. If you want to diversify, you must diversify it into different asset classes like you invest into the Stock Market, Bonds, Real Estate, etc. etc. That's the correct way of diversifying. Diversify across multiple asset classes. Anyway, a newbie with a limited amount of money would be having a hard time doing this so I guess sticking with Bitcoin would be their best option if they want to invest into crypto first. After that, newbies must learn how to invest into the Stock Market, or the Bond Market, or even in Real Estate if possible.
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I have read somewhere in a forum where they learned from their mistakes the hard way so I believe that their advice would be the same as mine that's why I advise newbies to increase their knowledge first before anything.
It should be so, it would be better to seek knowledge first, so that when entering crypto you will not be too confused.
There are many terms that need to be learned and of course some other technical knowledge.
I also started as a beginner and didn't know anything about crypto,
but I read more articles and threads that talk about crypto and what I want to know.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
First of all, as a newbie, what you need more at this stage is to study and make research, ask questions should in case you come across any difficulty. And get familiarised with blockchain, wallet, security/seed phrase back up, types of addresses..... You need to focus on doing your own research rather than relying on someone elses work of research which they might have exaggerated some facts and leave the whole idea on mystery or lies to convey false information. We normally experience cases like this on social media cryptocurrency influencer who claims to be a crypto expert but at the end they are just experiencing their mere thought which might be absolutely wrong. So staying independent on getting your information would build a solid know why and how questions that would build a basic knowledge for you.
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I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.
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Just continue what you are doing which is learning first before doing something. Being knowledgeable is very important and also don't forget that if ever you face a failing in trading is that you should be always positive and think of it as a stepping stone in your journey of learning.
Indeed.
In fact, it's quite simple to give advice to newbies who have just joined the crypto world.
Yes, just do:
Don't get into FOMO whatever it is in the cryptocurrency space.
Prepare yourself first with a variety of very essential knowledge and insight regarding crypto, without this knowledge, you will only be like a blind here, and if you are blind, it will be very risky to invest in crypto.
With knowledge, you can at least improve your perspective and mindset in investment, in choosing coins, and also in managing the investment to minimize all existing risks. So, as long as you are willing to learn and prepare and don't get into FOMO, then this will be a very good provision for newbies.
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I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.
I think that's a bit too much, especially if he doesn't plan on making daily trades on some random coins every day. It is useful, but if OP or anyone is only interested in day trading, they probably should focus more on learning about trading indicators instead of researching the top 500 meme coins or something similar. Things might be different if they want to invest for the long-term, which requires in-depth research as you mentioned above. I do agree that learning about the cycles is good since knowing them can help you plan for the bigger picture. Though as always, nothing is guaranteed so remember to make plan B.
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Two top of my head:
1) Don't borrow money to invest in crypto, crypto is fragile investment, even the top coins bust — like it happened to $LUNA some time ago, people lost heavily in it.
2) Unless you are actively trading, keep your funds off exchanges and secure them in private wallet where you hold the private key. Exchanges go bust as well.
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I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.
The advice you make is very good and should be done by everyone, not only beginners but those who really want to know more clearly what crypto is in detail. It is indeed better to follow every forum that is related to crypto, so that if you don't know, you can ask because by asking, you can know clearly what you are thinking, Because developments always continue to increase, and it is necessary to follow developments as a whole and not just on the subject.
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Cryptocurrency is very volatile and because of that it has become very risky today the price will be up and tomorrow is can be down so it is very difficult to predict what will happen, a lot of people has lost money in cryptocurrency i know of a man that used his life savings to invest in a certain coin and the lost value and the man lost his money when he heard of the coins fall he had heart attack and dead so when it comes to cryptocurrency investment one needs to be very careful and ask questions in other to know what to do.
Now you are not suppose to borrow money or take loan just to invest in cryptocurrency Because is volatile and anything can happen at anytime and since it take long time for crypto coin to increase in value and price and one really don't know when it will increase so it is not advisable to borrow money or take loan just to invest in cryptocurrency, some people just hear about someone who has made huge amount of money from crypto and they want to make such money too and without asking questions or doing proper research about the cryptocurrency they went to borrow money or take loan just to invest in cryptocurrency with the intention of making money.
And don't invest in shitcoins instead invest and focus on Bitcoin accumulate and hold for a very long time, there's low or no risk in Bitcoin especially if you are holding for a very long time, when you invest in Bitcoin you won't have anything to fear because you can lose your money even when there's a dip because a dip in Bitcoin is just an opportunity to accumulate enough Bitcoin because it is certain that it will rise again.
Bitcoin is the first crypto coin to be created and one of the best investment right now in the world and the best crypto coin, Bitcoin has made a lot of people rich and some countries has already started accepting Bitcoin as a means of payment and is certain that Bitcoin will keep growing bigger and better.
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At the beginning part of the journey and at the long run as well. Don't rush to make big profit. As a newbie in cryptocurrency, and he is investing or trading, I advise that they should not rush to make big profit in the process because that can cause a big damage to their crypto journey and for that they might not like to continue again. They should use that period to learn and gain small profit they are making to continue the journey. And don't be greedy to make big amount. This also the same meaning with the previous advice but they are different. And the different is, they are some people who want to make it over night so when someone asked them to invest in a particular platform without asking questions they would just invest and loss all. And trading signals. They're some scammers that out there asking people to join their signal trading platforms to give you signal three times a week. And when you joined them, they will say, if you don't have a broker join our trading app and if you have joined our platforms to trade. You must involve with them before they can give you their signal and those their signals not legit and finally they will scam you. Avoid those people.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Nothing is a badass trader in crypto because you lose and profit in some of your crypto investments. What ways you lose in crypto is if you intend to invest in altcoin rather than Bitcoin. Altcoin is the most investment an investor would lose easily compared to Bitcoin. For Bitcoin investment you don't lose unless you decide to sell at a loss price. But so far you are hodling for long, you are likely to end at profit side. That's the point, to take note of.
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At the beginning part of the journey and at the long run as well. Don't rush to make big profit.
it’s essential to learn how the market works and know what is normal timeframe i know so many people who turned against crypto because they felt like they were being scammed because they were promised of easy and fast money but that is not true at all you need to be patient and wait out the market sometimes it doesn’t mean the project is immediately a flop if it doesn’t’ reach your targeted price right off the bag
Altcoin is the most investment an investor would lose easily compared to Bitcoin.
altcoins are definitely more risky than bitcoin but i wouldn’t discourage a newbie to invest in altcoins as lomg as they do their own research properly the best thing to do is to invest in both bitcoin and altcoin
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At the beginning part of the journey and at the long run as well. Don't rush to make big profit.
it’s essential to learn how the market works and know what is normal timeframe i know so many people who turned against crypto because they felt like they were being scammed because they were promised of easy and fast money but that is not true at all you need to be patient and wait out the market sometimes it doesn’t mean the project is immediately a flop if it doesn’t’ reach your targeted price right off the bag
Looking for fast and easy ways to make money iss the easiest way to scam people especially beginners because they lack so much knowledge at first which makes them an easy target. After falling for scams people lose interest in cryptocurrency believing everything about it is scam and also when they invest in certain coins that couldn’t meet their expectations they easily give up on cryptocurrency not knowing that cryptocurrency needs patience and time.
Altcoin is the most investment an investor would lose easily compared to Bitcoin.
altcoins are definitely more risky than bitcoin but i wouldn’t discourage a newbie to invest in altcoins as lomg as they do their own research properly the best thing to do is to invest in both bitcoin and altcoin
Their volatility is higher than that of bitcoin that’s why the risk associated with them are higher but it doesn’t mean that one can’t gain profit from them and also some altcoins are less risky than others so with adequate research you can identify good altcoins to invest in.
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This would be my advice to any newbie who asked me for some:
1. Don't trade.
2. Read number one.
3. Go back, take a deep breath, and remember that you should not trade.
You said to give advice for newbies. And this is the kind of news that people new to bitcoin should be hearing. Because naturally these people will be chasing quick profit but then we'd have other people on social media showing them all the money they have made and then then they become greedy.
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Their volatility is higher than that of bitcoin that’s why the risk associated with them are higher but it doesn’t mean that one can’t gain profit from them and also some altcoins are less risky than others so with adequate research you can identify good altcoins to invest in.
It's pretty bad not all altcoins can be trusted most of them are riskier than just Bitcoin but if you are willing to invest in altcoin make sure that you invest only on the altcoin with high liquidity and are tradable on almost all exchanges, unlike altcoins that only listed on an exchange that mostly are shitcoins like sample grin coin it is dying because it's privacy coin it is one of the good coin before listed on big exchanges but right now almost all exchanges delisted this coin and slowly dying it is not a good choice to invest in.
So I think better check the top 100 on coinmarketcap or Coingecko it filters all other shitcoin and should shows only most traded coins and of them should be a good investment but before you invest make sure you check the roadmap, whitepaper and the community.
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Regarding the mentor though, do you think that this is a good move by newbies to get some a mentor? I see a thread on the other forum saying that he did get one because he was losing money already.
But I will say that there could be some successful traders in crypto sphere that didn't get one. I mean we could have been in the same market around 2015-2017 hearing about trading and so we got our hands on it without knowledge and making some money even without a mentor (as obviously there's none during that time).
So do advise newbies to get someone and pay them in the beginning to teach them trading?
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Regarding the mentor though, do you think that this is a good move by newbies to get some a mentor? I see a thread on the other forum saying that he did get one because he was losing money already.
But I will say that there could be some successful traders in crypto sphere that didn't get one. I mean we could have been in the same market around 2015-2017 hearing about trading and so we got our hands on it without knowledge and making some money even without a mentor (as obviously there's none during that time).
So do advise newbies to get someone and pay them in the beginning to teach them trading?
The truth is, every newbie won't learn the same way. Some will learn the easy way, while others will have to learn the hard way. We can't overlook the importance of mentors and mentorship in the life of every newbie, especially when they want to learn something that will benefit them in the long run. I think newbies need mentors because it will help them figure out what information to focus on and what to avoid. Trading for example, is something that every interested newbie might want to seek a mentor for, because mentors already have the experience. But the thing is, some of this mentorship doesn't come for free. It usually costs money, and most newbies can't afford to pay, which is why they end up learning by themselves the hard way.
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Regarding the mentor though, do you think that this is a good move by newbies to get some a mentor? I see a thread on the other forum saying that he did get one because he was losing money already.
But I will say that there could be some successful traders in crypto sphere that didn't get one. I mean we could have been in the same market around 2015-2017 hearing about trading and so we got our hands on it without knowledge and making some money even without a mentor (as obviously there's none during that time).
So do advise newbies to get someone and pay them in the beginning to teach them trading?
On theory, it's not bad idea. But since they're newbie, how exactly they can know that their mentor is competent and doesn't have bad intention? And regarding trading, there are many tutorial about it on internet, whether in form of video, article or book.
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On theory, it's not bad idea. But since they're newbie, how exactly they can know that their mentor is competent and doesn't have bad intention? And regarding trading, there are many tutorial about it on internet, whether in form of video, article or book.
I think you have a point here about the incompetence or bad intensions of mentorship, but I am not sure if it's a common thing. Though, I have seen some people who withhold information for selfish reasons, which I think doesn't make them a mentor in anyway, and they shouldn't be called one. I agree to the fact that information is available on the internet, but the quality is what really matters. I used to believe that the Internet houses all information that every one needs to improve, including trading related, until I met with a trader some weeks back. He also agreed to the fact that the internet contains certain information, but specified that it doesn't contain everything. He went further by saying that the real information, especially in his own field (trading) cost him money, and it has been really helpful to him.
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The truth is, every newbie won't learn the same way. Some will learn the easy way, while others will have to learn the hard way. We can't overlook the importance of mentors and mentorship in the life of every newbie, especially when they want to learn something that will benefit them in the long run. I think newbies need mentors because it will help them figure out what information to focus on and what to avoid.
Of course, each newbie may have a different way in learning. There are also newbies who can learn quickly and there are other who learn slowly, it depends on their intelligence. But to have a mentor, it is not a must, it depends on the situation. Sometimes we have no person that we can really trust. I never have a mentor because I don't trust anyone. But I think I can learn it myself and I have no problem at all. It is good to have a mentor, but make sure that the mentor is trustable person.
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But I think I can learn it myself and I have no problem at all. It is good to have a mentor, but make sure that the mentor is trustable person.
really a person who can be trusted, because the mentor will be the one who teaches you from start to finish.
You are willing to pay a mentor then you need to get better knowledge and understand quickly.
Many beginners only do it on their own without a mentor, but it doesn't matter as long as they learn well without difficulty, but with the help of a mentor it can be done quickly and easier.
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This would be my advice to any newbie who asked me for some:
1. Don't trade.
2. Read number one.
3. Go back, take a deep breath, and remember that you should not trade.
You said to give advice for newbies. And this is the kind of news that people new to bitcoin should be hearing. Because naturally these people will be chasing quick profit but then we'd have other people on social media showing them all the money they have made and then then they become greedy.
Even if newbies make good profits in trading, they lose it soon after because they lack the knowledge to secure the profits and blind trading only works in bull market, two of my friends made good money back in 2021, then they lost it soon after.
Most newbies won't be this fortunate, and they'll lose from get go.
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On theory, it's not bad idea. But since they're newbie, how exactly they can know that their mentor is competent and doesn't have bad intention? And regarding trading, there are many tutorial about it on internet, whether in form of video, article or book.
I think you have a point here about the incompetence or bad intensions of mentorship, but I am not sure if it's a common thing.
Actually i don't know whether it's common occurrence or not.
I agree to the fact that information is available on the internet, but the quality is what really matters. I used to believe that the Internet houses all information that every one needs to improve, including trading related, until I met with a trader some weeks back. He also agreed to the fact that the internet contains certain information, but specified that it doesn't contain everything. He went further by saying that the real information, especially in his own field (trading) cost him money, and it has been really helpful to him.
You're right, finding quality information getting harder especially when some website use chatbot to generate generic or non-sense article. Although I would do some research before deciding to buy certain book or guide.
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My suggestion to a newbie would be to explore the crypto world as much as possible when they enter the crypto world. And crypto related communities to follow especially Bitcoin Talk and Altcoin Talk forums to explore and ask more questions.
Ask more questions because when you explore you will come across many new things that you don't understand and the easiest and best way to understand them is to create a topic in such forums and ask the community members.And of course, as a newbie, it is best to avoid aggressive investments first, gain knowledge, and then invest.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
My advice is to always moderate your greed take your timedo your research and do not be in hurry to believe what people are presented to you, Not all that glitters is gold when it comes to investing in Cryptocurrency.
You will make mistakes; its part of growing in investing in cryptocurrency, but be sure to apply all that you learn from investing, There are many shills, hypes, scams, and bad actors in cryptocurrency, tracing them is a huge undertaking, so it should be your endeavor to trace what are good and bad investments.
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lot of people will suggest you to learn the candlestick pattern to understand the basic and expert level trading. Most essential to learn try to learn as much as you can cause the more you learn about market. This market Won't always go as you please. You will learn in a curve. So if failed it means You're learning.
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This would be my advice to any newbie who asked me for some:
1. Don't trade.
2. Read number one.
3. Go back, take a deep breath, and remember that you should not trade.
You said to give advice for newbies. And this is the kind of news that people new to bitcoin should be hearing. Because naturally these people will be chasing quick profit but then we'd have other people on social media showing them all the money they have made and then then they become greedy.
To stay out of trading is the best advice to give to a newbie in crypto. Upon my years in crypto, I am still finding it hard to start trading because I know trading to be risky, and it is hard to gain expertise in it.
I will advise newbies to do the same, "to stay out of trading," to invest and hodl Bitcoin for the long term and altcoin for the short term; that's always preferable than to go into trading.
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Don't easily listen to the advice of strangers who influence your investment strategy, unless you really need a reference to make your data better ... they will never be responsible for your losses, so the absolute decision is in your hands ... even some people still do shilling because it is a personal benefit for them.
Be careful of fraud with the lure of big profits in a short time ... it is really difficult to happen even now it is still used as a way for fraudsters to find victims ... and my last message is, never have high expectations of the cryptocurrency space, finding profits in cryptocurrency is not as easy as imagined, so improve your quality every day to be able to develop and survive in the cryptocurrency world.
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really a person who can be trusted, because the mentor will be the one who teaches you from start to finish.
You are willing to pay a mentor then you need to get better knowledge and understand quickly.
Many beginners only do it on their own without a mentor, but it doesn't matter as long as they learn well without difficulty, but with the help of a mentor it can be done quickly and easier.
Yes, a mentor must be a trusted person. He will learn us everything about crypto. If he misleads us, we will do wrong thing in crypto. However, it is very difficult to get a trusted people in crypto. Many people sometimes are good in theory only, but they fail when they implement the theory. The mentor should be a professional trader/investor. Don't choose someone who is good in theory only! :D
True. There are many people invest or trade without the help of a mentor. But if we can learn from trusted articles or videos, it is no problem. I also do this, I can say that I'm quite successful. At least, I can get profits quite often, and I know well how to trade/invest in a proper way.
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Their volatility is higher than that of bitcoin that’s why the risk associated with them are higher but it doesn’t mean that one can’t gain profit from them and also some altcoins are less risky than others so with adequate research you can identify good altcoins to invest in.
definitely just take ethereum for example it is second to bitcoin but it is considered almost as safe and secured as bitcoin i am talking about altcoins with lower marketcaps especially projects that has just been launched and yes you can expect some profit but it will be a lot harder to take some when it comes to lower known projects
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Their volatility is higher than that of bitcoin that’s why the risk associated with them are higher but it doesn’t mean that one can’t gain profit from them and also some altcoins are less risky than others so with adequate research you can identify good altcoins to invest in.
definitely just take ethereum for example it is second to bitcoin but it is considered almost as safe and secured as bitcoin i am talking about altcoins with lower marketcaps especially projects that has just been launched and yes you can expect some profit but it will be a lot harder to take some when it comes to lower known projects
I’m not a fan of Ethereum but for it to have attained the position it has today simply means that it’s also built on a solid framework just like Bitcoin (I’m not comparing it to Bitcoin). But I’m still very much of the opinion that investing your money in any token that’s not Bitcoin comes with a very high risk, I’m not saying that Bitcoin investment is risk free, I’m simply saying that it’s a lot more easier to mitigate the risks associated with Bitcoin investment, which isn’t the case with other shitcoins. Shitcoins are mostly in the market to enrich the developers of the project and a few early investors who manage to pull out their funds before the project is dumped, which makes it a very risky investment option, especially for investors who intend to invest for the long term.
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Re: What advise would you give a crypto newbie?
1. Give yourself some time to learn at least the basics online.
2. Don't ever think about the potential profits that you can get if you're a newbie.
3. Don't ever, ever follow what these so-called gurus are saying because they might be either misleading or leading you to a potential scam.
4. Don't ever, ever, ever trade.
There are many more, but I guess that's the top 4 that comes to my mind. We know how risky cryptocurrency is, and with the amount of misinformation that's being spread online, it's hard for a newbie to learn the basics while not getting scammed because I believe that they are gullible enough to fall to these scams.
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Their volatility is higher than that of bitcoin that’s why the risk associated with them are higher but it doesn’t mean that one can’t gain profit from them and also some altcoins are less risky than others so with adequate research you can identify good altcoins to invest in.
definitely just take ethereum for example it is second to bitcoin but it is considered almost as safe and secured as bitcoin i am talking about altcoins with lower marketcaps especially projects that has just been launched and yes you can expect some profit but it will be a lot harder to take some when it comes to lower known projects
Ethereum is usually considered as very close to Bitcoin in terms of security and solidity taking into account its market capitalization and environment backing. Nevertheless, it is possible to make a profit here mostly for altcoins, having small market caps and will especially refer to new promising projects; however, the level of risk is much higher here. Hopefully, more people will start investing in these lesser-known projects because they take longer to build and the amount of profit that can be made is not necessarily as great as with coins like Ethereum. Trading in these coins demands a great level of analysis and planning since they’re more prone to fluctuation than fiat currencies.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Seeing your situation reminds me of my early days in cryptocurrency. Initially I was also a very bad trader and could never make a profit from trading and the main reason was because I was not good at trading analysis. It was my biggest mistake when I traded without good knowledge of trading analysis. And if you are doing one thing then I would say take a break from trading and learn trading analysis in the beginning.
But for risk management you can invest in Bitcoin for long term by following the dollar cost averaging method.
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Initially I was also a very bad trader and could never make a profit from trading and the main reason was because I was not good at trading analysis. It was my biggest mistake when I traded without good knowledge of trading analysis. And if you are doing one thing then I would say take a break from trading and learn trading analysis in the beginning.
One should realize that trading demands the right kind of mindset and skills and a newbie should see that he has nothing of these in the first place and so things can be so risky. Now, we know that trading can be a very attractive enterprise and it is one that has proven to be really good in creating wealth but one has to be fully prepared by education...and if possible get a mentor that can guide you in the ins and outs of the business. Though this can be so risky this is something that should not deter a determined one to make it here...success can be so possible if one is really prepared.
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One should realize that trading demands the right kind of mindset and skills and a newbie should see that he has nothing of these in the first place and so things can be so risky. Now, we know that trading can be a very attractive enterprise and it is one that has proven to be really good in creating wealth but one has to be fully prepared by education...and if possible get a mentor that can guide you in the ins and outs of the business. Though this can be so risky this is something that should not deter a determined one to make it here...success can be so possible if one is really prepared.
Trading is very attractive and as well as we also think we can really make a good wealth by trading which is actually true but the problem is the social media and the newspapers and the new channel spread all the positive things about trading and most of the people got attracted in this point and here they take wrong decision.
As I said in my previous post I was inexperienced and as well as I was also bad in trading analysis most of the important thing that time I don't have any idea about the market psychology and that's why I face lots of loss in my start of trading.
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Initially I was also a very bad trader and could never make a profit from trading and the main reason was because I was not good at trading analysis. It was my biggest mistake when I traded without good knowledge of trading analysis. And if you are doing one thing then I would say take a break from trading and learn trading analysis in the beginning.
One should realize that trading demands the right kind of mindset and skills and a newbie should see that he has nothing of these in the first place and so things can be so risky. Now, we know that trading can be a very attractive enterprise and it is one that has proven to be really good in creating wealth but one has to be fully prepared by education...and if possible get a mentor that can guide you in the ins and outs of the business. Though this can be so risky this is something that should not deter a determined one to make it here...success can be so possible if one is really prepared.
Moreso, they are more to it than just success which is the loss of trading and some effects and negative impact on it. New traders without knowledge or understanding can be very bad traders and it will be very difficult for them to get the right balance on cryptocurrency market. A lot of knowledge need to be done before coming into trading and having a mentor will really help you through and guide you a lot.
Having a lot of knowledge and understanding about what you are doing can reduce the risk of it and gives you a better strategy and more confidence about trading. And most importantly after understanding every little detail about trading, trade with the value you can afford to lose.
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Don't easily listen to the advice of strangers who influence your investment strategy, unless you really need a reference to make your data better ...
Any person you are taking advice from must be someone who has a proven record, because talk is really cheap and can easily be given by anyone. Take advice and tips from only people who have shown good knowledge or expertise with crypto.
Even after the advise or tip has been taken, still try to do some personal verifications.
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l am happy to guide them in a right way also giving them all the knowledge that I learned for a while that's definitely gives them a headstart to their investment or trading career. Personally I won't recommend them to start as a trader, it's not reliable way to make money and that's why most people who enters new to the market face loss and exit the market blaming the crypto but the one who should be blamed is the individual who took the risky mode in the volatile market space.
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Moreso, they are more to it than just success which is the loss of trading and some effects and negative impact on it. New traders without knowledge or understanding can be very bad traders and it will be very difficult for them to get the right balance on cryptocurrency market. A lot of knowledge need to be done before coming into trading and having a mentor will really help you through and guide you a lot.
Having a lot of knowledge and understanding about what you are doing can reduce the risk of it and gives you a better strategy and more confidence about trading. And most importantly after understanding every little detail about trading, trade with the value you can afford to lose.
Moreover, another important thing that I think is that you should not start trading without knowing everything about trading because even then there are lots of professionals in this sector but they also suffer losses. It is a lie that they do not suffer losses at all. But the difference between them and other general newbie traders is that they can use their skills to recover their losses but on the other hand a new trader cannot do that. And for that he must first learn about trading then practice then go into investment.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
To be a trader, one needs to be more careful and start by learning about trading, the strategies and the various kinds of trades which have, then, one may also have to define the category of trades he may be willing ot go for, maybe crypto or forex trading, take time to learn and understand the risk as well as the benefits in making trades, build up a capital to serves as a trading fund when fully ready to engage and have enough patience while learning about trades and risk management.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
Seeing your situation reminds me of my early days in cryptocurrency. Initially I was also a very bad trader and could never make a profit from trading and the main reason was because I was not good at trading analysis. It was my biggest mistake when I traded without good knowledge of trading analysis. And if you are doing one thing then I would say take a break from trading and learn trading analysis in the beginning.
But for risk management you can invest in Bitcoin for long term by following the dollar cost averaging method.
It seems that quite a lot of people start a situation in crypto like this. I actually went straight into future trading at the beginning, just because I was very tempted by the abundant wealth and profits that I saw were so easy to get from an acquaintance of mine. and in the end, I decided to follow in his footsteps, but because my abilities were not enough, I even joined the trading signal group.
and do you know what happened? yes, I failed and lost quite a lot of money. and from there, the first thing I understood, I didn't know anything and immediately decided to trade futures, this is very risky. although it can provide a lot of profit, but for newbies, the losses are much higher. while I haven't prepared anything.
that's why, the best thing when becoming a newbie in crypto is:
- Don't decide to trade first, even if trading on the Spot market or with leverage on the future market.
- Learn various things related to crypto first
- If you want to learn by doing, just buy Bitcoin first to teach you various investment experiences, not for daily trading, but for investment, both short term and long term
- make sure you can get experience from the investment, both financially and especially emotionally and mentally prepared to continue the investment.
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that's why, the best thing when becoming a newbie in crypto is:
- Don't decide to trade first, even if trading on the Spot market or with leverage on the future market.
- Learn various things related to crypto first
- If you want to learn by doing, just buy Bitcoin first to teach you various investment experiences, not for daily trading, but for investment, both short term and long term
- make sure you can get experience from the investment, both financially and especially emotionally and mentally prepared to continue the investment.
I would like to fully agree with you on this 4 you have mention on your post. About the first suggestion if I tell something most of the people think that learning trading means only invest on trading with their money.
But this is not a reality they can practice on the demo version after while they will bore on it because they don't know how to analysis. They will invest on that real market maybe sometime have some profit and sometime loose all their. And this is mostly happening in the cypto market. A And for sure about the investment on Bitcoin I would like to say here investing in Bitcoin with the DCA strategy could be the best option for a beginner.nd this is also through that entering in trading means he is in the whole Crypto world so he must have to have the others important knowledge about the cryptocurrency.
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But this is not a reality they can practice on the demo version after while they will bore on it because they don't know how to analysis. They will invest on that real market maybe sometime have some profit and sometime loose all their. And this is mostly happening in the cypto market.
if they start trading in the real market immediately even without properly studying about it trust that they will go back to the learning board again and even try to practice in the demo version after they first lose their money some people think that it is easy to trade because they just follow the buy low sell high but they do not know the real challenge until they see it for themselves
A And for sure about the investment on Bitcoin I would like to say here investing in Bitcoin with the DCA strategy could be the best option for a beginner.nd this is also through that entering in trading means he is in the whole Crypto world so he must have to have the others important knowledge about the cryptocurrency.
this is the best choice really this way even if they aren't yet officially trading at least they can see and observe how the market moves already and they can see how it affects their money as well
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Aside from what everyone has said, i would also advise to only invest what you can afford to lose. If you intend to perform short-term trading, you should get used with high volatility, compared with different investment choice.
High Volatility is a general problem for investing in cryptocurrencies, the only advantage that long term investors have is that, their long term perspective and plans helps them to overlook the high volatility that comes with the market, since their target is fixed on the assets long term potential. So whether short term or long term investors, the risk of High Volatility is present.
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if they start trading in the real market immediately even without properly studying about it trust that they will go back to the learning board again and even try to practice in the demo version after they first lose their money some people think that it is easy to trade because they just follow the buy low sell high but they do not know the real challenge until they see it for themselves
To be honest, no matter how much we talk about this, it will still happen in the present and future that new investors will invest without knowing properly about trading and they will suffer losses initially. And in the meantime, those who realize that they have something to learn and then gain some experience and knowledge about trading, they become successful later.
Most of the people doing mistake in the first time this is also a human nature like we all people always priorities the positive like others people doing huge profit from trading.Just like that people thought that they can also make huge money from investment.
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Don't be greedy as a newbie, i know there is a certain period of time some of us may want to start from the big way and have raised expectations towards making it in crypto, which i don't think its a bad idea, but we may only need some patience to get to that stage and start from somewhere by learning the necessary things required of us to know, avoid greed and don't be too desperate in making money.
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Don't be greedy as a newbie, i know there is a certain period of time some of us may want to start from the big way and have raised expectations towards making it in crypto, which i don't think its a bad idea, but we may only need some patience to get to that stage and start from somewhere by learning the necessary things required of us to know, avoid greed and don't be too desperate in making money.
Difficult advice for newbie or new comer in cryptocurrency don't be greedy, most of them come invest or trade in cryptocurrency have huge expectation by small capital but want to earn much profitable and take short term. Its most impossible how talk or advice them realistic take profit based on how much capital use for trading or investing.
Usually if some one keep realistic when trading always set up profitable under 10% and won't huge expectation small capital earn much profitable, most of unexpected profitable earn the newbie try with future trading until trade at meme coins have high risk potential losses their capital.
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High Volatility is a general problem for investing in cryptocurrencies, the only advantage that long term investors have is that, their long term perspective and plans helps them to overlook the high volatility that comes with the market, since their target is fixed on the assets long term potential. So whether short term or long term investors, the risk of High Volatility is present.
I don't think that high volatility is a problem in cryptocurrency, it's an advantage for traders and investors to make money, it's the reason why crypto is unique in its own way, it's because of that volatility we can see 100% increase in price in a day and it's the same reason why market can fall 50% under some hours, that's how crypto market behaves and how it works.
If you are trader that like doing futures, you can explore this volatility and make cool profit but you have to make sure that you use low leverages otherwise your trade will often be liquidated everytime.
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I don't think that high volatility is a problem in cryptocurrency, it's an advantage for traders and investors to make money, it's the reason why crypto is unique in its own way, it's because of that volatility we can see 100% increase in price in a day and it's the same reason why market can fall 50% under some hours, that's how crypto market behaves and how it works.
If you are trader that like doing futures, you can explore this volatility and make cool profit but you have to make sure that you use low leverages otherwise your trade will often be liquidated everytime.
Trust me volatility can be a blessing and curse, a blessing to those who really do understand the dynamics of the market and know just how to navigate the market, but for those who know very little or nothing about the market, including the traders, the market volatility can be a serious problem. So when I say volatility is a problem, I mean for the short term investors/traders and those who do not really understand the market dynamics.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
The advise of risk management you ask, can be set to be grouped maybe into 2 parts. As a trader and as an investor. When it comes to trading, the risk management is more complicated than how it may sound. Risk management in trading can range from the entry and exit of a trade and analyzing of the market. Knowing how to use the stop loss and take profit tools when trading is very resourceful.
For an investor, taking the right choice on a profitable asset is very much part of risk management. Holding or investing on Bitcoin and top major altcoins in the market will help mange risk of losses.
As a crypto newbie traders, you need to know the negative effect of greed and fear when trading, cause it can cause havoc to the account of a new crypto trader.
Learn to start with a demo trading account or a low capital start up to gain some experience of crypto market and practical understanding of the candle movement/trading indicators.
Personal development and discipline are also very important as this can help you control your emotions in the market, as the market can make you take some quick and drastic decision, without clear vision of what the result can be.
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I don't think that high volatility is a problem in cryptocurrency, it's an advantage for traders and investors to make money, it's the reason why crypto is unique in its own way, it's because of that volatility we can see 100% increase in price in a day and it's the same reason why market can fall 50% under some hours, that's how crypto market behaves and how it works.
If you are trader that like doing futures, you can explore this volatility and make cool profit but you have to make sure that you use low leverages otherwise your trade will often be liquidated everytime.
Trust me volatility can be a blessing and curse, a blessing to those who really do understand the dynamics of the market and know just how to navigate the market, but for those who know very little or nothing about the market, including the traders, the market volatility can be a serious problem. So when I say volatility is a problem, I mean for the short term investors/traders and those who do not really understand the market dynamics.
The volatile nature of the crypto market makes it more risky to traders and only few benefits from it why a lot of them run at loss. This is why it's better to be a long-term investor because that's the only way the volatile nature of bitcoin can favor you without stressing yourself. A newbie should focus only on investing for long-term, so that he does not fall in temptation of little profit taking and regret his actions.
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Crypto new need to get first the information about the crypto market and after that he will need to start invest their money in this business like a small amount $80 to $100 and in the small value of coins like in the Doge, or in SHIB or in PEPE coin becasue these coins future is very good and soon it will make a very high in 2025.
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Crypto new need to get first the information about the crypto market and after that he will need to start invest their money in this business like a small amount $80 to $100 and in the small value of coins like in the Doge, or in SHIB or in PEPE coin becasue these coins future is very good and soon it will make a very high in 2025.
Do you think that advising a newbie to invest their money in memecoins is the most appropriate thing to do?. That advice seems risky to me, even if the amounts are small as you say, those “small” amounts can be a lot of money for that person. I think the best thing a newbie can do is spend a few months reading and studying the market (it may seem like a long time, but we learn a lot that way) before making a small investment to test how things work. And not precisely to invest in memecoins, but in coins/tokens that are less manipulable than the ones you have mentioned.
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and in the small value of coins like in the Doge, or in SHIB or in PEPE coin becasue these coins future is very good and soon it will make a very high in 2025.
I don't think it is a good idea for a newbie to start their journey by investing in meme coins, meme coins are usually pump and dump coins and there are so many unsuccessful meme coin projects. I believe it is a better idea for a newbie to start their journey with BTC and then later they can try out altcoins.
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Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..
As a newbie, it's essential to educate yourself and acquire knowledge on cryptocurrency, including how it works. Cryptocurrency can be volatile, making it risky, which is why knowledge is crucial for managing risk.
Investing in Bitcoin or other secure cryptocurrencies can be a good starting point. However, it's essential to diversify your portfolio by investing in multiple secure cryptocurrencies. This way, if one investment fails, you'll have others to fall back on.
When starting to invest, begin with a small amount of money that you can afford to lose. This approach will help you build confidence and manage risk. Mastering knowledge, risk management, and confidence will enable you to invest with larger capital.
To minimize losses, it's crucial to manage risk effectively. Avoid making emotional decisions, and prevent Fear of Missing Out. Take your time, and make thoughtful decisions.