What advise would you give a crypto newbie?

[philipma1957]

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.

[hugeblack]

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.

[Baofeng]

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.

[bee]

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.

[bounceback]

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.

[Rubel007]

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.

[BitMaxz]

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.

[Dr.Bitcoin_Strange]

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.

[Aanuoluwatofunmi]

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.

[philipma1957]

At the op if you don't have proper discipline you will certainly lose.

Practice discipline a lot.

[snowpega]

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!

[Faisal2202]

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.

[ZAINmalik75]

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.

[philipma1957]

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.

[JoyMarsha]

*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.