Quote from: stomachgrowls on November 06, 2019, 08:04:45 PM

Quote from: Faxmate on November 06, 2019, 07:46:34 PM

Quote from: panganib999 on November 04, 2019, 05:42:25 PM

Quote from: elyorman on October 24, 2019, 02:01:04 AM

Yes there's massive information on trading regardless its crypto or other financial markets and there are some vital facts that you must now before going into it!
1. Yes, it's theoretically possible that you can make huge money in a very short period of time but there's very high chance you would end up loosing all your money so never think of making easy and quick money!
2. There is a big difference between Demo and Real trading although somehow everything looks almost the same. So if you are doing good in demo it does not mean you will succeed in real trading as well!
3. Never ever trade just by reading social media opinions! If you want to be a successful put work into it, study a lot. Understand the market itself, terminology, market participants, etc!
4. Once you have a comprehension what crypto/forex/stock market is now study trading strategies! They can be different and every trader has their own ways of trading.
5. Never trade when you are emotional (it does not matter happy, sad)! Be always calm and just have a rest from trading when you are not!
6. Never trade just because you have not traded today unless you are sure! There are days when is better not to make any deal and it's absolutely normal.
7. Always invest the money that you can afford to lose!
8. Always have risk management and money management! (Unfortunately half of the trader even don't know what these two are)
9. Start from learning by little instead of putting pressure on yourself and making the process stressful!

I hope someone finds this useful! Wish you all "take profits"!

UPDATE: And here you can read a related article based on real trading experience.

These tips may be old but it could really help the forum's members especially beginners as their starting guide. Also, tip number 5, which says not to trade when you are emotional regardless if you're happy or not, they both could lead you into messing up your trade because emotions being at its pick will just cause you making decisions impulsively, emotions don't have a place in this field. And, tip number 7, baginners should take note that they shoyld only trade or invest what they can afford to lose because regrets is heavier.

The two points that you highlighted are the building blocks for successful trading. Those beginners who understand the crucial nature of them never face big losses in trading. Often new traders are seen investing more than what they can lose simply because marketing of particular coin or because they are so excited to make money. In both cases, they end up losing money and learn the lesson in hard way.

Emotion is the most common enemy specially for those who start-ups even on veteran ones but its totally different when you are a newbie since this is the hardest
to control when you do see new things ahead and since you dont have experience you would most likely or destined to commit mistakes and we know
that the best teacher is our mistakes and if you do learn from it then you would able to know on what you gonna do in next time.

The control over negative emotions and thoughts come with the passage of time. The more time one spends in market, the more he is exposed to variety of situations and is also able to practice his strategies. This is true that most of the newbie traders are found losing money in day trading just because of panic selling or buying. Newbie traders are highly affected by market related news.