Quote from: EarnOnVictor on Today at 09:33:19 AM

Quote from: Bitcoinpoly on November 30, 2023, 01:55:27 PM

Quote from: Obari on January 19, 2023, 06:30:48 PM

Over the time, I've seen people wanting to go into trading because they feel or think is a get rich quick scheme but get so disappointed along the process because the result they get isn't what was expected.
Trading is a very lucrative business but also a very risky business as well and as such should be done with so much caution.
What would be your advice for those wanting to trade as a newbie?

My advice to those who are new to trading is to make sure you DYOR extensively on the volatile market and take your time to learn how trading works. I suggest you keep using copy trading pending the time you will have broad knowledge on trading. Copy trading will help you to keep making profit even without having much trading skills. Few exchanges like Bitget has such a feature.

Trading is not child's play, and no wonder most traders who are trying it often lose their money, and no matter how most of them continue to try, they will end up losing their money. That is why your advice is valid, all new traders, including the old ones who are not yet earning consistently should learn and continue to practice what they learn, and who knows, they can be successful in trading one day. I used "who knows" because I know that this is not an easy task, I am a trader and I can say I am good at it, but the journey was so rough and tough and I know that if there is no good income sources, one can easily be discouraged and back out of trading if the losses are much and the greenlight of success is never seen.

I have also tutored and mentored a whole lot of traders, some would try their best, while some would be lazy, but as of now, I can say that I am the only one trading among them. This includes the person who introduced me to trading, he is no more trading, this is to show how tough it is. But if one could be so rugged with it and give it all it takes, probably success will be made. But no one should think it is going to be easy, very thorough research and trading are advice and the natural quality of the traders should be able to distinguish the smart and wise ones from the common person. Also, the copy trading you advised is good when one is still learning, or doesn't have the time for trading or even does not want to know how to trade, regardless, a very good DYOR is needed to know the best to choose.

Every business has its own risk and trading isn’t exempted as there are several risk associated with trading but I’m sure with consistency and right tutorship, one will be able to be successful and I’ve seen claims severally that statistics and ratio of successful traders to the unsuccessful ones can’t be compared as there are more losers than winners and I wouldn’t have to argue that but rather I want to also relate trading to gambling as just as there are more losers to winners in gambling, doesn’t mean there aren’t people who are doing absolutely well, what matters is that we are fighting our way to be among the successful than just giving up.