Quote from: Virtual miner on May 11, 2019, 11:24:34 AM

:)I have seen people lurking around here and there finding someone who can guarantee them great success in trading and help them earn huge profits. Trust me there is no one who is going to help you out personally to earn profits. All the fake gurus out there betting to make you earn are only there to fetch some dollars from you. It is quite a known fact that only 3% of traders are actually able to take money out of the market while 7% remain almost at breakeven. While 90% lose most of their money most of which burn their whole balance.

Trading is the most rewarding career as far as I can see therefore is equally difficult too. You can't be a persistant trader in a day or two. It requires efforts of months or even years to become a great trader but here are a few things you should do as a newbie starting off:

1: Have a goal for yourself and a plan to achieve it. you can set your own goals but make sure they are realistic. Like goal to earn $1 Million is realistic but making it in a day or week or even a month is unrealistic.

2: Read Books and journals of big traders A very important step in trading. Its better to learn off from the mistakes of past trader than to commit them on your own. For that read some books. Here is the list of great books for newbie traders.
  i. Market Wizards by Jack D. Schwager
  ii. 3. Day Trading For Dummies by Ann C Logue
  iii. Mastering The Trade by John Carter
  iv. Technical Analysis of the Financial Markets by John J. Murphy
  these will help you in finding your trading Style

3: Make your own trading setup and strategy & follow Risk Management: This is the hardest step hit and trial your favourite indicators to find a setup that suits you the most. Don't ever copy someone's else setup whole on whole it's never going to help as everyone has a separate style of trading. Never ever underestimate the need of risk management it is of utmost importance.

4. Make your own Trade Journal: This is the most important step which most of the traders find bouring. See it's utter truth that you will lose a few initial trades but to make sure that you learn from these losses make a trade diary. Record every trade including the reason you traded it and result along with the reasons of failure. This will help you not to repeat the same mistake in future.

5. Do trading regularly in a disciplined way: No one has ever built up a monument in a day. So it takes time to build a great portfolio but just a few days to destruct one. So keep your risks low and trade everyday here is something that can motivate you. With an account of just $100 if you profit everyday at a yield of 2%(which is pretty low in these volatile markets) you will have a portfolio of $3500 in 6 months. That is 35 times return and compounding just never ends so try to keep your daily targets and try to achieve them too.

Here are links of some great sites that can help:
1. https://www.tradingview.com/chart/GBPUSD/B3HvNCh4-Power-of-100-trading-plans-review/
2. www.zerodha.com/varsity
3. https://www.tradingview.com/chart/BTCUSDT/kestHGNN-This-is-Why-Beginner-Traders-Lose-Their-Capital-1-No-Strategy/
4. https://www.babypips.com/learn/forex/

Here is a graphic which truly depicts trading

PS: You may share your love with merit.
I will bring more tips for intermediate traders soon.

Trading is really easy once you can study the crypto market very well to know when it's time to buy in or when it's time to take some profit, though you might not be able to know this until you can contact a professional trader to teach you how it works, this is where some persons fail because they don't want to waste their money paying some persons to teach them how to trade crypto, but they can fund their balance with crypto and end up losing all of it because they don't really know how to study the market very well.

Osarman

Posts

Merits