Bitcoin Garden Forum
Cryptocurrencies => Trading => Topic started by: cashisking86 on August 16, 2021, 12:40:29 PM
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1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.
2) Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!
3) Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.
4) Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.
5) Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.
What else have you all learned in your time trading?
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Nice post, I thought you mentioned several important subjects throughout!
Personally, I struggled with a couple of things you mentioned, including setting realistic goals and realizing that gurus are really just scammers. Fortunately, I never actually gave money to any of them, but I do remember coming across a few and thinking “wow! Is it really that easy to make money?” I hate how they make it seem effortless if you just give them money and follow along, so I’m glad you mentioned this. Another big one for me was coping with losses and learning that it’s a normal thing that every trader deals with at some point.
Thanks for sharing!
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I think the broker is no longer as big an issue as it once was. There are so many out there now that are solid and reliable. Another is people being afraid of hard work and not having the commitment to ride the waves of success and failure. This is a business and needs to be treated as such. I think it's key to make sure you prepare yourself for lots of set backs like with any business but i have to say it will all be worth it when you have the time freedom to trade where you want and the money to do as you like.
One i would add is making sure you take trade management into you trading plan. So many have an entry and an exit i think you need to be absolutely sure of how you'll manage the trade when certain things happen either you let it run and let your risk to reward play out or you take partials. There can't be in between it has to one or the other. That comes down to your risk tolerance and your own personality
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Nice post especially broker choosing quotation so every trader should follow these tips. One more thing is that trader should check their broker papers by directly visit their offices.
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I don't know that directly visiting the offices is necessary. You can check a multiitude of places to read reviews of brokers and check their info.
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Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!
This is so so true.
They are so good at trading so they'd rather sell you a course for $49.99 than use their own courses to make money.
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Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!
This is so so true.
They are so good at trading so they'd rather sell you a course for $49.99 than use their own courses to make money.
had to learn this the hard way over many years looking for the best and fastest way to make money i think people find the fastest way to lose it!! ha ha. once you get your head around there is no quick get rich scheme and people are only out to take your money you soon learn that you need to build every thing off your own back and can only trust your self and a select few
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Nice post especially broker choosing quotation so every trader should follow these tips. One more thing is that trader should check their broker papers by directly visit their offices.
I've never gone to my broker's office directly, only ever checked them out online.
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i think these are all really great points. and i agree with them all.
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Nice post especially broker choosing quotation so every trader should follow these tips. One more thing is that trader should check their broker papers by directly visit their offices.
I doubt very much that all traders can do this, nor can the broker handle that sort of volume of people showing up at their aprs. Especially in these times.
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Number 2 was the first hard lesson for me!
The second biggest thing I have learnt is Risk Management above all else.'Mastering' 'Understanding' risk management was the break through lesson for me and is what has kept me in the Forex markets!
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I mostly agree with the points you have brought up, I think it's a well thought out list. To the broker thing, I would just add that it's important to make sure your broker is regulated and trustworthy. Beyond that, it's usually not the broker that makes or breaks your progress.
And one thing I would further mention is the importance of risk management. By using good risk management, you can minimize your losses and avoid unnecessary ones.
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The best what i`ve learned is to not risk what i can`t afford to lose. I you follow this everything is fine and easier.
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I mostly agree with the points you have brought up, I think it's a well thought out list. To the broker thing, I would just add that it's important to make sure your broker is regulated and trustworthy. Beyond that, it's usually not the broker that makes or breaks your progress.
And one thing I would further mention is the importance of risk management. By using good risk management, you can minimize your losses and avoid unnecessary ones.
I agree with you on the risk management part for sure, I think learning how to effectively manage risk makes a world of difference. Don't think all unregulated brokers are bad, but I think online reviews can help to weed out the untrustworthy ones for sure.
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I mostly agree with the points you have brought up, I think it's a well thought out list. To the broker thing, I would just add that it's important to make sure your broker is regulated and trustworthy. Beyond that, it's usually not the broker that makes or breaks your progress.
And one thing I would further mention is the importance of risk management. By using good risk management, you can minimize your losses and avoid unnecessary ones.
I agree with you on the risk management part for sure, I think learning how to effectively manage risk makes a world of difference. Don't think all unregulated brokers are bad, but I think online reviews can help to weed out the untrustworthy ones for sure.
The so called unregulated brokers are even better choice.