Last week, I've been busy practicing how to trade. I was inspired by the newbie traders like @bmjc98 and @Eirolfeam2, I always admire these two because of their skills and potential in writing (freelancers) and in trading or investing. Call me a copycat but Id like to follow their lead as I want to be a freelance writer too and trade. I am still learning now, I am thankful @Jane when she mentioned me in the comments section in the article of @bmjc98which is her trading journey. From there I signed up at Stormgain trading platform to practice because they had a demo trading account.
Since I do the demo I can say I managed to understand the basics because my trades are usually winning trade, despite that it's just a demo I did my best as if it's my money. I don't like seeing red on my closed trades. I also have lost trades I think from the beginning since I do a demo, I have 4 red trades. I closed the trades having profits but ended up losing because of my poor net connection and sometimes it is lagging. So I have learned that when you do actual trade you should have a strong Internet connection as well as a conditioned device to avoid lagging or hanging, so you will not end up losing your trade.
I started to do a demo trade last November 14, 2020. I never thought I would be this interested to learn because I remember I commented on an article by ArslanKhalid about trading and upon reading so many things to be understood the do's and don't, I said I think I won't ever do trading because my knowledge is limited or as in zero. But he told me I should do trading because trading can give you a good profit once you know how to do it. He said I should learn it for at least 3 months, do the demo trade to master then do trading on a real account and I did it.
Recently I've been eager to go on live trade on a real account, I wanted to see if I can apply my learnings on demo trading although it is still early because I should learn it for at least 3 months but when you are a curious cat you will do things out of curiosity lol. So yesterday, I did set up my account in Binance to let me try the real trading on a real account. I chose to trade on Binance than in Stormgain because it has a lot of indicators compared to the storm again, but maybe later if I already know to trade well, I will also try the platform. I did my first trade on XRP then next BTC. I was laughing at myself because I did an entry and exit directly after 5-10 minutes of monitoring the chart. I didn't lose the trade but I also did not win because I didn't gain any profit 😂. I only have $10 capital and when I sold the coin, I also received $10 only 😂
So funny right? You can laugh at my ignorance lol. And I was regretting it because after I sold the coin the market goes up 😂😂 I was like wtf, wrong move ajsgdkdkugtykfks! I can't read all indicators yet if the market going on an uptrend or downtrend. I still have one trade left which I set STOP-LIMIT and it's not hitting yet until now lol. But at least I didn't lose money on my first try, that would be the consoling thought for myself.
Demo Trade
Pros - you can practice anytime, you will not cry when you lose your trade because it's not a real account. You will not lose but you will also not gain.
Cons - because it's not a real account you will not be so serious about your trades, after all, it's not real. Your emotions will not be exercised because you know, it's not real at all.
Trading on Real Account
Pros - You will have the chance to gain profit, your emotions will be exercised on how you will handle the trade. You will be more serious about your tradings.
Cons - If you enter in a not good position you will likely lose the trade. Your hard-earned dollars will be burn when red candlesticks dominate lol.
I ask experience traders when is the perfect entry for opening another trade and she sends me so many youtube links and said “study it first” and I was like “Yes Ma'am!” lol. So I must say I have to learn it first before opening an entry again. I think it's better to come prepared than not, so I will strive hard to understand it all from indicators and reading how markets behave, although the market is unpredictable just learning how it moves is a great thing. I am eager to level up my learnings, just need some time and perseverance but I am sure I can do it! 💪
I also believe in a philosopher (lol) once said “We should not rely on read.cash in earning some BCH, we should level up and explore the crypto space. To earn and gain more” - @Valryan14
There's no rush in doing things like this especially it involves money, so I have to learn and gain more experienced before I do trading again.
So I won't give any tips on how to do it because I am still learning. I am still holding my BCH at Bitcoin.com wallet and I will never touch it, I love BCH so I will still do swapping if BCH goes to the moon again 🙏🙏!
This maybe sounds pathetic to others but for me, I had fun learning. I had fun on my first try without gaining a profit😂😂
Haha, I remember my first trade, WTF! Haha