Am I ready to trade?

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Avatar for Pisces-jr15
3 years ago

Cryptocurrency Trading. When I first heard this all I felt was amazement, confusion and fear. Over-acting right? haha... 😂

But yeah, I felt amazed😲 that time because of the profit most traders generated per trade. Very huge, to the point that you can stop your job and focus on that. Some traders did that as far as I know.

Confusion😵. I was really confused when I started to research on how this trading-thing works. The more information that I gets, the more vague it became. Or maybe I got confused because there is no mentoring happened during my crypto journey. I study on my own and tried to figured out all of the terms, charts, analysis and other stuff.

Oh, Fear😫. That feeling that almost discouraged me to try trading. I was frightened with the thought that I will lose all my money doing trading. It is possible to lose if you don't know what you're doing, right?

Eventually that fear didn't last, and it was converted into a courage to risk it and challenged my self to try new things, which is Trading.


Am I ready to Trade?

Now, this question was answered with the help of this thought process that I had experienced.

Why am i trading? What are my goals?

Before I started venturing into trading, I asked my self why do I want to trade and what are my goals on doing this.

So basically, to earn an extra income. Simple right? As I am still a student, I just want to earn some extra income to add support for our everyday expenses.

Eventually, I was captured by the exciting world of crypto and my goals was partially changed to the extent that I want to gain more knowledge, influence other people in a positive way on what crypto is, help them earn too and promote the cryptocurrency as I also believe that this would be the future of financing.


Basic idea of trading

There are a lot of tutorials and published articles on the Basics of Trading. Most of them does say the same thing, "Buy low, Sell high".

This is the very basic concept in trading as far as profit is concerned. Basically the price difference of the bought coin and the sold coin will be the profit.

For example I bought 5 candies worth 2 pesos each, so the total amount I pay is 10 pesos.

Then I tried to sell it to a friend worth 3 pesos each, for example I sold all the 5 candies, the total amount I get will be 15 pesos.

So 15 pesos minus 10 pesos (your capital) is equal to 5 pesos( your profit).

"Hmmmm...very simple, then should I just sell them ten times fold?".

❌Nahh...That's not how it works. As I learned in crypto trading specifically the Spot Trading in Binance (can be applied to other exchanges too), You should only sell to a price that has higher possibility that it will be hit in the nearest time (You can do long term too).

On futures trading, same concept applies, Buy low and Sell high. But you need to predict whether the price will increase or decrease. If you chose Buy or Long, that means that from that entry price your prediction is that the price in the future it will increase, while to predict a decrease in price, your order must be Sell or Short. The percentage profit or loss will be calculated based from leverage you chose and the amount of margin you provide, then on how far the price moves away from the entry price you made (either up or down).


Practice. Practice. Practice. ( Use demo account )

A good way to start anything is to practice first.

On the process of learning how to trade, I had a mistake, that is I practice using the real money. I place position (without thinking) using the coins I earned from faucets. And guess what, I lost them all.

Then I found some trading platform that offers demo account. One of it is SnapEx. It offers 10,000 usdt demo account that you can use to practice trade.

As what other skills to master always say, Practice makes perfect.

But I want to rephrase it with Proper practice makes not just perfect but consistently correct.

Practice trading using demo account, But treat it as if it is your own hard-earned money. In that way, you will be forced to manage risk, acquire more knowledge and earn confidence in each trade.

Check this article for my suggested Trading Platform with Demo Account, SnapEx.


Attitude, Don't let greed conquer you

This is very simple, yet so hard to apply.

I had one experience when I place my trade and in a matter of seconds my percentage profit went so high it reached almost 300% (on that moment It was high for me). The as I look into the chart, it just don't stop increasing, Oh that very long green candle. So greed comes in, I just didn't close that trade. The worst comes, after that long 5 minute candle, A big red candle emerged and from that 300% it went down so bad, it also hit my liquidation price.

Result? I lost all my capital on that trade.

So that's one thing I learned from that experience, To manage risk correctly, set up stop loss and take profit, and on top of that, CONTROL YOUR GREED!


Focus !

If you want to attain something, focus on it. Focus on your goals, focus on things that is necessary to attain that goal and focus on maintaining consistency.

You can apply that to in trading, Focus and have some time to acquire new knowledge. Don't get stucked with just the basics, Try to expand more and more.

I am not that good at trading, honestly I am just a beginner, But all of these are just my personal experiences and some are based from what I observed to those pro trader. (I hope I could achieve that level someday)


Start small

So you already have enough knowledge, the right attitude and of course did a lot of practice from your demo account. To start your first trade, Try having a small capital or margin and focus only to one pair, for example BCH/USDT pair.

After sometime you can add more capital once you get enough experience on what's going on before, during and after you place that entry.


Risk management

As what I said earlier, manage your risk properly. Set a Take-Pofit and Stop-Loss.

Take-Profit is the price wherein if the movement of price is favor to your position, the set price will trigger to close that position and thus take the profit from it. While on Stop-Loss, it is your marked price that whenever the position isn't favor to you, your whole margin or capital won't be totally lost. I usually set it to 10-15% of my margin, especially if I am in doubt in that trade. But that will be depend on every trader. You can have your own style or practices too when you tried it several times.

Most importantly, Invest in trading for the money that you think you can afford to lose. You should never trade your last money because trading is very risky. No one knows when will be the trade will be unfavorably to us.


CONCLUSION

These are all my experiences from this trading journey. Almost are on my personal opinion and also from my research. Before you start trading please start do your own research first, It is very important to have the information first hand.

SO, When will you start trading? Start learning first and the perfect time to start is NOW! 😉


#Club1BCH 💚

#TradeSafely👍

Lead image created by me using PixelLab, emoji from emojisisland.com

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3 years ago

Comments

I like crypto scalping

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3 years ago

Nice. I also tried scalping☺️

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3 years ago

Life of a Millenial trader talaga to eh. Hoping magawa ko to kapag ready na ko lol

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3 years ago

Haha ayy haha. ikmjs na yan haha. Magiging ready ka din, nasa title naman 😁

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3 years ago

Kapag nakapagfocus at nakisama brain cells ko😅

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3 years ago

Haha pag naka ahon na din sa mapulang gabi hahha lalo pang nababa😂

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3 years ago

438 dude hahahahahha

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3 years ago

Hahaha stop naaaaaaa hahha🤦‍♂️

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3 years ago

Hahaha pumalo ng 429..commenting here @2:14am 🤣🤣

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3 years ago

Wahahhaha 410 na kanina lang 🤦‍♂️. Ngclose na ko haha stoploss delikado na hahha

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3 years ago

Ay shoccckksss sana pala di ako natulog hahahha

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3 years ago

Sana nga di ako gumising hahah daming loss haha lol

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3 years ago

Hahahhahahaha grabe sa di gumising.. Ubos na extra cash to. Magdildil ako asin me to haba

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3 years ago

Hahaha wag nmn asin. Grabe aakyat din yang si bch haha

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3 years ago

Sardinas na lang hahaha A-level up natem ng konti. May natitira pa kong pondo kaso prang ayoko na ibili 🤣🤣 sa ETH nmn cguro haha

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3 years ago

Haha kalma ka muna, palaguin mo muna yung nasa spot mo haha,

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3 years ago

Bat ganon, pag nagpapaliwanag kau ang galing, bat ako parang ang gulo 😕. Kaasar, kaya ayaw ko talaga mag teacher eh di ako pwd sa ganon ahahahsha.

Anyway nga, kaya talaga dapat nagseset ng SL, tamo ako hindi nakinig ay di nganga 😭😭, sayang na profit ko sa sg, awan if mangyayari pa yon 😕. Ang tagal ko ma dito pero parang ikaw ang mas matagal na dito kesa sakin ee ahahaha. Anyway ulit, goodluck sa pag trade, sanay lumago pa yarn 💪.

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3 years ago

Hahah nasobrahan nga sa haba e, buti binasa mo pa din😂

Oo tama, tulad ngayon nagpula lahat, kung wala akong stoploss sa snap, haha ubos ung ipon ko dun, sa sunod mong mina sa sg ung trade mo mag SL ka na hahaa.. Goodluck din sa trade, lalago tayong lahat🦾

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3 years ago

Kasii pano naman, pag nag sl ako agad wala nang chance na makabawi kasi close na agad pag na hit si sl, kaya di ako naglalagay kasi baka may chance la, ilang beses nangyari yan kala mo. Ilang beses muntik na maliquidate kaso sa huli nababawi, kay ad un pero kay bch, wala di talaga nakaahon sayang, tsss sobrang mali ng pasok ko.

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3 years ago

Same tayo, ganyan din ako haha. Baka kasi pagka hit ng SL bigla bumaligtad haha. Pag malakihangcapital applicable ang SL. Pag cents sakin wala akong SL haha😅

Same nadali ako ni ada sa snapex 90%SL pero inabutan pa dn haha.

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3 years ago

See, kaya di kami bati ni sl ahaha. Pero sayang sana half lang na loss sakin kaso nagtiwala lang naman ako ee 😭😭.

Tp lang ako ng tp wag na si sl, pero pag sa tingin ko'y wala na talaga pag asa, bibitaw na ako at mag lalagay ng limit.

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3 years ago

HHahha hirap magtiwala minsan, lalo napaka volatile netong mga to.

Kaya nga minsan ok ng mag Tp kahit barya, kesa si SL ang mameet mo

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3 years ago

Tama tama, ung binigay mo ng lubos ang tiwala tapos sa huli iitakin ka din sa huli 😂😂. Tp lang wag na si sl 😂

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3 years ago

Hahah hugot na bigla aba😂

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3 years ago

😂😂😂, connected pa rin namam

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3 years ago

Hahha grabe na ang baba haha. Hugutan mo pa para umakyat na hahah

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3 years ago

Babalik ata sa $00 lucky ung mga bibili haha

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3 years ago

Hahaha zero talaga?? Haha

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3 years ago

Zero, Nil, Nada

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3 years ago

Awwwwts naman🤣

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3 years ago

Ay un pala pinag uusaoan natin nalimot ko na kasi ahahahahaha. $300 kasi un bat nawala ung 3 binura mo ata 🙄

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3 years ago

Hahaha tulog ka pa ata nung nagttype ka e😂 Aakyat na yan.. Wag na mag300 haha

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3 years ago

Pilit nga lumalaban ee kahit pa sumuko na ung isa, gusto atamg mabugbog pa sya sa sakit

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3 years ago

Hahaha kaka open ko nga lang din ng long.. Last 5 usdt na un haha all or nothing na😂 so far naging 11 na, sana wag na bababa😂

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3 years ago

Pasok kapa ng pasok ee napaka oa ng pag baba at taas ng alts haha

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3 years ago

Hahaha pumasok uli ako, sa snap haahh. Mabilisan lang😅

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3 years ago

Aba ang tibay ha di pa ubos ang funds ahahaha

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3 years ago

Paubos na nga e, nilalaban lang para umahon haha. Di ko gagalawin yung ipon ko sa latest post ko. Aba 20% na ko ng isang buong BCH 😂

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3 years ago

Haha makakaahon pa yan laban lang 💪, o bawi bawi haha.

Abay sira ang ulo ng gagawa ng ganon kaya wag talaga.

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3 years ago