At first, the only thing I know is that only in the stock market and foriegn exchange are the places where you can trade. Been planning back then to start trading but I am too lazy to open an account on online brokers and really don't know what to do. I am too lazy back then to learn tutorials on youtube. I didn't pushed through with this plan and started to forget it.
This year, 2021, only by then I become interested again in trading because I came to encounter about noise.cash which gives free cryptocurrency especifically BITCOINCASH just by posting. Well, we, members of noise.cash and read.cash knows what bitcoincash is right? So I will no longer define/describe if what it is all about, and we all now how amazing bitcoincash is, and I am proud that I am a hodler of it.
When my earnings in noise.cash is already enough to start trading in Binance, I transfered my earnings in my wallet to Binance. At first, yes I do mistakes, I admit I am not profitable at this time since I am still new and just started learning. Just consider your losses in the beginning as your tuition fees.
HERE ARE SOME OF MY LEARNINGS IN TRADING
1. DO YOUR OWN RESEARCH (DYOR)
Don't believe on what others are saying, don't ask something like, "what coins will I buy, will the price go up now or when will it go down?" They may answer you your questions but it's not 100% guaranteed because no one can really predict the market.
2. YOUR MONEY, YOUR RULE
You may seek informations on others but it's up to you if you will follow them because it is always you who's gonna click that "buy" and "sell" button on your screen. And so that you can't blame anyone except yourself if you made the wrong choice. It's okay to fail, it just means that you are really trying. Through failures, we are learning and it will make us to be better on our next trades, and in the future we are already in our best, we may make mistakes but it is already be very few.
3. PLAN YOUR TRADE, TRADE YOUR PLAN
If you have no plans before entering into trading, then you are one step closer to failure. You really have to make plans for you to have guidelines to follow and during your trading make sure to execute whatever you have plan.
4. DON'T FOMO (FEAR OR MISSING OUT)
Just because one coin is pumping at the moment, you will also buy it even though it is already on top, worst case is that, the moment you bought that certain coin, the price might start dropping becasue the person you bought the dip might be taking their profits and there you are, left on top, waiting that the price will reach you again. I encountered this for myself back then, when I just started, and got no choice but to apply the so-called "buy high, sell low" and told myself not to do it again.
5. BUY LOW, SELL HIGH
Easy to say, isn't it? But sometimes it is never easy to follow. Just like on what I have done before though it is okay also to do so that you can cut your losses if the price just keeps on dropping.
6. HANDLE YOUR EMOTIONS
DISCIPLINE Disregard your emotions when trading. If so the tendency is if you already started seeing red candles, you start to feel panic. You can't execute your trade well if you let your emotions in and it may result to losses instead to gains. If you're attitude is like this then I therefore conclude that trading isn't just for you. Discipline is the bridge between goals and accomplishments, always remember that.
7. INVEST ON WHAT YOU CAN AFFORD TO LOSE
In trading, i byt's not 100% sure that you will always gain, there are chances that you will have losses. Never put your payments on bills, emergency funds here in trading because you can't always get it whenever you need them because what if you didn't still have gains on your portfolio, chances are you may execute the "buy high, sell low" concept and with that you already loss. Cryptocurrency is very volatile, you may gain a lot but in your one wrong move, you will also lose a lot.
8. DON'T BE GREEDY
Profit is profit as they say, when the prices of your coin started to go up and up, go and take some of your profits and wait for the price to go down and then buy back. With this concept, you already gained, the quantity of your coins also increased (the power of compounding). We, those who are not new in trading, we all know that pull backs always occur if the prices of the coins massively went up. But if your a holder, you just disregard if how the market is doing.
9. DIVERSIFY (DO NOT PUT ALL YOUR EGGS IN ONE BASKET)
Having a two or more assets is advisable. Don't go all in, because if that coin is bullish, no one will carry your portfolio.
IT TAKES TIME, HAVE PATIENCE, YOU WON'T BECOME A MILLIONARE IN JUST A SPLIT OF SECONDS, NOT BECAUSE YOU STARTED TRADING, YOU WILL ALWAYS GAIN, THERE ARE TIME THAT YOU WILL HAVE LOSSES TOO AND THAT'S NORMAL. JUST MAKE YOUR LOSS LESSER THAN YOUR PROFITS. ONE DAY, YOU WILL THANK YOURSELF ON LEARNING HOW TO TRADE.
