Question and answer for novice traders and investors
Where to start learning trading? — From observations, trend lines, chart patterns, project fundamentals, tokenomics (coin issuance) and from amounts that you can afford to lose without regrets. A very important question that you should constantly ask yourself is why it happened this way, how it is understandable from a psychological point of view.
With what amount can I start trading? - The minimum for getting the first experience is $50-100, more or less tangible amounts - $3000 - $5000. It all depends on your needs and where you live.
How much time do you need to spend trading? - Depending on the style, on the timeframes, I concluded for myself that I need to spend 2-3 hours a day on this with maximum concentration (analysis of the current situation) + 1-2 hours a day for self-development. If you invest in the long term, then much less.
Spot or futures? - Spot definitely, futures only for traders with experience.
What is the best one exchange you recommend? - You should not trade on only one exchange and you should not keep your entire deposit on only one exchange, distribute it over several. Exchanges collapse from time to time - Mt. Goks, Cryptopia, FTF, there will be more.
Where to store cryptocurrency in the long term? - Investments in cryptocurrency can be made with a very limited number of coins, no more than 1-2 dozen. It is relatively safe to store cryptocurrencies on a hardware or cold wallet.
What timeframes to use for work? - At least a minute, the main thing is to succeed, while it is important to understand the global situation where the tool is located on a global scale over the previous 1-3 years. To do this, you need to refer to the older timeframes from 1 day.
What to do if the coin has grown by 100-500%? - Sell and forget about it, there are a lot of coins, do not limit yourself.
What to do if the "promising" coin falls? - For shopping, it is advisable to watch and wait for at least a stop. Trading and investing has nothing to do with haste.
The more often and more you make transactions, the more you can earn? — No, you can make 50 trades every day for a month and get a loss, or you can make 2-3 trades a month and get a tangible profit.
What is the hardest thing about trading? – Wait for the right moment and do nothing.
Where to switch attention during the uncertainty in the market? - For self-development, analysis of schedules, study of projects, invest in your own development, improve your skills.
What skills are required for trading? — Attention to detail, concentration, perseverance, observation, responsibility, resistance to stress, the ability to seek and find patterns, discipline, be able to wait, critical and analytical thinking.
What skills are detrimental to trading? - Greed, excessive emotionality, impulsiveness, absent-mindedness, suggestibility, naivety, poor mathematical skills, low stress resistance.
Is it possible to earn only in a growing market? - This is a misconception, 90% of those who make good money in a growing market lose most or all of them in an attempt to earn even more. A rising market relaxes, critical thinking is turned off and a cascade of fatal errors occurs. You can earn in any phase, but each requires its own specific approach, plan and strategy.
Is it worth buying paid signals? - No, it is often useful to listen to someone else's reasoned opinion, you can learn something, but just trading on the signals of this casino, besides, you will never learn anything.
What can trading be compared to? — Something between chess and poker.
Are there people for whom trading is not suitable? — Yes, there are definitely people for whom trading is contraindicated.
What or what resources does a trader have? The most important is time, the second most important is money.
Right thinking is – everything.
If the content seemed useful to you, please leave a vote and subscribe. If you have something to add - write comments.
Posted Using LeoFinance Beta
