GIVEAWAY ALERT: What’s your advice for crypto trading newbies?

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We’re back with another giveaway on an exciting and much-requested topic!

Read on!

Why won’t Superman invest in BTC?

Because his weakness is krypto…

:heavy_check_mark::heavy_check_mark: Poorly deliver a pun on a BabyPips.com giveaway post!

But kidding aside, with all the buzz around Bitcoin and cryptocurrencies lately, it can’t be helped that a lot of people wanna get in on the action!

There are so many success stories of people who were able to make thousands of dollars from the spare change they initially invested. Of course, there are also those overnight success stories that further entice people to venture into cryptocurrencies, believing that it’s the key to their financial success. However, along with these wins are also crypto horror stories-- scams, sudden crashes, fake crypto mentors, lost savings, and more.

Cryptocurrencies are complex and technical in nature, so it’s a must that people who want to trade it understand the topic as much as possible. And so to protect more newbies from making the mistakes that would allow them to lose their life savings, we wanna learn from your experience.

Here is our question for this giveaway:

What’s your advice for crypto trading newbies?

Whether you’re an expert crypto trader or someone who has been observing cryptocurrency moves for a while, we would love to hear from you!

Simply reply to this post with your advice to get a chance to win this giveaway! It’s another win-win for everybody! Crypto newbies get to learn new tips and tricks as they start their crypto trading journey, while you get to win Amazon gift cards! Should you prefer it, we can even give you your prize in BTC!

So how do we determine the winners?

The BabyPips.com team will choose the BEST ANSWERS from EACH TRUST LEVEL (TL0, TL1, TL2, TL3), so be sure to make your replies creative, helpful, and relevant!

To make things even more interesting, depending on what your user Trust Level is, your Amazon.com gift card or BTC prize changes! Here’s the breakdown:

  • TL3 (“Regular”) winner will win 50 USD.
  • TL2 (“Member”) winner will win 30 USD.
  • TL1 (“Basic User”) winner will win 20 USD.
  • TL0 (“New User”) winner will win 10 USD.

The giveaway period starts today, July 12, 2021 and ends on July 26, 2021 at 11:59 PM EST.

We will announce the winners on this thread on July 27, 2021 so stay tuned for that!

*The prize will be in an Amazon.com e-gift card format, which means we require the winners’ email addresses. Should you choose to claim your prize in BTC, we will be asking for your BTC wallet address. Please note that you only get one chance to claim your prize so make sure you send the correct email and BTC wallet address! Failure to respond with your email addresses within 7 days will result in disqualification and selection of new winners.

Good luck! We’re excited to hear what you’ve got to say!

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My best advice is to have a money management strategy ahead. Many people just “throw off” their money without having a plan which is dangerous. They just gamble their money with a “hope” of getting a 100% or 200% or 300% return from it.

How is the plan? You should arrange first your portfolio, how many percentages of your money do you want to invest in? And what kind of diversification do you want to have. After that, go invest the portion of the money and start writing down your plan

What to write down? You need to have “exit points”, both from the winning side and the losing side. This is crucial because many people didn’t do this and after their investment goes to some point, they have no idea what to do, when to sell, should I hold, etc, and most of the time, they ended up doing a bad decision. Now, having this plan beforehand is good for managing your emotions, because you can’t do anything outside your plan, including FOMOing or YOLOing something not according to your plan. It also eliminates your fear and greedy feelings after you enter an investment. All you need to do is to be disciplined following your plan.

Any example of exit points? Yes, it can be based on “time” or based on “value”.

Exiting an investment based on time means you will close your position after for example 1 year, 2 years, or maybe 5 years. You can choose too, whether you want to close all your positions or just a half of it or anything else you want. You can close 50% at 3 years time mark and close the rest after another 3 years. It’s all up to you

Exiting an investment based on value means you will close your position after the assets hit some level you determined beforehand. It may be a value, as price levels or based on percentage. For example, you bought A at $50. You may close it after A hits the $100 price level. You can do a percentage too, you may close it if it goes 100% which is $100. Now you change the variable just like as you want, 100%? 200%? 300%? You decide.

It also applies to the losing side too, you plan at what point you will close and take the L, and so on

The most important thing is you decide it first BEFORE you enter any investment because after you enter any investment, the war in your mind will begin and it’s totally a different environment compared to when you haven’t bought anything. You will start feeling greedy to always want more, to always want to hold to the maximum gain you can get, to never cut losses because you hope and believe it will come back to the upside, and while the retracement is coming, you will start to feel so scared to hold any of these, you start to lose your confidence, and if you didn’t have any predetermined plan, you will most likely do a bad decision because you don’t have a clear mind to decide wisely in the middle of this “war”. So planning yourself ahead to become one step ahead

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What’s your advice for crypto trading newbies?

My advice for anyone who is about to enter any kind of market (Whether it’s Forex or Crypto) First you Learn, then you remove the “L” , Almost everyone enter to this field do that because they see posts from successful people and they want overnight success. To trade in any market you absolutely need through research. But the sad fact is most new traders are not prepared to spend time to learn, they just straight jump into trading and lose everything then blame the market for it.

If you put a little effort information is everywhere, market analysis, detailed videos, blog/ web posts keeping yourself updated will bring you success in the field because crypto market is THE most volatile of them all, it can actually change overnight. So keeping your self updated and inviting your time to Learn first is my personal best advice for newbies.

Good Luck!

Nick.

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Hmm. :thinking: I mostly HODL cryptocurrencies so I’m not really sure if I’m qualified to answer this, but here are just my thoughts on this. I think the biggest advice I could give a newbie is to invest only what you’re willing to lose. :confused: I feel like, the moment you invest on BTC or any other cryptocurrency, you have to be at peace with the idea that a sudden crash can make all that money you invested disappear. Really think about whether you can handle that, emotionally, psychologically, and even financially. :open_mouth: I know there’s a fear of missing out, and to be honest, it’s why I got into BTC in the first place. But, as much as we want to double and triple our money, we should also be prepared to let it go if ever an unforeseen incident arrives. :open_mouth: I hope that makes sense :sweat_smile:

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Dont listen to Gurus that promise that you will be rich living in a condo in Dubai with 5 rolex in each hand and 3 ferraris in your garage, all that with only a 499$ course.

Dont listen or pay for “100% winning trading signals/robots” I did it, I lost :smiley:.

Dont believe in this new Etherum V.0.2…5.1qsd New token that will make you rich with no effort.

As someone already said here, learn, manage your money, be disciplined and you will be able to make money.

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It’s the Wild Wild West out there. Invest only what you’re willing to lose. Don’t bet the farm!

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My advice for crypto trading newbies is this , before you jump into crypto,{a} do yourself good to make research about crypto , read people’s success and failure stories ,this will help you to have an idea of what you want to get yourself into.
{b}make google your friend. As you are reading about crypto ,you will come across words you are not familiar with, just look it up immediately for further easy understanding.
{c} watch youtube videos, as you are reading and watching videos about crypto, you are building your knowledge .
{d} crypto is 65% patience .you need patience to win in crypto. don’t expect to start today and become a millionaire the next day. it is popularly said that 'its not a get rich quick scheme"
{e]read about technical analysis and risk management
{f] starting with $20 is not a bad idea. just play with it and test the knowledge you’ve accumulated.

goodluck

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THE ADVICE IS SIMPLE AND NO NEED TO WRITE POEMS JUST:

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Who is going to believe a coin artist? Everyone if he is good :moneybag: :boom:

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Slow and Steady wins the race. Mainly, you MUST have a strategy. My recommendation is that you write down your own 10 commandments and stick to them. NEVER go against your own rules, no matter what your emotions tell you. Here are some examples of my own 10 commandments.

  1. ALWAYS test out a new strategy in a DEMO account until you are confident it works for you. Use tiny trades in the demo account so that you have plenty of chances to test your strategy.
  2. No more than 5 trades per day!
  3. 3 losses in a row, STOP for the day.
  4. Must have Patience for your trading strategy to set itself up. never rush it with “hope” that it will set up in the next candle. Wait for YOUR strategy to meet ALL requirements.
  5. If your current strategy is losing more than 50% of trades, find a new strategy and being testing it in a demo account.
  6. If the market doesn’t “FEEL” right for the day, take the day off. meaning, if it is taking a while to find your strategy set up, it might be better to just leave it off for the following day.
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Focus on managing your downside and the upside will be taken care of by the market.

The only thing that we can control in this market is how much we lose and I strongly believe once you can get hold of that, the upside will eventually show up.

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Stay away if you have not fixed your relationship with money first! Very important lesson and I learnt it the hard way. I entered crypto from a poverty, fear and get rich quick mindset and what I feared happened. So I began again, from a mindset of learning and growing. I am growing, making better investment decisions and on my way to financial freedom.

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Novice traders just chill… from the bank and watch the bears and bulls fight… around 16650 after the fight…like the wise newbies you are…ride with the winners to new it’d be some wise investment as BTC hit 100000.
Generally about the entire crypto… i would still hung around following the reader BTC and buy around DEC

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My Best Advice:
Crypto is Highly volatile and widely speculative.
Don’t stop learning about crypto when you start trading.
Be careful about margin trading - It can make you rich quickly and it can make you lose everything as quickly.
There is a lot of complex information out there regarding this market. However, try to keep your trades simple.
To the best of my knowledge, long-term traders in crypto have not been disappointed yet. Learn from history.
Meditate when you have to - you need to keep yourself sane and keep your emotions under control.
Be humble this is crypto!

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The first step in crypto consciousness is understanding the underlying technology – blockchain. Forget the tech jargons for now. No one needs to convince you of how revolutionary blockchain technology is. A good starting point is reading articles, checking online forums and vlogs discussing cryptos.

Only invest what you’re willing to part ways with. This is because the market is exceptionally volatile, one which is fueled by hype and market sentiments rather than fundamental elements. This makes the crypto markets intensely risky; that’s why you have the potential to make loads of money or lose everything instantly.

Cryptocurrency is not a “get rich quick scheme”. Do not have the sole mentality of pursuing short-term gains, especially if you do not have the necessary trading or technical skills.

Your cryptocurrency investments should be spread across the market proportionally. There are over 1,600 different coins and tokens in the crypto space.
And lastly KEEP AN EYE ON YOUR PROFIT & LOSS

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My advice is to follow the best advice here because I cannot give the best advice, for it may be the best / worst advice to you but not for all. It’s all subjective. What I truly mean, seek for an objective advice but that will be a journey and not just a one night stand. Good luck trading mother fucker!

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Welcome, crypto trading newbie. My advice to you is this. First do not be afraid to lose money. You will. So learn all you have to first. Trade demo and finally trade with what you can afford to lose.

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I am disappointed with the question posed this week. It appears absolutely no thought was put into it. The site is comprised MOSTLY of traders who are fairly new to trading. To the best of knowledge when traders are new you dont start with crypto trading but instead at the bottom with pairs. I have been trading for a fair bit and I have never even considered crypto so what advice can I give people who want to consider trading crypto? This is like asking someone who drives cars but never flown a plane advice on flying planes.

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As a newbie myself I cannot think of a better survey than this. I think what most veteran forget when they become “crypto and forex lords” is that feeling of genuine fear and excitement when you start out. For most of us we envisage the millions we will make, some build flying castles to say the least. I don’t know how many times I’ve left the practice area mad with passion and jumped into a trade only to come out with dropped shoulders. It’s great to practice most things learnt but never great to lose money. Some may say use a demo account but using that doesn’t provide the real market feeling. So my advice is definitely to create some semblance to the real market structure you’re going to be delving into! You could be the best analyst or researcher but if you’re not “trade ready” you could still lose a lot of money. What I do personally is, allocate $5(money I previously used to buy chocolate bars at grocery stores) for trades every week, doing this I get to put what I’ve learnt or learning in practice and quell that insatiable market desire we all have for the first time. Bonus tip- Try taking notes of every trade you make, add points on why you think it failed or why it succeeded it has really helped my learning curve! Thank you :heart:

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TLDR; Buy Low Sell High, or Sell High buy Low. And if u can’t hack technical analysis, switch to fundamental.