What's your number one trading tip for new traders?

ITBIT:BTCEUR   Bitcoin / Euro
Giving back to the community is a great thing.
Please share some of your hard won insights to other traders.

It can be anything - a one liner, or a chart with deep analysis.
Post your tip, advice or best practice in the comments.

Buy Bitcoin
+1 Reply
BuyBitcoins JackDale
You called?
+1 Reply
"if there is a panic, panic first!" cheers
+2 Reply
Esper xSilas
Guys, nice of you to kick this thing off - let's hope this list can grow to become a list of great tips and insights! :D
leohapp xSilas
@xSilas, This is a good one. Go with the flow but be in the first group is the second one.
Dont try to catch reversal (im done with that :D)
Take profit, or it didn't happen.
+7 Reply
Imprimus Diabolicus
Agree, profit booking is most important skill, because you can never beat greed. :p
Confidence in your position. If you do not have confidence lower the amount of margin until you regain confidence.
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Always trade with huge stop loss, give your view a chance. That doesn't mean you risk more money, just decrease your position size.
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It is never different this time.
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If everything you are doing is going wrong, trying harder will not make it better. Just stop trading for few days. After that start with small position.

Dont get influenced by other people. You need your own edge.
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Start learning/using money management from day one!

Disciplined management of your trading capital, and how to properly
size your positions, is hard - but crucial for long term trading success.
+4 Reply
Don't get lost in the chop! Wait for a better setup or direction.
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Don't listen to others.
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Except this comment?
No market orders and place bids/asks where stops would be.
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Find a really crappy trader and do the opposite
Educate yourself, ignore internet heroes and read books, maybe jesse livermore reminiscences of a stock operator? If you don't like reading you can check all the free traing videos on tradeempowered. That should get you started.
+1 Reply
1. Let winners run.
2. Cut losers quick.
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esuvari Fontas
that can easily turn into a horrible advice. mix this with:
1- take profits! (you're doing this for profits at the end of the day.)
2- have confidence in your view. if you're not confident, do not entertain that view.
thats contradictory to booking profits from a comment higher.
well you could do both, move you stop up to book profits and let it run
Trading is alot like Fishing. You've got to take your time and be patient. There is no point in getting mad at the fish. You've got to know
Which ones to throw back, and which ones to keep. All the most expensive gear won't help you if you can't fish. And there is no point if the pond or river has no fish, or you're fishing with the wrong bait.

ASK - What am I getting out of this? Where is my goal? Where is my exit?

BE Patient - Don't panic anything

If you are not sure... DO NOTHING - Nothing is better than losing.

Bulls make money, Bears make money, Pigs get slaughtered

If you are away - STOP LOSS - Stop loss 1% including fees.

Avoid trading for the first 15-30 minutes of watching/studying charts


Look at everything in numbers. Your BTC is a number. The amount it's worth is a number. The amount of money you accumulate is a number.

The goal is to maximize the latter. The best way to do this is by becoming emotionally detached from it.

Don't think of it as $20 dollars, think of it as just 20. At every moment, make the best move to increase your number.

Trade with an amount that stings to lose, but doesn't impact you long-term.

The feeling of loss will always outweigh the feeling of winning.

BIGGEST LOSES = Panic and Sunk Cost <<<
+5 Reply
have a trailing stop or update your stop position once you have a runner.
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"If you know your enemies and know yourself, you will not be imperiled in a hundred battles... if you do not know your enemies nor yourself, you will be imperiled in every single battle."
Be Humble, profit is profit. Never close your mind on trading always see new possibilities.
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"Ignorance more often begets confidence than does knowledge" - Charles Darwin
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The absolute number 1 tip in my opinion, is to cultivate a stable and positive mental environment that allows you to trade objectively and learn from your mistakes. Negative AND positive emotions will be your downfall if you allow them to cloud your decision making.

Every other skill or rule in trading should be in order to facilitate your well being and mental clarity. Without that, you can be the best analyst on earth and still trade like an idiot.

+5 Reply
1- when opening a position always set a target and a stop loss and stick to it!
2- don't over trade, make one or two trades a day, if you make a decent profit, go do something else!
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-Always use stop-loss
-Do your research into any BTC trading sites or services before putting any money in them (I've lost or almost lost BTC on 4 different exchanges)
-The site that I have been using to trade on for a few years and have never been screwed over on is Bitfinex. Use my referral link for a possible discount -
-Most Altcoins are horrible for long term investment. They can be good for momentum trading though but be careful. They often have small market caps, low liquidity, and are easily manipulated.
-Trust your own analysis not the hype or the trolls
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Number one tip for new traders: Do not listen to random people on the internet trying to give you tips.....
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Avoid manual opening and closing of positions - you will never be faster that HFT robots. Use pending orders most of the time.
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Do not listen to saj
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Follow the trend :)
Fuck the rules do epic trades
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