Topic: 5 steps for traders (Read 423 times)

When it comes to that of making of money, trading is the most difficult job to do and that it really needs you to put in the bets of your efforts and that it demands a high knowledge and good skillset. Once you are into trading, then you need to stay into it until and unless you are not making anything profitable and that you need to think very well before making any final decision.

Okay that is cool.
But we cannot really see what could happen.
Recently I sold one of my token in portfolio and somehow got 2.8ETH.
Now, their telegram got populated and I told myself I should really buy back. Waited for it to go down but it didnt.
So I risked it buying at a larger price in ETH.
Now I am almost at the amount of doubling it when converted.
I guess it all comes with the right timing.

These tips are good, but they will not help beginners.
To understand how this works it is necessary to feel everything on oneself, reading it is certainly great, but the most important thing is the practice and your personal way in the trade. So trade, the more mistakes you make, the more you will earn in the future, the error is an experience that will bring you new knowledge and confidence in your actions.

Or else, a trader can follow some good crypto expert whose predictions have not proved to be wrong so far. moreover, it is day trading that demands such high work because a long term trader just needs to look at the price of bitcoin on daily basis at most. Some people think that crypto trading is a difficult job but honestly, it is not that tough and just a bit challenging.

Yes everyone know about it but it is good to tell everyone about it, we should share our knowledge with everyone, buy for trading, hold with patience and wait till the price of  bitcoin will rise high, all the time trade for long time don’t sell at panic, try to buy when the price is low. Don’t let anyone know about your private key, so there are some point that I know about trading I shared with you, hope it will help you out.

How does this even help? Everyone knows what to do when you want to be a trader. Well the only thing that comes to my mind is to study and learn what cryptocurrencies so that you will not be down in case you done wrong in a trade. Remember to always trade when you are at the peak to avoid losses.

I think that the first three paragraphs are mostly concerned to a psychology describing the current mood of the trader. The main point you mentioned is the fourth paragraph. It's true about global view of the crypto exchange market. To predict the prices of crypto currencies, the trader should read news very often and learn about the current situation in the world economics and even politics. This information really helps to come to a correct financial conclusions.

These are some pretty crucial steps when it comes to trading, but the biggest one is using a decentralized exchange.

Remember: it is not crypto if you do not have hold of your private key.

thanks for the information you have provided. This information can add to our knowledge as a merchant. I really response once with the first point that it is true as a trader who participated in the world of trade will surely experience ups and downs, especially losses and it can also occur in all areas. That is the risk to be faced. Hopefully the information you provide can be useful.

I like the way you have written it that in first of every sentence there is a "you"
You are the reason of your losses or your profits , Only you are the 100% reason , You can't expect to win if you can't tolerate the losing.

To me i will say that the five steps for traders are; open a bank account, read about the market, learn to analyze the trade, pratice trading and manage the risk in trading.

I like the first actually, due to it is true. No one can save us from losses except to ourselves even to our winning rewards in trading are depending to our choice and decision on which coins we are going to buy or hold in.

Being focused everytime as a traders to become good on what you are doing. Always analyze on what type in trading for us not to be disappoint in the end. Actually above lists are also helpful not only for me but for all traders.

Being focused mentally and critical thinking is extremely important, the craziness and interesting thing about a hyped token/coin can extremely reduce your thinking to dreaming about what the price would be in a year.

We must ready ourselves all the time, trading is risky and is not easy to do we must give up most of the time because we need to focus here especially if we want to do day trading, there are some techniques to do it but we need to study first before we can familiarize it.

This may only applied for traders that are impressed by volatile markets without the minimum knowledge of the token backed service/product. Holding, as a part of trading techniques, gives no benefits for the holder unless trusting the project and the team behind it. Dump and pump in trading are normal facts that were always happening.

You have three trading options on Binance, Limit, Market and Stop-Limit. The last one is basically a stoploss when you set it in Sell part. You set the trigger price in first line (Stop), this is the low price when you want to stop your loss and sell before your loss gets even bigger. Obviously you don't want that, you expect the price to grow, but if things don't go as planned, you might want to sell before it plummets even more. So you set this price about 10 to 20% bellow current price. If the price will drop to that price, your order will trigger.
In second line (Limit) set the price at which you want to sell your coins. This should be a little LOWER than the "Stop" price in first line because you want to sell immediately when your order is triggered so if your Limit price should be lower and this way your coins will be sold immediately.
If you set Limit price higher than Stop price, then it could happen that your coins will never get sold because the price will be falling and no one will buy your coins because there are cheaper offers. I suggest that you set Limit price about 2% lower than Stop price.

Video explanation here: https://youtu.be/pSw_pOzDd_g?t=4m33s [important part is from 4:35 onward]

Of course it's not simple as it says but it will help people to be more carefull because as we are know that bitcoin trading is unpredictable activity so even if you're experience bitcoin trader able to experience major loss.

For me , when I decide to invest crypto world, I have set how much I can afford to loss !

In my opinion :
1.You should know first what type you will trade
2. Learn what type you trade
3.cari know about the type you will trade, find out the type, market, price and others.
4. Analyze what type you are trading.
5.count the profit and loss of the type you are trading.

Wise words. Though it's not that technical to regain your losses or increase your profits, I see your words as food for my self to boost myself.

Can you tell me how to set stoploss in binance? thanks

Well, I disagree with you, the media are always manipulating traders through many false or fake news, and unfortunately, many believe them and sometimes this leads to financial losses. Furthermore, in my opinion, every trader should avoid media tips, and must read the information about each cryptocurrency by himself.

In addition to that, of course bitcoin will grow, just we must wait a while because of the existence of many issues or attacks from the governments, and every professional knows that this is the best chance to secure a big profit in the future.

every people should read and understand this as this is a good information for us so we can be a good trader. but if we cannot learn from this and another lesson then we cannot reach our goals and we cannot get success in trading and other fields of the job. maybe the "don't panic" need to be added to the list so every people learn about this and they can control their mind. thank you for this good information and I hope all of us can learn from this.

The steps are a good idea and im particular to step one where the only one who can save you is yourself. You can only depend on yourself you earn and loss by yourself. You cannot point out others whenever you might get loss. This was the first thing a trader should posses and we should note this one out.

I actually like what you said in number five – one should always give more than they expect to receive, and that’s the truth. Some people are too greedy and that’s why they keep on falling and never achieve any success. If you’re starting trade, one thing for sure is that there will always be loss, so don’t hope so much that you will always be making money out of it. And for sure, the only one who can help and save you is yourself, nobody will do it for you. You need to be working hard, cause everything you’re doing is just for yourself.

This are good experiences nice to share all this. This are big help help for new comers especially to those new on trading. This kind of thread are good to read and i learn too to this one thank you sir

What an elaborate solution to eradicate confusion and frequently ask questions to vanish slowly. Great thread i wish you could ask for the moderators to pin this down so that ignorant newbies have no excuses to ask of this questions anymore. It will save a lot of unnecessary opinions and shit threads.

All this said and done, you require having sufficient knowledge in order to work out things. Then on, you also require having proper strategy. This is only possible when you are aware of what’s going on in the world of Cryptos.

Although, there are some very fine sites available to help you through, but Cryptonewstrends is one that is truly amazing. It not just has regular news, but also shows you which the most trending one is. It makes it a MUST for every Crypto trader in his toolkit.

This advice may only be applicable at this time for us not too expect too much since the market is in dip, first we make investment to make it grew , to receive more that's why we do investment anyway, it will just take time and skills to do it so, we need to have that timing so we can really earn. At this time the market is still under Fuds and news , but I still see it as an investment that will give success to us like it did last year.

Thanks a lot man, this steps are realy insightful! I wish, one day I became a wise trader, not like today, lol.

It is not a fall. We are just too much looking at the conversion rate to USD.
If you are trading with both crypto currency then you are in loss. The fact that you are still gaining bitcoin or Ethereum is profit already. You will just have to wait for it to be valued again at the right price.

Even those who are buying now will get profit soon. It is just those who bought at a larger price in USD who feels at loss. But heads up, it is still the crypto currency you bought until you dont sell it for USD.

I think this is the most important which most people forget. When the price goes down even for just a little, they lose their minds and get worried of the money they're going to loss before even thinking about how the market works and how it is globally affected. People must first research and assess the market before making an investment, otherwise if they don't know see the global view of the market, then they won't understand why the price frequently fluctuates and is affected by global factors.

Very useful for new traders,

thank you!

Thanks for the great advises, that's really help to us because the number one we need to think if we want to make investment is how to accept in the reality on what if we loose and the money did not returned as like what we expect so we need to be ready on whatever happens for what we are doing.

I see that one and five are very useful . The two are seen as one in my own view. For number one, working on oneself and five, giving more than expected to receive. Both are making sacrifice, to spend time in research and investing .

1- The only one who can help and save you is yourself
Sometimes seeking out others experiences and solution isnt bad but your point here should be done first on where we should help ourself first before minding other solutions.

2- You should see it as it is  , not worse than it is
3- You must accept( Big fall), and deal with it:
You should expect these things since from the start and you should be aware on the possible circumstances that might happen anytime.

4- Take the right vision about the whole situation:
Mistakes cant be avoided but you should atleast learn from it along the way since these things will mold you to be better.

5- You must give more  than you expect to receive :[/b]
If you are rushing up on making money or minding always on profits then most likely mistakes would really be committed since you arent on focus on what you are doing.

They are all great advices  I am sure about that anyone who follows these advices will never regret, but it is pretty late for most people to put them into practice now.  Never mind! look to future.

Yeah, there's nothing in the boards about money management. And this most importantly. Never risk more than 3% ( not 10%) of your Deposit and everything will be fine.

in fact all the opoin in the op is a must to be a trader who has the ability and knowledge to trade, this is the most valuable lesson because I was almost the same as some of the existing coin .. really I appreciate it because he can give something useful

I think that the best advices I've ever seen is:
1) Do not buy coins when it is hyping.
2) Do not trade in one deal more than 10%.
 

I like the first point. Self realization is the first thing to keep in mind before you can become a pro trader, when the decision to make a trade appear, you don't come to forum to ask for advice on where to place trade.Add this point too. CUT YOUR LOSSES EARLY AND LET YOUR PROFIT RUN.

I think you need to read more information and literature about cryptocurrency, follow the news. The cost of bitcoin is very low.Many lost money. Bitcoin will grow, but it may take time. Can you wait?

I can advise you to look at the profits and losses of the one who gave these tips. It is possible that he can give advice but cannot make money by trading.

interesting notes! thanks

Thank you very for sharing your experiences
I also want to share something
1. Why Trade Bitcoin?

Before we show you how to trade Bitcoin, it’s important to understand why Bitcoin trading is both exciting and unique.

 - Bitcoin Is Global

Bitcoin isn’t fiat currency, meaning its price isn’t directly related to the economy or policies of any single country. Throughout its history, Bitcoin’s price has reacted to a wide range of events, from China’s devaluation of the Yuan to Greek capital controls.

General economic uncertainty and panic has driven some of Bitcoin’s past price increases. Some claim, for example, that Cyprus’s capital controls brought attention to Bitcoin and caused the price to rise during the 2013 bubble.

 - Bitcoin Trades 24/7

Unlike stock markets, there are no official Bitcoin exchanges. Instead, there are hundreds of exchanges around the world that operate 24/7. Because there is no official Bitcoin exchange, there is also no official Bitcoin price. This can create arbitrage opportunities, but most of the time exchanges stay within the same general price range.

 - Bitcoin is Volatile

Bitcoin is known for its rapid and frequent price movements. Looking at this daily chart from the CoinDesk BPI, it’s easy to spot multiple days with swings of 5% or more:

bitcoin trading
Bitcoin’s volatility creates exciting opportunities for traders who can reap quick benefits at anytime.

2. Find an Exchange

As mentioned earlier, there is no official Bitcoin exchange. Users have many choices and should consider the following factors when deciding on an exchange:

 - Regulation & Trust – Is the exchange trustworthy? Could the exchange run away with customer funds?

 - Location – If you must deposit fiat currency, and exchange that accepts payments from your country is required.

 - Fees - What percent of each trade is charged?

 - Liquidity – Large traders will need a Bitcoin exchange with high liquidity and good market depth.

Based on the factors above, the following exchanges dominate the Bitcoin exchange market:

 - Bitfinex - Bitfinex is the world’s #1 Bitcoin exchange in terms of USD trading volume, with about 25,000 BTC traded per day. Customers can trade with no verification if cryptocurrency is used as the deposit method.

 - Bitstamp - Bitstamp was founded in 2011 making it one of Bitcoin’s oldest exchanges. It’s currently the world’s second largest exchange based on USD volume, with a little under 10,000 BTC traded per day.

 - OKCoin - Bitcoin exchange based in China but trades in USD.

 - Coinbase - Coinbase Exchange was the first regulated Bitcoin exchange in the United States. With about 8,000 BTC traded daily, it’s the world’s 4th largest exchange based on USD volume.

 - Kraken - Kraken is the #1 exchange in terms of EUR trading volume at ~6,000 BTC per day. It’s currently a top-15 exchange in terms of USD volume.

 - Bitcoin Trading in China

Global Bitcoin trading data shows that a very large percent of the global price trading volume comes from China. It’s important to understand that the Chinese exchanges lead the market, while the exchanges above simply follow China’s lead.

The main reason China dominates Bitcoin trading is because financial regulations in China are less strict than in other countries. Therefor, Chinese exchanges can offer leverage, lending, and futures options that exchanges in other countries can’t. Additionally, Chinese exchanges charge no fees so bots are free to trade back and forth to create volume.

If you’d like to learn more about Bitcoin trading in China, this video from Bitmain’s Jihan Wu provides additional insight.

3. How to Trade Bitcoin

Kraken will be used as an example for this guide. The process and basic principles remain the same across all exchanges.

First, create an account on Kraken by clicking the black sign up box in the right corner:

bitcoin trading
You’ll have to confirm your account via email. Once your account is confirmed and you’ve logged in, you must verify your personal information. All Bitcoin exchanges require varying levels of verification as required by AML and KYC laws. Below you can find the first three verification levels:

bitcoin trading
Once your account is verified, head over to the “funding” tab. You should see something similar to the screenshot below. Select your funding method from the left side:

bitcoin trading
Kraken offers many deposit methods, which are listed here:

EUR SEPA Deposit (Free) - EEA countries only

EUR Bank Wire Deposit (€5) - EEA countries only

USD Bank Wire Deposit (Free until 3/1/2016, then $5 USD) - US only

USD SEPA and SWIFT Deposit (0.19%, $20 minimum)

GBP SEPA and SWIFT Deposit (0.19%, £10 minimum)

JPY Bank deposit (Free, ¥5,000 deposit minimum) - Japan only

CAD Interac Deposit (Free until 3/1/2016, then 1%, $10 CAD fee minimum, $5,000 CAD deposit maximum)

CAD EFT Deposit (Free until 3/1/2016, then 1%, $10 CAD fee minimum, $50 CAD fee maximum, $10,000 CAD deposit maximum)

Deposits made using the traditional banking system will take anywhere from one to three days. Bitcoin deposits require six confirmations, which is about one hour.

Now, navigate to the “Trade” tab. Using the black bar at the top of the page, you can switch trading pairs. In this example we’ll use XBT/USD. We want to buy bitcoins, so let’s put in an order. Navigate to the “New Order” tab.

Let’s say I’ve deposited $300 into my account with a USD bank wire. In the example below, I’ve submitted an order to buy 0.5 bitcoins (XBT) at a price of $370 per bitcoin.

4. Trading Risks

Bitcoin trading is exciting because of Bitcoin’s price movements, global nature, and 24/7 trading. It’s important, however, to understand the many risks that come with trading Bitcoin.

 - Leaving Money on an Exchange

Perhaps one of the most famous events in Bitcoin’s history is the collapse of Mt. Gox. In Bitcoin’s early days, Gox was the largest Bitcoin exchange and the easiest way to buy bitcoins. Customers from all over the world were happy to wire money to Mt. Gox’s Japanese bank account just to get their hands on some bitcoins.

Many users forgot one of the most important features of Bitcoin—controlling your own money—and left more than 800,000 bitcoins in Gox accounts. In February 2014, Gox halted withdrawals and customers were unable to withdrawal their funds. The company’s CEO claimed that the majority of bitcoins were lost due to a bug in the Bitcoin software. Customers still have not received any of their funds from Gox accounts.

Gox’s catastrophic collapse highlights the risk that any trader takes by leaving money on an exchange. Using a regulated Bitcoin exchange like Kraken can decrease your risk.

 - Your Capital is at Risk

Remember that as with any type of trading, your capital is at risk. New traders should start trading with small amounts or trade on paper to practice. Beginners should also learn Bitcoin trading strategies and understand market signals.

5. Bitcoin Trading Tools & Resources

Cryptowatch & Bitcoin Wisdom – Live price charts of all major Bitcoin exchanges.

Bitcoin Charts – More price charts to help you understand Bitcoin’s price history.

bitcoinmarkets – A Bitcoin trading sub-reddit. New users can ask questions and receive guidance on trading techniques and strategy.

TradingView – Trading community and a great resource for trading charts and ideas.

Hello everyone, due to this crisis I see that many traders are afraid about what happened in  the market  and some of them wondering like that, Is this the right time to buy or sell ? What should I do ? ...

I know that this period is difficult for everyone, so I want to advise every trader who is scared , confused, and  hesitant... :

1- The only one who can help and save you is yourself:
If you help yourself, then you will not need any advice from others.

2- You should see it as it is ( the loss )  , not worse than it is :
Do not complicate it, the problems ( losses ) exists in all fields, but when you do not give it a big size, then you can overcome any issue.

3- You must accept the truth ( Big fall), and deal with it ( intelligently) :
Things always change, but you must always adapt to each new situtation.


4- Take the right vision about the whole situation:
You must have a global view of the market, and  the situation must  be studied well.

5- You must give more  than you expect to receive :
When you give a great effort and do not even think about the result , then you will achieve what you want or more than it is.

Hope these tips will help everyone.

What do you think guys?