Bitcoin Trading from Scratch - page 2.

goldade

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Quote from: ImmortalTJ on March 05, 2021, 08:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

I do believe that you're actually right. Everyone knows that the most basic thing needed is the bitcoin wallet. There are a lot of wallets one can use. I think Blockchain wallet and Trust wallet are very good to start with.
Then, the next thing is to choose an exchange to trade with. There are factors one needs to consider in choosing an exchange, the most important being trading fees. Exchanges trading fees vary and you should a good one with low trading fees.
the rest now depends on your trading ability. How well and how much you've learnt trading determines how much you'd make trading.

MiningBattalion

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Quote from: jrrsparkles on March 18, 2021, 10:59:52 AM

Quote from: ImmortalTJ on March 05, 2021, 08:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

What guide you are talking about? Roll Eyes

In the trading career you can learn as many things as you want but it is not possible to imply everything with the without actually doing it, avoid BCH at any cost.

Trading is like a game. It’s a permanent betting system between bulls and bears – buyers and sellers.One group is betting that a price will increase while at the same time the other group is betting that this price will go down.This group is generally convinced that Bitcoin will increase in price in the long run, so they assume that having more of it will increase their future wealth.

jrrsparkles

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Quote from: ImmortalTJ on March 05, 2021, 08:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

What guide you are talking about? Roll Eyes

In the trading career you can learn as many things as you want but it is not possible to imply everything with the without actually doing it, avoid BCH at any cost.

TheGreatPython

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Quote from: ImmortalTJ on March 05, 2021, 08:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

It’s not just about saying that you’re going to diversifying your assets, because you can still diversify your assets and the market will still continue to fall for the assets you have invested. Although I do understand that the reason why a lot of people like to diversify is because they believe that if other assets are going down then, then one, two or more will be increasing in value, but how sure are you that one asset that is increasing will help you to recover the losses you’re going to be encountering with the fall of the other assets on your portfolio?

So, it’s not really just about buying so many coins and keeping , you have to be very careful of the coins you’re going to b choosing because anything can happen, the market can fall at anytime.

RealMalatesta

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Quote from: Reid on March 14, 2021, 07:48:50 AM

It's like they are gambling it already.
You can put different ideas to make it low risk. Analyze the market, hear opinions from people who are good at it. (better with experienced ones)

This forum is a good start. That's all I could say and up until now, I am still learning here.
Don't boast, keep the low profile and pass what you learned from your own experience to others, just like how you were taught.

I think it is as easy as OP said but also quite difficult to make it that easy. I mean as someone who has done almost all of those, I can tell you that it is nearly that simple, and has always been that simple, but there are way too many people that make it harder for themselves. For starters people are emotional so they make emotional decisions, and there are many people who panic as well, and there are people who get fooled easily to buy into something, basically there are thousands of reasons why people do not do what is listed as easy.

I have been doing that, I am not a day trader, but I pick my coins and sell them accordingly and I can say that I have made a decent amount of profit, the total I have is still small, but it was tiny and grew to become bigger thanks to following this type of system. If you could build a system like this and never get out, you can make money easily as well.

suzanne5223

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Quote from: CryptopreneurBrainboss on March 14, 2021, 12:55:41 AM

Quote from: suzanne5223 on March 09, 2021, 08:42:30 AM

You make a good point but I believe the first thing anyone should first do when want to trade Bitcoin successfully from scratch is to first understand the fundamental aspect of trading in order to be aware of what she will face in the future.

That's very important but the counter here was between a personal wallet and exchange. Understanding the fundamentals of anything you want to trade is vital if not you're closer to losing your capital as any slight movement in the market will take you off guard. An example is not understanding the circle in the market, there's always going to be a period when the market looks like it isn't holding back as it continues pumping but then a correction comes in.

Traders that weren't prepared for the corrections panic and dump their coins closing the trades at lost or lower than what they would had made assuming they held a little longer waiting for the storm to pass. This decision were taken out of ignorance of not understanding how the market operates.

Ignorance is the medicine that contributed the maximum to human poverty and it like a saying "the fear of poverty is the beginning of hard work".
I came to a conclusion about crypto traders that don't understand the fundamental aspect of trading which also ask series of questions (will Bitcoin rise again, when will another ATH market happen) about the market ever there's a dump as lazy fellows.

isaac_clarke22

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Quote from: michellee on March 15, 2021, 06:18:12 AM

Quote from: Reid on March 14, 2021, 07:48:50 AM

Quote from: michellee on March 14, 2021, 03:48:46 AM

~

I hope he can learn from this forum and read so many knowledge that will help him to learn about trading. He can ask something if he does not know and I am sure that if we can help him, we can suggest to him. Not just like that, maybe he can get a solution if he has a problem with trading to improve his skills to better skills. But I hope that he can have patient while learning to trade because that will not be easy and needs time before becoming a pro trader.

We can only hope that OP returns to this thread which isn't likely as he isn't active anymore.
He/she could be searching or trying out these answers we gave in the thread.
Should be locked by now though.

michellee

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Quote from: Reid on March 14, 2021, 07:48:50 AM

Quote from: michellee on March 14, 2021, 03:48:46 AM

If trading is as simple as @OP say, I am sure many people will make a profit. But unfortunately, trading is not as simple as that because we need to learn deeper about trading so we can make a profit. Without having the right trading skills, you will hard to analyze any coin, and even you can make a wrong buy or sell because you can not see where the trend is moving.

You need to learn more things about trading and you need to research before you trade, and do not use too big money if you are not sure that you know that is the right time to buy the coin. It will better to trade safely than to risk your money.

True, I hope it's that easy.
That kind of perspective is why many new traders are losing a lot of money. It's like they are gambling it already.
You can put different ideas to make it low risk. Analyze the market, hear opinions from people who are good at it. (better with experienced ones)

This forum is a good start. That's all I could say and up until now, I am still learning here.
Don't boast, keep the low profile and pass what you learned from your own experience to others, just like how you were taught.

I hope he can learn from this forum and read so many knowledge that will help him to learn about trading. He can ask something if he does not know and I am sure that if we can help him, we can suggest to him. Not just like that, maybe he can get a solution if he has a problem with trading to improve his skills to better skills. But I hope that he can have patient while learning to trade because that will not be easy and needs time before becoming a pro trader.

Reid

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Quote from: michellee on March 14, 2021, 03:48:46 AM

If trading is as simple as @OP say, I am sure many people will make a profit. But unfortunately, trading is not as simple as that because we need to learn deeper about trading so we can make a profit. Without having the right trading skills, you will hard to analyze any coin, and even you can make a wrong buy or sell because you can not see where the trend is moving.

You need to learn more things about trading and you need to research before you trade, and do not use too big money if you are not sure that you know that is the right time to buy the coin. It will better to trade safely than to risk your money.

True, I hope it's that easy.
That kind of perspective is why many new traders are losing a lot of money. It's like they are gambling it already.
You can put different ideas to make it low risk. Analyze the market, hear opinions from people who are good at it. (better with experienced ones)

This forum is a good start. That's all I could say and up until now, I am still learning here.
Don't boast, keep the low profile and pass what you learned from your own experience to others, just like how you were taught.

michellee

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If trading is as simple as @OP say, I am sure many people will make a profit. But unfortunately, trading is not as simple as that because we need to learn deeper about trading so we can make a profit. Without having the right trading skills, you will hard to analyze any coin, and even you can make a wrong buy or sell because you can not see where the trend is moving.

You need to learn more things about trading and you need to research before you trade, and do not use too big money if you are not sure that you know that is the right time to buy the coin. It will better to trade safely than to risk your money.

btc78

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Quote from: ImmortalTJ on March 05, 2021, 08:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

Yeah this has been mentioned thousand times since i start here in forum , Thanks for reminding us again.

Quote

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.

What strategy ? you have not mentioned anything aside from creating Bitcoin wallet . Funny isn't it?

Quote

The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

from all of that the most important and functional is using "Stop Loss" , because diversifying is indeed normal as never put all the eggs in one box.

CryptopreneurBrainboss

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Quote from: suzanne5223 on March 09, 2021, 08:42:30 AM

You make a good point but I believe the first thing anyone should first do when want to trade Bitcoin successfully from scratch is to first understand the fundamental aspect of trading in order to be aware of what she will face in the future.

That's very important but the counter here was between a personal wallet and exchange. Understanding the fundamentals of anything you want to trade is vital if not you're closer to losing your capital as any slight movement in the market will take you off guard. An example is not understanding the circle in the market, there's always going to be a period when the market looks like it isn't holding back as it continues pumping but then a correction comes in.

Traders that weren't prepared for the corrections panic and dump their coins closing the trades at lost or lower than what they would had made assuming they held a little longer waiting for the storm to pass. This decision were taken out of ignorance of not understanding how the market operates.

bassbity

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maybe what has been said before, and the input given by the seniors is much more effective, because they have first-hand experience and face market growth every day. actively checking prices and so on. The bottom line is as long as the strategy can make you profitable, then take it and try to manage it at a 50:50 ratio. to keep the potential price between rising and falling. so when you enter the market and you are ready to trade you already have 2 options. The first 50% uses a stop loss to avoid big losses, and the second point, the remaining 50% is used to create a queue above the inflated price. So the conclusion is either a dump or a pump. You have prepared the place.

crwth

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Quote from: jaberwock on March 13, 2021, 10:24:47 AM

Yes, small measures can avoid bigger losses if one is aware of the risks and knows his limitations from the very beginning. People who start trading because someone asked them or because the market is bullish will more often face loss because they are looking to get rich within a few days which is the worst way of approaching trading especially in the volatile crypto market.

I believe now that the best way is to either trade consistently with a bot or just HODL and continuously average your entry with a specific coin and believe that it will catch on. The one thing that everyone should be doing is that to never lose money so you wouldn't have to recover such a big loss. The increment on having to recover is bigger compared to the minimal losses you can take and recover in a small amount.

jaberwock

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Quote from: crwth on March 05, 2021, 11:41:45 PM

I think you need to be aware of how much you have first and consider how much you will invest first. After that, you will associate how much you can invest in BTC without affecting too much of your portfolio; once you know that, you can now learn how to trade, etc.

Also one needs to define what kind of trading they are going to initiate with the funds because sometimes traders confuse themselves by doing multiple types of trading at once. Either you do simple BTC price trading where you buy at dips and sell when the market is up or you just do altcoin trading which is risky but still worth it if you are trading a known and tested pair of coins. Define the type of trading and how much profit you are expecting and always stay within that range, don't get greedy.

Quote from: crwth on March 05, 2021, 11:41:45 PM

I think this is what other people get trouble into, myself included, that I don't manage it enough that it ends up hurting my portfolio. With this management, I think you would be better of trading, especially if you are going to do it from scratch.

Yes, small measures can avoid bigger losses if one is aware of the risks and knows his limitations from the very beginning. People who start trading because someone asked them or because the market is bullish will more often face loss because they are looking to get rich within a few days which is the worst way of approaching trading especially in the volatile crypto market.

fullhdpixel

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Quote from: maxreish on March 09, 2021, 02:15:22 AM

Easy to give advices, ain't?

It is always easy to give advice to others, yeah, but when it comes to implementation, the person sharing it himself would not always be able to accomplish that. Almost everyone knows how to remain in shape physically but not everyone is in shape which shows knowing things doesn't mean doing them.

Trading cryptos from scratch means you will first have to learn about the volatility of BTC itself before you move ahead, then you need to understand what are the possible risks associated when trading cryptos and what are the possible ways to avoid them. Greed and emotions also need to be kept in check because as a starter you don't want to get carried away or get too upset about a single trade.

orions.belt19

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One of the things you should first be aware of if you are really keen on trading is to be knowledgeable on the basics, the platform and its features and how to read the charts. Its astonishing to see newbies jumping aboard without even first knowing how to deposit and withdraw crypto, not knowing the differences between the networks and thus losing their coins in the process of transferring. Too many are to eager to earn the potential gain but don't even bother getting a feel of it and I believe this is why many traders lose their money.

Yatsan

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When you are starting to do trading from scratch, you will be needing all sorts of basic necessities that a normal trader must know starting off from creating your own crypto wallet where you will store the crypto you will be needing for your trades as well as learning the basics of how does trading works. Surely you do want to gain profit upon engaging into trading industry so you must learn what information you can use for the fact that trading can be brute for those that do not have experience and putting their funds into gamble which makes them vulnerable to loss. Better be sure to keep yourself updated on the market movements as well as into other factors that may affect like news and trends as well as learning technical analysis because those can help you in your trading journey.

DarkDays

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Quote from: MRKLYE on March 05, 2021, 11:36:29 AM

Technical analysis is still like trying to drive a car on a highway using only the rear view mirror.. Although an interesting hobby at the end of the day technical analysis isn't much more advanced than reading tea leaves or chicken bones to see the future...

I agree, technical analysis can give you some advantage in the levelling field of trading but predictive analysis is by no means accurate. So in that respect for the use if technical analysis on some market can be just as useful as 'reading tea leaves to see the future'.

One last thing, I'd like to point out is that with time you get a feel of the accuracy and basis of such analysis, so it is worth the while Cheesy

imstillthebest

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nowadays trading has got more easier and the steps are cut off because we dont need to setup a btc wallet anymore but many trading exchange are now all around .
they already accept fiat deposits and cards when you buy a crypto and different methods for cashing out are available other than withdrawing to a crypto wallet but the tips you have is solid .
this will help many newbies that are starting thier journey as a crypto trader .

Topic: Bitcoin Trading from Scratch - page 2. (Read 677 times)