Bitcoin Trading from Scratch - page 3.

suzanne5223

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Quote from: CryptopreneurBrainboss on March 09, 2021, 01:36:58 AM

Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

Nah that's not it, it should be the exchange, maybe before personal wallets would had been the idea recommendation since we all advocate for been in control of your keys but with the high fees this days it won't be idea since you could spend almost all your profit just for fees if you're moving coins from personal wallet to exchange each time you want to sell.

The high fees aren't affecting just bitcoin but coins on ethereum blockchain are also in the same shit. With that in mind, selecting the best exchange with very good good reputation that you can keep your trading funds in would be the idea first step.

You should know though this fund should be strictly for trading and they should be funds you'll comfortable if the worst case scenario would happen.

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.
Having said that, judging by the size of mempool Bitcoin transaction fees are down this day.

virasog

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 AM

The first thing you need to get started trading bitcoin is to open a bitcoin wallet.

The first thing you need to get in starting trading is not opening a bitcoin wallet but to learn how to trade. Opening a bitcoin wallet, buying bitcoins ,transferring to exchanges are basic things which anyone can learn. The real skill is trading and if you are able to master that skill then of course you can earn a lot of money.

maxreish

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Easy to give advices, ain't?

But there are many things you need to consider before deciding to enter this field (trading). As many thought trading can acquire massive profits but they tend to forget the risks associated with it resulting with the massive loss, too.

All the necessarry trading learnings and improvements and emotion control combined with of course trading tools will lead you to a good trading management.

CryptopreneurBrainboss

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

Nah that's not it, it should be the exchange, maybe before personal wallets would had been the idea recommendation since we all advocate for been in control of your keys but with the high fees this days it won't be idea since you could spend almost all your profit just for fees if you're moving coins from personal wallet to exchange each time you want to sell.

The high fees aren't affecting just bitcoin but coins on ethereum blockchain are also in the same shit. With that in mind, selecting the best exchange with very good good reputation that you can keep your trading funds in would be the idea first step.

You should know though this fund should be strictly for trading and they should be funds you'll comfortable if the worst case scenario would happen.

Questat

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Quote from: crwth on March 06, 2021, 12:41:45 AM

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.

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.

Trading will simply never works as people say that it was just easy. We definitely lose if we are too careless and don't have any good strategy to boost up and ended up hurting us.

May trading will work profitably if we spend more time with this, in a way that we can make good TA but if we just spending a few hours with this, doubted if you were able to have a good result, most likely it was a losing end.

Smartvirus

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Day trading in bitcoin seems reserved for small investors who has not the patience to wait on the price action to play around with price until that big moves happens. For the small investors, should they have certain amount as capital, the percentage increase is often relatively low compared to when the funds would have been traded with. You gradually build and with the aid of stable coin, you could retain the value of your coin should the price falls which eventually presents you with a buying opportunity in the market.
While big investors with the luxury of time just stay long and hodl while time does the rest in profiting them.

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Quote from: santiPOGI on March 08, 2021, 10:31:40 AM

These are the basic things that we need to know as a beginner of course. I also think that having a knowledge about in trading technical analysis is much more advantage, isn't it right? And to be honest trading Bitcoin also is not an easy thing just like what the others thinking about it. So, better think of it before investing into Bitcoin.

Invest in bitcoin because were already in crypto adoption just be ready yourself to put some effort in studying it and to learn how it works. All knowledge needed to know is already in internet. I always pushmy friends to engaged in crypto because the potential gains or profit is possible here,

isaac_clarke22

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 AM

~

Well the first part is just the easiest part on your post.
Rest of it is the hardest because you never know what you're really investing at.
Diversifying just minimizes the risk of how much you possibly lose, but it isn't guarantee that you'll all cash it out more than from what you invested.
That was my experience in my trades.

santiPOGI

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

These are the basic things that we need to know as a beginner of course. I also think that having a knowledge about in trading technical analysis is much more advantage, isn't it right? And to be honest trading Bitcoin also is not an easy thing just like what the others thinking about it. So, better think of it before investing into Bitcoin.

crwth

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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.

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.

Hippocrypto

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

This is not a strategy at all, we’re talking about trading and there’s a lot of more things that newbies have to learn first in trading before they trade successfully. TA will work if that newbie knows already the basic indicators and that, it’ll take time to fully understand the system. Create a virtual account first and trade with fake monet, by this you can familiarize yourself with the market, and you’ll understand the big risk of trading.

Facing the big risk of trading, I would recommend starting small amount of money so if you're going to loss you won't feel so much paid. Learning is a process that will work in the long period of time, and market familiarization will be determined along with your experience. Meanwhile, as value continue to soar right now just wait until saturation happens then invest wisely.

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Quote from: crzy on March 05, 2021, 06:41:37 PM

Learn the process first before you do an actual trading, because trading is not just about buy and sell its about analyzing the whole market, creating profitable strategies and accepting your mistakes. Newbies can’t go in the market right away, they have to take this process so I don’t agree with the suggestion of OP since we are talking about trading from scratches, that means to me you don’t have knowledge yet in trading.

I think it's some kind of experimental strategy trading from scratches which means you already have the knowledge but you don't have the money to begin with so you basically trade first a cheap coins then exchange it to trade Bitcoin. I suppose that's what, OP means on his post so anyway.

Trading can be a direct turning point depending on what knowledge you are capable of or it could be in an instant you just lost all of your money in a single trade. Just like that, so it's better to diversify your money to avoid such risk of losing in a one go.

crzy

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Learn the process first before you do an actual trading, because trading is not just about buy and sell its about analyzing the whole market, creating profitable strategies and accepting your mistakes. Newbies can’t go in the market right away, they have to take this process so I don’t agree with the suggestion of OP since we are talking about trading from scratches, that means to me you don’t have knowledge yet in trading.

milewilda

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

When you are still complete noob then diversifying should really be done later on and just focus on single coin which is Bitcoin on making out some trades.
Everybody do start out on being noob which means familiarization would really be needed and having these traits will be helpful.
1.Dont rush up on learning things
2. Study and learn into those mistakes that you had committed.
3. Gain experience on engaging the market
4. Create proper risk management

You will gain experience as you go on on where things for you to learn is really into your path.

Ryker1

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Well, there are too many people that who are in trading from the scratch and now sometimes they will gain or sometimes they will lose. Because in trading, not all situations you always won, there are sometimes that you will lose. Perhaps experience will make us successful in trading and we may face different struggles in life before we will that much in trading. However, it is not bad if you will study more about technical analysis and other strategies that make us more profitable. When dealing with your fund in crypto, we should always be careful of anything, because the transaction is irreversible, once you made mistakes, it will not undo it.

batang_bitcoin

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Newbies can't do this on an instant, they have to go several losses for them to take the risk easily and make profit from it. That's why many are just doing the alternative of investing or the very common and popular strategy that's called, holding.
But as soon as you have learned to trade and you can now minimize risks through learning the charts and knowing when to buy and sell, you can be successful in doing trades. Although the new traders really has to go through experiences including massive losses unless they start with minimal amount just for the experience.

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

No, the first thing before starting to trade shouldn't be opening a bitcoin wallet. Instead, the first thing should be learning about crypto currencies and blockchain. Have an understanding on how they work. Try to learn the use cases and the difference between some of the well known coins. Then get to know about the different forms of wallets and which one is going to be best for you. Don't forget to learn how to keep a wallet secured! Then you should focus on "learning" about trading. You should know how the market work and the risks behind it. This way, once you are done, you will be ready to trade and no situation will be "unexpected" to you. Even if you face such situation you will be able to deal with it.

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Quote from: ImmortalTJ on March 05, 2021, 09:37:46 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.

You can't have the assurance that you won't have losses in trading, but you need to me minimize it and doing it all alone isn't practical. We need buddies who can help us in times of uncertainty with trading, group mates, signal group and community could help us decide everytime there's a change or diversions of market change. Because of that, all possible actions can be initiated in order to decide when to sell or when to buy.

goaldigger

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If you’re trading from scratch and no idea about trading at all then I suggest to study trading first before you creating your trading account because learning trading takes time and to become more profitable, you have to gain the right knowledge on trading. Its easy to create trading account and bitcoin wallet, but its hard to learn the process so its better to focus on this.

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Investment make you different from other people.Trading need of update at every moment.Because the live trading need of up of professional trading.If you invest your money and keep it for a while.It won't be a passive trading.Analysis after the investment is essential one.Then you won't lose your investment.

Investing is the best, but not all trading needs keeping track every moment, some day traders later leave day trading and try swing trading, in swing trading, traders too can leave keeping watching the crypto market for days, or even weeks to one or two months before keeping track again, swing trading is a good alternative to holding, but as for now, holding still remain the best for convenience.

Topic: Bitcoin Trading from Scratch - page 3. (Read 643 times)