Bitcoin Trading from Scratch | Bitcointalksearch.org

perfect999

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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.

Some people don’t understand trading, they just jump into it without having full understanding and that’s why you would see some of them saying that trading is a scam. I have seen some people say that trading is a scam, and that it is being manipulated by exchanges like Binance and Coinbase.

The problem with such people is that they are lacking understanding of what trading is all about ,and since they are lacking that understanding they are now thinking that it is a scam. Some of them get in thinking that they are going to get rich easily because of one or two stories that they have heard, but when they start losing they think something else.

darewaller

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Quote from: Mamun74 on April 15, 2021, 01:39:52 AM

If you don’t have enough knowledge or experience about trading. It's risk for you.Making little mistake you will lose you investment. So you can even learn with article books,YouTube. And also follow the bitcoin news.You can invest and get good profit by trading. I think bitcoin will keep it up.

Instead of doing all theses steps that you have mentioned, it would be much easier to make profits from bitcoin market if we are opting to hold bitcoins. Because holding does not require any knowledge or any strategy or any timing. You can simply do with your capital. I believe people who are afraid of taking risks in trading, definitely should go for long-term holding rather than struggling to learn the tactics of trading.

Mamun74

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If you don’t have enough knowledge or experience about trading. It's risk for you.Making little mistake you will lose you investment. So you can even learn with article books,YouTube. And also follow the bitcoin news.You can invest and get good profit by trading. I think bitcoin will keep it up.

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

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 may be simple only in words Cool

.
If you come into market fluctuations then all your plan will be vanished and then you will be taking decisions based on what market demands you which is the reason why people are most struggle in bitcoin markets even with small volatility. In simple words, trading bitcoin is not that simple like what you learn in 2 lines of guides.

The better approach could be, watching markets for months to years and practicing on demo accounts with demo money and then reading books and watching videos to develop strategies. You must need at least 6 to 10 months of intensive preparation to withstand against market fluctuations so that you could make consistent profits.

bandungan

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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.

This point is the main point to be used as a trading option, but sometimes people don't use stop losses or people use stop losses from bots. my question is to use a trading stop loss for bitcoin is it accurate, considering that the price of bitcoin fluctuates very high and the price changes easily in seconds ?

Fredomago

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Quote from: Zilon on April 11, 2021, 12:44:04 PM

Crypto market is highly volatile. Getting the right knowledge before trading should be considered first before going into trading. Market analysis which could take couple of months to comprehend must be clearly understood. In analysing the market two major analytical approach is required

Technical analsis
fundamental analysis

Both helps, it's better to prepare yourself as this market is really volatile, making small mistakes will leads you to lose your entire investments, knowing all the fundamentals will solidify your foundations.

Make sure to have a good insight with this two types of analysis, everything will enhance once you already enter the market, it's
up to you if how would you develop your strategy, patterns is very important as it will be the basis of your journey, having the
right one would bring you decent profits.

doomloop

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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.

Diversifying assets is a good strategy, because if you’re investing in only one coin the coin can start crashing at any moment and you will be the one that’s losing your money just because the particular asset you have invested your money in is losing its value. But when you diversify, if one is not doing good, the others will still be growing, though I do tell people not to do it too much, they should be selective of the coins that they are going to be investing their money.

Some people just like to invest in any coin they and before you know it they have lots of shitcoins on their portfolio that will end up going nowhere. So it’s best to be selective, just because a coin seems good is not enough for you to jump on it ,you will still have to dig in deep and do more research on it so you don’t make mistake. I don’t think I have done more than ten before.

pankowri

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Bitcoin trading from scratch can uneven mostly. It happens on assumption. Most of the users are beginners and they haven't knowledge, experience, patient so they lose the maximum of the time. But sometimes it happens to reverse that makes one successful.

fullhdpixel

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Quote from: blckhawk on April 11, 2021, 09:42:31 AM

Trading in a bearish market could be profitable however, it is not as big as a bullish market can give. A bearish market is more likely a buying phase for traders since the prices of coins are way cheaper and then bullish is more likely the selling phase where you will make a profit. On that note, newcomers are only after with big profit so I doubt they will stay in this market once the bear market comes.

That really scares me a lot because each time I go into something thinking maybe I will make a profit from this one too, I am just considering the fact that I made a good amount of money this year but the fact is that one day I will fail, it will go down, and that is when I will be screwed and everything will crash while I am holding it.

I remember very clearly the period when in 2018 I was buying almost everything, since I got in with low amount of money and increased it, I took out my initial money plus some more and used rest of it to buy many different coins, I was throwing 100-200 dollars to anything I found. Eventually I started to lose when the market crashed. I am wiser now and I am not doing that, I am keeping myself in check and not put my money into everything, I still do invest more than I normally do, but not as much as I did in 2018 period.

Zilon

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Crypto market is highly volatile. Getting the right knowledge before trading should be considered first before going into trading. Market analysis which could take couple of months to comprehend must be clearly understood. In analysing the market two major analytical approach is required

Technical analsis
fundamental analysis

blckhawk

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Quote from: Sled on April 11, 2021, 07:57:03 AM

Quote from: cyriljundos on April 11, 2021, 05:56:57 AM

Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn. Many guides and reading candlesticks to know the peecentage high and low of specific token.

Big gains? It is just for now, as the bullish season continues but wondering if these traders could manage to keep in trading during the bear season. I'm for sure that many were leaving and suffer losses.

If they are into trading now, better take the opportunity because it can be done soon and the market momentum will change. If we are new to this, never excite more that this will happens all the time because the market will test your patience and strategies when the market turns to bearish again. So better not to overthink that trading is giving you a huge income, it can be sometimes but not all the time.

Indeed, that is why it is necessary for us to take all the opportunities we can see in front of us because we never know when this bullish trend will be over. Trading in a bearish market could be profitable however, it is not as big as a bullish market can give. A bearish market is more likely a buying phase for traders since the prices of coins are way cheaper and then bullish is more likely the selling phase where you will make a profit. On that note, newcomers are only after with big profit so I doubt they will stay in this market once the bear market comes.

Sled

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Quote from: cyriljundos on April 11, 2021, 05:56:57 AM

Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn. Many guides and reading candlesticks to know the peecentage high and low of specific token.

Big gains? It is just for now, as the bullish season continues but wondering if these traders could manage to keep in trading during the bear season. I'm for sure that many were leaving and suffer losses.

If they are into trading now, better take the opportunity because it can be done soon and the market momentum will change. If we are new to this, never excite more that this will happens all the time because the market will test your patience and strategies when the market turns to bearish again. So better not to overthink that trading is giving you a huge income, it can be sometimes but not all the time.

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Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn. Many guides and reading candlesticks to know the peecentage high and low of specific token.

jack05

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There are so many guidelines available and which one to follow or not is very trivial. Use your own mind to choose any strategy. Since its your own hard earned money and no one will share your lose, make choice wisely.

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Quote from: CryptopreneurBrainboss on March 19, 2021, 09:36:21 PM

Quote from: Ausgewielt on March 19, 2021, 09:11:28 PM

...

You can't give what you don't have so I see no reason why newbies are to help themselves instead the experience and professional traders should be the ones doing the helping here. The newbie should focus more on building themselves and when they have all the capabilities of standing on their own as a trader then they can start thinking about contributing to the growths of the industry by mentoring other upcoming traders.

If your learning how to trade from scratch then it's better and most advisable to focus on yourself. The market has so many distractions that if you're focus you can easily get distracted from your aim of picking interest in trading in the first place which one of those distractions is what you just highlighted above.

At the very least, a beginner should emit all the available information and correctly weigh the pros and cons, as well as draw the right conclusions, while not overestimating their capabilities. You can even learn with the help of the corresponding youtube channels, but a trader learns various nuances not only through his personal experience, but also through communication with other users and an increase in his knowledge base.

CryptopreneurBrainboss

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Quote from: Ausgewielt on March 19, 2021, 09:11:28 PM

...

You can't give what you don't have so I see no reason why newbies are to help themselves instead the experience and professional traders should be the ones doing the helping here. The newbie should focus more on building themselves and when they have all the capabilities of standing on their own as a trader then they can start thinking about contributing to the growths of the industry by mentoring other upcoming traders.

If your learning how to trade from scratch then it's better and most advisable to focus on yourself. The market has so many distractions that if you're focus you can easily get distracted from your aim of picking interest in trading in the first place which one of those distractions is what you just highlighted above.

Ausgewielt

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Novice trader should get this information. We should help each other so our community can become stronger. From me, I just advice to novice trader to start with BTC and fiat pair, stable coin also good. There are many things to do that maybe they make some mistake so I think they should lowering the risk in trading first. Buy at low price and sell higher, maybe that statement is only for traders who have enough experience or for long term trading. However stoploss is important thing that can make traders get better possition for the next trade.

trigger1975

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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.

Well, if it would be that easy, we'd all be millionaires. Trading is a serious business and if you don't treat it as such, the market will crash you. Becoming a profitable trader takes time and requires hard work at ones own personality and psychology.

If one is serious about trading, get a solid strategy for a timeframe that fits your personality and time budget. Write a trade plan and paper trade that plan for at least 3 months with a reasonable risk per trade. If you are not profitable, don't go live, stick to paper trading unless your are profitable. Periodically review your trades and check for errors you have made and how you can prevent them. And: keep a solid trade journal where you write down your trades, feelings and thoughts along with the trades!

Yeah, I know, paper trading sucks. But if your psychology and motivation does not keep you trading boring paper, you don't manage to trade live.

trigger1975

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Quote from: goaldigger on March 05, 2021, 04:05:17 PM

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.

Not to forget to manage the psychology of having real money at stake.

tygeade

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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.

Choosing the right wallet is actually important because some of the users are considering exchanges as wallets which is a bad mentality and better to use a proper wallet that gives you full control (private keys) and after trading you should withdraw funds into the wallet.

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

Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

Minimizing trading costs is not within our hands though but yeah some exchanges have lower fees, but also keep in mind if the exchange itself is trusted. I would rather pay a small extra fee to Binance than trading at HitBTC for example.

Follow Bitcoin news but don't get carried away if a celeb is buying or a big company is selling the coins, make sure you know the decisions are not based on someone else's opinions. Your money, your thoughts and your actions. Lots of guys recently jumped on the hype train of doge coin initiated by Elon Musk but I have a feeling they will fall flat very soon.

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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.

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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.

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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.

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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.

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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.

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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.

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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 .

suzanne5223

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Quote from: CryptopreneurBrainboss on March 09, 2021, 12:36:58 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.

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.

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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.

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.

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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.

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 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.

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.

dimonstration

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Dimon69

Quote from: santiPOGI on March 08, 2021, 09:31:40 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, 08:37:46 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.

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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.

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: ?? on ??

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.

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, 05:41:37 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, 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.

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, 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.

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, 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.

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.

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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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Quote from: ?? on ??

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.

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OP's idea is good, but it would be great if apart from doing that market diversification, he could read books about trading, educate himself, especially from those operators who share their experiences, and how they managed to handle them in the face of crises, which is where actually the true teachings are taken.

Many focus on AT, but before that it is better to understand the market, at least try to understand it. Something really useful is if you have BTC, you can have it invested while you learn, and be very careful in diversifying with other cryptocurrencies.

so98nn

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I am not sure why you wrote that post but that is very very generalised one and look like random thoughts. Well, bitcoin trading market is huge and its growing day by day. It’s an opportunity for those who were less interested in trading before but wanna enter now. You can surely make bigger stash here as compared to other stock or share markets. Bitcoin gives you integrity of price and it’s market cap. It’s ever growing and will keep doing so as we speak. I have myself grabbed good profits during the surge of bitcoin since three to four months now. With few tricks and control of your mind you can do miracle here. 😊

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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.

For an optimal experience while trading, I think it would be a lot more better if the bitcoin you're actively traded isn't kept on the exchange you're trading at. While I'm a big fan of saving your cryptos in your personal wallet compared to non-custodial wallets but when it comes to active trading, it doesn't work out well as you would end up using majority of your profits to pay for tx fees, not to mention the exchange might be charging percentages for each completed trade. I just said that's something that should be kept in mind first. If you still want to use a personal bitcoin wallet, you can do so then use the wallet as a storage for your profits.

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

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 might be easy to say but I think it is hard to execute when you are in the trading field.

Trading isn't an easy way of getting profit(especially in day trading), there some instances that gaining profit by the luck or in your technical analysis. If you're from the scratch, there are too many consequences to come, and possible loss is very common in trading, so isn't have any assurance since you know those mentioned above you didn't get a loss.

I tend to agree above that holding is a play-safe investment in crypto, if you can wait for a perfect time, that's good for you. Because investment in Bitcoin or in crypto is always good if it is a long-term investment.

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Quote from: taufik123 on March 05, 2021, 11:32:46 AM

Quote from: Slow death on March 05, 2021, 10:38:29 AM

-snip-
of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

Technical analysis is a basic lesson that must be mastered to become a trader who is able to make profits from any price differences. In addition, good psychology will determine how strong you are able to overcome when the price is outside of predictions and what decisions need to be taken. Holding also requires a strategy and target that must be achieved.
for day trading it is more risky, but it will provide daily profits if you are able to analyze every movement well. it takes a lot of flying hours to master daily trading and it takes a large enough fund to get big profits too.

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...

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Quote from: Slow death on March 05, 2021, 10:38:29 AM

-snip-
of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

Technical analysis is a basic lesson that must be mastered to become a trader who is able to make profits from any price differences. In addition, good psychology will determine how strong you are able to overcome when the price is outside of predictions and what decisions need to be taken. Holding also requires a strategy and target that must be achieved.
for day trading it is more risky, but it will provide daily profits if you are able to analyze every movement well. it takes a lot of flying hours to master daily trading and it takes a large enough fund to get big profits too.

Slow death

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doing bitcoin trade can be more prejudice compared to doing hodl

for example:

you have 1 btcoin and decide to do day trade

today the bitcoin price is at $48000, you did all the technical analysis and decided to buy at 48000 $, but hours later the price drops to 46000 $ and you sell because you put stop - loss

But two days later the price rises from $46,000 to $52,000

if you had done hodl in the $ 48,000 you could be making a profit of $4,000

of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

ImmortalTJ

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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.

Topic: Bitcoin Trading from Scratch (Read 679 times)