Thanks for this. 
Topic: BTC-E & BitcoinWisdom Explained & Tips On How To Trade And Make Profit. (Read 1350 times)
October 05, 2014, 11:04:21 PM
A good read for those who "wants" to read. Thanks for this.
Thanks for this. October 05, 2014, 07:55:10 PM
Introduction
In this thread I am going to give a brief explanation about two sites that can be used in order to make some profit. The two sites are BTC-E which is used to buy/sell coins and BitcoinWisdom which is used to monitor the price and buy/sell orders. Things aren't complicated as they look, it is very easy to make profit from trading coins. You just need to relax, open up your eyes, and use your brain.
BTC-E Explained
BTC-E is one of the largest online cryptocurrency exchangers. I've personally used them for quite some time now, and they have an almost perfect uptime. I've never had problems buying or selling on the site, and you can do it all instantly via their site so you make profit on the go.
Registration
To register, simply click here and follow the steps shown below.
[Image: gSRjuG7.png]
On-site operations
Post registration, you can proceed to login to your account. On the main page you'll see plenty of information regarding pricing and coins.
On the image below you will see the following:
Last Price: The current price of BTC.
Low: The bottom, or lowest, price that has been hit.
High: The highest price reached.
Volume: The current volume of BTC/USD present.
Server Time: The current time at BTC-E.
Access to your inbox, notifcations, news, profile, finances, ToS, FAQ, and support.
[Image: 0teZcQD.png]
On the main page you will see an essential chart showing price variation with time, as green candles show an increase in price, while red candles show decline. You're also given the option to switch between currencies right above the graph.
[Image: EOMKvc2.png]
Scroll down and you'll see the buyer and seller panel, where you can place your orders and offers at your desired prices.
[Image: USfYROt.png]
To purchase BTC follow these steps:
Enter the amount of coins you'd like to buy.
Enter the price you're looking to buy the coins at.
Click the calculate button to check fees and calculate the total.
Click the buy button when ready to place an order.
[Image: CkTZf7N.png]
To sell BTC follow these steps:
Enter the amount of coins you'd like to sell.
Enter the price you'd like to sell the coins at.
Click the calculate button to check feeds and calculate the total.
Click the sell button when ready to place an offer.
[Image: wLc943s.png]
After placing your order/offer, you'll see a confirmation message stating your order has been sucessful.
[Image: MClc4Gp.png]
You can also view your current active orders by scrolling to the main page, where you'll have the option to cancel orders that haven't taken place and you no longer want. In the image below we can see that I've placed a buy order at $300, so whenever the prices hits $300, it will automatically fill my order and purchase the coins.
This is a great site feature, allowing you to buy/sell at any price you desire without the hassle of staying online to watch price fluxuation. You can simply place the order and leave.
[Image: aaLBJbr.png]
Scrolling further down you will be presented with two tabels, one representing sell orders, and one representing buy orders. In the image below, there is a sell order of 1.4090038BTC at the price of 648.427 for 913.636 USD.
[Image: 5KAAlV8.png]
Lastly you will see a list containing time-stamped trade history. In the image below, it shows the date, type of order being bought or sold, price it was bought or sold, and the total.
[Image: ZLNXAwE.png]
To the right you have the chat box, otherwise known as the TrollBox. It is a good read from time to time, however never listen to what they say in terms of advice or buying/selling.
[Image: zcqVw7l.png]
In your finances page you can view your balances of each currency, view your transaction history, and manage your balance through deposits and withdrawels.
[Image: EVjBi8X.png]
BitcoinWisdom Explained
Main chart and volume monitoring
I'm not going into the depth of chart reading, as it would take too much time, however you can read about it on the web as there are plenty of useful articles/videos regarding it already.
[Image: 3ReqmLH.png]
Ask/Bid and orders tables
This is the most important thing you need to keep your eye on when trading.
The upper portion is the ask price, where it lists the sell orders that have bene already places, stating the amount of coins being sold, and the price being asked. As you can see on the image, there is a sell order of 1.1342 BTC at the price of 674.852 USD. There is another sell order of 4.8623BTC at the price of 648.994 USD.
The 643.651 number displayed in the middle represents the current price of BTC, the number turns red when a sell order is filled, or green when a buy order is filled.
The lower or bottom portion is the bid price, where it lists the buy orders that are already placed. Stating the amount of coins being bought and the price bid. As you can see in this image, there is a buy order of 0.0104 BTC at 643.652 USD. There is another buy order of 2.2097 BTC at the price of 643.188 USD.
Finally at the bottom we can see completed orders. Red is sell orders, green is buy orders. In this image, there is a buy order of 1.884 BTC at the price of 643.651 USD which has been filled. There is also another sell order of 0.04 BTC at the price of 647 USD.
[Image: 4TfYXQY.png]
Tips on how to trade and make profit
Here are a few tips to keep in mind when trading:
Check volume on BTC-E, if the volume is too high, then people will most likely be selling - this is when you don't buy and simply wait for the price to lower due to others selling off. Simply wait till the price reaches bottom and volume decreases.
Check the lowest price hit, and the highest price reached to get a general idea.
Look at the BitcoinWisdom chart, see if there is a downward or upward trend regarding price.
Look at bitcoinwisdom ask/bid table and completed orders. If you see sell walls, then simply wait before you buy in, since sell walls cause the price to decrease and a dump is most likely happening. If you see buy walls and buy support, that means the price is going up. You should be careful however not to fall into bull traps and fake walls. Sometimes when there are downtrends, some bullies place fake buy walls to fool people into buying coins, causing a slight increase in the price, and as a result causing people to believe a bottom has been reached, and then they pull out the buy wall, and the price crashes even more. The bull trap is explained further here, and you can visit here for an explanation regarding a bear trap.
Never panic. Even if price is going down and you've bought your coins at a higher price you should read the chart and look at what is happening on the ask/bid tables before you make your decision. Sometimes you shoud just hold your coins and wait for the price to bounce, and other times you should simply cut your losses and buy back in when price is cheaper, allowing you to profit when it bounces again.
BTC is a strong coin, and an end isn't in sight. So no matter how low price gets, it will most likely recover.
Never listen to the TrollBox, usually people who are holding coins spam "Sell" and those who are in flat spam "Buy". Everyone will ask for what makes them profit. Make your own decisions.
Thank you for reading this thread.
In this thread I am going to give a brief explanation about two sites that can be used in order to make some profit. The two sites are BTC-E which is used to buy/sell coins and BitcoinWisdom which is used to monitor the price and buy/sell orders. Things aren't complicated as they look, it is very easy to make profit from trading coins. You just need to relax, open up your eyes, and use your brain.
BTC-E Explained
BTC-E is one of the largest online cryptocurrency exchangers. I've personally used them for quite some time now, and they have an almost perfect uptime. I've never had problems buying or selling on the site, and you can do it all instantly via their site so you make profit on the go.
Registration
To register, simply click here and follow the steps shown below.
[Image: gSRjuG7.png]
On-site operations
Post registration, you can proceed to login to your account. On the main page you'll see plenty of information regarding pricing and coins.
On the image below you will see the following:
Last Price: The current price of BTC.
Low: The bottom, or lowest, price that has been hit.
High: The highest price reached.
Volume: The current volume of BTC/USD present.
Server Time: The current time at BTC-E.
Access to your inbox, notifcations, news, profile, finances, ToS, FAQ, and support.
[Image: 0teZcQD.png]
On the main page you will see an essential chart showing price variation with time, as green candles show an increase in price, while red candles show decline. You're also given the option to switch between currencies right above the graph.
[Image: EOMKvc2.png]
Scroll down and you'll see the buyer and seller panel, where you can place your orders and offers at your desired prices.
[Image: USfYROt.png]
To purchase BTC follow these steps:
Enter the amount of coins you'd like to buy.
Enter the price you're looking to buy the coins at.
Click the calculate button to check fees and calculate the total.
Click the buy button when ready to place an order.
[Image: CkTZf7N.png]
To sell BTC follow these steps:
Enter the amount of coins you'd like to sell.
Enter the price you'd like to sell the coins at.
Click the calculate button to check feeds and calculate the total.
Click the sell button when ready to place an offer.
[Image: wLc943s.png]
After placing your order/offer, you'll see a confirmation message stating your order has been sucessful.
[Image: MClc4Gp.png]
You can also view your current active orders by scrolling to the main page, where you'll have the option to cancel orders that haven't taken place and you no longer want. In the image below we can see that I've placed a buy order at $300, so whenever the prices hits $300, it will automatically fill my order and purchase the coins.
This is a great site feature, allowing you to buy/sell at any price you desire without the hassle of staying online to watch price fluxuation. You can simply place the order and leave.
[Image: aaLBJbr.png]
Scrolling further down you will be presented with two tabels, one representing sell orders, and one representing buy orders. In the image below, there is a sell order of 1.4090038BTC at the price of 648.427 for 913.636 USD.
[Image: 5KAAlV8.png]
Lastly you will see a list containing time-stamped trade history. In the image below, it shows the date, type of order being bought or sold, price it was bought or sold, and the total.
[Image: ZLNXAwE.png]
To the right you have the chat box, otherwise known as the TrollBox. It is a good read from time to time, however never listen to what they say in terms of advice or buying/selling.
[Image: zcqVw7l.png]
In your finances page you can view your balances of each currency, view your transaction history, and manage your balance through deposits and withdrawels.
[Image: EVjBi8X.png]
BitcoinWisdom Explained
Main chart and volume monitoring
I'm not going into the depth of chart reading, as it would take too much time, however you can read about it on the web as there are plenty of useful articles/videos regarding it already.
[Image: 3ReqmLH.png]
Ask/Bid and orders tables
This is the most important thing you need to keep your eye on when trading.
The upper portion is the ask price, where it lists the sell orders that have bene already places, stating the amount of coins being sold, and the price being asked. As you can see on the image, there is a sell order of 1.1342 BTC at the price of 674.852 USD. There is another sell order of 4.8623BTC at the price of 648.994 USD.
The 643.651 number displayed in the middle represents the current price of BTC, the number turns red when a sell order is filled, or green when a buy order is filled.
The lower or bottom portion is the bid price, where it lists the buy orders that are already placed. Stating the amount of coins being bought and the price bid. As you can see in this image, there is a buy order of 0.0104 BTC at 643.652 USD. There is another buy order of 2.2097 BTC at the price of 643.188 USD.
Finally at the bottom we can see completed orders. Red is sell orders, green is buy orders. In this image, there is a buy order of 1.884 BTC at the price of 643.651 USD which has been filled. There is also another sell order of 0.04 BTC at the price of 647 USD.
[Image: 4TfYXQY.png]
Tips on how to trade and make profit
Here are a few tips to keep in mind when trading:
Check volume on BTC-E, if the volume is too high, then people will most likely be selling - this is when you don't buy and simply wait for the price to lower due to others selling off. Simply wait till the price reaches bottom and volume decreases.
Check the lowest price hit, and the highest price reached to get a general idea.
Look at the BitcoinWisdom chart, see if there is a downward or upward trend regarding price.
Look at bitcoinwisdom ask/bid table and completed orders. If you see sell walls, then simply wait before you buy in, since sell walls cause the price to decrease and a dump is most likely happening. If you see buy walls and buy support, that means the price is going up. You should be careful however not to fall into bull traps and fake walls. Sometimes when there are downtrends, some bullies place fake buy walls to fool people into buying coins, causing a slight increase in the price, and as a result causing people to believe a bottom has been reached, and then they pull out the buy wall, and the price crashes even more. The bull trap is explained further here, and you can visit here for an explanation regarding a bear trap.
Never panic. Even if price is going down and you've bought your coins at a higher price you should read the chart and look at what is happening on the ask/bid tables before you make your decision. Sometimes you shoud just hold your coins and wait for the price to bounce, and other times you should simply cut your losses and buy back in when price is cheaper, allowing you to profit when it bounces again.
BTC is a strong coin, and an end isn't in sight. So no matter how low price gets, it will most likely recover.
Never listen to the TrollBox, usually people who are holding coins spam "Sell" and those who are in flat spam "Buy". Everyone will ask for what makes them profit. Make your own decisions.
Thank you for reading this thread.
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