Topic: Complete Newbie to Trading - Need some guidance (Read 227 times)
Thanks, Guys for helping me understand that trading needs a lot of dedication and it'll be a waste of time because of my time constraint. I'll take your advice and will look into long-term investments.
I am a complete newbie to the concept of Trading and Cryptocurrencies. I have a 15hr day job, so I can spend barely an hour or 2 for trading and it's related stuff. I have googled about trading and came up with a lot of stuff related to Forex trading. I read somewhere that Forex trading is completely different from Crypto Trading.
Firstly, since you have 15 hrs day job, you may actually want to consider the long term style of trading which you would not have any worries about trying to look at the chart every minute and anything outside that, you are obviously going to end up stressing yourself with your 15 hrs job.I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
If you want to learn, you only have to know what you are looking for and get some specific article on that. I would say you should learn how to use the indicators in making a good trade as that would really help you. 
Since you will be having a hard time in trading due tontime constraints, I suggest you taking time to read or watch youtube on how to invest in cryptocurrency properly, since you will be needing to take care of your investments you need security, make sure you and only you have access to your wallets. In regards to videos in youtube, I watched a lot, I didn't focused mainly on one channel, since they will have different opinions and will hype whatever coin that they have, make sure to check coinmarketcap.com for the coins that they are promoting and check if the chart is correct on what they are saying on the videos, for the site, this forum is a great help, read the topics you want in the trading discussion as well as on bitcoin, in order for you to be updated on the trends and be aware of the market, since it is volatile.
That is just the best one here. Actually long term style of trading is actually one of the easiest anyone can ever do most especially when trading altcoins. The most important thing is never to buy any moving market or you should be buying market that is still at their dip or showing some signals. Also, it is always good to look for a market that is consolidating and showing some divergence as that makes it easy for anyone to have the best of the market in such situations.
If you are new to trading then i will suggest that control your emotions while trading and use your brain.Make technical analysis of the market and get speculation regarding pump and dump situation that can arise in market and affect your profits.Keep an eye on news regarding particular coin in which you are investing.Else you will learn a lot many things after gaining knowledge and experience.
Don't trade according to your feelings always try to learn news before everyone else and learn technical analysis they are really useful for trading.
Well, trading according to your feelings is something you cannot run from as long as you do have any idea of trading and it is a good thing that the OP is really ready to start learning. However, there is a little but in his time since he has only 15 hours on his job and that would really make him find it hard to do even a short term trading, let alone day.I would consider going the long term way and selling at peaks, then buying back again when the market corrects. It would not always take much time but a lot of knowledge on how to use the indicators would really be necessary.
I think it could be difficult for you to become a good trader, because traders needs a lot of time to monitor of the market value of their holdings. And it seems that you are lack of time to monitor of it, because of your current job that takes 15 hours a day, and the two hours that you will spend on trading is not enough. If i were you, i will choose long term investment, because it lesser the risk and you don't have to spend a lot of time by monitoring the market value of your holdings.
Crypto trading is not like forex. 2 hours is enough for profesional trader. For newbie you need more time to learn about chart, candlestick, indicator, support, resistence and many fundamental analisi indicator. Dont start with big money. Traine your emotion in trading is more important then anything base on my experience.
Hi all, I am a complete newbie to the concept of Trading and Cryptocurrencies. I have a 15hr day job, so I can spend barely an hour or 2 for trading and it's related stuff. I have googled about trading and came up with a lot of stuff related to Forex trading. I read somewhere that Forex trading is completely different from Crypto Trading.
I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
Im still learning ,just start the basic knowledge usually i keep reading in this forum ,a lot of important information you may get,google,youtube is advisable also in learning new things,be researcheable, asking questions in this forum helps you also.
if you can't spend the time on learning it and then doing it then it is probably best that you don't start wasting your time with trading at all. because with 15 hour/day job you have no time to learn trading and that takes quite a lot of time and then the trading itself will take a lot of time too, specially when you are a beginner and need to spend more time analyzing everything and every move you have made in the past so that you can gain experience. and being successful in trading is just that: experience. if you can't gain it then you will never be successful.
I suggest you to follow DataDash at youtube. He is pretty famous when in terms of TA tutorials and he's doing a great job. Probably you'll learn a lot from his videos.
to increase your BTC holding and you will be able to do that using divergence on MACD, RSI, Volume and DMI indicator.
How reliable these indicators are? If most of the good traders a using them, then it has to be the inexperienced traders that are screwed. Then with that, you can hold for a while and sell into FOMO or set sell orders based on past resistances and support and go through with the cycle again when the alts are in deep correction. Nevertheless, learn all you can and find the one that can work best for you.
I think all of this works until there is a large sudden change. Then two things are possible: either you are in a large plus, or large minus. 
I'm not a pro trader, First Advice " don't invest you afford to lose mainly in cryptocurrency because of price volatility".
Day trading can make a small profit, Do better analyze before trading both TA and Fundamental
Long-Term Holding can make a lot of profit when you investing good interesting blockchain startup project.
That is always a good advice most especially for beginners. Even after learning all you have needed to learn and you are so confident in yourself, you will also need some level of practice to be able to guarantee yourself that you are ready to go. Day trading can make a small profit, Do better analyze before trading both TA and Fundamental
Long-Term Holding can make a lot of profit when you investing good interesting blockchain startup project.
Trading is not easy, but if done well, you will always find it interesting but you need that confidence to be able to trade the market effectively. Long term holding or long term trading is actually the perfect one for the OP's kind of job and with that I would say he should learn how to use MACD, RSI and trend line on a daily chart as well as the ability to be able to read candles. Google should be of help with these ones.
Start by reading this: https://books.google.co.th/books/about/Technical_Analysis_of_the_Financial_Mark.html A must read for every beginner.
Guys! Thanks for all the guidance. But I feel that all the answers I get are more generalized. I would like some examples/suggestions rather than the generalized approach. Something similar to the post above - Thanks commie, I will have a look at it.
Since you do not have much time to spend and do research on coins and when to sell and buy so I suggest don't jump into trading because in trading timing is very important to make a profit in short term. You can start with just investing in some good coins and hold them until you reach your profit target because here you no need to monitor market regularly instead one or times you can check the prices of your coins.
Thanks, Chris for your genuine answer. Yes, I have been learning stuff and investing in some good coins as of now. But I don't want to stop there, I want to experience the benefit of trading. I am not trying to jump into trading, I am just trying to figure out how to improve (learn) my trading skills and how can I benefit from it in the future. And I am not going to day-trading because of my time constraint. I just want to learn to trade and when the time is right, I want to experience the pleasantries of trading.
Pardon if my English is wrong and the usage of wrong dictions. I hope that I have conveyed myself clear
Hi all, I am a complete newbie to the concept of Trading and Cryptocurrencies. I have a 15hr day job, so I can spend barely an hour or 2 for trading and it's related stuff. I have googled about trading and came up with a lot of stuff related to Forex trading. I read somewhere that Forex trading is completely different from Crypto Trading.
I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
You will not earn much in trading since you have just 2 hours vacancy and a trader looks everytime in the chart. If you want to have some profits in trading you can buy coins that is for a long term period. If you will be a day trader, expect that you can't play your coins because you are busy with your job. I do not discourage you to quit you job but a trader must be active everytime in exchange because anytime, price can fluctuate. I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
It is good you are really willing to learn and I recommend this website most especially to learn how to make use of different indicators and do some technical analysis in any market as well as the ability to make some good decisions.
https://tradingstrategyguides.com/blog/ - Huge load of resources to learn from on this site for free.
Furthermore, you are going to have a little bit of issue trading daily with your time, so I am going to advise you to go the long term way (concentrate on longer time frames, at least daily time frame). Buy at dips during accumulation, most especially alts, if you want to increase your BTC holding and you will be able to do that using divergence on MACD, RSI, Volume and DMI indicator. Then with that, you can hold for a while and sell into FOMO or set sell orders based on past resistances and support and go through with the cycle again when the alts are in deep correction. Nevertheless, learn all you can and find the one that can work best for you.
https://tradingstrategyguides.com/blog/ - Huge load of resources to learn from on this site for free.
Furthermore, you are going to have a little bit of issue trading daily with your time, so I am going to advise you to go the long term way (concentrate on longer time frames, at least daily time frame). Buy at dips during accumulation, most especially alts, if you want to increase your BTC holding and you will be able to do that using divergence on MACD, RSI, Volume and DMI indicator. Then with that, you can hold for a while and sell into FOMO or set sell orders based on past resistances and support and go through with the cycle again when the alts are in deep correction. Nevertheless, learn all you can and find the one that can work best for you.
I have a 15hr day job, so I can spend barely an hour or 2 for trading and it's related stuff.
Since you do not have much time to spend and do research on coins and when to sell and buy so I suggest don't jump into trading because in trading timing is very important to make a profit in short term. You can start with just investing in some good coins and hold them until you reach your profit target because here you no need to monitor market regularly instead one or times you can check the prices of your coins.
Its pretty similar in the form of liquidity but nowadays crypto market is more volatile than forex market. I would suggest you to do some researched about what you want to trade and how much capital you would invest at first. In my opinion, you should never combine your day job with trading so if you only have 1-2 hour for trading then go for swing trade rather than daytrade. 
Hi all, I am a complete newbie to the concept of Trading and Cryptocurrencies. I have a 15hr day job, so I can spend barely an hour or 2 for trading and it's related stuff. I have googled about trading and came up with a lot of stuff related to Forex trading. I read somewhere that Forex trading is completely different from Crypto Trading.
I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
FOREX trading and crypto trading are just a pace similar. What you viewed in forex trading tutorial in youtube can use also in crypto trading. I don't try to trade in FOREX but my brother in law said that they are quiet similar. Similar in a way that both of them is using candlesticks and TA in order to predict the next move of the price. Crypto and FOREX trading are profitable, that's why I want to trade from that two. I know that I have start trading with less investment to learn more. So, if any experienced trader here could show me the right direction? Like a good learning website, books preferably videos or youtube channel, how to read charts etc
THANKS in advance
First of, trading can be a very good opportunity but you need to be very serious on it if you want to be successful. i didn't saw anyone or heard that didn't became successful without any hard-work put onto it. and learn the basics to get that foundation you need in trading.
Trading is the best method of getting rich and if we talk about bitcoin trading, I think this is the most beneficial profession on the face of earth. But with big rewards come big challenges too. Dealing with the digital market and then with the most fluctuating coin indeed lays some pressure on the person. Many people give up because the journey seems to be more than their capacity.
First of, trading can be a very good opportunity but you need to be very serious on it if you want to be successful. i didn't saw anyone or heard that didn't became successful without any hard-work put onto it. and learn the basics to get that foundation you need in trading.
Jump to: