I wanted to reply to this because I have extensive experience in trading, and because @WaffleMaster is right, you just need the right tools to get you started.
And before anyone else goes berserk and wants to start telling me how the technical parts of this are not correct and such, I am merely helping him get started out and am putting things in the most simple terms. Something that many of you may think is not the correct way to do it, but I wish someone would have done this for me when I did not know the first thing about trading. it would have been so much easier to at least have somewhere to start and get a foothold. It is hard to ask questions and learn when you do not even have a clue what questions to ask.
With that, I reiterate that this is nothing more than some helpful advice and information to help you get started. use this information so that you can learn as you go. Build upon it and let it help to create questions that you can ask, in order to gain more knowledge and experience. Hopefully, it will also help you to lose less as you learn.
I write for Coinstaker.com and recently wrote some trading strategy articles that you can read if you like (I will post the links below), but more importantly, if you set up a free account on TradingView and use only the PivotPoints Indicator, you can easily win 8 out of 10 trades consistently.
Here is a link to my TradingView Strategy, using the Pivot Points for Bitcoin/USDT, 30 Minute on Poloniex:
TradingView ChartWhen you click the link, you will see the current, real-time market for BTC/USDT on Poloniex. If you look at the graph, you will see marks that are Blue and Red. Blue marks will be at the bottom of a Candle Stick, the Red ones at the top of the Candle Sticks.
These marks are the Pivot Points, which indicate that the market is going to go into a period of reversal. Or, more simply, if it is going up, it is getting ready to go down or if it is going down, it is getting ready to go up.
Every time a blue mark appears, Bitcoin goes up, when a red one appears, Bitcoin goes down. it is not always an instant move up or down, and it does not always guarantee a win, but about 80% of the time, if you follow this one indicator, you will make a profit.
It basically tells you when to buy and when to sell. whenever you see a blue mark appear, Buy Bitcoin. When you see the red one appear, sell Bitcoin.
One thing to note, you have to look closely at the candle sticks where the blue/red indicators appear. the candlestick they appear under/over will have a small arrow somewhere in the middle of the candlestick. This is the actual price that bitcoin was at when the blue or red mark appeared.
You will also see that at the bottom of my chart, I use the DMI at the bottom. I use this to help me confirm if the market is going to reverse or not. Sometimes, the pivot point indicator appears on the chart, yet the market does not reverse. By using the DMI, it allows me to know whether or not to put confidence in the pivot point indicator.
What i look for in the DMI in relation to the pivot points is a bit much to add to this post, but see if you can see the pattern in the three lines at the bottom, when a pivot point appears and the market reacts as the pivot point has predicted vs when the market does not react as the pivot points predicted. It will be a good exercise in learning. And of course, I will post more on it, if you ask here or you can message me if you want to know more about it.
You basically have to keep a constant watch to see when the market is going to reverse. Like I said, this is just some advice to help you get started in trading more successfully.
The one thing that is most important when trading, For
EVERYONE WHO TRADES, no matter which strategy you use, is this:
Have an Exit Strategy and FOLLOW IT!!If you think that you can trade without emotions,
You are a fool! Plain and simple.When you buy, have the percentage in profit you want to make and then set it to sell
Automatically at that point. If you do not, you
will hesitate when it reaches that mark and you
will think that if you sell now, it might go up even further and you would have missed out on more money in profits. The same goes when you buy. have your sell point and stick to it. Even when using nothing more than an indicator, like the Pivot reversal discussed here, when the indicator appears, buy or sell. Immediately.
Do not wait.
Do not hesitate.
Do not think about it at all.iThis is NOT speculation, what I think or a guess. It is FACT. This WILL HAPPEN TO YOU and YOU WILL Lose Money. GUARANTEED!It is called
FOMO - the
Fear
Of
Missing
Out
Well, that is my advice to you. I am by no means an expert at trading. Not long ago, I had no clue how to do anything on an exchange and I lost almost everything I ever tried to trade with. it took me a long time to learn the little that i know now, but I have gained knowledge and am passing it on to you. Hopefully you can use it to help you learn more.
I offer it for free, but if you or anyone else finds that the info has been useful to you or you simply want to, you can send me a donation, but it is not expected or required. Bitcoin wallet is 17mHmug3qPyAU6N68bP2HDGKwhrkBPy49E
If you have any questions or something I said is not clear, let me know and I will help if I can.
The links to the articles I wrote are below:
Pivot Reversal Part 1Pivot Reversal Part 2