How can I get into trading - page 4.

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Quote from: IceLincoln on May 09, 2024, 06:42:21 AM

...I’m still practicing the strategies I watch from YouTube and seeing how it moves, just want to know the best to use concerning BTC. For capital is 10$ too little for a start or 50$ like in Forex

10 dollars is too little capital to start real trading on the stock exchange, because many exchanges have a minimum order amount, which is equal to 10 dollars. So you need to continue your studies and earn in real life so that you can collect at least $100 to start trading, which will most likely be lost.

Sakanwa

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Engage in discussion here on bitcointalk,know what people are saying about trading,learn their skill, strategies and know when to start your trading life.Everybody here began from somewhere in trading,we were all novice,but Bitcointalk forum is a forum that does the work of education,it educates novice on different aspects of making money,it shows you how to buy,sell and trade your coin,but for you to be able to do that,you must take active part in the discussion going on in this forum for you to be a success in trading and investing.

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Quote from: IceLincoln on May 09, 2024, 03:09:44 PM

Thank you all, I have read all the responses and advices been shared here and I’ve decided to gather more information and knowledge of trading. I’m already practicing on a demo Forex account. I’ll be going through other posts that involves trading to read and learn more from others here.
I believe being in this forum with so many intellectuals and professionals is an excellent opportunity to learn more and grow.

Starting with a demo account is the right decision, I recommend you use the demo account for at least 1 year and spend a lot of time learning about trading. Additionally, if you are really serious about making money in this market, I think you should learn about investing and holding is better than trading. Holding will be somewhat safer, simpler, does not require as much knowledge as trading but can bring better profits than trading. I'm not against trading because I also trade in my spare time, but most of the people who make big money in this market are holders and not traders.

adpinbr

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All you need to do is to understand what you are going into And the step to take what to do, No, I’m just going into eats immediately. Well, it’s still the same thing as the advice you’re looking for and always be careful and know their rights treat. Well I will just also advise you to watch some videos online maybe some YouTube channels and to see what trading is all about

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Quote from: SquirrelJulietGarden on May 08, 2024, 11:49:48 AM

Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?

You can start with guide from Awesome crypto trading.

@OP in addition you can also use the information on the https://www.babypips.com/ to know about technical analysis. About the funds, cryptocurrency trading in Binance minimum trade is around $10 so you can set that as your minimum reference, anything more than that depends on you on how much you are willing to make as your capital for cryptocurrency trading.

Quote

Choose open source non custodial wallet to use and try to avoid close source custodial wallet like exchanges.

How can a person trade in a CEX if he avoids using a wallet from exchanges? @OP is not asking about a wallet for storing his funds for holding but for trading...

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Quote from: Queentoshi on May 08, 2024, 06:45:25 PM

Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

As someone who’s new to this space and wants to start trading, what are the steps I can take to start

If you must start trading acquiring knowledge is the very first step you must take and then after the knowledge has been acquired, you have to spend some time to build this knowledge into a skill. If we cannot learn trading on your own there is no shame at all in paying another person to teach you, and as a matter of fact you may actually be doing better because the person who is teaching you will teach you both their experience and goes directly to the important things you need to know. You can learn trading on your own, but it may take you a longer time and while learning, there will be very many plenty experiences that could discourage you.

Well, having a mentor in trading creates a bigger advantage on you. However, make sure that you background check first your mentor first so that he’ll be your asset in the learning process, not just a greedy person who is only after your money.

Learning on your own and building your own experience in the trading market is actually a productive start, but if you can find a reputable trader as well who will guide you into the real world of trading, I guess that could be more good in your part.

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Trading is not what you rush while doing, or starting,it is what you take one step at a time while following it.Trading should really be handled with caution because the market is very risky,and everythjng that one needs to know about it,should be known from someone who has experience about trading.Those poeple are the ones who can properly direct and show you what to do at any given period of time.They can as well tell you some strategies one can use in trading for him not to experience failure like they did,so as a newbie in trading,you must exercise patience in the process of learning and follow it gradually to be able to master those strategies.

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

Good day guys!
As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?.
What wallet is best for me? Can I use meta trader?

- Research ( I suggest watching videos)
- tried a demo account ( most exchanges have this feature in order for you to try and explore trading)
- choose the most trusted trading platform
- lastly, make ready to try in real trading

Remember that we can't learn instantly as we can learn more as we continue trading. Having a mentor could help you but never think about spending money to signal groups as it was useless.

I'm not sure about meta trader but as I've said, use a reputable platform and wallet rather than trying a new one. Your security is must be your concerned. And most of all, prepare to accept losses.

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

Good day guys!
As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?.
What wallet is best for me? Can I use meta trader?

There's always a precautionary measure for beginners and you have to follow step by step and don't skip any thing especially the learning process.
First, you have to start learning how to trade because this is not just a simple buy and sell, you have to analyze everything here in order for you to succeed.
Second, you should have a capital where you can afford to lose because in trading, profit is not guaranteed.
Third, choosing the exchange and wallet is crucial, you have to ask other locals in your community what's the best site available for you.
Fourth, i think this is the most important part for me which is to learn how to control your emotion because in trading, you should decide based on your analysis and not based on your emotions.

IceLincoln

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Thank you all, I have read all the responses and advices been shared here and I’ve decided to gather more information and knowledge of trading. I’m already practicing on a demo Forex account. I’ll be going through other posts that involves trading to read and learn more from others here.
I believe being in this forum with so many intellectuals and professionals is an excellent opportunity to learn more and grow.

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I have read the above responses and they have shared fair piece of advice hence I will not share about those stuffs which has been repeated but still would like to remind you never go directly into trading but always ensure you have a demo trading account and then try out all your strategies in the demo account for all sort of market situations be it pump and dump or sideways then enter into trading once you learn the art of trading and being successful in demo trading.

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Quote from: Marvell1 on May 09, 2024, 07:43:33 AM

From what you said, it can be seen that you have no experience or basic knowledge about this market yet you rush into trading. As someone who entered the market before you, I think your decision is not wise at all. You need to learn the basics about this market first and the first thing you should also avoid is trading because it is easier to lose money and not as easy to make money as you dream.

The things you need to prepare to become a trader are to spend a lot of time learning (knowledge) and what is more important is to prepare the amount of money you can lose. Because no trader can make a profit in the first years of participation, and I think there are not too many people who are willing to lose money when they first enter the market. That's why I advise you to avoid trading as a newbie.

If you have some capital to learn and trade then you will get better of course because a lot of people do not realize how easy it is to make money from crypto trading but even easier to make a loss from the same thing. I hope that people could end up with a situation that could make some money but at the end of the day it is not going to end up with anything much easier in the end.

I hope that people could make some loss while learning because making a loss without learning is just money gone to waste, like flushing down the toilet, if you ever lose money then I hope that you learn something from it. That way you could get better because if you learn what went wrong then you will try to avoid the same thing again, and you should not be worried about it eventually.

Marvell1

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

Good day guys!
As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?.
What wallet is best for me? Can I use meta trader?

From what you said, it can be seen that you have no experience or basic knowledge about this market yet you rush into trading. As someone who entered the market before you, I think your decision is not wise at all. You need to learn the basics about this market first and the first thing you should also avoid is trading because it is easier to lose money and not as easy to make money as you dream.

The things you need to prepare to become a trader are to spend a lot of time learning (knowledge) and what is more important is to prepare the amount of money you can lose. Because no trader can make a profit in the first years of participation, and I think there are not too many people who are willing to lose money when they first enter the market. That's why I advise you to avoid trading as a newbie.

IceLincoln

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Quote from: salad daging on May 08, 2024, 09:34:50 AM

Try to start with a demo account first if you are trained and have a basis you can do to the actual trading, because to start a beginner it will take a lot of time until you have good enough skills in trading.

The question of capital depends on you, but a little advice is not too much capital if you are not proficient because it is certain that a beginner will experience a loss so use a small capital, if you feel good enough you can increase the capital.

Do you want to trade on CEX or DEX? If CEX choose a reputable exchange such as Binance, Bybit and some others.
If DEX then use the metamask wallet.

Yeah thanks dear, I have a demo account on meta trader4
I’m still practicing the strategies I watch from YouTube and seeing how it moves, just want to know the best to use concerning BTC. For capital is 10$ too little for a start or 50$ like in Forex

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

Good day guys!
As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?.
What wallet is best for me? Can I use meta trader?

The first step you should take is to learn about cryptocurrency, or bitcoin. Don't rush to trade; fill your brain first before trading. It's easy to create an account on any exchange platform, and it's also easy to buy and sell the coins we want.

But what will you base it on when you sell crypto that you can buy? If you don't know how to chart a chart to do an analysis, you don't even know how to read a chart to determine if it's right to sell or buy crypto. Also, don't think of it as a gamble where you just guess when to sell and buy because that's not how trading is designed.

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Quote from: Volimack on May 09, 2024, 12:54:53 AM

Before starting trade you must have enough knowledge about trade. If you don't have knowledge about trade you will never get success in trading. Research the market well and start trading with small capital never use big capital in the beginning. Analysis methodology Some strategies can also be based on technical analysis fundamental analysis or a combination of both.

When someone decides to trade of course they must have a good understanding of trading and don't let them start trading by not having a good understanding of trading so that they lose their money in the trades they make, it would be better for someone who has just started trading. they try it with small capital while they continue to learn it and if they feel that the knowledge they have is sufficient then they can try it with large capital to be able to get bigger profits too.

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?

There are many exchanges you can use to trade and I don't want to say specifically because maybe everyone has a more trusted exchange.
Once you get to know one of the exchanges that has a good reputation, you can trade, but before that you also have to learn how to trade well so as not to make a loss.
In terms of funds, you can adjust to your abilities and if you haven't mastered trading then try learning first and if you want to get involved in trading then try with a small budget first.

Quote

What wallet is best for me? Can I use meta trader?

As I said and try to use a wallet that has a good reputation, even if the wallet is not the best. If you think the wallet can be used and has a good reputation then there's no harm in trying it.

Volimack

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Before starting trade you must have enough knowledge about trade. If you don't have knowledge about trade you will never get success in trading. Research the market well and start trading with small capital never use big capital in the beginning. Analysis methodology Some strategies can also be based on technical analysis fundamental analysis or a combination of both.

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

As someone who’s new to this space and wants to start trading, what are the steps I can take to start

If you must start trading acquiring knowledge is the very first step you must take and then after the knowledge has been acquired, you have to spend some time to build this knowledge into a skill. If we cannot learn trading on your own there is no shame at all in paying another person to teach you, and as a matter of fact you may actually be doing better because the person who is teaching you will teach you both their experience and goes directly to the important things you need to know. You can learn trading on your own, but it may take you a longer time and while learning, there will be very many plenty experiences that could discourage you.

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Quote from: IceLincoln on May 08, 2024, 08:40:02 AM

Good day guys!
As someone who’s new to this space and wants to start trading, what are the steps I can take to start and how much of fund do I need to start?.
What wallet is best for me? Can I use meta trader?

Don't use that trading ways for you to start, here in cryptocurrency you can start by buying trusted coins like Bitcoin and ethereum. Good amount will be okay like $100 could be better, hold your asset at spot trading and you can sell it once good price is hit.
At first long term trading is a good steps in learning, rather than putting your money at the fiat bank.

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