How can I get into trading - page 5.

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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?.

Trading is the same profession as a doctor, a teacher, and accordingly, before you start trading, you need to get enough knowledge that will allow you to make a profit in the future. So focus on learning, and the rest of the questions will be addressed in parallel.

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You need to educate yourself first before diving in and take the time to learn about different trading strategies, market analysis techniques, and risk management.

The amount of money you need to begin trading depends on the type of securities you want to buy. Some brokerages set a minimum amount to begin trading or to unlock margin or options trading. However, you can technically start trading with $100 but it depends on what you are trying to trade and the strategy you are employing.

Choosing a wallet depends on your specific needs and the type of trading you’ll be doing. One of the best wallets for trading is Trust Wallet.

batang_bitcoin

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

Can I use meta trader?

If this is from the forex, I believe that any strategy that you've developed or using there can be done also in the crypto market. But is this a both or a software?
If it's, I think that most of the exchanges won't be supporting that as there are other software that they're allowing to their API to connect but not with that.
I haven't heard someone did that but most likely it is not possible for you to use that with the crypto exchanges.

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The first question is, are you sure? I mean, what is the purpose of you doing or entering trading? I know it's obvious that you want extra income or to earn a lot through trading, but I hope you know how risky and dangerous trading can be. I'm not trying to discourage you; I just want you to know the risks you will be taking.

Next is: do you have prior knowledge and skills in trading? Ok, maybe just some knowledge of trading? Because if not, then I would recommend that you gather more knowledge and tips about trading before initiating a trade, or as a good practice and experience while learning about trading, you can open a demo account on a trading platform so that you may execute what you have learned. It's up to you to polish your knowledge and skills in trading. There are a lot of resources out there on the internet; you just need to be patient and resourceful.

Lastly, train your emotions and mindset, because weak emotions and mindsets could affect your trade, especially if things are not going your way. For sure, at some point you will experience a loss and might commit more because you will let your emotions take over.

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I'm still pretty new to crypto trading myself, so I get where you're coming from. It can definitely be intimidating trying to wrap your head around it at first. The decentralized nature of crypto makes it unlike anything else in traditional finance. But once you start to understand the basics, it gets easier.

I spent a good amount of time reading guides and watching tutorials to familiarize myself with how crypto exchanges work the different order types, and general trading terminology. I'd recommend doing the same - take it slow and make sure you really comprehend things before risking your capital.

As far as platforms, I have primarily used Binance and KuCOin. From my experience, most major crypto exchanges dont integrate with MetaTrader. They have their own built-in trading interfaces that you'll need to get accustomed to. The principles of trading remain largely the same but the tools and user experience vary across platforms.

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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?.

The first step to take in trading is to gain knowledge and you can gain this from your personal research or in a training centre where they give beginners knowledge about training but your own personal research in getting knowledge of trading will really help you, because if you depend on what crypto tutors gives to you, you may likely go with wrong information without you knowing, but when you also make your own research when you come across information that is misleading you will quickly know because you already have the knowledge.

Their is no specific amount of money you need to start up trading , you just need to use the amount that you can afford to lose. The most important thing is for you to just understand trading , when you get this understanding you would know the amount that will be best for you. Many people who don't understand trading thinks trading is all about starting with big amount of money .

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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?

Its a good step that we all should take, I am not talking about trading I am concerned about the fact that most people don't ask these questions and end up in the wrong hands. Well, I hope you and I will find good answers in this thread. From my side, I will say try to get more knowledge about trading at first because knowledge is power and you know the basics and advanced techniques to make funds. I will say first chose your trading type like swing, day trading etc. Then test on demo accounts or backtesting or paper trading. (source) From the source you can know more.

After testing your strategies you can start your trading session but keep in mind that always start with small and then move onto big. Its not necessary that you have to make profit and big profit all the time. Stop lose is your buddy to help you save money. Besides all that You can use any web3 wallet if it supports your token or coin. And meta trader is a good choice but if you are newbie then I will suggest to use centralized or decentralized exchanges instead of MT4 or MT5 as they are little tricky but can be used by a newbie and there is no doubt in that.

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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 are many articles out there for you to read and study before taking the first steps in trading. What is clear is that at least you know the basics of crypto trading and the risks. Don't be in a rush to invest large amounts of money because this will influence your mind to not focus on the basic things that must be understood. If you have learned several important points, try to start with a minimal amount, this aims to introduce you to the volatile market situation and is also useful for controlling your mentality to get used to it. With minimal capital, do as much as possible, loss or profit is normal, but from this process you can learn many important lessons to increase your knowledge about crypto trading.
Next regarding the choice of which exchange to use, it depends on suitability, the most important thing is that the exchange has a good reputation such as Binance, KuCoin, Mexc, Bitget etc. Or try to find out which local exchanges in your country support fiat deposits.

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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?

Save your capital first, don't focus too much on your initial trading capital. If you have capital, it's good to start. But what's better is to prepare your skills in trading. learn everything, you can get a lot of literacy to grow your trading skills.
Just a suggestion to avoid trading signal groups or watching influencer videos. you can go to binance exchange or some other big exchange. they have information for trading that you can read and learn from.

Most importantly, don't start your trading before you are ready with everything. with capabilities and risks.

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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?

Hmm, Op first of all you need to practice the discipline, then put some time into understanding market psychology and price action, after that arrange the amount from which you can take trades, in the learning time you can practice your trade with the demo funds, offered many platforms.

Make sure to learn common terminologies of trading so using those terminologies it will be easy for you to ask for help from seniors because each terminology explains a story behind it haha, just kidding it can just help you understand the suggestions given by seniors because we often use these terminologies, ask more questions so you can clarify your doubts.

Dr.Bitcoin_Strange

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Since you are a newbie and want to go into trading, only invest a small amount like $5–$10, and you will not feel so pained if the funds get liquidated.

So many exchanges and broker have made things easy by adding a demo trading account, which enables new traders to practice how to trade and manage losses before going into real trading. So, depending on the exchange you want to start trading with, kindly check if they have a demo practice account, then practice how to combine some strategies in order to make profit with that practice account. After you have learned how to trade and make a profit, you can then invest a small amount.

Trading is very risky compared to investing. You should be aware that crypto is a very volatile asset, and once the market goes against you, you can be liquidated, and all or half of your capital will be gone. So, you have to understand everything about trading properly before you can become successful.

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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?

You can start with guide from Awesome crypto trading.

Quote

What wallet is best for me?

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

Reminder: do not keep your money in online accounts

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Can I use meta trader?

You can use TradingView.
https://www.tradingview.com/

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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?.

Ranging from $10-$100 is enough to start and don't make huge trades. Start to learn with that amount and IMO that's going to give you the lesson you want to have as a starter, make sure that amount is affordable for you to lose.

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

What wallet is best for me?

What are you going to trade?

Assuming you don't have a wallet yet, you go directly to the exchange and buy there with your fiat.

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Exploring various educational platforms can provide you with a comprehensive understanding of trading strategies, risk-reward techniques, and market principles. In addition to BabyPips education platform, consider exploring other reputable sources such as Investopedia and TradingView. Remember, mastering trading requires dedication, continuous learning, and practical application of knowledge, long hours of screen time etc. BTW, so many forex brokers offer crypto pairs for leveraged trading, you can pick any broker offering MetaTrader or Ctrader whichever suits your trading style.

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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?

AFAIK, MT4 is a forex trading tool. I use this before when I’m still trading forex but I’m not sure if they are now offering crypto trading.

I suggest to use hardware wallet such as Trezor since it supports multiple currencies including Bitcoin since most of the mobile wallets doesn’t support Bitcoin and other altcoin blockchain at the same time.

For exchange, Use Binance because it’s user friendly and high trading volume. You can use tradingview for your technical analysis since it provides better indicators and other trading tools.

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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.

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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 are forex brokers that actually have Bitcoin included in their meta-trader versions. assuming you already are into forex then it will not be difficult for you to also trade in crypto as they are all just currencies.

most of us here in crypto though are using tradingview which you can also have an account by just signing up. the indicators in meta trader are no different from those in Tradingview which you will have no problem reading the charts. since you are already are trading using meta trader, i guess there is no explanation needed for them. i assume you will also be in futures market?

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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?.

You have to start first by doing your research. You can do this research by reading articles on crypto trading, watch crypto trading videos, follow to genuine influencers with proof of trading performance to know what the crypto trading market is all about. Because you cannot just jump into live trading without knowing the basics, therefore you should spend some good time learning about technical and fundamental analysis, learn about risk management, support and resistance and the likes of it. After this, you can now start with demo trading which is basically practicing. Do not stay in demo mode for too long because the real learning where you master your skills and learn about the psychology of trading will come in the live trading environment. And even before then, you should start with small capital and aim to increase it. It is during this time that you get to develop a trading strategy that works for you. I do not advise you to trade every day, rather let your targets guide you. Your target should be a SMART one.

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

You can use an exchange wallet - Binance, Kucoin, Bybit and any other one of your choice.

IceLincoln

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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?

Topic: How can I get into trading - page 5. (Read 748 times)