Topic: How do I trade bitcoin? (Read 776 times)

It's seems you are new in trading therefore this isn't the right step to start trading without a prior leaning or skills, of course forex and crypto trading signals are different entirely, however the best bet for you is to start learning how to trade right from the basic, for instance learning forex trading via babaypips.com will help you in a long run to kickstart your learning in crypto trading because both forex and crypto trading share similar candlesticks on their charts, learning how those candlestick patterns helps in taking a trading decision, of course most of the exchange has Apps are equipped with charts, you will need to learn Technical and Fundamental analysis of trading as well thus it a big task, however with perseverance and diligence you will grasp all the basic of trading.

If you want to trading on Bitcoin don't use any app for Trading. You analyze daliy bass of chart . Bitcoin is not for short term trading because its price goes up and down very quickly .so it is for long term trading.if you will use app for Trading .This is not give your trading knowledge .so you use technical analysis for any trading .

I'm so sorry you had to feel this way 😔
I haven't traded bitcoin  not that frequently  atleast  and that's because I enjoy trading usd while using my broker DerivGo  which i find more easier and simpler  to use and there are actually alot of options to trade with which bitcoin  is also very inclusive.
I guess you're still very new in trading and my advice to every newbie  trader I find is for them to spend more time on practice than wanting to make profits because with the right knowledge, the profits will definitely  start flowing in but trying to cut corners with wanting to earn with learning might lead to several losses .

I agree with you that getting idea about basics of trading from YouTube is a good step, but it won't be helpful until someone tries trading in real life. People often view those videos of YouTube and start thinking that they could earn a lot of money in a very short amount of time with the help of trading. But, in reality it's very difficult for new traders to earn good income from trading, a trader should develop his/her skills by practicing trading with actual money, but in very low amounts.

I even don't think that a trader who often trades on a demo account could end up being a successful trader because such people are the ones who are playing the trading thing as a game, and they won't have courage to win the game in actual life. You know that a trader has to have complete control over his/her emotions during trading because emotions like, fear and greed, could be the main cause of huge losses for many newbie traders. It's always better to build up the skill of trading over time and once you have made a good strategy then stick to it.

A good strategy is always needed for a trader, and a good strategy when combined with a proper trading plan can increase the chance of profits by a huge margin. In crypto-market one should basically focus of the volatility because the market is highly volatile and there can be huge ups and downs within a matter of minutes in crypto-market. Without understanding the crypto-market's volatility one can never be profitable in this market. That's why it's always recommended to master the volatility of the market if you want to earn substantial income from crypto-market, and specially Bitcoin.

Everything must be based on planning and of course everyone has a different way of trading even though the goal is still to take profits, and the most important thing before trading is to learn a lot about the movement of the coin that will be chosen for trading, that is very important.
And for Bitcoin trading, I think it's easier than other coins because Bitcoin price movements tend to be stable and also the possibility of price movements going up or down is quite comparable so that it makes it easier to trade Bitcoin long term or short term.

There is no end to know about trading to achieve success in trading. You must know about trading and if you think you understand enough about trading and you have enough idea about trading then you can follow next step of trading. The next step in trading is to think about which coins to trade. If you want to trade in Bitcoin, you need to plan about Bitcoin trading. Get an idea about the basics of trading on YouTube. Hope you can get some idea from YouTube.

Its trues when trading altcoin always has with high return and high risk, less bitcoin with low risk because price few percent only but we earn less profit actually with small fund for trading in bitcoin. I prefer trade with altcoin due my budget small and have higher percentage to earn profit than Bitcoin. But difficult thing trading in altcoin when price going drop without stop loss feature need longer time for altcoin recovery to higher price.

But have wrong mindset with many trader, want to earn much profit with trading but less risk and looks impossible actually when trading in bitcoin has higher capital to earn much profit. Keep trade with on the top standing on market cap without trade with shit coin, but if want more efficient better trade with bitcoin only.

Trading is very easy if you have an idea about trading. And if you have any idea about trading then you should have a lot of trouble to understand the trading issues in the first place. The first thing you need to do when trading is to select a crypto exchange. After selecting a crypto exchange you need to create an account on that exchange. You can easily create an account using your mobile number or gmail account. After creating an account, if you are asked to verify your account, you can use your National ID card or driving license for account verification. Once these processes are complete you can go to the deposit option of your account and deposit some amount of USDT or other cryptocurrencies. Once the money is deposited in your account, you can easily trade with BTC by going to the trade option and selecting BTC.

For actual trading I prefer altcoins because it will provide greater profits even though the risks are also large,
every trader basically has their own favorite coin and that is normal,
for Bitcoin I think it's more feasible for long term investment because the risk is low so it's safer.

in the best cryptocurrency for trading is bitcoin, where this coin is the most difficult to manipulate, making it easier for us to analyze. but indeed what needs to be understood is that bitcoin volatility is higher than forex, which if you are not careful and disciplined, then the losses in bitcoin trading will be greater. many people get big profits in bitcoin trading but few get consistent profits, therefore improving mentality is very necessary to deal with fluctuations that occur

Bitcoin is a currency and that is the only similarity with forex. Many people will do forex to make money and people use fiat or altcoins to exchange and trade bitcoin for the same purpose.

Going for both is something that also never recommend. Mastering one is a lifetime process and you can only do one for profits. I think speculative trading should be limited in the number of type in assets. The long term investments can be multiple but short term things should be limited.

Trade bitcoin, don't do altcoins too much and don't go for more risky methods.

I think recommending someone a reputable centralized exchange would be fine - but of course if they don't mind KYC. Centralized exchanges require their customers to pass KYC – some will consider it an invasion of privacy, but most will. Decentralized exchanges like Bisq are also worth checking out - but it all depends on the user.

Spot trading is recommended for anyone who does not understand how to manage risk in other trades such as grid trading, futures or others. Beginners should be more inclined to see trades than others - but of course everything comes with risks.

DCA is not only for beginners - even experienced traders and investors always consider it. DCA is a strategy - so it will be useful for your accumulation process in a fluctuating market.

Hmm, you are recommending him Binance which is obvious because it's the leading platform but I think OP should try Decentralized trade, I don't think OP will find any difficulty while using the DEXS because it's pretty much the same as the centralized exchanges with minor differences. Spot trading recommendation is good but as far as I am looking OP is new to the market he should try DCA.

I am not saying it will guarantee profit always but from the long-term perspective, DCA is the best strategy that even a newbie can start doing. The rest is up to Op because it's his money and he can do whatever he wants to. Rather than trading Op should focus on Buy and Hold to train himself initially it can give more effective results.

I think your idea is completely wrong because bitcoin and forex are never the same if you compare forex with bitcoin for trading then I think you will face loss most of the time from bitcoin so you should first know what is bitcoin.

I agree with this, someone which starts their journey by winning a huge trade may come to believe that trading is extremely easy or that they have a natural talent for it, and both of those conjectures about themselves are false, while someone which starts their journey suffering some setbacks will learn from their mistakes and they will become way better traders because of it, and if they dedicate enough effort and time to it then they will eventually become profitable as well.

I think it would be smart to start small because that way you get to see where you are in talent as a trader. If you start with a small amount and then you start to make a profit do not get too confident and put all your money in suddenly, just increase it by 10-20% levels and try again, if you keep making a profit then keep increasing that way for a long time and eventually you will do better. But most people end up not doing that and the results are not that great.

I have seen people who lose when they first start and that is the best, losing right as you start is amazing especially if you didn't use all your money, because that makes a person be a lot more careful. However, if they end up with a profit the moment they start, that is going to be a lot worse for them without a doubt.

There are some steps you can follow to treat with Bitcoins.
First of all know how Bitcoin works and how to setup a wallet. Select a reliable exchanger. Then figure out which peer you will trade. You can use Account Two Factor as the maximum security for your account. Bitcoin trading always involves risk so how you manage it is very important. Moreover, you can use stop loss to reduce the loss. Moreover, knowing the current world situation and various news daily is very important for Bitcoin trading.

Many underestimate it. They did not know that their efforts and profits are still going to waste later on, once they found out that they are trading Bitcoin illegally if they were one of those countries who restricts the use of it. Bitcoin is one of the cryptos while forex is a general term just like crypto. Both of them are the same currencies but cryptos can also be used as an asset.

This is why people can invest on it but in forex, I think people can only trade on it and the volatility rate there is also lesser but that means the risks are also low. So that's their pros and cons. It's up to us now if which we are going to prefer but its also possible to deal to the both of them.

Undoubtedly, it is great to begin trading Bitcoin with a modest strategy to allow for progressive growth as you gain experience and trust in the market. Knowing the most recent news and events in the cryptocurrency sector is essential since they have a significant impact on the volatility of Bitcoin price. It is crucial to carry out extensive research use risk management strategies and seek advice from seasoned traders or financial experts before investing in any other crypto or BTC speculative asset. You can navigate the market more skillfully and make wise trading decisions by taking these safeguards.

First and foremost you must take into account the nation to which you belong because different nations have different cryptocurrency legislation. While cryptocurrencies might be permitted in some nations they might not. It is important to know that Bitcoin and Forex are two different things because you reported having problems with Forex trading and suffering losses. As a result you should become familiar with Bitcoin unique traits such as price volatility, market analysis, current circumstances, and other elements that are important in trading. Only then can you utilise indicators and trading methods that are appropriate for Bitcoin which may not be the same as those used for Forex. Additionally there are a number of trustworthy exchanges, including Binance, Coinbase, MEXC, Kucoin, and more where you may easily trade Bitcoin through the apps for each of them.