Topic: how to start trading? - page 8. (Read 7368 times)

Start for a small amount first and when you get the hang of it try adding more money to trade and try to double it but there's still a chance of loosing money.

I use bittrex and cryptopia so far. I also use coinbase to buy my bitcoin. But sometimes it takes a long time to get money over its annoying. My boyfriend and I decided to find someone we could just buy it from in person and not pay the higher fee's but if you were to do that make sure its safe and find other videos of other people doing it. We keep all of our long term stuff in a wallet and then we also keep what we want to trade on the exchange. As soon as we make some bitcoins then we put it in our wallets.

At the same time, the growth rate of Bitcoin increases the potential for rapid growth of the Monero,
 I bought it now when the price is very low. 

Whatever you do don't try to learn trading or do something to mug up. There is no guide in this world which can teach you trading it can show you different signals , different price movements and different types of charts but in end it comes from you you need to spend time to check charts to check upcomming events , updates. This might sound a lot but it doesn't take time if you have the interest you will surely learn it easily.

Everybody has a start, same with me but i did it with a good start cause i have friends who already has experiences in trading. I'm not getting too much troubles . And my friends are really enthusiasm in guiding me , luckily for me with a good start but i'm still keep trying and gathering informations from everywhere that i can.

Research first and learn more about crypto, and if you have funds then try to start little by little until you will master trading. Dont forget to keep an eye on the market.

First you should find information about 1-2 coin. I think ETH, Litecoin and bitcoin is good for you. Invest with small amount first.

Before you start trading, familiarize first the strategies in doing trading so you will surely gain when you trade. Always remember that in trading world, competition is very tough. Though I am a newbie here in bitcoin, I hope you will also think on this advice.

You know that not a big part of trader are usually with profit. Thats why it is better to learn by your own the main strategies. Start to trade easily with a small amount and learn everyday.

I just read and see everything I see. Even the bad information. Just find your way and filter the information. A lot of information is shit, a lot. People say they know but a lot of them don't. Just like the stock market. You have to try to find successful people and absorb the good information. If I were you I wouldn't day trade cryptos.
1 - A lot of volatility;
2 - you will miss a lot of opportunities

It is necessary to find out which coins are stable or not, where it is better to invest. Well, then follow, learn, learn, the price will do everything for you.

I think the best way to learn trading is to have someone (a friend, contact) that have done it and show you how it works. A.k.a a mentor.

Whit that being said, finding one might not the esiest thing.

Having a mentor do help you minimize losses.

Yeah, try to trade without previous knowledge it's like jumping into a pool without water, you will obviously die trying.. so beter to spend some dollars on a good guide or try to learn from some books on the internet, and start trading on demo until you feel able to start trading with your real money. Remember that trading is not easy, and you could loss all your money in just minutes. It is a difficult task, and not everyone can do it

As I see it first you need to have theoretical knowledge and only after strong knowledge begin practical actions. Because there are a lot of information and only your own theoretical knowledge and practical activities can help you to filter out it and develop your own tactics of trading.

as a newbie you have to know atleast how to dep and withdraw to the exchange and how yo buy and sell thats the basic
there are video tutorials available in youtube try exploring also news re crypto to guide you what to trade

You can learn from the experience of people in the forums, start with small amounts and be familiar with the trade.
Learn the coins before you buy, you can choose the right time to buy them, should not buy these coins increased the price too high because it can lower the price at any time.

Researching coins is fine, it's part of the fundamental analysis. But that's not nearly enough to become a successful trader. It's just one of many things you do after you know how to trade.

There's many aspects and ways of trading and it takes much more than just opening a thread like this to learn.

There are different types of trading. Scalping are short (usually just a few minutes) lasting trades taking minimal profits very often. Then there's daytrading which is a bit longer term trades. And there's long term investing where one buys and holds his assets for days, months or even years before selling. Every type of trading requires a bit of different approach. And one must decide what type of trading suits him the most.

But no matter what type of trader you want to become it will involve a lot of analysis. There are two types of analysis fundamental and technical. Technical analysis is basically knowing how to read the charts, candlestick patterns, chart patterns, volume, different types of indicators, determining support and resistance zones and so on.

Fundamental analysis is following the news, different forums, social networks and other information about coins you're interested in trading. You try to get the big picture about a coin that should get you an idea if it might go up or down soon.

Even if you master the analysis, you still have to learn something that's the hardest part of trading - controlling your emotions, learn to be patient and understand that market never cares about your wishes and plans. It's you as a trader the one who should always know how to adjust to the market and make the best out of it. Often your greed or impatience will try to tell you it's time to trade, you're mind will be so convincing you'll believe it. Successful traders know when their own mind wants to trick them. And if you feel adrenaline rush when trading, you're not a trader, you're a gambler and you're gonna loose.

It's impossible to learn how to trade cryptocurrencies without losing (and even when you'll learn you'll still loose a lot, even master traders do). But basically every market is the same, crypto market is no different. Well it is much more wild, volatile and unregulated, but basic principles still apply. If you were never involved in any market before, I'd suggest starting with babypips.com and completing the school on their site. It's free and amusing quizz-like lessons. It won't say a word about cryptocurrencies, but cover the most basic aspects of trading on classical markets. Another great source to learn about trading is investopedia. After you finish with the babypips school you'll wont be a trader, but you'll have some insight into how to become one.

Because loosing money to learn sucks and (as far as I know) there are no crypto exchanges offering free demo trading, I'd suggest to open a demo account with one of the forex or CFD brokers. There's hundreds of them. Just google for them. Once you learn to trade profitably on a demo account, then you can transfer the experience you got to the crypto markets. At least I started with babypips and then I've been trading demo accounts for about a year. And as I found out about crypto market and moved to it found the experience I got this way invaluable.

I know it doesn't make sense to trade demo accounts on forex. But the fact is you can read as many books on technical analysis as you want, they won't help a lot when you trade for real. They will give you broader insights into trading, but when you'll start trading for real, you'll notice none of the theories you've read actually stick. Demo accounts let you try different trading approaches, so you can decide what type of trading suits you best, what technical indicators work for you. And after endless hours you'll develop a feel for the charts. You'll learn to connect the fundamentals you read with what's drawing up on the chart. You'll develop your own understanding of charts and a system that suits only you. It's impossible to be successful trader by following system of someone else.

As you master the demo accounts, you'll be ready to move to the real crypto exchanges. And as real money will be in play, you still won't be able to control your emotions. I already mentioned greed and impatience. Another strong negative feeling is FOMO - fear of missing out. You'll rush into trades and make losses, because you wouldn't want to miss the opportunity. As time goes by you'll learn that there's always unlimited opportunities to gain and to loose and that it's never a big deal if you miss an opportunity. A big part of controlling emotions is to set yourself some rules, you'll never brake (ie. I'll never buy if a coin makes +20% in a day). This way you won't blame yourself if you missed a trade or made loss because you'll know you did everything right, but it just didn't work for you this time. Who cares there will still be unlimited opportunities.

Coming to that. Another important skill is to learn to accept your losses. There's no trader that wins every time. Even the best traders out there loose about 30% of all trades. Loosing is normal part of trading and nothing to be upset about. If a trader wins just a little over 50% trades and his risk management is right, he will be profitable in the long term. I wont go into details on that. There's plenty articles about risk management if you google for it. But the very basic of it would be never risk more than a very small percentage of your portfolio on a single trade.

Well quite a long essay, I hope I have covered at least some basics. But as I already stated it's impossible to learn to trade just buy reading a forum like this. Ie takes a lot of time, energy and devotion and still there's no warranty you'll be successful at all.

SHORT TERM TRADING :
My first advice is

START WITH LOW.

CREATE ACCOUNT AT 2 EXCHANGES OR 1 IS ENOUGH.START WITH BITTREX.

BUY BTC

ANALYZE SOME SELECTED MARKETS FOR FEW DAYS . BEST FOR SHORT TERM TRADING ARE THOSE WITH VOLATILE MARKET.

GET TO THE MARKETS AND COINS WELL BEFORE TRADING

MAKE A DECISION WHEN THE POTENTIAL MARKET DIPS

BUY LOW SELL HIGH

DON'T HOLD THEM FOR LONG IF YOU CAN MAKE SOME GOOD PROFIT.SELL THEM.

MAKE SOME PROFIT

DO THE SAME FOR DIFFERENT MARKETS LIKE BTC/LSK, BTC/STRAT, BTC/XRP, BTC/XMR, BTC/NEM.

AFTER GAINING SOME KNOWLEDGE INVEST BIG

I really like the bittrex exchange, in its functional interface. The truth is one flaw, this is the absence of some tokens in the trade. I do not know why, but apparently not all tokens are added to this exchange. I also use etherdelta, but apparently there are some problems and do not even allow me to go to the site.