You have a lot of good advice.
A lot of it is focused on keeping contol of emotions and not trading based off of panic or fomo.
The thing is, us humans are pretty emotional creatures.
We often act according to how we feel instead of what we know is right.
But there are practical things you can do.
The most effective thing to do is to set up simple goals.
Start with the biggest of them all: how much do you want to make out of investing?
Then move to how long you would like to do it.
Break that down into quarterly goals and you have a pretty good guidance system to base your trades on.
Topic: How to start trading alt coins? Beginner Tips! (Read 8800 times)
ehehe
more than 1 year ago. when bitcoin almost reach 20k!
I wish i did not join the market at that time
completely a bad choice.
anyway, the best way to trade is following the experts.
more than 1 year ago. when bitcoin almost reach 20k!
I wish i did not join the market at that time
completely a bad choice.
anyway, the best way to trade is following the experts.
No one can accurately predict the market, but predictions and speculations are what trading is all about. And it is often linked to gambling.
But in trading you have tools, technical and foundamental analysis with which to speculate on the direction of the market. Always start small, regardless the amount available at your disposal. And a small capital allows you to trade with little pressure and as such you can comfortably grow your skill.
But in trading you have tools, technical and foundamental analysis with which to speculate on the direction of the market. Always start small, regardless the amount available at your disposal. And a small capital allows you to trade with little pressure and as such you can comfortably grow your skill.
Very detail and informative especially for beginners. Plus: Beginner should trade with the very small budget first.
Thank you for that kind of tips mate. I really appreciate about that. We need this kind of posts in forum.
I really want to give merit. If i will earn merits in the future i will give to your that post.
Thank you for sharing again.
I really want to give merit. If i will earn merits in the future i will give to your that post.
Thank you for sharing again.
Actually I do not pretend to seem contemptuous, but after several years as a trader in different markets I have learned that the best thing that a newbie interested in engaging in this exciting business in a serious and professional way can do is dedicate enough time to an adequate preparation of:
a) how markets work,
b) what trading is and how it is carried out,
c) and an extensive research and approach to cryptocurrencies,
since this market has proven to be very different from traditional markets and it is necessary to immerse yourself well in this world to understand its operation and the peculiar way in which this market seems to be more sensitive to the rumor mill than to the technical and fundamental aspects of the ordinary markets.
a) how markets work,
b) what trading is and how it is carried out,
c) and an extensive research and approach to cryptocurrencies,
since this market has proven to be very different from traditional markets and it is necessary to immerse yourself well in this world to understand its operation and the peculiar way in which this market seems to be more sensitive to the rumor mill than to the technical and fundamental aspects of the ordinary markets.
I really agree with all the points you give. maybe the key to success from trading is patience. so for traders please be patient.
A good point of view about crypto trading for beginners and hopefully it will give enough knowledge for others who wanted to go on for trading whether it is day, short or long term trading. Giving a close monitoring to my prospective cryptos' status is what i normally do when i wanted to do trading.
Practical recommendations for me. I have not yet developed a trading strategy on the crypto exchange. I lack self-discipline, I constantly change my decisions. Thank you for the exact advice the participants of the topic.
thank you for the nice post,it has helped me lot in my day to day learning process if of crypyo coin trading. hope Beginner will find this.i have a small question in 13. ''Always keep some BTC to react when needed (buy)'' normally what is the recommended amount?
This is a decent tips for the individuals who are new in exchanging Alternative coins. In any case, I see that you don't incline toward Bittrex in view of the confirmation of personality. Be that as it may, I figure this approach of Bittrex is strife to the highlights of coins, which is "security".
This was enormous help for a novice like me, this give me another data about exchanging which isn't generally obvious to me however I'm reluctant to contribute particularly there were heaps of trick around and I'm hesitant to be a casualty of trick once more. Dismal
Your advice #19 to control your emotions when the prices is going up or down and advice #20 to never be emotional in your trading aren't they the same one? On the other hand, in the most of cases emotions are our enemies, they never let us make right decision and it doesn't depend what kind of work you do, trading or something else, emotions will never be on your side...
we must first have accounts in some exchange such as bittrex, poloniex, yobit. and many more we can choose . then we must understand the origins of altcoin that we will be trading. then prepare the capital and mental for us trading later because there will be many things that will make our heart beat fast.. after we decide what altcoin we will use then look at coinmarketcup, if it already exists means that coin already exists on some exchange. that's all my opinion. thank's
Have too many accounts is never been helping because its need too much money to invest if you want to learn then start from very small and try to have new coins because these can give you good profit as you have experience then you can take some risk in good coins because starting with many accounts and many coins hurt you badly
we must first have accounts in some exchange such as bittrex, poloniex, yobit. and many more we can choose . then we must understand the origins of altcoin that we will be trading. then prepare the capital and mental for us trading later because there will be many things that will make our heart beat fast.. after we decide what altcoin we will use then look at coinmarketcup, if it already exists means that coin already exists on some exchange. that's all my opinion. thank's
Interesting note: Even with an average winrate of >50% on decisions for short term trading - a 30% drawdown is still going to occur if your average bet size is two percent of your trading capital.
I learnt a lot from this thread. Thank you so much for this sharing. I will bookmark this topic and try to follow this.
Decide how much you can stand to lose on any one single bet, then cut that number in half.
An user has given a stepped process for the altcoins trading. That's quite a good way to make ourselves into trading, in my opinion it's good to invest into few altcoins going through its market. Second thing I don't think such a long time gap is must, it's good to invest a small amount and continue trading. The small experience will let the user understand it in a better way than just learning or researching the market.
Good tips. Especially about Bittrex 
Hope that other exchanges don`t that way
Hope that other exchanges don`t that way Jump to: