New to trading - page 5. | Bitcointalksearch.org

kceekcee

jr. member

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Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Every timme is a right time to invest, either an altcoin or a bitcoin, but before you set ahead to make the investments, you need to understand the ideoology and the facts that pushes such project, do your own research first, find out what the future hodls for the project, then you set out to invest.

TurboAMG

newbie

Activity: 8

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Quote from: Harlot on May 15, 2020, 03:47:03 PM

Quote from: TurboAMG on May 15, 2020, 11:43:38 AM

Quote from: Harlot on May 15, 2020, 11:20:41 AM

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well

Well if you are prepared to ride it out based from your findings you gave in the OP I'm afraid that's a bad way of analyzing price predicting, you are more speculating rather than do any kind of analyzing itself. Just like how people predicted that Bitcoin will FOMO just because of the halving, and we all have witness that nothing spectacular has happened. This is just one example of one kind of event doesn't lead into some price action that's why you should not always stick one event and assume it will benefit the price.

Well, the reason I am sticking with it is because I trust in Neo. I did sell some earlier today which was a good move and I am currently waiting on a dip. I have been trying to get better on reading the charts too though but I don't know how helpful they can really be as Bitcoin itself and obviously Altcoins are so volatile. I've been trying to find trends using charts and graphs but have been unsuccessful Undecided

harizen

legendary

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For support ➡️ help.bc.game

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Buy low Sell high - a simple term but difficult to execute. Basically, this will be your purpose if you are aiming for profits either for the long or short term.

This will be your task so you really need to make up your own strategy. For reference, you can watch trading tutorials as a start. You need to feed your mind first with some basics. As you proceed, you will now finally think up of your own way then test it by applying in actual trade.

I can't tell you exactly what approach you need to do as we have different ways to deal with the market. That's why as I mentioned, watch trading basics first to somehow get a preview of what will you encounter along the way.

Harlot

hero member

Activity: 1806

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Quote from: TurboAMG on May 15, 2020, 11:43:38 AM

Quote from: Harlot on May 15, 2020, 11:20:41 AM

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well

Well if you are prepared to ride it out based from your findings you gave in the OP I'm afraid that's a bad way of analyzing price predicting, you are more speculating rather than do any kind of analyzing itself. Just like how people predicted that Bitcoin will FOMO just because of the halving, and we all have witness that nothing spectacular has happened. This is just one example of one kind of event doesn't lead into some price action that's why you should not always stick one event and assume it will benefit the price.

crwth

copper member

Activity: 2940

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https://linktr.ee/crwthopia

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

What are you comparing to? The stock exchange? It's basically the same, it's just the asset that is different. Anyway, there's a strategy called DCA (Dollar Cost Averaging). You could take advantage of that but you need more capital.

If you bought 1 bitcoin at around $10000 and the current price is $9800, you are already down by -2%. That means the entry price that you have is $10000.

If you bought it again at $9800. The average entry price would be $9900. Averaging the two entry points

Then let's say the price went $9500 and you bought again, the average entry price is 9766.67.

And when the price of Bitcoin comes back at $9800, you would be in profit already. That's just one of the strategies that you could do. Making it automatic is better. In addition, the best way to make profits in trading is to be the Market Maker. It trades continuously and you could make money out of the trading rebates. It depends on how much you are willing to trade as well. My best bet is to have a crypto trading bot and trade for you 24/7. Maybe you are interested, you can pm me.

bigcash2011

sr. member

Activity: 1442

Merit: 265

If you are new and you are looking to trade actively then you should have started with a demo account and practiced your skills for couple of months before trading with real money.
Now that you have entered i think you will be fine as market is expected to be bullish in coming months so if you can hodl you will be in profit soon.

Casdinyard

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Leading Crypto Sports Betting and Casino Platform

Quote from: wxxyrqa on May 15, 2020, 12:25:58 PM

Quote from: mersal on May 15, 2020, 11:48:06 AM

Sell your coins for profits, that is the rule of trading so you need to buy the coins when it is lower itself to make better profits.Since the prices are currently high you can buy and wait for the price to increase but still it is not clear that prices will move in upwards or in downwards.

one way or another, in the first place, everything will depend on what strategy the trader chooses. with long-term trading, in any case, you will have to wait for the price increase for the cryptocurrency that you have chosen to trade. And if you choose day trading, then using the simplest scalping strategy, there is a certain opportunity for generating income, even if the price of your asset has decreased.

Obviously the long term trading is the best suit for beginners coz they got need some time to learn how to cope with this volatile market, it is good to keep coins while learning so they will know what to do when their coin needs to evacuate. Then slowly try to change strategy and tradings style. For day trading I'd recommend the future trading, the risk is high but the reward is higher especially when putting it on high leverage. Trading might come short to beginner, they will surely lose at first (mostly) but that's the hard way of learning and it is good.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

One of the simplest ways to trade in my opinion is to reserve some funds in stablecoin for buying dips.
Let say you start with total of $200 on a safe exchange, you buy some bitcoin with $50 and leave the remaining $150 in a stablecoin for buying more bitcoins whenever the price dips substantially, then gradually sell off what you bought (if you want) as price goes up... buy again if price goes down substantially.
Keep repeating this you will be profitable if done correctly.

mersal

member

Activity: 1204

Merit: 38

Quote from: wxxyrqa on May 15, 2020, 12:25:58 PM

Quote from: mersal on May 15, 2020, 11:48:06 AM

Sell your coins for profits, that is the rule of trading so you need to buy the coins when it is lower itself to make better profits.Since the prices are currently high you can buy and wait for the price to increase but still it is not clear that prices will move in upwards or in downwards.

one way or another, in the first place, everything will depend on what strategy the trader chooses. with long-term trading, in any case, you will have to wait for the price increase for the cryptocurrency that you have chosen to trade. And if you choose day trading, then using the simplest scalping strategy, there is a certain opportunity for generating income, even if the price of your asset has decreased.

But for someone who is new to trading the short and day trading is not advisable, they might lose everything without realizing what is happening in the market so its better they stick to simple and long term strategy so they can decrease their chance of losing their capital.

Joyawan13

full member

Activity: 910

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elysian.finance

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Suppose you are a new trader, don't be obsessed with thinking profit first, learn to understand and analyze correctly about trading and coin price movements in the market, to get a profit in crypto trading, certainly not as easy as you think, so of course you will get experience You yourself when you trade it.

wxxyrqa

full member

Activity: 1372

Merit: 133

Quote from: mersal on May 15, 2020, 11:48:06 AM

Sell your coins for profits, that is the rule of trading so you need to buy the coins when it is lower itself to make better profits.Since the prices are currently high you can buy and wait for the price to increase but still it is not clear that prices will move in upwards or in downwards.

one way or another, in the first place, everything will depend on what strategy the trader chooses. with long-term trading, in any case, you will have to wait for the price increase for the cryptocurrency that you have chosen to trade. And if you choose day trading, then using the simplest scalping strategy, there is a certain opportunity for generating income, even if the price of your asset has decreased.

jcpone

sr. member

Activity: 685

Merit: 250

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

It will be difficult in your case to understand easily the crypto trading dude. Actually, its too easy to apply to buy and to sell, but it doesn't mean you can easily earn crypto as well. Of course not, That's why in trading it needs analysis before you take action for us to earn good in the end. But why not try to apply the basic skills in trading with it you can surely learn automatically by your experience for sure.

mersal

member

Activity: 1204

Merit: 38

Sell your coins for profits, that is the rule of trading so you need to buy the coins when it is lower itself to make better profits.Since the prices are currently high you can buy and wait for the price to increase but still it is not clear that prices will move in upwards or in downwards.

TurboAMG

newbie

Activity: 8

Merit: 0

Quote from: Harlot on May 15, 2020, 11:20:41 AM

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well

TurboAMG

newbie

Activity: 8

Merit: 0

Quote from: electronicash on May 15, 2020, 10:31:02 AM

Quote from: TurboAMG on May 15, 2020, 09:36:12 AM

Quote from: electronicash on May 15, 2020, 09:31:18 AM

users who says buy the dip are the ones who accumulate coins every time the price dips. rule of thumb is to sell your coins for a higher price. higher from the price where you bought it for you to profit which is why most are just waiting for price pumps before selling. you can also do the same, it keeps you waiting but usually it won't take weeks for prices to spike or dip for more than 2%.

Ok thank you. Does this same principal apply to the price of Bitcoin as well?

its the basics. if you bought an altcoin for 0.00001BTC it has to be more than 0.00001BTC when you sell this altcoin otherwise youre not accumulating BTC. same applies for USD price. buying the coin for $1 and selling it for more than $1.

you will only have to learn when to buy because it doesn't look that easy as it may sound. some of us will teaches you the bottom or at every dip. but how to learn which is the bottom and the dip. RSI is actually a good indicator to use for this.

NEO is a good project to invest. profitable for long term because it gives GAS if you stake NEO.

https://i.imgur.com/EDgTCUY.png

there is a chance for the coin to drop to $7 if it retrace back to retracement line 75 and its RSI says the price is over bought which is could go down to $7.
don't think of it as a real analysis from a pro, this is base to my analysis alone. but once the RSI reaches to its lowest like the green line i draw, that would be the bottom of it and that means a good time to buy more NEO.

damn! what did i eat to day.

Thanks so much for showing me this! I honestly had no idea what RSI was before now lol! This really helps to determine when to sell. I'm going to take some time to make sure that I properly understand how the chart works as well. CryptoCompare seems to have a good one.

Harlot

hero member

Activity: 1806

Merit: 672

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

Kupid002

sr. member

Activity: 1036

Merit: 329

Quote from: TurboAMG on May 15, 2020, 09:06:54 AM

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

always buy in deep but make sure you choose a good coins before buying , not all coins has ability to recover back the lost they get from the dump so make sure you always check the coins before buying.

It can work like that buy lower and sell high but the problem is you don't know when its time to buy or it is the last deep of the coins that's why you need to have available balance that you can use to buy every time there is another deep happen.

electronicash

legendary

Activity: 3178

Merit: 1054

Quote from: TurboAMG on May 15, 2020, 09:36:12 AM

Quote from: electronicash on May 15, 2020, 09:31:18 AM

users who says buy the dip are the ones who accumulate coins every time the price dips. rule of thumb is to sell your coins for a higher price. higher from the price where you bought it for you to profit which is why most are just waiting for price pumps before selling. you can also do the same, it keeps you waiting but usually it won't take weeks for prices to spike or dip for more than 2%.

Ok thank you. Does this same principal apply to the price of Bitcoin as well?

its the basics. if you bought an altcoin for 0.00001BTC it has to be more than 0.00001BTC when you sell this altcoin otherwise youre not accumulating BTC. same applies for USD price. buying the coin for $1 and selling it for more than $1.

you will only have to learn when to buy because it doesn't look that easy as it may sound. some of us will teaches you the bottom or at every dip. but how to learn which is the bottom and the dip. RSI is actually a good indicator to use for this.

NEO is a good project to invest. profitable for long term because it gives GAS if you stake NEO.

there is a chance for the coin to drop to $7 if it retrace back to retracement line 75 and its RSI says the price is over bought which is could go down to $7.
don't think of it as a real analysis from a pro, this is base to my analysis alone. but once the RSI reaches to its lowest like the green line i draw, that would be the bottom of it and that means a good time to buy more NEO.

damn! what did i eat to day.

TurboAMG

newbie

Activity: 8

Merit: 0

Quote from: mk4 on May 15, 2020, 09:41:26 AM

It depends on some of factors.

1. Are you actually day trading? or making a short term trade?
2. Why did you buy that coin in the first place?
3. If you bought a certain coin at a higher price and the price lowers then you sell, well, that's automatically a loss. Sure, you can buy when it dips, but what if it dips lower? The point is, we can't guarantee where the prices will go.

Ultimately, if you're new to trading, prepare to initially have LOTS of losses. If you're not willing to do a lot of reading and research and if you're not willing to risk your money at the start of your trading journey as it's almost guarantee for you to lose money in the beginning, then maybe think twice with your plans.

Not to discourage you though, just to keep things realistic, and so you wouldn't be surprised if you aren't doing well at the start.

P.S. Most traders lose money.

I initially started trading in late 2018 and put a couple hundred into Bitoin and some Alts. I then let the chips fall where they may and didn't look back into Crypto up until a few months ago. I currently still hold some Neo and Bitcoin. I chose Neo because I like their roadmap and think they can be something in the future. Even though I am not BRAND new, there is still a lot for me to learn regarding day trading which I have only attempted a few times and, as you say, have lost plenty so I highly prefer short term trading. I don't have too much left in crypto so I am very comfortable trading at this point as even if I lose it all it's not a huge deal for me.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

It depends on some of factors.

1. Are you actually day trading? or making a short term trade?
2. Why did you buy that coin in the first place?
3. If you bought a certain coin at a higher price and the price lowers then you sell, well, that's automatically a loss. Sure, you can buy when it dips, but what if it dips lower? The point is, we can't guarantee where the prices will go.

Ultimately, if you're new to trading, prepare to initially have LOTS of losses. If you're not willing to do a lot of reading and research and if you're not willing to risk your money at the start of your trading journey as it's almost guarantee for you to lose money in the beginning, then maybe think twice with your plans.

Not to discourage you though, just to keep things realistic, and so you wouldn't be surprised if you aren't doing well at the start.

P.S. Most traders lose money.

Topic: New to trading - page 5. (Read 1272 times)