Newbie looking for some strategic advice - page 2.

4IRIK

jr. member

Activity: 62

Merit: 3

What I recommend is to control risks first.

As for the ways to do this, personally I highly recommend a risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports.
Here it is - https://www.bitinsure.com/

Looks like this:

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: drlukacs on January 25, 2020, 01:14:08 AM

depending on your current job. If you have too many assignments or your official job is taking up a lot of time during the day, you can opt for a long-term investment. Do not try to trade when you are busy because your concentration will be dispersed making your decisions will become less accurate. This is my experience. If you are passionate about short-term trading, you can choose to trade speculative or margin trading. You will make a lot of money if you really love it.

Yes, I have experienced the same when I was trading just for fun I never made any significant profits and it was more like gambling to me as I would just buy some bitcoins and hope the price will increase or buy some alts and hope a pump-dump will happen soon. But, with time I realized that the more I giver to trading along with some peace of mind the better it gets, slowly now I have almost stopped the alts trading and now I am someone who trade with known pairs like ETH-BTC and try to find little profits.

I will give you one advice which you might use, I call it as arbitrage trading I don't know how you call it. Basically suppose ETH is being sold for 0.0201 BTC on exchange and another exchange you see buy orders for ETH at 0.0205 then this is one of the best ways to make profit without any risk at all but it's hard to find such situations.

coinfinger

sr. member

Activity: 1638

Merit: 278

Quote from: ?? on ??

I Have a Very Simple Option for You to make money in crypto Trading or Any Other trading simply buy anything on rumers and sell it on news its a very simple trick i used to earn alot of money

I think you meant rumors and yes a lot of traders do this, they invest in a rising crypto and cashout when they feel the value is high enough to be falling down soon. The only drawback with this option is that you never want to buy a coin was already hyped enough and reached its peak when you bought it.

Because, then there is no way it will go up at all and will only fall down and some coins just become dust when they go down. I mean if you see BTC going down you know it might rise soon as it's a common trend but when you see a particular altcoin falling in price we never know if it will ever rise again but most of the alts have a short life of PUMP and DUMP!

whyrqa

full member

Activity: 1093

Merit: 103

I believe that every newcomer should use all existing information in order to gain experience in cryptocurrency trading and obtain the necessary knowledge to get a good result from their activities. Of course, this will take quite a long time, but in order to already be able to receive some income from trading cryptocurrency, many traders use trading signals and trading bots. But there is a very big risk of being cheated. Therefore, before using this or that Trading bot or signal, you need to make sure of its effectiveness and authenticity.

Spaffin

full member

Activity: 1316

Merit: 108

Quote from: spike420211 on February 11, 2020, 08:16:31 AM

As many here have already suggested to you, long transactions will be the safest and most profitable in view of the fact that the volume of your risks is greatly reduced.
Whether to trade in the long or short term is up to you. It will depend on your specific strategy.

However, I would not recommend you to do the following things if you are a beginner: investing too much money in trading, because your mistakes will somehow cost you money while you gain experience, exercise maximum caution in margin trading because this is exactly the place where traders squander Most of all money, make it cryptocurrencies at the casino for the trader, especially on strong market movements.

Otherwise, be vigilant, analyze your every session, do not be greedy and most importantly do not rush.

Of course, everyone chooses the best trading strategy for themselves in the cryptocurrency market, but for some reason I am more inclined to daily trading and long-term investments in order to get good profit. With daily trading, there is more chance of controlling the charts of your assets and timely reacting to what is happening on the cryptocurrency market, despite the fact that it takes a lot of free time. And for the long term I prefer to make only long-term investments, but only if I am 100% sure of the prospects of a particular coin.

spike420211

sr. member

Activity: 1610

Merit: 372

As many here have already suggested to you, long transactions will be the safest and most profitable in view of the fact that the volume of your risks is greatly reduced.
Whether to trade in the long or short term is up to you. It will depend on your specific strategy.

However, I would not recommend you to do the following things if you are a beginner: investing too much money in trading, because your mistakes will somehow cost you money while you gain experience, exercise maximum caution in margin trading because this is exactly the place where traders squander Most of all money, make it cryptocurrencies at the casino for the trader, especially on strong market movements.

Otherwise, be vigilant, analyze your every session, do not be greedy and most importantly do not rush.

Bagaji

sr. member

Activity: 1330

Merit: 291

Quote from: ?? on ??

for me it is better to have long term investment, buy a major coin but prefer bitcoin and wait patiently, bitcoin will not go anywhere, if you can be patient then it will give you a lot of profit, as simple as that.

To some other people it may not be as simple as you say it because many of investors do listen to news particularly as it relates to crypto currency and if they got negative news the fiear of losing their money will now make some of them to start selling even at lost.

Baoo

full member

Activity: 868

Merit: 116

Actually, before the strategies you need learn the way of trading wisely.
Firstly, you should read some useful books like, The crypto trader, Trading and investing, An altcoin trader's handbook...ect
Secondly, you must learn how the read the charts in the market, it is not easy to be honest, especially when you are a newbie but with a practice you will get it successfully.
Finally, try to start trading with a low budget because the beginnings are always difficult, possibly you will lose a lot money, but you should always learn from the failed experience. And remember that being patient is necessary otherwise you should find another domain.
Good luck.

Driggers95

member

Activity: 279

Merit: 11

Quote from: ?? on ??

for me it is better to have long term investment, buy a major coin but prefer bitcoin and wait patiently, bitcoin will not go anywhere, if you can be patient then it will give you a lot of profit, as simple as that.

This method is really very simple and extremely passive, above all, it is only for those who do not have too much time to invest, although it can still bring relative profits but it will certainly never be comparable to short-term investment. Therefore, if we are not in the case of limited time and knowledge, short-term investment will be a faster way to achieve the first profits but we will not be passive in this option, need to constantly observe and spend more time on the market if we do not want to be left behind.

Wintersoldier

sr. member

Activity: 966

Merit: 274

Quote from: ?? on ??

I Have a Very Simple Option for You to make money in crypto Trading or Any Other trading simply buy anything on rumers and sell it on news its a very simple trick i used to earn alot of money

Well, it's probably not always the case to earn money in cryptocurrency, sometimes, you need to consider the market condition not just the fundamental analysis of the cryptocurrency that you intended to buy. I highly suggest that you time your buys and sells to the RSI or relative strength index, so that you could probably see if the cryptocurrency is over bought or over sold. In this way, you will have assurance that it is time whether for that cryptocurrency to go up or down.

Accountsell

full member

Activity: 224

Merit: 100

Quote from: rvdz2002 on August 29, 2019, 03:49:14 AM

Hi all - I'm now to the forum and new to crypto trading. For the last couple of weeks I have been studying various charts and patterns using TradingView.com and reading lots of blog posts, articles, news, videos, etc. There is quite a steep learning curve to it - especially the technical analysis, but I think I'm slowly getting the hang of it - I've (fairly) accurately predicted a few trends on some crypto currencies I have been watching - I'm just trying to gain as much experience as I can.

I understand about spreading risk/hedging bets, and have a budget of about $2,000 which is what I could afford to lose (although I'd rather not!) and have created a bitcoin wallet and have opened an account on Binance.

Anyway - having read lots of articles I'm thinking of three, maybe four, possible strategies and I'm wondering what you guys would recommend a newbie like myself should focus on;

1. Long term trades - buy into various currencies where I believe they will increase in value in the long term. I have identified a few and think they may be profitable in 6-12 months or so.

2. Short term trades - I have seen some people describe this as "swing trades", where with some technical analysis I try to buy currency at a low point with an aim for it to increase in value and then sell it. Timescales being a lot shorter; maybe days or a couple of weeks.

3. Identify new and upcoming coins - the idea here is to research coins that are fairly newly launched. I need to do some more research if this were a viable option, but picking the right coin to buy into early could be very lucrative.

4. Short selling (margin trading?) - This is probably not a good idea at this point, I understand the concept of short selling but don't think I'm ready for this yet.

- Or if I'm completely on the wrong track or have missed anything, just let me know!

Looking forward to reading your views. Thank you in advance.

Mostly, you will get confused here by reading such huge number of replies and you would actually get confused which strategy to actually imply.
You have to generate your own strategies in order to gain profits.
You can start it by practicing trading on your own and than shifting onto demo or paper trading.

pajak666

hero member

Activity: 746

Merit: 502

Looking for advertising deal

Quote from: rvdz2002 on August 29, 2019, 03:49:14 AM

1. Long term trades - buy into various currencies where I believe they will increase in value in the long term. I have identified a few and think they may be profitable in 6-12 months or so.

2. Short term trades - I have seen some people describe this as "swing trades", where with some technical analysis I try to buy currency at a low point with an aim for it to increase in value and then sell it. Timescales being a lot shorter; maybe days or a couple of weeks.

3. Identify new and upcoming coins - the idea here is to research coins that are fairly newly launched. I need to do some more research if this were a viable option, but picking the right coin to buy into early could be very lucrative.

4. Short selling (margin trading?) - This is probably not a good idea at this point, I understand the concept of short selling but don't think I'm ready for this yet.

- Or if I'm completely on the wrong track or have missed anything, just let me know!

Looking forward to reading your views. Thank you in advance.

Hi, few words from me:
ad 1. this is fine, fundamental analysis for crypto might be quite easy actually for the beginner. if the team EXISTS and is actively developing the coin then it's better than other 90% of stuff out there to buy. just remember that if you pick this type of timeframe, don't panic coz it may take another 6-12months to straighten up had you been wrong with your assumptions. patience is the key
ad 2. way harder to do, requires strong elementary knowledge and good trading routine.
ad 3. similar to #1. find whatever is delivering on their promises and you already beat the chance.
ad 4. this is #2 basically. idea is the same, doesn't matter if you buy or sell. hard for beginners
ad 2.

Captain Corporate

hero member

Activity: 2156

Merit: 575

Sometimes doing something bad and losing money could be the best teacher there is in the world. You can talk to a person about not doing something a million times and they can still find a reason why they should do it, you can never compete with the voice in their head that tells them to do it. So let them do it, let them fail, in the end they will realize their mistakes and fall back in line and do the right thing the right way to make money. Some people are even thicker than that and follow that wrong thing all their life thinking one day it will work, but I can honestly tell you that it won't and those people eventually will be poor enough to not actually try anything like that anymore.

bitgolden

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: Circles on January 25, 2020, 09:29:51 PM

The best advice anyone can give you is to not put all your money into one coin. In particular a coin out of the top like 20 whose holders have dreamy eyes talking about it's one day going to the moon.

No one would ever suggest OP to put 100% of his capital in a single coin. It would always keep us at a riskier side as if the price for that specif coin falls below expected that we could neither sell that coin and neither we can trade with it. All we have to do in such situation is to hold the coin patiently and see the price growing up again so that we could than sell our coins. This would be a lot time consuming and it is rightly said that "time is money."

We could never afford loosing time and the markets might open and close the doors for quick profits any movement so it is always better to diversify your capital into small parts like 7% to 10% on a single coin. This might allow you to buy 10-15 coins in your capital.

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: Savemore on January 25, 2020, 11:44:24 PM

Medium term trades or the swing/momentum setups are applicable for newbies. They cannot survive if they will first do short term trade because they cannot handle the volatility of the cryptocurrencies. Swing trading is requires only basics of technical analysis. Newbies should find a coin that is only consolidating where they can easily make profit by just buying near support and selling at resistance.

This would really be beneficial for the new traders who recently joined the markets but I do not think that they might find any huge profits in such kind of trading. They do need to take some risk in order to find major profits for themselves but at the initial stage, they need to prepare themselves to bear those risks.

I can find short term trading profitable and also I think that most of the new traders too can find benefits from the short term trading because the price move from the dip to the peak each hour which gives us to opportunity to quickly make profits. Also short term trading gives us immense profits because we can buy and sell constantly each day which would keep on multiplying our profits.

Savemore

sr. member

Activity: 952

Merit: 274

Quote from: drachman on January 25, 2020, 09:15:07 PM

Quote from: ?? on ??

I think you should have done short term trading well first. Because traders are a pretty interesting job, it helps you train discipline and better understand the market than anyone. It forces you to learn more and requires more of your individual virtues. Therefore, the short-term trade is really necessary for newbie, because later you have long-term investment, you also choose a good time to buy and to make the least loss. absolutely do not trade margin, you will only get bad results, just trade normally.

Short term trading is not for newbies, it is not even for traders with some experience, only the traders that have shown through the years that have a way to earn money should day trade the markets, everyone else should just stay away from it, I know that it is very tempting to try to make money in that way but it is not worth it you are never going to make money as a day trader if you are a newbie, expert traders are going to destroy you and take all your capital in a few months if you make the mistake of trying to go against them with so little experience.

Medium term trades or the swing/momentum setups are applicable for newbies. They cannot survive if they will first do short term trade because they cannot handle the volatility of the cryptocurrencies. Swing trading is requires only basics of technical analysis. Newbies should find a coin that is only consolidating where they can easily make profit by just buying near support and selling at resistance.

Circles

newbie

Activity: 48

Merit: 0

The best advice anyone can give you is to not put all your money into one coin. In particular a coin out of the top like 20 whose holders have dreamy eyes talking about it's one day going to the moon.

drachman

sr. member

Activity: 756

Merit: 252

Quote from: ?? on ??

I think you should have done short term trading well first. Because traders are a pretty interesting job, it helps you train discipline and better understand the market than anyone. It forces you to learn more and requires more of your individual virtues. Therefore, the short-term trade is really necessary for newbie, because later you have long-term investment, you also choose a good time to buy and to make the least loss. absolutely do not trade margin, you will only get bad results, just trade normally.

Short term trading is not for newbies, it is not even for traders with some experience, only the traders that have shown through the years that have a way to earn money should day trade the markets, everyone else should just stay away from it, I know that it is very tempting to try to make money in that way but it is not worth it you are never going to make money as a day trader if you are a newbie, expert traders are going to destroy you and take all your capital in a few months if you make the mistake of trying to go against them with so little experience.

drlukacs

sr. member

Activity: 854

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l0tt0.com

depending on your current job. If you have too many assignments or your official job is taking up a lot of time during the day, you can opt for a long-term investment. Do not try to trade when you are busy because your concentration will be dispersed making your decisions will become less accurate. This is my experience. If you are passionate about short-term trading, you can choose to trade speculative or margin trading. You will make a lot of money if you really love it.

Magkirap

sr. member

Activity: 896

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Maslate on January 24, 2020, 06:51:46 PM

Quote from: Edraket31 on January 24, 2020, 12:39:59 AM

Quote from: Btc_1856 on January 24, 2020, 12:28:09 AM

You are right, through an experience we can understand which strategy we have to follow because basic knowledge will help to know basic knowledge about the trading. The strategy will be implemented only when we have good experience of trading, even an experienced person will face difficulty during their trading.

Experience will always be our best teacher, it is not enough that everyday we are looking and studying for more strategies if we can't even have the time to do trading for us to have experience, let's apply some basic strategies first by starting to trade at small amount, then when you have your own strategy and learning trading then you can start to add your capital.

Yes. Start trading will a small capital first and when you are already skilled in trading, you can start trading with a bigger capital already. Trading will be very profitable especially if we really know what we are doing even if there are so much risks in it.

That is what i am always daying here in the forum that experince is indeed the best teacher that we can have in order to be better in lots of fields specially trading in cryptocurrency and yes even if you have big money to spend on trading it is recommended that you start with small if you're a beginner because that is where you will analyze and assess the market and how trading works and as you go by you will get familiarize to the market and how does it change and by that i can say that you can be called an experienced trader.

Topic: Newbie looking for some strategic advice - page 2. (Read 1704 times)