Novice trader analysis advice | Bitcointalksearch.org

guoyu78

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Quote from: dark08 on May 24, 2019, 10:45:45 AM

Before entering on trading industry make sure you have a certain knowledge on the basic procedure on trading this will help you on how to start doing trading you can try some tradingtest net before you go on actual trading. Then first you need to understand how to flow of trading next try to understand some indicators you can try on tradingview you can use 3indicators on freemembership, then next try to read candles stick theres a lot of sources in the google or in this forum site just use the search buttom. Keep and keep praticing until you get your own techniques and strategy failures not means to give up you need to built your own self.

I will take on that last part of your statement that they should keep practicing until they probably get it right which I will 100% agree with you because this was one of the reason why I lost over $2000 to forex trading when I started trading.

It was so sweet watching how people are making money on YouTube and showing it, so I just learnt the basics and without much practices, I jumped into trading and the worst thing is that I started leveraging which was a very wrong move for a newbie I was then, little did I know that live trading is not as easy as I see it on media, so I lost my investment, and I had no choice than to practice trading for good one year before knowing it fully.

oseikuf44

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Never put all your eggs in one basket so is perfect to invest in Ethereum too. But on the trading analysis, focus on reading the chart with out any technical indicator but watch the movement of candlestics, it has a lot to tell of what is happening in the market. Another thing is to find a reliable news channel and predict how the news coming in can have effect on the price of bitcoin.

velive08

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

the lowest analysis is the graph in exchange, coinmarketcap and total sales of purchases every day. this might be one of the things that is easy to run besides that you don't have to doubt whether you want to use bitcoin or ethereum for traders and investments because both produce maximum results.

dark08

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Before entering on trading industry make sure you have a certain knowledge on the basic procedure on trading this will help you on how to start doing trading you can try some tradingtest net before you go on actual trading. Then first you need to understand how to flow of trading next try to understand some indicators you can try on tradingview you can use 3indicators on freemembership, then next try to read candles stick theres a lot of sources in the google or in this forum site just use the search buttom. Keep and keep praticing until you get your own techniques and strategy failures not means to give up you need to built your own self.

traderethereum

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

You can watch a youtube video about how to read analysis charts and here is the sample if you want.

https://www.youtube.com/watch?v=Fa1iJ1KtCJA
https://www.youtube.com/watch?v=o-ijPDkycKI

That video is what I found after searching on google, and I am sure you can find the other good video from youtube.
There is no appropriate type of analysis for new people, and you can learn only one analysis and one indicator to analyze the price.
As long as you can keep practising the analysis that you've learned, you will be able to make your profit.
Ethereum could be the next investment you can buy as the price is not yet increasing too high but be careful to place the price at the market and try to analyze before you buy.

DeathProxy

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Since you are noivce in trading i will advice you stick with bitcoin amd etherum for now which is less volatile as compared to altcoins. After mastering the art of trading you can now start investing in altcoin. At that you will be able to manage risk perfectly

GregH37

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

Let me first start by welcoming you into the club of future millionaire because the coin of your choice shows that you are ready to trade the part of success.
As regards your question, it depends on the type of trade you want with your investment. If you are long term investor, there is no need to be watching charts, just follow news, follow the hype and see as your coin grows over the time, maybe 2, 3 r 4 years.

If you intend trading on a short term basis, then the most effective strategy is for you to always watch out to buy low and sell high and the only way is through technical analysis and fundamental analysis, but to fully be able to read TA, you really need to take time to further study how to trade.

michellee

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Quote from: eagle10 on May 23, 2019, 02:51:26 AM

If you are still a newbie in trading, it is still best to learn only the basic first. Don't try to jump in technical analysis first because along the way, when you are learning from your basic trading, you will encounter some technical chart that makes you understand better if you have started from learning the very basic.

And if he can learn the basics of trading and he can also master the lesson, I think he can easily to analyze any coins, and he will have time to make his analysis in shortly. It's all about passion in trading that will help him to learn anything related to trading, and although that will be difficult to him, he can always search a way to help or solve any problem that he might face in the future.

FanEagle

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Quote from: Ailmand on May 22, 2019, 02:28:31 AM

As for me, it would be hard for a beginner to focus on technical analysis. Try to do trading the simple and basic way of trading first before you apply any kind of analysis. Trying to trade with analysis might just confuse you in the beginning. Either Bitcoin and Ethereum is good for both short and long term investment.

The only way for him to trade without having to use technical analysis as a newbie is just for him to temporarily be an holder like many of us because trading has no other simple way to go about it other than studying charts and maybe 1 or 2 other technical strategies, except you just want him to be entry trade by just randomly assuming.

I have done this several times though but it is quite too risky, that is why I am always careful in making a guess trade, but for a newbie, he should be an holder first pending the time he learns how to read his charter and able to make a decisive trade that will not go wrong for him.

eagle10

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If you are still a newbie in trading, it is still best to learn only the basic first. Don't try to jump in technical analysis first because along the way, when you are learning from your basic trading, you will encounter some technical chart that makes you understand better if you have started from learning the very basic.

SvonioneFromMangoCoinz

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

I think you will not understand what the members explain here. Better yet, you should buy yourself a course on technical analysis. Or at a lower cost, you need to buy a lot of books about stock investment and they will tell you some basic things so you can analyze and make a profit.
Small amounts will not be enough for you to be rich, but investing in yourself will help you be rich in the future.

leowonderful

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Bitcoin FTW!

Everyone's opinion here is going to differ on whether or not you should put more money into ETH or another altcoin. That decision is up to you, and there's good money to be made in both BTC and alts. It's just up to how you choose to trade or hold your coins.

I would also suggest holding the majority of the coins you have in cold storage and using a small percentage of those funds to learn trading and reading the charts. You're likely going to blow whatever money you have allocated to trading initially, but you're also gaining invaluable knowledge in the process. It's important you only allocate a small amount to trading once you feel comfortable enough, though.

If you ever feel the FOMO, don't trade. You've already missed the train if a coin's started to pump or is currently pumping, and there's a good chance you could be buying the top or selling the bottom if you FOMO into a trade. Wait for another opportunity to present itself and then enter the trade.

Slow death

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

My advice:

use your money to buy bitcoin and hold for 2 years. If you want to do day trade then take 6 months to learn all about trade, but do not use your little money to practice, just focus on those 6 months to absorb trade knowledge. after you've had enough knowledge you can start doing day trade, but get another money to do daytrade. Never stay only in daytrade, always do day trade and hold in the long run.

jems

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Quote from: palle11 on May 22, 2019, 01:56:34 PM

Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

No particular advise for a newbie that is different from old trader. You have done a good investment by buying bitcoin (at least not a shit coin Grin

). So hodl it to a time you want to sell if you are lucky, it might be at a high price. Why I said so is that I don't believe someone knows exactly when price will drop in cryptocurrency but your experience will grow with the time.

I agree with you, that if we trade more often, our knowledge will also be very fast to grow. One thing I got from my teacher is that success will come after we have enough experience.

harizen

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

....understand how to read and analysis charts. What would be the most appropriate type of analysis for a

For you to understand how to read charts, you need to learn first some of the trading chart tools e.g indicators. This will take time and needs lots of readings. You can refer to some trading chart indicators definitions available on the web.

Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

What would be the most appropriate type of analysis for a newbie?

What do you mean here?

In general, there is no such thing as "appropriate type". You are the one who will make your own analysis so better have some study first.

Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

You have to decide here and not us. Lots of advice will just lead to confusion.

Ok, let's put it this way, stay focus and be serious. Making trading analysis is not a joke and can't be learned overnight so don't rush.

Mahanton

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

Since you are just staring up then the best thing to do now is to observe the most commonly used analysis on this forum.Try to read up this board alone and you will find
various lots of trading related things which would help you out on getting the knowledge and ideas about trading.Its already being mentioned above but i would like
for you to visit out babypips.com for the most basic things about trading.

b3llsf1l3s

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I suggest before for trading, you have to really be patient and always be able to do asset management, these two things are very important, it's useless if you can do analysis but can't do asset management to avoid undesirable things during trading

omonuyak

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice

Maybe you should try and test the market with what you have now and see if you can make profits by keeping the $200 in your wallet and see what that turns to in some months or years to come. If you learn the secrets of hold and develop patience for that, then think on how to day trade using "candlestick trading patterns".

palle11

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Quote from: Houdini76 on May 21, 2019, 05:35:24 PM

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

No particular advise for a newbie that is different from old trader. You have done a good investment by buying bitcoin (at least not a shit coin Grin

). So hodl it to a time you want to sell if you are lucky, it might be at a high price. Why I said so is that I don't believe someone knows exactly when price will drop in cryptocurrency but your experience will grow with the time.

YodaYoda

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In addition to some of the advice given, beyond technical analysis, you have to remeber that crypto is largely sentiment driven. Good articles, news will pump the price, while negative news will dump the price, more so than the technical analysis will lend itself to.

So, if you want to be a 'day trader' then listen to the drums. That is what will give you a leg up.

As for technical analysis, trend lines have worked the best for me, other than the news, of course. Right now, we are in an accumulation phase, a wedge pattern. BTC floats around 7960, with movements up and down, and ETH, looks a bit perkier, so I am thinking we will see ETH 300 before BTC 9000. I believe the uptrend will continue, as the news are quite good, however, remember that the summer months normally are middling, smaller volumes, less fiat coming in, so the summer months I consider not optimal for trading a long position on an uptick, as the smaller volumes can make shorters have good time by doing dumps.

So, keep in mind that the markets are quite shallow, lack of liquidity, so market manipulators can move prices quite a bit for short time frames at least. So avoid doing futures with large leverages, as that will be no better than gambling.

Topic: Novice trader analysis advice (Read 312 times)