Topic: Some advices and references for a newbie? - page 16. (Read 2193 times)

It is really a positive sign to see this much of increase in the number of people who are willing to start investing their money into the crypto currencies as this will help the crypto market to expand at a larger scale. Being newbie, you need to be very much careful while dealing with the things and that you need to learn as much knowledge and the information as you can because this will surely help you in having a better understanding of the things.

Some early users had large amounts of bitcoin because they took the risk and invested time and resources on unproven technology, which at that time was rarely used and lacked sufficient security. Many early users spend large amounts of bitcoin several times before bitcoin becomes valuable, or buy in small quantities and do not benefit greatly. There is no guarantee that bitcoin prices will go up or down. This is very similar to investing in the early stages that may provide value as usefulness and popularity or even never become anything. Bitcoin is still at an early stage, and has been designed for long-term goals. It's hard to imagine how Bitcoin benefits the early users, because today's Bitcoin users could be early users in the future, or not.

Nice finds man, I really think that you do a lot of research to be able to find these sources. If only a lot of new comers in this industry were like you, I do not think that there would still be a lot of people that will get scammed or invest blindly/gamble in a losing bet. And the best thing about this is that you are willing to help others and share the sources that you worked hard to find. You have a good heart man. I'm sure op would be really happy when he sees this.

You can find some basic economics here: https://www.mruniversity.com
Or visit Khan acedemy. Good resource to start with.
Trading: I like youtube channel 212. It's good for a beginner.
Crypto: blockgeeks.com
They have a lot of guides amd they are easy and extensive.
Also check Investopedia if you don't understand any term. They are good at explaing things in very essy way.

If you are a high school student, there will be an economics subject that you will take, I dont know about other countries but this is commonly the same in some countries. There you could learn so many things that you can apply here.In trading, you could go to the bookstore, in my case I saw a column where the books are related to business and investment, there is also trading included there.I suggest you study first trading in general so that you can have more deep understanding when you start studying crypto trading.

New friend, in my deepest belief, some books will not give you much help. Those books will only give you the basics. However, all the knowledge and wisdom that you are yearning for is just right under your nose. Literally in this forum. Have a thorough search in all the threads and certainly than not, you can find some topics that you positively can learn from. Be diligent enough.

It is not very hard to know about bitcoin as now bitcoin is very famous and popular that easily one can get information about bitcoin, rise and fall happens it is very important for them to know that holding can give them profit and help them to overcome the fear of lose,. Never think about selling at panic  as at the time of dump new investors mostly lose hope and sell at panic which gives them lose at the end so one should be pertinent to hold for long time if want to enter the world of crypto, but after that it is full of profit.

Well my experiences and knowledge regarding Bitcoin were still limited, and for the year had passed I would like to advise that keep working even if you think Bitcoin doesnt seems so good on you keep dreaming with accompaniment of hardwork, I have been in the time that six months and all the campaigns that I have been through were most scams and unfairly low amount to be consider for my hardwork and I never stop, and finally I have gained some, up to now I feel like being Dormant and I go back to the reason I have been here.

You should learn some basic knowledge about cryptocurrency, platform blockchain, how to deal ... In bitcointalk forum there are also many topic to guide for newbie, you should learn more there. Only you have new Decide how you are, so learn yourself to have the experience for yourself. Do not rush to make money without knowledge.

many practices. stop reading theory excessively. better practice directly, with little capital. then learn the result. make a simple analysis. see price movement from time to time. note the candle and volume. this is much more fun. repeat again in the next transaction. compare with a theory that has been read. do not trade using feeling. this will make you poor. do not just be a follower in price movements. and most importantly "patient".

Trying to do a trading when you are a newbie is not bad. Actually you really need an experience if you really want to be a trader, just make sure that before you do it you already have a knowledge about trading and don't put all your money in your first time in trading.

I think you should google it. There are many things on google and it contains more than this forum.
I have seen many courses as well as book on the internet and they are absolutely useful to me. There are many things you have to learn about crypto because it is a great world

1 - Study.
2 - Study.
3 - Not enough, study more.
4 - Play with some small money which would not affect your personal finances in case of loss.
5 - Keep updated with all the news.
6 - Learn the very basics of blockchain, in case you are not an IT person.
7 - Get some basics of trading and finance.

These are my personal recommendations if you don't want just bet money.

Find a project that you really believe it will rise in the long term. Check out the market cap, the project team, roadmap, current state of the development, and worth of the market they are trying to cover. What are the problems they are trying to solve, and who are the competitors. Doing proper research will make you feel more confident when holding. Check also if the coin has fixes total supply and what percentage of the total supply is in circulation to predict future inflation. You can find a lot of useful information about the coin on https://coinmarketcap.com/ . If you click on your desired coin under tab/markets you can see list alt-exchanges where you can buy it. Another useful website is http://coinmarketcal.com/ where you can find dates of interest for various coins.

Most of the alt coins are trading on exchanges with altcoin ->BTC/ETH pairs. So first you need to obtain BTC or ETH. Coinbase is the most popular choice for that purpose but I would suggest you https://www.bitstamp.net since they have lower fees (0.25% compared to 1.5%). Another option to lower down fees is to use GDAX from Coinbase. With GDAX, if you're "taking" an order (meaning filling an existing order in the order book), the fee is 0.25% for Bitcoin and 0.30% for Ethereum. However, maker fees (meaning placing a limit order on the order book that may or may not be filled) are 0. After you bought BTC you can transfer it into BTC wallet on alt exchanges and start trading. Some of the popular alt exchanges are Binance, Bittrex, Bitfinex, etc. I prefer binance since they have the lowest fees (0.1% compared to 0.25%/0.2%). I also grew quite fond of their user interface. Check out advanced mode. You can use this referral link if you like https://www.binance.com/?ref=10196951 I would also recommend to use 2step verification for logging in.

Don't buy at all-time high if the price was rising too suddenly. I usually search for the dip for the coins that I believe in long term. Rule of thumb: all cryptos are pretty much influenced by BTC. When BTC rises suddenly most of them fall. When BTC falls down suddenly most of the cryptos fall. When BTC is stagnant or has a slow steady rise, alt coin flourish. And last, remember to take part of your profits when it's skyrocketing. Usually, there is a correction after sudden increase. Just holding, without taking the profit is still haunting me with my NEO (Antshares). It's always good to take profit to increase your stack. Have fun and good luck trading/investing!

1) only play with money you can afford to lose.

2) NEVER EVER make a buy or sell that is triggered by a feeling of 'not wanting to miss out on a sudden development'. also known as fomo: fear of missing out. Invariably, you will make bad decisions if you do.

3) never buy on a sudden upswing. Especially if you don't know why it's swinging up. You may be buying into a hype curve triggered by other people's fomo. When that happens, you'll lose big in the correction that follows. The one exception is if you see a spike and then also find a good reason. When segwit was finally locked in for bitcoin, all the uncertainty ended and the price shot up for a very good reason. Jumping on that train can be a good decision.

4) when you finally take a profit and sell, walk away. Don't keep looking at the price. If you do and you see it going beyond the sell price, you may be tempted to jump in again and take a bit more profit. Not only do you pay 2 extra transaction fees, but you will also risk buying into an overshoot which corrects 2 minutes later, and you lose the profits you realized 5 minutes earlier.

5) understand that by playing carefully and with consideration, you may actually miss an occasional coin suddenly increasing in price. that is not to be helped. However, it also means that you are not making a lot of blind gambles that will cost you a lot of money.

6) do some research, and only buy into projects for which you actually understand the purpose and which you believe may work in real life. a coin needs more than fanboys shills to be valuable long term.

7) be very carefull when buying during a time period when there is a lot of euphoria and all coins are going strong. If the entire market is going strong, all coins do well, even the shitty ones

8 ) learn to recognize pump and dump cycles and avoid them. the saying in poker is: if you don't know who the sucker is, it's you. don't be the sucker.

9) look at the long term prices and use baselines, triangles and fibonaci and try to think of what you think the correct value to buy is. with some basic effort you can figure it out and set the buy order and walk away.

10) Do NOT try to play the game of buying and selling dips. buy dips if you want to play that game, but don't sell with the idea of buying back shortly after to game the dip. this is a good recipe for disaster. If you were holding NEO 2 days ago when it was 0.0039 BTC and sold with the idea of buying back at 0.0033, you'd be cursing yourself badly now that it shot up to 0.0064

11) when buying, don't just look at the timeline, also look at the order book. If you see big sell walls that are not balanced by buy walls, it may be better to wait for the price to drop some more.

12) doing the things above takes time and consideration. you will miss out from time to time by waiting to long, but you will also not make catastrophic errors. Also long as your positions are string, you can continue to keep playing the game.

Everything i knew, i got it from this forum and from google searches. It wouldn't hurt to have a basic knowledge of economics, which was thought in highschool. The rest would be just reading posts, common sense and a heck of a lot of google searches. I don't know any websites to get materials for crypto currencies though.

In my opinion for newbie just like you.  If you want to understand this forum.  Just read some articles related in bitcoin or study the rules here. And read about the bigginers thread.

a beginner to understand is the understanding of bitcoin. do not need much first they have to. because now for new people should be able to or understand about bitcoin

As OP is a newbie, I really wouldn’t recommend him trying to do trading of any kind until he is well versed with cryptos as a whole before he even considers trading and I think he will get all the information that he needs on this forum here.

This community is good for information you looking for but if you want to learn more the principles of trading i suggest you to search to google about crypto seminars i see some advetisement in internet that some crypto enthusiasts gives people a free seminar if they are want to involve in crypto.