Somebody should tell me more about Bitcoin trading.

Stalker22

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Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

Am new here, someone should please enlighten me more about Bitcoin.
~

Oh sure, let me just explain the entire concept of decentralized digital currency, blockchain technology, and the revolutionary impact it's had on the financial industry in a single sentence. Easy peasy. But wait, why can't you learn about it like a normal person, hmm?

Welcome to the forum, by the way. Glad to have you here! And don't you worry, I am sure I can hold back my sarcasm when you start asking normal questions soon. Grin

pixie85

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Quote from: Lucius on February 12, 2023, 11:50:27 AM

I don't want to discourage anyone, but trading with Bitcoin is very risky for any beginner, because even more experienced traders lose money if they are not careful enough. Researchers say that even 95% of people give up after a few months, and that they mostly have losses, but this is not unusual considering that most people enter these things completely unprepared and want a quick profit.

Persistence and gaining experience is a possible winning combination, but only a few reach that level.

I second that.
Some statistics say that 90% of people lose money trading stocks and cryptocurrencies are even more volatile, manipulated and hard to predict in the short term.

The best way to profit from bitcoin is to buy as low as possible and hold because whenever you buy you can expect the manipulators to try to crash the market to scare people like you and make you sell and lose money. It's important to ignore these sudden moves and wait for recovery. A good example of such move was the selloff created by FTX. If you bought at 20 thousand, sold at 16 thinking you can buy back lower maybe at 15 or below, you'd have to take a loss but if you ignored that move knowing it's just panic, you'd be back on your feet in just 2 months.

Lucius

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I don't want to discourage anyone, but trading with Bitcoin is very risky for any beginner, because even more experienced traders lose money if they are not careful enough. Researchers say that even 95% of people give up after a few months, and that they mostly have losses, but this is not unusual considering that most people enter these things completely unprepared and want a quick profit.

Persistence and gaining experience is a possible winning combination, but only a few reach that level.

tranthidung

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Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

How do I trade Bitcoin? What can I do before trading Bitcoin?

Before trading, let's start with investing first.

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How much do I need to invest on Bitcoin?

Invest what you afford to lose. You don't have to force yourself to borrow money for investment. Invest with spare money from your income or savings, with this approach you have no pressure of loan repayment calls or needs to sell your bitcoin for emergency so that you are likely to hold your bitcoin longer.

Do dollar cost averaging too.

https://dcabtc.com/

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Please am willing to learn about Bitcoin.

Bitcoin information and educational resources
Mastering Bitcoin on Github
Youtube channel of Andreas M. Antonopoulos. Author of Mastering Bitcoin book

cryptoaddictchie

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Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

How do I trade Bitcoin? What can I do before trading Bitcoin?
How much do I need to invest on Bitcoin?
Please am willing to learn about Bitcoin.
I promise to invest the little money I have after knowing how is works.

You could trade bitcoin using exchanges (decentralized and centralized). Before engaging on trading you must know the concept and not just do trading for the sake of gaining. Of course you must learn what are the usage of it and its advantages. You must invest only you can afford to lose. There is no minimum or maximum as long as you understand how risky this is, since its a volatile asset.

Then start learning now so you can start.

ajiz138

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Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

Am new here, someone should please enlighten me more about Bitcoin.

First you should read more articles that provide basic bitcoin I think it's important for you to start knowing more and how it works.

[1] https://bitcoin.org/en/how-it-works
[2] https://learnmeabitcoin.com/
[3] https://www.coindesk.com/learn/what-is-bitcoin/

Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

How do I trade Bitcoin? What can I do before trading Bitcoin?

Before starting to trade bitcoin, you should know a few tips to get started, because this is important for a beginner, learn from here about the management that you have to manage, let's look at this article:

[1] https://cointelegraph.com/news/bitcoin-trading-7-tips-to-detach-your-emotions-from-your-portfolio?fbclid=IwAR1t5pTy8ZNTJBWJ1NEydo0SqU73A8TfWxaXidFNG23vDdium2l2WUcnPd0
[2] https://www.bitcoin.com/get-started/how-to-buy-bitcoin/

Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

How much do I need to invest on Bitcoin?
Please am willing to learn about Bitcoin.
I promise to invest the little money I have after knowing how is works.

It depends on how much you want to start trading, but usually a beginner is not too big to put money here, it will be better to start small, after you understand everything, you can add capital to enlarge your trade.

lovesmayfamilis

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Quote from: rachael9385 on February 12, 2023, 07:57:03 AM

I promise to invest the little money I have after knowing how is works.

I don't know if I care about the amount you would like to invest in bitcoin or not and why you promise.

But welcome, OP.
If you're an adult, and you've found a great topic for beginners, the best thing you can do is start reading the forum. But this way you can notice that you are in a hurry and want everything at once, then you are now given a bunch of links that are usually sent to beginners. Read, study, and move slowly.
A fair remark, which is often observed here. There are two types of beginners. Some fly into the forum and demand that everyone provides them with mentors and teaches them step by step. Such people quickly leave the forum.
And there are those who read slowly and achieve everything on their own. And they are the backbone of the forum.
You have a choice of who you become here.

rachael9385

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Am new here, someone should please enlighten me more about Bitcoin.
How do I trade Bitcoin? What can I do before trading Bitcoin?
How much do I need to invest on Bitcoin?
Please am willing to learn about Bitcoin.
I promise to invest the little money I have after knowing how is works.

Topic: Somebody should tell me more about Bitcoin trading. (Read 106 times)