Starting as a Trader and Trading Bitcoin

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

The summary of everyone "if they are just starting as a trader in Bitcoin" is sufficient. I have understood well enough most of the suggested topics to discuss.

The important points that I want to point out are

Understanding the Risk of Trading
What is the best exchange to trade on?
Choosing a strategy that best suits the trader
What coins to choose from
How to become profitable in trading?

I think most of the points above single have things in common, and that's the wanting to learn and preventing the possible risks towards the portfolio. No one could perfect it, but if you are consistent in winning, you could overcome all the losses.

It's time to close this thread, knowing that it's been thoroughly discussed, and I aim to prevent spamming as well in this thread.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: Freddy11 on May 11, 2020, 06:32:27 PM

Trading is always fun regardless of whether you are doing Crypto trading or any other style of it. I do all styles through FreshForex broker, as there are over 130 instruments including Cryptos. So it’s easier to do trading on whatever you are comfortable with.

Not all traders are having fun on what they are doing, those who are losing might stop trading and just give up.
it's only fun for those who understand it and those who like to pursue because they are challenge, you need a set of skills in order to succeed being a trader.

EdvinZ

sr. member

Activity: 994

Merit: 260

1) I would like to know how to minimize the risks when trading cryptocurrency and at the same time increase the potential profit?
2) It would also be cool to find out how best to store cryptocurrency, which exchanges are the most reliable in this?
3) Which exchanges Have the lowest trading commissions?
4) It would also be interesting to hear the experience of traders, on which trading pairs they managed to earn the most money?

Freddy11

jr. member

Activity: 391

Merit: 1

Trading is always fun regardless of whether you are doing Crypto trading or any other style of it. I do all styles through FreshForex broker, as there are over 130 instruments including Cryptos. So it’s easier to do trading on whatever you are comfortable with.

BitcoinTurk

hero member

Activity: 1666

Merit: 629

When I was only 15-16 years old, my interest in the economy started and this interest did not decrease afterwards. I followed the news about the economy and did a lot of research to find out the economic terms. About a year later, I met Bitcoin and I have learned a lot about Bitcoin since then. If I need to talk about my many years of experience, I can make the following recommendations to anyone who has just started;

- Always research and learn more.
- Get detailed information about trade before you start trading.
- Know the technical analysis methods and indicator usage well.
- Gain experience by trading with trial accounts.

And finally, start trading when you feel ready. Any operation without sufficient knowledge and experience will cause you to suffer. You can only earn by chance by trading without sufficient knowledge and experience.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Quote from: babygun on May 11, 2020, 08:18:15 AM

The basics for a trader: buy low, sell high lol Grin

.

Nobody can really predict the price of a bitcoin, do your own research and make a plan. At which price do you want to buy bitcoin? For what price do you want to sell it?
What is your timeframe? ...

Mann, trading is not like gambling which you are going to have a 50/50 chance of winning. you can lower the risk by studying and analyzing the market! and being always updated is good too.

Here's my list before trading whether it's a short term or long term :

Where is the support?
Where is the resistance?
What is the price
is it good price to enter the market?

babygun

sr. member

Activity: 2170

Merit: 254

The basics for a trader: buy low, sell high lol Grin

.

Nobody can really predict the price of a bitcoin, do your own research and make a plan. At which price do you want to buy bitcoin? For what price do you want to sell it?
What is your timeframe? ...

santosmichael

jr. member

Activity: 176

Merit: 2

in my opinion what is needed before entering into the world of trading is knowing the risks,
then find out our target,
and how we can meet our targets,

and when it comes to ways, in my opinion at least 1 year we try a demo account first, then dare to jump right in, if we want to trade manually.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Quote from: MCobian on May 10, 2020, 02:09:53 AM

In a situation like now where making money is difficult, because the corona virus spreads so fast. Make us required to make money
from home. So one of the solutions is cryptocurrency trading, which I will choose bitcoin for the first coins for trading. I chose bitcoin
because it's the most profitable compared to other coins. The basic strategy that I use is taking 3% profit per day, but I also maintain
the capital that I have by using a 10% stop loss.

Going to stop you right there my friend. I remember in the last economic crisis a lot of my friends also thought. Shit, we are losing our jobs so let us make money from home. I remember all the google ads, I even fell for some and clicked to read about the amazing method people use to make hundreds of dollars just from their laptop.

It's all a scam. You're not a good trader. Real traders don't even have time to come online here and chat.

culuuton

hero member

Activity: 1593

Merit: 502

Newbie needs an experienced consultant (his best friend is best) to limit risk, I think this is essential before he starts trading. Everything can be learned slowly, but sometimes money is not enough to wait for him to learn everything.

Golftech

hero member

Activity: 2128

Merit: 520

Quote from: Kelvinid on May 10, 2020, 05:53:02 PM

Here is my list before start trading;

1. Know the basic trading strategy
2. Search for a new and effective strategy
3. Trading tools that could help more
4. Trading platform (friendly-user)
5. Coin/s to trade

Maybe this is good enough to start. Knowledge and skill will actually develop once we already engage in trading and it needs time to make it nearly at its perfection.

Acquiring those things takes time, but if you are keen in learning it won't be that hard as you are willing to make things achievable, traders needs to learned the very concepts of trading, basic to advanced are learnable if you are aiming to succeed.
Trading is risky but if you do your research and you prepare yourself the chance to gained profits is possible.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Zemomtum on May 10, 2020, 06:20:35 PM

The best is to have the basic knowledge of trading strategies for some months before dwelling in trading of any digital assets. With this, most things will not appear to be magic when you get started eventually.

that is if your not a newbie anymore but for a complete noob , learning the basics knowledge of trading ( not strategies ) or on how to trade and alike is the most important lesson . then after that , you can proceed on strats on how to improve your trading career .

and you cant just say trade any digital assets because not all digital assets on this crypto world are legit or safe but most are only scams and are willing to take your money instead of you earning from them

darewaller

hero member

Activity: 2926

Merit: 640

Quote from: pixie85 on May 08, 2020, 05:09:13 PM

All the information is available in the Internet you just need to show an effort and have some time to research it.

But there is a acute lack of proper source, I mean there are videos that are aimed at trying to steal some bitcoins or inject some code into your system through which they can always steal your bitcoins. I believe having a trusted source for information and tools for bitcoins trading will be a good idea.

Quote from: pixie85 on May 08, 2020, 05:09:13 PM

I can't believe that someone who wants to be a Bitcoin trader needs to learn what Bitcoin is and how it works. He'd have to be like that guy who wants to be an astronaut but can't even name planets of the Solar System.

I disagree, if you are buying any asset and even if you are trying to sell it the next day it is always recommended to gather all the possible information if you are investing significant money and later that helps define your trades, I mean a good trader for example will always invest in such times price is increasing, for example right now while someone who has zero knowledge might be tricked into wrong trades.

Quote from: pixie85 on May 08, 2020, 05:09:13 PM

If you have to teach a future trader about the basics of Bitcoin and reading charts you can expect that trader to fail miserably.

Can you put more emphasis on why would that happen? I mean knowing a certain asset/entity and then investing/trading with it will actually help in my opinion. With all respect, I would love to know why you said that.

Zemomtum

full member

Activity: 1316

Merit: 104

CitizenFinance.io

The best is to have the basic knowledge of trading strategies for some months before dwelling in trading of any digital assets. With this, most things will not appear to be magic when you get started eventually.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Here is my list before start trading;

1. Know the basic trading strategy
2. Search for a new and effective strategy
3. Trading tools that could help more
4. Trading platform (friendly-user)
5. Coin/s to trade

Maybe this is good enough to start. Knowledge and skill will actually develop once we already engage in trading and it needs time to make it nearly at its perfection.

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

If I newbie I'll choose to learn how crypto currency work before I start to learn the basic trading. Yeah I guess that is the important factor to know. It will be useless when I learn the basic knowledge against trading but I didn't know where I'm trading, it will bite me. As far as I know crypto currency and different investment/trading place in this world is quite different. The volatility price is the factor who can differentiate between crypto currency and other investment place. You will lose more than half in your capital just a few times and otherwise, there is no investment place who can do that. At least if I know crypto currency price first I won't leave when I got a lot of lose.

rexxarofmoknathal

sr. member

Activity: 980

Merit: 260

I'd say some words of caution if you've just started trading and jumped straight to Bitcoin trading. Personally, I would learn trading using another crypto coin not Bitcoin since this is seen as the most volatile coin and possibly the one which we'll cause you 99.99% of you losses in trading. I'd start off easy with some altcoins like ripple but still not etherium just until you learn the swing of trading Cheesy

RealMalatesta

legendary

Activity: 2338

Merit: 1124

If you really want the basics of bitcoin and how to trade it, I would say this ; Bitcoin is a currency that is also a commodity, think about it like the gold coins people used to have thousands of years ago and how they used it, but also the gold of today as well.

You can use it like dollars and just spend it on a cafe for the coffee you drank, but also it is like gold where you can store it for not losing value when dollar devalues from inflation. And how to trade it is basically the simplest thing would be just putting all your money into bitcoin for long term in installments, like if you have 1000 dollars to put into bitcoin, put 100 dollars in June, put 100 in July, put 100 in august and keep doing that until you have no more money to go into it in order to average the purchasing price.

Listratennt

newbie

Activity: 6

Merit: 0

Quote from: ?? on ??

Quote from: GruHabiiml on May 09, 2020, 01:19:32 PM

If you still believe that you can earn money without trading bots, then you are a fool. Grin

Unfortunately, it is not so easy to find high-quality software. Also, the bot needs to be configured correctly.

I recommend this resource https://tradingbot.info
Just for beginners it will be useful. It has all information needed to choose and start your trading bot for crypto Cool

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: shollyen on May 08, 2020, 05:53:27 PM

I sometimes wish I could be good at day trading and ake profit every single day. Although I trade, but not as such active and sometimes, I experience some drawbacks on trading. For instance, the fear of losing draws me back. My urge right now is to see that I gain more courage to trade, irrespective of whether I will gain or lose.
Things are now quite different. I think i now have the time and will focus more on it.

I will suggest you to try the leverage trading which allows you to trade with much more funds and you can learn about trading losses by actually not investing much, when I recently started to consider trading as a serious task, I went to Binance and used their leverage trading option where they gave me 5x more money which I will put and the interest if I remember it right was 0.001% hourly which is negligible if you are a serious trader.

Apart from that I believe basic knowledge about bitcoin is must as OP mentioned and that helps you understand the mechanism like when halving will happen, how it will impact the price and market and other essential information can be used wisely in trading.

Topic: Starting as a Trader and Trading Bitcoin (Read 684 times)