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

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

I know a lot of people who are interested in making money now more than ever just because of the current situation that we have now. Most of us are in lockdown, and people are starting to need to have that extra income more than ever.

IF you are that person, what would you like to know before starting to dwell into the Trading Space?

Do you want to be introduced to Bitcoin first?
What is Bitcoin?
How could you make money in Bitcoin?
Basic Trading strategies
etc

The list above is just an example, feel free to make your own.

This can be of help to many too, knowing that some are just starting, and they are waiting to get around to trading. And if you are a new trader, what do you expect in this market?

Of course as they are the necessary equipments that you need in order to earn a profit in trading and lessen the risk of your hard earned money. Trading without learning the basics of trading is like going to a battle without a gun, you will just lost your money without any fight.

Once you are fully equip already and you think that you are ready to start your first trade then experience will be your next target and make sure that you will not create the same again and again.

MCobian

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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.

makalve2

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Have anyone used indicator script from tradest.io?
I’m looking someone who can tell is it really that accurate.

LUCKMCFLY

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There is something very important to keep in mind that newbies do not do, is read about market speculation, because if they read financial education books without a focus on technical analysis they would have control over risk management, knowing when it is advisable to enter to the market and when staying out of the market, having these clear concepts could easily manage how much balance you could risk, in my case, I never risk 10% of what I decide to put, I always go with 7% or 8% loss, but the benefit is calculated between 24% and 30% for each operation, of course, my way of operating is in the medium or long term.

timmmers

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

Yes, you can. Trading bots only trade on the basis of signals from professional traders, but it doesn´t mean that these traders have good results and even they have, it is not a guarantee that they will have them in the future

.
If you are new comer, please do not fall into this FOMO and lets wait, I believe that we will see new lows 3k. Why? People don´t have money to invest - 30 millions unemployed americans Roll Eyes

.

GruHabiiml

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

tbterryboy

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Quote from: cassavachips on May 03, 2020, 04:09:53 AM

I think everyone will know what bitcoin is, so if it were me, then I would first learn how to do basic trading strategies.

Yes but not everyone knows why recently the price is increasing and an experienced trader will easily laugh and say that is because of the FOMO around the halving that makes people buy more bitcoins and hence the price went up. Knowing bitcoins is good but knowing about the deep aspects like how will miners cooperate with halving and how the price will be affected by some milestones, I mean I consider halving as a milestone, will help a trader make more suitable trades. That been said there are a large number of reddit posts I saw with good information and there are some good videos too, just make sure not to trust any links or software any unknown people provide you.

When I was new someone easily fooled me by sending some transaction with 0 fees or something which was later cancelled and I felt so bad and foolish so same applies to trading, you learn new things and you grow daily.

abel1337

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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.

That's pretty normal, I'm sure many traders come to that kind of stage that they are scared of losing their capital and can't make a profit every single day. To be honest I came to that point when I was still a newbie and still wondering how can I make my trading skills better. Experiences help a lot in trading and with the experiences you can build your skills. If your serious enough in trading just continue what you are doing and if you have the confidence to trade on a daily basis then go.

shollyen

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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.

pixie85

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

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.

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

milewilda

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When you do just make yourself to learn up trading just because you do need money or to sustain yourself then better you opt out this one into your option because results wont just pop out in a matter of minutes hours or days. Everything would really need that sufficient time for you to learn up everything but at least you do make yourself learn in earlier phase but i would say that this one wont be that enough as said earlier
profits wont be sustainable since you are still a noob and the fact in spite on making profits you would eventually lose even more if you dont know on what you are doing.On this time of crisis there are lots of ways
for us to earn money not just here on crypto but in other traditional potential sources as well.

crwth

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Quote from: EdvinZ on May 03, 2020, 01:47:07 AM

It would be useful for novice traders to familiarize themselves with the golden rules of trading. 1) Always diversify risks by investing in different assets and trading on different exchanges. 2) Remember that margin trading is very risky and allocate to it the part of the portfolio that you can afford to lose. 3) It is easier to lose money in day trading than when holding coins for a long time.

I think the points that you made out are great. The thing about divesting as well should be known in all financial planning stuff. Just be sure it's not your rent money or something related to that.

Quote from: Lorence.xD on May 05, 2020, 01:15:43 AM

all I can think of as a smart trader is be patient, no man could ever strike a gold at their first hit, it takes time and effort. On a side note, do not focus all your effort with just trading, do it together with other things, you can work your day time job and trade, it makes you have a stable source for sustenance and not pull out your investments when push comes to shove.

You are definitely on point with that patience things. It's better to set the expectation before anything else because once they understand that it's not lightning fast compared to gambling, they would build that mentality when it comes to trading.

Quote from: bearexin on May 08, 2020, 11:00:38 AM

I mean bitcoin trading is a good method to make money but not suitable for most of the people; in other words, bitcoin must be a good method for making money but actively trading may not be viable for many people. Investing in bitcoin must be another method instead of trying to trade it.

Why not have the best of both worlds? Accumulating Bitcoin and trading it at the same time? I think having that set up would be practical because you would be gaining from the trades (assuming you have Gunbot) automatically. That would answer your "actively" trading part and continuously investing is the "Investing in Bitcoin" part.

bearexin

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Some of the questions you asked are unnecessary and anyone asking that kind of question doesn't really deserve my answer, especially that number one and two. Someone that's been here for quite a long time is meant to know what's Bitcoin, and if you're a newbie there are lots of articles written about Bitcoin online, and sites like Cointelegraph and Coindesk all have a whole page dedicated to teaching about Bitcoin and what it's all about. And as for how to earn, you already mentioned trading; trading is a good method, though everyone do not understand how it works.

I mean bitcoin trading is a good method to make money but not suitable for most of the people; in other words, bitcoin must be a good method for making money but actively trading may not be viable for many people. Investing in bitcoin must be another method instead of trying to trade it.

Lorence.xD

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I think starting your trading journey would be to learn all that you can about trading and the nook and crannies of it, learn from succesful people and follow their advice but not blindly, you are to learn but also use your common sense. Remember to not put your eggs in one basket, making diversity in your investments in your trading, this makes sure that you will not suffer a big loss when you start trading and lastly, all I can think of as a smart trader is be patient, no man could ever strike a gold at their first hit, it takes time and effort. On a side note, do not focus all your effort with just trading, do it together with other things, you can work your day time job and trade, it makes you have a stable source for sustenance and not pull out your investments when push comes to shove.

cassavachips

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I think everyone will know what bitcoin is, so if it were me, then I would first learn how to do basic trading strategies.

EdvinZ

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It would be useful for novice traders to familiarize themselves with the golden rules of trading. 1) Always diversify risks by investing in different assets and trading on different exchanges. 2) Remember that margin trading is very risky and allocate to it the part of the portfolio that you can afford to lose. 3) It is easier to lose money in day trading than when holding coins for a long time.

Twentyonepaylots

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Quote from: fullhdpixel on May 02, 2020, 09:16:06 AM

Quote from: fullhdpixel on May 02, 2020, 09:16:06 AM

Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading.

Yes, experience matters. A beginner in trading, should not focus on accumulating profits but should focus on accumulating as much as possible experience by risking all the new things they come across but with small capital. Unfortunately most new traders are just focusing on cracking profits because from day one itself they want to be trading like pro.

I'm not surprise why a lot of beginners are losing in trading, why? because they keep asking what to do about this, how about that , and they will do it not considering the market situation. I could not agree more that experience will teach you the best lesson in trading, most probably it will teach you the hard way to understand but It's actually worth the time spending.

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it.

Basics of all the markets are same because risk management - money management - controlling our emotions are same thing everywhere. But, level of fluctuations and impacting news sectors may differ market to market but those things are easier to adopt for a trader who is switching over.

There will be always emotion involve in our actions, but as a trader we should not let it take over our decision making. You may find the market very unpredictable but technicalities always help.

fullhdpixel

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Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading.

Yes, experience matters. A beginner in trading, should not focus on accumulating profits but should focus on accumulating as much as possible experience by risking all the new things they come across but with small capital. Unfortunately most new traders are just focusing on cracking profits because from day one itself they want to be trading like pro.

Quote from: davinchi on April 30, 2020, 12:40:50 PM

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it.

Basics of all the markets are same because risk management - money management - controlling our emotions are same thing everywhere. But, level of fluctuations and impacting news sectors may differ market to market but those things are easier to adopt for a trader who is switching over.

crwth

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I guess we can agree that many trading methods that we already had in the world could actually be applicable to the bitcoin world as well. People from forex world actually brought in their charts, indicators, weird named things and basically all used that to make money from bitcoin

Everything is almost the same, it's just that Crypto runs 24/7. Multiple exchanges as well. What do you mean by weird named things?

Quote from: ReiMomo on May 01, 2020, 01:10:08 PM

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it. Indeed, please consider also your emotion here because almost newbie traders are greedy.

Emotion is the number 1 enemy with regards to newbies and even pro traders. I know a lot of people who have traded every day and still is affected or not emotionally controlling themselves.

Everyone who is in this business has the same goal and that is to gain profit but not all are successful because either they are not yet knowledgable enough in trading or they have just failed on the strategy they use when the critical situations happened. I short it will be both books and experience will be the tool for a trader to succeed but every newbie should be aware that failure is always there to mold them and become a great trader. The concept of losing may make us give up but still, it depends on us on how we perceive it.

Venturing out into different things is always about having a profit. It's knowledge and books that could conquer the obstacles in front of you but it's your experience and emotional strength that would help you be successful.

utapapst

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Quote from: maxreish on May 01, 2020, 02:25:19 AM

I know a lot of people who are interested in making money now more than ever just because of the current situation that we have now. Most of us are in lockdown, and people are starting to need to have that extra income more than ever.

IF you are that person, what would you like to know before starting to dwell into the Trading Space?

When I first heard of Bitcoin, I wanted to find out everything, I found out everything in Google search and I got what I wanted to know, and finaly, i read article how to trade bitcoin with best strategy, but the strategy I got wasn't strong enough to guess the movements of the value of bitcoin. in the market

ReiMomo

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Everyone who is in this business has the same goal and that is to gain profit but not all are successful because either they are not yet knowledgable enough in trading or they have just failed on the strategy they use when the critical situations happened. I short it will be both books and experience will be the tool for a trader to succeed but every newbie should be aware that failure is always there to mold them and become a great trader. The concept of losing may make us give up but still, it depends on us on how we perceive it.

Ryker1

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Well, in my own opinion. Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading. Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it. Indeed, please consider also your emotion here because almost newbie traders are greedy.

FanEagle

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I have been a newbie trader before but the first thing I want to learn is the bitcoin, blockchain and how these thing works. Followed by the vague terms like hold, pump and dump, bear and bull, trading, etc. Time flies and when I think I do fully understand cryptocurrency flow and actions, I decided to become a bitcoin investor before finally became a crypto trader.

I guess you just mentioned about just 1% of things, a trader needs to enlighten themselves before being a profitable trader. This may discourage people when we list all the required knowledge for being a successful trader but to travel 100 miles or 1000 miles, the first step should be just the movement of our feet which may measure only 0.000001% of total distance to be covered. Same applies everywhere. Once we start learning with all dedications, everything will be easier like 1-2-3 because when we start showing interest, nothing will be a burden or hard to learn and to get practiced to.

Quote from: maxreish on May 01, 2020, 02:25:19 AM

You see, if you are eager to learn, all the possible things and knowledge will go with the flow along with the learnings and techniques. There are so much to learn and it takes time.

There is no compulsion to learn everything theoretically. There are demo accounts or you may risk with least capital to learn practically. But, most traders once enter the watching/trading live markets, they are stopping their process of learning from books and videos. But, the best approach should be doing both. Yes, learn from both books and live environments. It would be more fun than we could imagine.

Please note; for a successful trader, the learning process never ends.

maxreish

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I have been a newbie trader before but the first thing I want to learn is the bitcoin, blockchain and how these thing works. Followed by the vague terms like hold, pump and dump, bear and bull, trading, etc. Time flies and when I think I do fully understand cryptocurrency flow and actions, I decided to become a bitcoin investor before finally became a crypto trader.

You see, if you are eager to learn, all the possible things and knowledge will go with the flow along with the learnings and techniques. There are so much to learn and it takes time.

davinchi

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I guess we can agree that many trading methods that we already had in the world could actually be applicable to the bitcoin world as well. People from forex world actually brought in their charts, indicators, weird named things and basically all used that to make money from bitcoin, they are trading basically the same way they trade with stocks or forex or whatever else they traded so far in the history, they just added crypto that list as well.

Of course crypto is a bit different because there are many many things that changes the price of stocks or forex and so forth, but there is only one thing that changes the price of bitcoin ; people trading. There could be a huge asteroid coming to earth destroying it very soon, everyone could be in panic mode, and as long as nobody sells, bitcoin won't drop, hence its traded same way but its actually quite different itself.

crwth

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Quote from: The Cryptovator on April 28, 2020, 12:29:49 PM

~snip

If I were to summarize your thoughts, I think this is the right ones.

Introduce what crypto trading is
Risk management
What bitcoin is and it's not money machine
Analyzing markets

Quote from: justdimin on April 29, 2020, 01:57:02 AM

But if they wanted to involve in crypto trading for short term like until the lockdown ends they can go for stable pair so by the daily volatility it is easier for to make money than doing trades more often.

This gives me quite an idea to do with. Maybe I could test this out only with pure stable coins. All the volatility that they produce can be profited or something.

Basic profitable trading strategy which fits all beginners is, holding. Watch markets for days and buy in possible dips and wait for months; halving is approaching hence you may get 10x profits very easily.

The problem with this one is that people are impatient and want the profits right away. I think it's better for them to gamble instead of trading. You could lose a lot of money in trading and in gambling, just choose between the two. Lol.

Quote from: Paycoinzzz on April 29, 2020, 02:25:17 AM

The most important thing in trading is that you have to understand Dow theory, one of the most basic knowledge you need to equip yourself. It really helps a lot with your trading psychology and it also makes it very clear about how the financial market works. By fully understanding the Dow theory, you have achieved 50% winning on your trade.

Maybe a simple introduction would do but not technically completely dive into how does bitcoin works at a programming level or whatnot. Trading psychology is one thing to look at for sure. I don't think DOW theory accompasses the cryptocurrency space unless you can point me to the right direction?

Quote from: maydna on April 29, 2020, 06:45:47 AM

As new people in trading, of course, I expect to see the market will increase every time I trade, but I know that will not always happen because the market will always change. So I need to adjust or modify my strategies based on the current situations, so I can try to make a profit, and if I can do that, I will have a good time to trade.

I think this list below summarizes what you have contributed.

The basic principle of trading, buy low sell high
Know when to buy low sell high
Different market situations

maydna

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Before we start trading, of course, we need to learn the basic lesson of trading so we can know what we need to do in trading. The very basic lesson is to buy at a low price and sell at a high price. But it's not simple as it said because to determine the low price, we will need experience and have skills so we can know the good time to buy. There are many sources that we can use to get the lesson, and I am sure that we can get the point of every lesson that will be useful for us to trade. Besides learning about trading, we need to learn about how to control ourselves in trading because trading will have the emotion from us because sometimes we will get panic, greedy, and another feeling. That is why we need to have control for ourselves.

As new people in trading, of course, I expect to see the market will increase every time I trade, but I know that will not always happen because the market will always change. So I need to adjust or modify my strategies based on the current situations, so I can try to make a profit, and if I can do that, I will have a good time to trade.

el kaka22

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There are plenty of resources available online that could teach you what bitcoin is and how you could use it and how you could make money from it. So, there is no reason to actually go out and help people who are right now needing extra money, if they are looking that extra money from bitcoin they have all they need to start.

However if you are a person who is out of work and need money, just putting the one you already barely have and start trading is definitely not the way. If you want to make money just apply to remote jobs that are in the crypto world, and if you are unemployed but very well experienced you could get a remote job in crypto world that will be paid with bitcoin. That way you are both not spending the little money you have, but also getting into crypto at the same time.

Paycoinzzz

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To trade bitcoin well, we don't need to understand bitcoin. As far as I can see, bitcoin is just a tool to manipulate it, but it is not important for people to learn about it. In addition to halving events and hashrate levels rise or fall. The most important thing in trading is that you have to understand Dow theory, one of the most basic knowledge you need to equip yourself. It really helps a lot with your trading psychology and it also makes it very clear about how the financial market works. By fully understanding the Dow theory, you have achieved 50% winning on your trade.

mersal

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Quote from: ryzaadit on April 28, 2020, 03:05:35 PM

As a trader they no need to learn more about the technology behind the usage of bitcoin, all they need to have is to strong skills on analyzing the market. For a beginner it will be hard to make money so for people who wanted to make money from their saving should be extra careful while doing crypto related activities.

Then, how they decide about the "Fundamental Analysis" required a speculation conclusion from the project, news, and rumor. If you can't really understand whats the project update about their technology how they can thinking did the price will be reflected in the news. Before trading/investment you should know the understand the reason why you put ur money into that's coins including what the project/platform is about not just the news itself.

Its really important to make your first analysis and then you can move to another analysis, its "TA".

But if they wanted to involve in crypto trading for short term like until the lockdown ends they can go for stable pair so by the daily volatility it is easier for to make money than doing trades more often.

Do you know the stable coin? the price will be fixed pegged from which asset their using. It's mean you will never get a profit by trading stable coins, you just can add more/less
the amount which currency you used to buy stable coins example bitcoin but the estimation of the asset still the same from the day you buy the stable coins.

Trader doesn't need to know all the usage of blockchain technology they just have to know what it is so they can avoid scam and shit coins but for trading bitcoin they no need to worry about the development, they just get into the trend by sticking with crypto news sites.

Stable coin pair means BTC/USDT ,ETH/USDT so the user can analyse the one end of volatile coin because the other end is going to be stable so for beginner it will be an easy thing.

justdimin

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How could you make money in Bitcoin?
Basic Trading strategies

The final stopper for many people here once they decide to make money from crypto trading or at least after adopting cryptos is "holding or long term trading". Unlike it seems like easier way to make money by staying within home, people are trapped cheaply due to unpredictable fluctuations of crypto markets. For example; on panic of corona outbreak, bitcoin lost more than 40% of its value in less than 2 days of sessions. But, right now it is slowly recovering which means the traders who opt to hold, NOT affected by these volatility.

Basic profitable trading strategy which fits all beginners is, holding. Watch markets for days and buy in possible dips and wait for months; halving is approaching hence you may get 10x profits very easily.

Most of us are in lockdown, and people are starting to need to have that extra income more than ever.

To kill your boredom, definitely thinking about to start trading is not a good idea as per my humble opinion. Trading must need lots of preparation to ensure the minimum success. I guess, this lockdown period must be a very good time for LEARNING about trading and definitely NOT TO START trading right away.

Quote from: Bitlover10 on April 28, 2020, 05:45:45 AM

knowing that some are just starting, and they are waiting to get around to trading.

My simple suggestions to beginner level traders is do not day-trade. Trade only bitcoins and 1 or 2 famous altcoins. Learn more about trade and trade less until you gain experience.

leatutz

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Their are so many services who provided paid call trading in cryptocurrency. From my personal experience if you trading by yourself you always being in loss. Because their are whales who accumulated whole crypto market. They liquidate your short and long position so fast. So for new person it's good to receive paid calls from experts and if you don't want to paid someone for paid call then best things to do it just hold your btc. Because if you are going to do day trading then 99 percent are chances that you loose your whole fund in this market.

You are right, who has Bitcoin should stay in it because Halving time will push the price. Your lose is good in trading experience. Choose any promising coin that's passed long time in coinmarketcap. I don't think that this coin price will drive more dip. From this theory you can make your research, I think you can't fail again.

htsy585

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I know a lot of people who are interested in making money now more than ever just because of the current situation that we have now. Most of us are in lockdown, and people are starting to need to have that extra income more than ever.

IF you are that person, what would you like to know before starting to dwell into the Trading Space?

Do you want to be introduced to Bitcoin first?
What is Bitcoin?
How could you make money in Bitcoin?
Basic Trading strategies
etc

The list above is just an example, feel free to make your own.

This can be of help to many too, knowing that some are just starting, and they are waiting to get around to trading. And if you are a new trader, what do you expect in this market?

I can't really deny the fact that when i joined this crypto space, it was hard for me because i had no one to put me through. I picked interest from seeing news headlines almost everywhere and the most painful aspect of it was that i found this forum late. So then i was focus on learning everything at the same time since i just want to understand everything related to bitcoin and cryptocurrency. Indeed, proper orientation is needed when you want to venture into any new thing. Well, look at me today, it was all worth it.

ryzaadit

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As a trader they no need to learn more about the technology behind the usage of bitcoin, all they need to have is to strong skills on analyzing the market. For a beginner it will be hard to make money so for people who wanted to make money from their saving should be extra careful while doing crypto related activities.

Then, how they decide about the "Fundamental Analysis" required a speculation conclusion from the project, news, and rumor. If you can't really understand whats the project update about their technology how they can thinking did the price will be reflected in the news. Before trading/investment you should know the understand the reason why you put ur money into that's coins including what the project/platform is about not just the news itself.

Its really important to make your first analysis and then you can move to another analysis, its "TA".