Trading altcoin for the first time...

seoincorporation

legendary

Activity: 3346

Merit: 3130

Quote from: beans4crypto on August 09, 2018, 01:38:03 PM

I want to learn to trade alts, on Binance, but am just afraid to begin. Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks. Can I get by with just those two indicators for trading? Or, are there more "tools" I should use? Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

Start with $20 is a wise move, that way you don't risk a big amount and have some fun money to learn on the way. Remember how hard is to predict makets and follow your feelings, if you have that feeling about big risk on your moves then take out the money and join back once you feel secure.

You can learn how to use the exchanger with videos. but that will not make you a good trader, is like try to learn poker by watching videos,you will see how players bluff, but that doesn't make you a good bluffer.

cryptolit

member

Activity: 196

Merit: 10

A lot of people have given great insights and advice here so I will not touch on technical indicators.

The most MOST important thing to remember, do NOT be discouraged when you lose a trade or even lose many trades. If you are losing so many trades, then perhaps your approach is wrong. Learn how to manage risk and prepare for the likelihood of a different scenario playing out during a trade set up.

Emotions kill traders. Education saves them.

cpk02

jr. member

Activity: 233

Merit: 1

Before start trading, you need to have a good knowledge about crypto market.
I think you are a newcomer in crypto world like me. so, 1st we need to stay active in this forum and learn more about crypto.

DALVIRSINGH5353

newbie

Activity: 13

Merit: 0

The Binance cryptocurrency exchange is a good choice. You can trade without using technical analysis. If you receive news on cryptocurrencies on time, you can earn good money

Laura45Banks

newbie

Activity: 29

Merit: 0

What if you a newcomer like me, should I buy coin? Among the Altcoin. Can someone help me?

NUnuasod

newbie

Activity: 170

Merit: 0

I'm afraid that your $20 is only enough for trading fee. You are almost impossible to get profit when starting with $20 and can't your lesson too. Starting with small amount first is good, i think $100 is good.

psychonaughty

newbie

Activity: 22

Merit: 0

I think it is a good time to start trade, cuz of really big depreciation of Cryptocurrency.
It is a big chance to win in anyway.
Long-term contribution are welcome (but 20$ is not serious, certainly).

Labonikhatun

jr. member

Activity: 448

Merit: 1

Here is the best Altcoin trading sites cryptocurrency and bitcoin Binance exchange platform. Because of altcoin trading beginners buying cryptocurrency that isn't bitcoin. You'll want to trade lightly when you first start investing or trading Coinbase, Bittrex, and buzz that they can make money in trading crypto. However, Binnace is the best trading site start for the first time. Most people fail when trading crypto currencies because they jump in without any guidance at all.

engesi

member

Activity: 434

Merit: 10

Fast, Smart, Trustworthy

If you want to learn a professional trading method, then you need to visit Youtube to study, because there are many teaching videos, which will make you learn a lot more convenient and quick!

atmanagari

newbie

Activity: 28

Merit: 0

Yes, that's a good choice.
You can try to increase your crypto fund asset for free by joining some airdrops and bounties, then you can trade these free tokens on various exchange, not only on binance.
If you trade free tokens like these, usually You will be more courageous and confident on your trading. Feels free, nothing worries. That's a good trading learning

Twkasun52

jr. member

Activity: 210

Merit: 1

DATABLOCKCHAIN.IO SALE IS LIVE | MVP @ DBC.IO

Personally i think this is not good time to learn trading.I see even experts are getting upset these days. So be careful what you are doing because we are passing very hard time except Bitmex users. Cool

ompoetra

jr. member

Activity: 154

Merit: 1

✅ This is what should happen in perfect trading:

1. Many traders buy coins that are promoted.
2. They still hold their coins (HOLD), so the price doesn't go down fast.
3. The high growth of prices and volume will attract other traders.
4. Prices will rise higher, so first-wave traders benefit.
5. and so on.

❌ This is what happens if you cannot trade, and fail then:

1. Many traders buy coins that are promoted.
2. They all sell quickly, and prices go down.
3. The green candle becomes large and is followed by a red candle to become big too and make other traders panic, so they will not follow the trend, because it looks like Pump and Dump activity.
4. Prices go down faster, so everyone will lose unless the person who buys at the lowest price due to the Cutloss trader.
5. The trader failed

beans4crypto

newbie

Activity: 4

Merit: 0

Quote from: harizen on August 10, 2018, 03:25:54 PM

Don't force yourself learning that candlesticks and any chart related terms during your newbie phase. It will just gave you more headache. Altcoin price movement is so volatile that technical analysis even how good it is are sometimes can't be applied.

Didn't you know that some of the good traders start without learning those chart terms at first?

THAT is good to hear. Maybe that is what's holding me back, trying to learn the "technical" end of it first.

I was thinking to myself, "I wish I could just find a sub-penny coin on gut instinct and go with it". I know I need to research the history on the coin (even if its a short history) and what the objectives of the company behind the coin are trying to accomplish.

beans4crypto

newbie

Activity: 4

Merit: 0

Quote from: taquine on August 10, 2018, 03:19:33 PM

If you really do it seriously, if you are still learning not. try using the application on android, I have tried it with a demo account. I forgot the name. you can learn how to trade there. later if you can get into a large site.

That actually was my next question. Couldn't I just let a bot do this for me? Has to be some downsides to that though, or everyone would be using them, right?

Rashid pk

jr. member

Activity: 350

Merit: 1

Crypto trading is a little more risky job, you need to know more about Crypto world before join Crypto trading.

SuiMikira

member

Activity: 364

Merit: 10

You ~~should~~ must be good at manually trading before starting use tools to trade. Starting with small amount to get experience first is good strategy, you must learn when to buy in, when to sell out, stop lost, calculating your trading profits, building your strategy, it's quite hard works.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: beans4crypto on August 10, 2018, 08:12:01 AM

I still have to learn "stop loss" I guess though too, as I'm not wanting to lose much of my $20 if I can help it.

that is the best thing to learn but also don't be too hard on yourself about it because it is nearly impossible sometimes to set a proper one for altcoins since they can be extremely volatile and they can have down and ups which can trigger an undesired stop loss. but at the same time it is a necessity.
having a better speculation of the ongoing trends can help a lot in this case.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: beans4crypto on August 09, 2018, 01:38:03 PM

I want to learn to trade alts, on Binance, but am just afraid to begin. Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks. Can I get by with just those two indicators for trading? Or, are there more "tools" I should use? Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

Don't force yourself learning that candlesticks and any chart related terms during your newbie phase. It will just gave you more headache. Altcoin price movement is so volatile that technical analysis even how good it is are sometimes can't be applied.

Didn't you know that some of the good traders start without learning those chart terms at first? What you must do is to give your own definition of "buy low sell high". It's just a simple term but difficult to execute for others. That will be your assignment.

Since you will risk only an amount that is afford to lose, do trades regularly. Believed me, once you are used to trading, reading chart lines will not be difficult to you and honestly I guess you will not rely on it mainly as what you will look into are volumes and reading speculations about that coin.

This will take time. Don't rush. You will experience loss on the way that is common. There is no shortcut to success trade.

taquine

newbie

Activity: 35

Merit: 0

If you really do it seriously, if you are still learning not. try using the application on android, I have tried it with a demo account. I forgot the name. you can learn how to trade there. later if you can get into a large site.

justin86

full member

Activity: 406

Merit: 100

Market Integration Platform

I think you don't need to watch anything for that, when I started I was knowing basically nothing, started with $200 and make neither profit nor loss but it was good, at least I didn't felt that I was **cked up by some youtuber

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