Trading altcoin for the first time...

seoincorporation

legendary

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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

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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

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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

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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

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

NUnuasod

newbie

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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

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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

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Activity: 448

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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

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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

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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

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✅ 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

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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

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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

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

SuiMikira

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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

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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

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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

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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

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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

lotao

newbie

Activity: 81

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Binance is a very suitable platform for trading. In the cryptocurrency market, you need to learn a lot of knowledge. You can't just rely on the "candlestick"!

beans4crypto

newbie

Activity: 4

Merit: 0

Wow! Didn't expect so much help! Thanks everyone. I'm glad I ran my ideas through you all and from what I've read, looks like I'm on target in what I want to do.

I was going to take maybe $20 worth of what I have in ADA and trade it for another hopefully "hot" alt coin. Just to learn the trading part of Binance. 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.

I'm still watching several more vids on how to do this. I guess now would be the time to trade with the crypto market being in a valley.

boyptc

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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.

Practice that method if you think its effective to you improve yourself with it.

I'm about to say that only spend few bucks on that practice so you can rely on yourself if that's effective to you. Keep on trying, you will be ups and downs but it will be worth it once you're established as a trader.

Good luck with it and don't let yourself get into frustration if ever that $20 won't expand in short time. Learning is a process.

OgNasty

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

Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

I think the learning experience will be well worth your $20. Don’t get caught up in trying to turn that into something. Use it to gain as much knowledge and experience as you can.

Lakai01

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Quote from: HabBear on August 09, 2018, 11:00:24 PM

I don't think you'll be able to remove the emotion from the transactions.

Definitly, thats by far the hardest part for newbies in the market. They cost me a good amount of money back in my early trading days. I am still not able to manage my emotions 100%, especially at risky trades.

HabBear

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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.

If you're afraid you're not ready for this. Trading alt coins or cryptocurrency at all is super risky. It's not for the faint of heart, as people say.

What's your background in investment trading? Have you dabbled in anything else? I don't think you'll be able to remove the emotion from the transactions.

pooya87

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those two are good but unfortunately when it comes to altcoins and trading them, everything you know goes out of the window because they are extremely manipulated. and in a manipulated market you have to look for the signs of manipulation aka pump instead of looking for technical analysis signs of a rise/fall.
in a way you have to learn the tricks of the market rather than learning how to trade in my experience. for instance knowing what are the things that can instantiate a pump.

long story short, my suggestion is that you should start trading. using $20 that you mentioned is a good idea. just begin and see how things are going. and slowly learn more and gather more experience. and know that it is going to take a long time.

wvizmanos

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They will be good for now since you're just a beginner. You will soon find out however, that these must be accompanied by market sentiments (the non tangible signals) in order to better predict the direction of the price. Along with these sentiments couple them with the best and proven candlestick patterns.

When using candlestick don't rely on just one candle. There are available tutorials out there that teach which group of candles to look for before entering the market. A group pattern is far more effective than just one candle pattern, imo.

And lastly, keep in mind that a bearish market does not mean you can't gain anything in trading. Go with the flow.

shade jenn

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I don't know if there might be some website providing a demo account, you might be able to try it first instead of using your real funds, if your purpose is only for learning.

cuong1610

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

Only going to spend $20 worth in fiat to start out, until I learn this.

Do you think that with $ 20 will help you learn?
And Binance is a good place to start.
Please join it with psychological comfort. Good luck !!

Lakai01

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Hi and welcome to the forum!
You can use any of the wide range of indicators out there, BB and candlesticks are definitly one of the easier indicators to understand. But always keep in mind: they are just indicators and cant predict the future. Dont rely too strictly on them.

madnessteat

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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. I'm not talking about channels with pumps or signals. It is the news on the coins from official sources. Do not use money that you are afraid of losing! Sorry mi English.

Awesomus Maximus

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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.

Binance is a good choice to start with trading for the first time.

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

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?

Of course, you can use Bollinger bands. Many people do. You can get by with it, but don't rely just on it. Try to have as many different signals as you can, including signals that have nothing to do with technical analysis.

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

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.

Yes, there are many more tools, but you have to start somewhere without making things too complicated. In fact, you don't have to use tools at all. Some people trade just by following the charts, without any tools. But it is good to have a system, especially if you are just beginning.

Make as many trades as you can, because your main point for you now is to learn. You will soon figure out how things work, because practice makes perfect.

Be patient. Don't be too happy when you win, and don't be too sad when you lose.

beans4crypto

newbie

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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.

Topic: Trading altcoin for the first time... (Read 235 times)