Trading as a newbie? - page 17. | Bitcointalksearch.org

wxa7115

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

You seem to have a strategy in mind already, however there is no way to know beforehand if this is a profitable strategy unless someone else is doing something similar and they are willing to tell you this is the case.

I recommend that before you use your limited capital in a strategy that you do not know if it works at all that you do some paper trading for a few months and evaluate your results, and if the results are positive then you can start to use your capital to trade the markets when using this strategy.

ethereumhunter

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I did something like that a few years ago, where lots of coins were moving almost simultaneously, allowing me to buy low and sell high. But for the current situation, I think it's difficult because with so many coins on the market, you need more time to analyze each coin one by one and that doesn't guarantee you can get the coin you want. And if you do it like that without having high analytical skills, you will only lose money because you can be wrong in analyzing the coins. But if you still want to try it, I suggest doing it for a small amount of money and seeing how it goes. Never use big money if you are not prepared to lose.

crwth

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Going at this as a newbie, you need to understand first that it's always going to be the market that will dictate, and you can expect already to make the wrong decisions as you go along and trade with actual money.

You can go at this in two ways

Practice with paper money first and get a feel for it
Trade with your money already. Make sure you have budgeted your capital

You can do this automatically by trading with Gunbot. If you are interested, I can help you with that.

GreatArkansas

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.
(....)

Always think that it doesn't mean that coins are dumped, they will go pump again or immediately. There are a lot of traders around the world with different strategies.
Take note that you need to be aware that the value of cryptocurrencies can fluctuate significantly and there is no guarantee that you will be able to sell your coins for a profit sometimes.
This is not how easy to trade.

Maus0728

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I believe you are oversimplifying how trading goes, which in my opinion is a mistake. Sure, looking at which cryptocurrencies are the biggest winners or losers is one indicator, but it typically isn't sufficient to dictate your choice of which coins or stocks to trade because doing so will only cause you to lose money.

Maybe try checking this subreddit[1]. Although that sub focuses mainly on stocks trading, the process and technicalities involved still works in crypto. The indicators, relative strength vs weakness, basic S&R still applies in any market though..

[1] https://www.reddit.com/r/RealDayTrading

mk4

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It will indeed likely end you up with losing money. Not everything that goes down necessarily bounces a bit; sometimes, they go straight down to hell and never see the light of day again.

Just a heads up that trading is not that simple. If it was, then majority of people would be making a lot of money. There's a reason why a huge majority of people lose money trading.

naira

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

The opposite question is whether the coins you buy in the decline will always go back up again and again after the purchase period. certainly not

You also can't just guess and then buy only the coin drops. It could be that the coin is destroyed in the project. Trading is not just guessing to buy but must be seen from long-term prospects. Don't be too confident about coins that are considered repeated but in fact, your money chokes on them for a long time. And in the end I'm afraid you are not ready for losses. So prepare your money ready to lose. Because most beginners who think trading is easy, always come to a bad ending on crypto trading.

Ryker1

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Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

^[snip]
I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

My question is --is there any reliable source for this? knowing the coins when to pump and dump?
Perhaps none, so there is no way to predict the market price and it is very risky for you since you are a newbie. It will end up losing your money or else easily wipe out your entire portfolio. You have said that you are a newbie and don't have experience, I prefer to say that you need more experience and gain knowledge in trading because trading is not an easy way of making money, it is very risky.
Study and make research first or gain experience in copy trading, find an exchange platform that allows users to copy trading, so that you can try trading or even paper trading which you can practice more without losing money.

BitMaxz

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I'm doing that before but it works sometimes however, you need to set up a limit if the coin/token continuously drops you can avoid losing much of your investment.

I suggest since you said you are a newbie in trading there are some strategies that you can try to learn like fundamental and technical analysis and know how to use indicators for signals or the right spot when to sell or buy.

Check this link below if you are looking for trading guides and strategies.

- https://github.com/SpiralDevelopment/Awesome-Crypto-Trading

Oshosondy

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Use little amount of money that you can afford to lose to trade. When you start to have more profit than loss, you can slightly be increasing the amount.

When I started trading, I lost all my money. Be careful and do not let emotion trade for you. You need the right strategy to trade. Learn more about MA, EMA, BB, RSI and some other indicators, but those four should be enough.

You need a better strategy that can help you to still have high percentage chance to make profit even after indicators fail you.

I have preferred to use low leverage, averaging at times, leave trade opened for days. Trades I was losing before do come to be profit later after many days of opening position because I use small amount, low leverage and leaving position for long time if no profit for short time.

Use low leverage. Read about risk management.

Quote from: JamesDaniel90 on January 05, 2023, 06:10:08 PM

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

Look for other ways to look for money for trading not to fail you.

JamesDaniel90

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Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

Topic: Trading as a newbie? - page 17. (Read 2992 times)