Topic: Trading for Beginners? (Read 1930 times)

1. Examine your country's cryptocurrency legislation.
2. Try to trade cryptocurrency on demo accounts. (it seems that there is such a function on hitbtc, you can find the full list of cryptocurrency exchanges with reviews here https://cryptogeek.info/en/exchanges)
Don't use all your savings for trading.
4. Constantly study the cryptocurrency market.

P.S. I advise you to choose a stock exchange without forced verification.

I will suggest the same things that I have done by now.
And I think every trader would have done the same in starting days of their trade.
First one should find an exchange which is suitable for his country taking account of security , fee , volatility and other services provided by that exchange.
    1. Open your account in that exchange .
     2.Deposit money in your exchange . Many exchange didn't accept Fiat currency so first buy your bitcoin from an exchange which accepts Fiat currency like coin base.
     3. Then transfer your bitcoin to into your exchange. But never keep your assets in any exchange . Keep it in a wallet.
    4. Then start trading . Buy at low price and sell at high price.

    For beginners I would suggest to trade in USDT(tether) market . Tether is a stablecoin. USDT is pegged to the US Dollar . This allows traders to transfer the “fiat equivalent” in value between exchanges, without the need for normal fiat currency regulation. It's value is always 1$. No worry of fluctuations in market .
     Try to understand trading terms like Volume, market order , limit order, stop loss order ( imp strategy for beginners) . Try to understand the interface of exchange you are using.
     Try to understand fundamental analysis which is based on positive or negative news of cryptocurrencies.
     Try to understand technical analysis which includes reading price charts. Candlesticks , bull and bear markets , resistance and supports level , trend lines help in reading charts.
      Initially use small amount of your asset for trading then increase it gradually according to your expertise.
       I suggest to first start trading on a simulator without any fear. You can get many websites.

Trading is always challenging and that’s where and why we need to be extremely careful with way we approach all this. It will help us go far and allow us to benefit. I love it with FreshForex broker since their educational setup helps a lot in pushing us to the right direction.

Simply, never buy at high and never sell at low. Just follow the law of supply and demand and apply everything you've learned in trading such as technical analysis, fundamental analysis, and etc.

Just a piece of advice, never depend on someone's analysis. You may use their analysis as reference but the final decision should still based on your understanding.

I recommend Binance for wether begginers or veteran traders. It's not complicated to use and it's user friendly at the same time

Trading for Beginners is not an easy task because when a new traders comes he only looks on their records that this shares has done this but this is not the trading. You have to search everything ,look at demand and supply, look at their price history. Go to YouTube watch some trading tools. Best thing is that trading is name of your experience.
So beginners before trading please do your study and take some experience.

Not all of videos are useful and good to follow especially if the channel is forcing your or suggesting you to buy and hold altcoins. For newbies it is good if you will find a good mentor and not a guru that can be considered as self proclaimed because it can cause you to have disaster in your portfolio. You can learn to trade by watching but be always sure that the info is legit.

Newbies can find investing in stock market exciting and rewarding when they follow the guidelines of share market basics for beginners. Following are some basics –

1.There is a whole lot of information available on the internet, which states the basics of the stock market. You can also find useful information from service providers offering trading and Demat Account.
2.While investing, it is essential to enter the market at the right time, especially when the shares are trading at the lowest level.
3.Investors should be prudent about how much they wish to invest in each financial product.
4.Investors must track the performance of various products in your portfolio regularly.
5.Do get disheartened for making an erroneous decision. It is a learning experience.

This is partially correct when it comes to something that is subjective is reviewing a product and cryptocurrencies. We see the shills on youtube promote shitcoins. Is that good for a newbie to accept? Definitely not if they are new to trading. It is their choice though.

Also because the market is manipulated by whales and shills we dont want someone to lose money because they did not inform themselves properly. Of course there is no end to the amount of information one can gather but a basic minimum knowledge about paid youtube videos should be there.

Exactly, a newbie should always spend their precious time in learning instead of thinking making money because money will follow once you attain good knowledge. Yes, the Internet is one of the best ways, to acquire knowledge because in crypto trading without knowledge, it is impossible for us to make profits.

I agree with you. Internet always provides enough information for new users and does not take too much time to search, so it is best to take the time to learn. I think any new investor needs to do this to gain knowledge when joining the market because this is not a place where you can easily make a profit.

I couldn't agree more with @jcpone it really is super important to know what you want and the process/es required to do so. Often, people get it wrong at first because they don't understand what they're doing and due to those few instances where they'd obviously lost money they become disheartened about trading, and that's a shame because it can be a decent way to make spare cash, if one knows how to do it and when.

To get a good coverage of what trading is all about and which exchanges, or what apps to use to track your portfolio, there're many resources out there that can help so just a quick Googling often provides you with more than enough digestible info.

If you know to yourself that your not that skills yet or don't have any idea or knowledge about in trading better for you not to proceed it. Instead, you better begin with learning, feed yourself first about idea, knowledge and more about in basic skills in crypto trading dude.
with this for sure in the end once you are ready, it will be easy for you to get profit when you do trade in the actual platform exchange.

There is nothing silly in asking questions you know. Clearing doubts is an essential part in the process of learning. However I feel the same because these topics quickly turn to a cesspool of spam with time if not locked. Again if I was in the place of the OP like 5years ago, I would been doing the same.

Few donts that I like to emphasise are not becoming emotional with losses and not chasing a price. Holding coins stubbornly is also not adviced.
Then again I have posted once but OP never took the time to respond.

Well, of course that beginners can also trade. But you need to remember that trading is pretty difficult. Learn from your mistakes, watch the market's fluctuations and be patient. Another thing is to have a proper cryptocurrency exchange, check out for example CoinDeal because it's pretty intuitive and what's the most important - it's safe.

If you are really into crypto trading and wanted to make money then you won't be asking such silly questions,already thousands of replies for this kind of question available on bitcointalk and all over the internet but for you its you have to build your own strategy to make money.

Even with a lot of experience you can still lose. Still it can be mitigated to some extent with experience but not always avoided. Meaning that if you are trading you have to keep this mind beforehand that there will be outcomes not favourable to you and you have to survive with those. You will lose money and that is a part of the game.

Good to know. But be careful of overconfidence which often plagues a lot of traders. While it is true that there are tactful traders, there are also emotional traders and they dont last long.

This is by far the most common problem for a newbie looking for a way to trade, they get excited about the possibility of making a lot of money and I do not blame them but before you put a single dollar at risk you need to spend months learning all what you can about it, if you do not then the chances of making money in the market are zero, and even if you invested those months to learn your chances are still not very high since you will never know how you will react when the markets move strongly against you.

Believe in yourself is better than you have to listen to the words of others. But for beginners it's better to learn from those who are already professional in the world of trading. Indeed starting trading must be really focused and patient, so that we are not easily emotional when things happen that we don't want.

Currently, there is a lot of useful information for new traders and if you take the time to learn, you will gain experience in this market. I think any investor needs to have great patience and have a reasonable investment strategy because if you cannot control it, you will easily lose money in this market. I used to lose a lot in the past but after that hard time I became more confident starting trading.

Hi! I'd recommend reading the following:

Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
Risk Management in Trading: Techniques to Drive Profitability of Hedge Funds and Trading Desks  by Davis Edwards


And to use the software that helps in trading a lot:


This is what I mostly use currently:

1) https://www.bitinsure.com/

It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis



2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)

3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.