Topic: Understanding the Basics of Trading in the Cryptocurrency Market - page 2. (Read 410 times)

I completely agree with you. Having knowledge and staying informed is important, but it's only valuable when you put that knowledge into practice and learn from your mistakes. Experience is a crucial part of trading, and the lessons learned from past mistakes can help you make better decisions in the future.

Yes, I completely agree with you. Keeping track of your trading and investing activities is crucial to assessing your progress and making improvements. By doing so, you can identify areas that need improvement, make necessary adjustments to your strategy, and achieve your goals more effectively.

You know if you want to assess your trading and investing status every now and then, it’s best to keep track all the activities so that you can manage to change and improve of what needs to be changed and improved. And it’s also one way to move forward straight to your goal. That’s why goals should always be transparent and achievable so that if you’re patient and persistent enough, you will hit that goal in the end.

Twitter, Telegram, and Discord, will certainly update all of these social media if they are active in developing the projects that are being carried out.
But if there is no update or it is very rare then it needs to be questioned. this includes Fundamental knowledge by checking everything related to social media and current issues.

Being an experienced trader, you have to know a lot of things besides doing technical analysis.
A good psychological foundation will also make traders aware of various kinds of news on the market, FOMO, NEWS will come alternately.

Maybe the only thing I can say is that understand the market, if it's a newbie entering here or entering the crypto space, they won't get it right away or understand it overnight. You need to spend time and time here to really understand.

      Apparently, the step by step of what to do first to understand this crypto trading, the newbie must know where to start, because the actual experience makes it different vs. know only in theory with no experience yet in the actual trade of crypto.

Stay Informed is a beautiful thing, but knowledge without learning is not worth anything. You must build your personal experience and learn from your past mistakes. These mistakes are what you will build your future ideas on, and then they determine the amount of your profit.
Trading is related to your experiences and what you learn more than a strategy or plan that you follow, it is the result of intellectual practice, mathematical analysis and a clear plan that you follow and understand the damages resulting from it.

Experience will indeed give you such techniques and strategies that are not found in the books.
But if you are just starting, use small amount of money to test something so you won't get screwed big time.
Though it is good to have knowledge about TAs, it is important that you understand that those knowledge won't be your savior in your most trading activities.
Also, when it comes to specific coins, the best way to understand their developments is to subscribe their social media channels because that where you will get hints on what they are doing with their project.
Most projects are not publishing their updates via their website or threads in this forum, they are more on social media channels now.

Experience is very important and not just theory. if you only rely on theory but very minimal practice, it will not provide any experience.

I myself even experienced many mistakes but thanks to it all I started to learn so that I would not be trapped again in the same mistakes.
and besides that, psychology will also be better trained. beginners' psychology is still very vulnerable to being too panicky and unstable.

The best strategies are created from good trading knowledge as well. Technical analysis and fundamentals are the main foundation.
If you have not mastered these two foundations, you will not create a strategy that is suitable for yourself.

Easy to say all those things, hard to execute it. Just understanding the market won't help you become a good trader. You need to trade and that's how you gain your experiences. You will make mistakes, but you should learn from the mistakes instead of giving up. Yeah, strategies can help like you said, but there are no "golden" strategy that will help you make guaranteed profits. But yes, it can help you control your losses. As for choosing the right exchange, there are no "perfect" exchanges. All of them are vulnerable to hacks and you should never store your coins there.

Based on the way he constructed his statement. It's clearly a typographical error on his side since he mention about having access to you private key which a non-custodial wallet main feature is. I believe all of us know how non custodial and custodial wallet works.


Nope, he means that what if your asset is already deposited on exchange while the fee updates happened. On the case of Binance, Binance change fees from 0.0005BTC to 0.001BTC without giving an opportunity to all users to withdraw since they disable withdrawal that time. You don't have time to compared the fees. This is the reason why he mention exchange has fully control to your coins once you depouon it.

You’re both right with the answer of non-custodial wallet to hold your coins at all time.

In trading, we feels somehow in making a direct decision in some situations whereby our emotions works in contrary to our decision, we remain being indecisive and don't know which step to actually take, this kind of contemplation makes us later fall into where we never expected, such that we blame ourselves for taking such action in the first place, this is common when we are left with two options to take one from it, and as it had been said, a little mistake in trading may ruine the entire plan for that trade to be successful.

i think there may be a misunderstanding here. It is actually better to store your assets on a non-custodial wallet where you have control over your private keys. This way, you have complete control over your assets and can access them at any time. On the other hand, if you store your assets on a custodial wallet, you are entrusting a third party to hold your assets and manage your private keys. This can be risky as the custodian may not have adequate security measures in place or may be vulnerable to hacks or other security breaches.

In terms of withdrawal fees, it is important to consider the fees charged by exchanges before trading or depositing funds. Some exchanges charge high fees for withdrawals or deposits, which can eat into your profits or reduce the amount of funds you have available to trade. Therefore, it is important to research and compare the fees charged by different exchanges before choosing where to trade.

The fuck going on in binance with a down dam fee of 0.001BTC withdrawal fees is the exact reason why,  traders are warned not to leave their assets on a centralized exchange like Binance because they automatically assume the right I over your coins and dictate for you what you are open to face, and if not now that binance open back Bitcoin withdrawal if not Bitcoin was previously disabled from an asset that can be withdrawn from bin ace amid the recent market development.


It is better to have your asset stored on a custodial wallet so you have access to the private keys so that you can recover the wallet at any time.

I agree with all of what you've said.

But it'll be all ruined in just one mistake, and that is when your emotions didn't agree on what you want to do. For me, emotional management is the first thing a trader should master first before proceeding in the world of trading, because it's hard to make a decision when your emotions are taking over always, that would surely mess up every single trade you're going to make.

That's what I mean and everyone should consider security in trading and keeping their assets in a safe place. The point is that a centralized exchange is not a safe depository for assets for the long term, but we still need it to trade, let alone talk to day traders who are actively trading.

Finally it is up to the individual how the pattern he wants to implement, whether sending profits every week or having some other pattern which is much more secure, most importantly we must remember that any centralized exchange is not safe to store assets, even though they have complete security features.

Nothing justifies that and if you can understand what I'm trying to convey, it is impossible for an active day trader to move and deposit money into noncustodial wallets and to centralized exchanges in trading every time they want to trade as this requires transfer fees. You will find it difficult if after trading you move assets to a wallet without custody and when you want to trade send them to the exchange, just imagine if you were a trader who is active every day and how you get around transaction fees.

That's why I say you have to have a pattern of trading on a centralized exchange, for example when you reach $10,000 you will send your profit to a non-custodial wallet and the rest is left to trade as usual, but still monitor the exchange regularly at least if something happens you can be notified regarding the stock exchange.

I would also recommend ignoring posts like these that don't even teach you basics of trading, and confuse you with bad language that seems to be translated by machine.

"whilst to buy and promote"?

OP doesn't even know what he's talking about and then he's trying to teach "basics"??

Traders should notice things mentioned by @OP before starting trading. The most important thing is that they have to learn how to trade properly and analyze the market because the crypto market is always changing and requires sufficient skill to analyze where the market is moving.

By learning to use strategies, traders can adapt to market movements so that they know what to do based on market conditions. And by choosing a trusted exchange, they can get the opportunity to earn profits. For numbers 4 and 5, follow the previous numbers to develop further your ability to analyze the market well.

Keeping your investments on tract makes you become aware how far your investments have gone so far, or are they really in prosper or just taking a slight development ever since you start investing. Because if you see your investments have become less valuable over time, then maybe it’s time for you to take turns and try out new coins to invest or simply diversify your investments so that if one investment fails, at least there are still potential for your other investments to succeed and prosper.

I actually agree with all the points you've mentioned. But for point number 1. Essential to know the basics of the market and stay updated on the latest news and trends. This helps you make informed decisions and avoid potential pitfalls.

I have some point to add. First, only invest money that you can afford to lose, as the market can be volatile and there are no guarantees. For second poit is join online forums, social media groups, or mentioned crypto news to learn from experienced traders and investors. This can help you gain valuable insights and improve your trading skills. Remember that successful trading often requires patience and discipline. Don't let emotions drive your decisions, and avoid chasing quick profits or making impulsive trades.

that's basic knowledge for everyone that gonna start their career in trading and even investing but i'd say knowing how to adapt quite fast, making fast analysation and also could know what to do when the market is getting out of their way is most essential.
as far as I know many that tried out trading as a beginner only ended up failing and then done with their career instead become investors because it just feels a lot easier to make profit out of it, you just need to wait no need to care about market movements.
so, one should also know that career in trading that requires massive skill and analysation might not be for everyone.