Topic: What best suggestion I can get from community for start trading in crypto? (Read 97 times)

I have newbies coming for advice about trading and I used to notice how in haste they are, newbies always lack patience and the advice I gave those that came seeking is to give up on trying to make quick money if they really want to have good stories to tell about crypto and trading.

Let go of your haste, spend your time on knowing and understanding the risks management of crypto investment and trading, because there is no way you won't lose but if you know how to minimize your losses you will be able to focus on your learning and not freak out about the losses.

A newbie must first learn about Bitcoin and understand how they can operate a Bitcoin wallet, followed by learning about the risk factors, if a newbie feel a like investing more money they can invest some money om Bitcoin after they learn what Bitcoin is all about, at least they know what they are investing money on.

Trading depends on how smart or fast learning you are, we are all humans but some are gifted with better understanding, figure out if you are a fast learner first or a slow learner, they take your time learning charts and using bots account for practical.

It will get to a point where you will feel like you are ready, give yourself a try and use as little as 20$ to trade on a big exchange like Binance or Okex, I prefer Spot trading for beginners because it's more understanding and easy for newbies.

No knowledge is lost in this life, all pro traders start from somewhere too, if you have the will to become a pro trader you will become one, but it takes time, and there is no need to rush.

I don't see where i wrote that he will make profit for sure, all i wrote is that for newbies holding makes more sense than trading. Historically, if you hold long enough chances that you will lose on bitcoin are low but if you trade, chances that you will lose money are high.




Trying with demo account is not a bad idea, but it is entirely different and much harder to trade with actual money.

I have seen a post about Beginners guide on crypto Trading by Ratmov, Here it is:
Library of Beginner Crypto Trader
You can get some of the Books for free here :
pdfdrive.com

The best advice before you start trading anything on any exchange is to understand how to trade as well as understand the risks you will be exposed to in trading on your own. Because other people can give you some advice, but basically you also need to find some knowledge yourself for you to understand, especially about the risks which you have to bear alone without the involvement of other people.

For the crypto market I'm currently using is Binance and for cryptocurrencies I'm still happy to trade are top altcoins like Ethereum because I don't want to trade Bitcoin at the moment because Bitcoin is an asset that I really care about at the moment. So I prefer to keep it well in my wallet and maybe I will keep it for the long term.

You have to rely on yourself in trading crypto assets, that's the best advice from me. If you are new to Cryptocurrency, start learning step by step to understand trading knowledge well. Experienced traders can get trapped when market conditions don't go according to plan. The crypto market is full of mysteries, you can get rich and poor overnight.
Advice from friends here can ease your way to start trading crypto assets, but you have to rely on yourself in managing the finances you have.

If you're a beginner and need a good ground to start with, then go for bitcoin, this is the only trading i can advise for youbto do in crypto being a newbie, also you can learn about this trading by reading through the bitcoin trading strategies and patterns that traders uses, you can also learn while on this forum by being active and reading on bitcoin trading discussion board, you will have to understand the patterns before starting.

Try demo accounts.

IMHO, that's the best place for you to start before you go with the actual trading. You'll get to see the projection of your potential starting capital and how much it would be just after you trade and while you're closely looking at the market because it is very highly volatile.

You don't have to waste money for you to start if you're just wanting to get some idea. Being a newbie, you're more prone to risk so why lessen it first through demo accounts and see if you can proceed after testing.

The best suggestion is to study first all there is to know when it comes to trading. You should not trade having a slight idea about it cause you are gonna risk your money doing that, might as well use the time to become familairize first, and use practice mode or simulation trading platform before doing the real thing.

My best suggestion for you.

• Don't trade. Invest instead!
• Invest will help you save your money in BTC and see it grows in value after each halving (210,000 blocks ~ 4 years)
• Trade makes you poorer and lose your capital with time
• Don't touch Margin & Future trading if you have never gained profit in Spot trading after more than 1 to 2 years

I would suggest, no matter what happens, follow your "trading plan". Because when you start trading, it's never been easy. The best enemy is yourself, your emotion is trying to control you and we recognize it through your actions if you are starting to ignore your trading plan including the risk management. If you do, and let the emotion control over you, I will assure that you will experience liquidations and severe stress. That's why, reading books for trading psychology is a must to be successful such as "Trading In The Zone" and "Atomic Habits".

If you're just starting out in the crypto world, my advice is to learn the basics first. Don't rush into investing without understanding how the market works and what risks are involved.

Also, it's better to start with a small investment that you can afford to lose, instead of going all in from the beginning. Gradually increase your investments as you gain more experience and confidence. Don't let the temptation of quick profits cloud your judgement.

Also learn more about investing.

Open an account on a reputable exchanges. I am currently using Binance, Kucoin, OKX and Huobi global. There are many useful articles that those exchanges are providing users. They also have videos too. Binance is the one I noticed more about providing helpful articles and videos. Browse online to read more about what you do not understand and that you do not have access to on the trading sites as an article or video.

What is most important for you to learn is risk management. It is very important. Example of what you are going to see in such article is that you should not use more than the amount of money you can not afford to lose. Do not risk more than 5 to 10% of your money on trading. If you are a beginner, use less.

Know that trading is very risky. It can become addicting. Do not be addicted to trading for it not to affect your health.

Another important thing about trading is the strategy that you are using. You will discover this yourself and you can also read about some of it. As a beginner, use less than the amount that you can afford to lose until you discover your profitable strategies.

Also know that trading is not for everyone. If you have been trading for a year and you are losing, stop trading and just focus on investing.

Your suggestion are correct for buy Bitcoin and hold it, but it doesn't look good if the person is clearly new about cryptocurrency and doesn't understand about it, he might think if investing Bitcoin he will always make profit which is wrong.

So I will suggest to @OP to learn about Bitcoin first rather than hurry to buy a crypto, don't only look about the profit, but ask yourself what's the reason you're want to buy the coin and how you think the future of that's coin.

Dont trade if you are new in crypto, better buy bitcoin and hold it. To become successful trader it will take you years of learning and a lot of money lost so ask yourself are you ready for that?

What best suggestion I can get from community for start trading in crypto market?