Second advice is to create your own trading system. I mean that you should create some rules for yourself when to buy and when to sell and stick to that rules. You can test them on historical data.
Trading emotionally means reacting to fear and hope, which leads to losses.
Topic: What should newbies pay attention to when trading with virtual currency? - page 2. (Read 416 times)
January 08, 2021, 03:32:39 AM
January 08, 2021, 03:19:51 AM
looking at the high volatility of the alt season with Doge opening the floor gate for the alt season session. there are lot of risk involve in the market , for example pay attention to the exchanges you which to trade your prefer crypto currencies , that been said , liquidity of the exchange should be a looked into , because this determine the rate at which your orders such as buy or sell are executed , take for example you prefer to trade in an exchange that has low liquidity , if the price of BTC is at $38,000 and you wish to sell your holdings , due to low liquidity your asset might not be sold at that amount you want . so this should be what you need to be aware while applying risk management in this alt-season. supporting or contradicting opinions are welcome for discussion.
I agree with you and also support your opinion as well, but however before venturing into crypto trading, a newbie must know how to trade, learn about it and so on, this will help to shape the person into trading the right way.
The second thing that a trader must look at before trading on any exchange is the liquidity, and this is why top exchanges like Binance keeps growing because they keep getting more traders which then contribute as well to the liquidity. Another thing to pay attention to is the advanced features of the exchange and how user-friendly it is; most top exchanges have many trading features which makes trading easy for users, at the same time others have mobile application, which goes a long way in making the exchange easily accessible. Lastly, security shouldn't be taken for granted, it is true no exchange is secure, but as a trader you should play your own part the best way you can.
January 08, 2021, 03:15:43 AM
First of all don't use leverage trading. Trade only with your own capital. Otherwise you will loose all your money.
It's my number one advice for newbies.
It's my number one advice for newbies.
January 08, 2021, 02:54:36 AM
This topic is very useful for newbies. Everyone can make mistakes at first, but you should read the comments here for the least mistakes.
You should definitely trade on big exchanges and avoid the fraudulent cryptocurrency exchanges around. I say welcome to new friends
You should definitely trade on big exchanges and avoid the fraudulent cryptocurrency exchanges around. I say welcome to new friends
January 08, 2021, 02:21:06 AM
To play virtual currency, you must have a good virtual currency trading system platform and must be knowledge about these platform. Big platforms such as ZB.com and Binance can save you costs, reduce time, and maximize benefits with minimal effort.
Platform can Do nothing for you but advise , like what the people in this thread are giving , because in the end of the day it is our decision in which coins to buy and sell .Binance has so much feature to Help newbies to keep safe yet many are still falling into trap because of their attitudes .
for a beginner we must learn from support and resistance, on the other hand we also see market movements because each project is different in its ups and downs. After understanding the basics I think you will become a professional trade.
And Must Know how to Use Stop Loss because that will really save us from losing too much , handling our funds is our obligation but choosing the right tool will be our savior. January 08, 2021, 02:09:07 AM
Newbies who are new to trading in cryptocurrency should trade in the top20 coins which are traded in high volume so that they can grab their profit immediately. This because they get very fast entry and exit points while trading and that will improve their confidence.
January 07, 2021, 11:07:55 PM
for a beginner we must learn from support and resistance, on the other hand we also see market movements because each project is different in its ups and downs. After understanding the basics I think you will become a professional trade.
January 07, 2021, 10:28:30 PM
looking at the high volatility of the alt season with Doge opening the floor gate for the alt season session. there are lot of risk involve in the market , for example pay attention to the exchanges you which to trade your prefer crypto currencies , that been said , liquidity of the exchange should be a looked into , because this determine the rate at which your orders such as buy or sell are executed , take for example you prefer to trade in an exchange that has low liquidity , if the price of BTC is at $38,000 and you wish to sell your holdings , due to low liquidity your asset might not be sold at that amount you want . so this should be what you need to be aware while applying risk management in this alt-season. supporting or contradicting opinions are welcome for discussion.
The best option is DON'T trade especially for newbies. You WILL get rekt unless you have nerves of steel. Invest in asset based cryptos like Wise Token. Lock your money up for a specified amount of time then sit back and wait. This prevents you and everybody else from trading and getting rekt. Liquidity is huge which prevents wide swings in market. If not WISE then go with hex coin. It's bigger but more economically centralized.
January 07, 2021, 07:57:11 PM
Do you mean all virtual currencies or specific to cryptocurrencies?
Well, whatever it is, it is clear that investing and trading in this kind of currency is risky. And we must know the risks that we may get when trading cryptocurrency. If we are ready for the risks, go on, but if we are not, leave it and move on to the commodity assets.
Most people are coming to trade this currency only for gaining profits, but they forget about the risks that they may experience.
Many both newbies and old players are also trading coins without any analysis, being FOMO, and also not paying attention to the details of the currency.
It is true that if trading, we must pay attention to the liquidity of the coin itself. Besides, trading volume and also market cap are also important.
Choosing the exchange is yeah, it is important because we can see how reputable exchanges will act and provide better than others. And if the coins doesn't have enough liquidity anymore, surely it will be dead coins and delisted form any exchanges
Well, whatever it is, it is clear that investing and trading in this kind of currency is risky. And we must know the risks that we may get when trading cryptocurrency. If we are ready for the risks, go on, but if we are not, leave it and move on to the commodity assets.
Most people are coming to trade this currency only for gaining profits, but they forget about the risks that they may experience.
Many both newbies and old players are also trading coins without any analysis, being FOMO, and also not paying attention to the details of the currency.
It is true that if trading, we must pay attention to the liquidity of the coin itself. Besides, trading volume and also market cap are also important.
Choosing the exchange is yeah, it is important because we can see how reputable exchanges will act and provide better than others. And if the coins doesn't have enough liquidity anymore, surely it will be dead coins and delisted form any exchanges
January 07, 2021, 07:48:33 PM
The moment when the bull run hits the market is the most dangerous for newbies. They are all blinded by greed and the vision that they can earn a lot of money quickly makes them easy victims to scam. I think the most important thing is to always think carefully about all investment decisions and, above all, not to follow the suggestions of strangers from the Internet.
January 07, 2021, 07:23:05 PM
Believing that everything is eternal and that the price will go up forever is a concept of attention analysis that all beginners should have. To add avoid suddenly entering bombs and dumps without any knowledge doing this the chance of losing everything is very big. So being humble and looking for evolution is always the way to make big profits.
January 07, 2021, 03:08:12 PM
That's why people will always suggest you choose the exchange sites that have big liquidity when the market will be crashing and you can liquidate your money instantly without needed to wait even longer for your order to be executed. Liquidity means demand and volume. that being said if liquidity should be considered as the main consideration before people will try to pick or try to trade on crypto.
yes it is very precise. as we know that many traders use exchanges with large liquidity, say like the Binance Exchange. almost every day there is always a high demand and an increasing trading volume. and for the Dex platform, maybe we can say that Uniswap. but the cost there is quite expensive.
January 07, 2021, 02:57:50 PM
looking at the high volatility of the alt season with Doge opening the floor gate for the alt season session. there are lot of risk involve in the market , for example pay attention to the exchanges you which to trade your prefer crypto currencies , that been said , liquidity of the exchange should be a looked into , because this determine the rate at which your orders such as buy or sell are executed , take for example you prefer to trade in an exchange that has low liquidity , if the price of BTC is at $38,000 and you wish to sell your holdings , due to low liquidity your asset might not be sold at that amount you want . so this should be what you need to be aware while applying risk management in this alt-season. supporting or contradicting opinions are welcome for discussion.
They should only trade if they understand the market fully, have active focus on fundamentals and technicals and are good at reading charts and patterns.And at the same time i will suggest them to avoid margin and futures trading and stick with basic spot trading to reduce risks.
January 07, 2021, 02:31:09 PM
I almost forgot the topic after reading the replies here. I thought this was some kind of exchange promotion
. Anyway, newbies should pay attention to the news, forecast, project development, the community, and rumors when trading virtual currency. This affects the overall movement of the market thus anyone who is knowledgeable about this stuff that much can avoid unnecessary losses in trading. January 07, 2021, 01:17:43 PM
Novices only buy mainstream currencies, BTC, ETH, XRP, USDT, BCH, these are mainstream currencies. Then you must choose an exchange, such as big platforms like Binance, ZB.com, and Huobi. An established exchange has a high safety factor.
Novices should choose mainstream trading platforms, such as ZB.com, poloniex , kucoin etc OTC security merchants. Trade with caution. After all, large exchange websites have higher security attributes, and everyone’s funds and transactions are relatively more secure.
January 07, 2021, 11:47:22 AM
That's why people will always suggest you choose the exchange sites that have big liquidity when the market will be crashing and you can liquidate your money instantly without needed to wait even longer for your order to be executed. Liquidity means demand and volume. that being said if liquidity should be considered as the main consideration before people will try to pick or try to trade on crypto.
January 07, 2021, 09:17:25 AM
looking at the high volatility of the alt season with Doge opening the floor gate for the alt season session. there are lot of risk involve in the market , for example pay attention to the exchanges you which to trade your prefer crypto currencies , that been said , liquidity of the exchange should be a looked into , because this determine the rate at which your orders such as buy or sell are executed , take for example you prefer to trade in an exchange that has low liquidity , if the price of BTC is at $38,000 and you wish to sell your holdings , due to low liquidity your asset might not be sold at that amount you want . so this should be what you need to be aware while applying risk management in this alt-season. supporting or contradicting opinions are welcome for discussion.
There is a limit order and market order for which the traders have the option to sell the price at the price wanted by the market or at the price that they desire to sell at. But why would a newbie prefer to trade into an exchange that has low liquidity? That's already a bad start if they choose those exchanges that don't have much volume for the altcoins that they are holding. It is a good preference to be with the exchange that has a huge volume and liquidity. 
January 07, 2021, 08:47:09 AM
You are not wrong in all the facts you pointed out, especially the liquidity aspect, it is very important to choose an exchange with good liquidity otherwise your trade will be slow, if you place an order and nobody to buy in that order is a waste of time,
Also stick to exchange with good reputation, the one's with good customer service should incase you stumble on a problem that needs to be resolved, you can get quick assistance.
Also stick to exchange with good reputation, the one's with good customer service should incase you stumble on a problem that needs to be resolved, you can get quick assistance.
January 07, 2021, 08:35:27 AM
looking at the high volatility of the alt season with Doge opening the floor gate for the alt season session. there are lot of risk involve in the market , for example pay attention to the exchanges you which to trade your prefer crypto currencies , that been said , liquidity of the exchange should be a looked into , because this determine the rate at which your orders such as buy or sell are executed , take for example you prefer to trade in an exchange that has low liquidity , if the price of BTC is at $38,000 and you wish to sell your holdings , due to low liquidity your asset might not be sold at that amount you want . so this should be what you need to be aware while applying risk management in this alt-season. supporting or contradicting opinions are welcome for discussion.
Jump to: