Bitcoin Forum

Hello everyone i have decided to try my hand and bitcoin trading i already have a couple wallets created and the one that i have with mycelium has 4.291 mBTC i will be buying more but i am kind of lost at what to do now. you can buy and trade on the app but i don't think anyone is going to buy such a small amount. what are my next steps? i have gone back all the way to page 13 absorbing as much information as possible. just seeking a little guidance. any and all information will be greatly appreciated

For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have?

How much would I need to begin trading? I have my coins in
mycelium. Which exchange should I get into? I appreciate you taking the time to respond to my posts

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster?

try with cryptsy they should be faster, even if they are considered slow, they are dealing with usd since years already

avoid altcoin if don't know how to trade, i would say to avoid trading in general, but if you have experience, they(altcoin) could be good to build your bitcoin portfolio

usually alt gets a "pump rotation", but they are slim pump, nothing to compare with the golden age, i believe many whales left the scene...

I'm sorry for my late reply.

Overall, I should say don't trade in general if you do not have experience indeed. But, however, even with small funds you can "learn" the actual trading process in the altcoin world. I like Cryptsy for altcoin trading.

Once you have registred an account on Cryptsy, you can see all the possible markets (- in the options you can also choose to show only a few -> recommended). Such "markets" consist of an altcoin vs Bitcoin (or an altcoin vs another altcoin such as Litecoin, but you will understand as soon as you see this). You can "load" some BTC into Cryptsy (by hitting "deposit" in the Cryptsy market on the balances page and sending the coins to that particular address).   If you want to get into trading, I suggest to start with very small funds. You can start trading with for example 0,00x BTC if that is what you like, or even less; but be aware that you also have to pay a small fee at each transaction - this means that if a coin increases in value with a few satoshi, this does not mean that you have profit (because of the fees). Although these fees are not big..

Good luck!

Thanks i really appreciate the advice and tips.

altcoins are very risky. one day they get a +100% pump and the other day they get dumped to the floor. if you do plan to trade altcoins stick with btc-e as they don't list scamcoins.

i thought btc-e was an exchange im currently on there now trying to figure out how to buy 20 bucks in bitcoins

Send 20$ to your account. Here's how you do it:
https://www.youtube.com/watch?v=C3Gx1wEcrSU

Buying coins is really easy, just pick BTC/USD pair and below you'll have the current price and blank spots to fill in with the amount you want to buy/sell.

I found coinbase the easiest to fund with $.  Other exchanges were either too expensive or too difficult to figure out.  I am not saying that its the best, but its noob friendly.  Plus if you have a friend you can use their referral and you both get $5.  Once you have the account funded it is pretty easy to move btc around to different accounts.  The downside with coinbase is it took about a week for my bank transfer to go through.  Other places are supposed to be faster.

Bitcoincharts is a great resource but you should also make sure you have chosen an exchange which is optimal for you. Please research teh background of the exchange before starting to trade. Also, storing large amounts of bitcoin in your exchange wallet is very dangerous, please avoid doing that. In addition to this, try to read bitcoin economics related stuff as much as possible and if at all you start investing a lot of money into crypto currency trading, consider using a hardware wallet such as Trezor, or an offline Ubuntu wallet, etc.

Well if you just wanna mess around and see how things work for yourself, your 4.291 mBTC should be enough to get you a taste of what trading is like. You won't be able to trade USD with that amount but you can create an account on Bittrex and experiment with trading altcoins. As for buying Bitcoin, I would suggest you have a look at Circle.com, my personal favorite, it's fast and super easy to use. Have fun!  :)

you can try the pumped and dumped its so very useful and having a big profit. And your 4.291 mBTC can buy a couple of altcoins.

My idea is to go to Altcoin market place (https://bitcointalk.org/index.php?board=161.0), and post a request to buy doge or burst etc with your small amount of bitcoin. You will get small chunk of altcoins. Then you will easily deposit that into any altcoin exchanges to start trading and learn the mechanics of trading.

As a newbie, I don't think he has any experience at trading altcoins, which is risky. The pumped and dumped coins are mostly scams. We should get away with them.

Newbie in this forum but in reality maybe he is an expert in trading or something business. Don't judge this man by his rank or position in this forum. You don't know him.

Cosidering how risky it is to trade with altcoins, trading with some satoshis on btc-e is a step in the right direction.

Compared to bitcoin trading with altcoins is not much risky to a newbie. The reason is that you can make trading with altcoins with small capital, if something goes wrong the loss is little compared the loss experienced in trading of bitcoin

It is so nice that there are now so many people that is beginning to start trading and that reason is I think because they want to earn a little because the value isnt rising.
First you have to know how you must trade and you must have also a strategy so you can make later more profit if everything goes well.

You only never know from before what you will earn so that is the risky part of trading.

Trading is something like investing so the risk is always there, in the trading world a great role of getting profit sometimes is also the luck because the price changes very often you have to be lucky sometimes when the price pumped and  you get profit.

in my opinion for a newbie and for trading altcoins btc-e is not a suitable place because there are only a couple of coins listed there. and their exchanger is better for trading bitcoin-fiat and only the famous altcoins.
but for the rest i would suggest bittrex that has all the altcoins that has enough trade volume.

I dont suggest you to trying learn trading while you still newbie in bitcoin,its too risky. just focus to earn bitcoin more and more,and i'm sure you will sastified with low risk earning.

Like everything else, trading is also something that you need to try to be able to understand. There is many things written about it, but without practice so much informations will just confuse you.
Get into it slowly, you have big amount of money so you can risk 30 $ and with that money try to trade.
How to trade is hard thing to explain, buying low selling high is simple but when is price low and when will be high is what makes thing difficult.
Read what other people write, listen what people are talking about, but in the end follow your feelings.

just like when I meet people  wanting to learn the stock market I suggest always
making paper trades first

for the first 100 trades its not exciting but keep track and make fake trades basically
and if you have shown you can make a profit and learned what not to do then deposit
a small amount and get going.

nah, in trading cryptocurrencies you can trade with a small amount which is worth lower than 1 cent so i think it would be better if you trade that way because even if you lose you lose less than 1 cent.

There are now many people that is going to start trading and the reason is because they want to earn money with it because they cant sell it now because the value is to low.
And of course we all want to make profit but it is not that easy to trade, you must have a strategy before you begins otherwise you can lose some money and that will be not good.

So theres quite of several routes to take on this.

But something you should do on your own is the recent actions that are happening in that space.

Esp in alt coins and exchanges since 1 of the major players removed itself. Do your homework on if you want bother with it due to that crypsty incident.

I tried cloud mining, referrals and even faucets. Till today i made the most with trading.
And it was the most fun thing to do too. I am not an active trader (just 2/3 trades a day) but watching the markets is enough to make a quick buck.

Try igot

http://igot.com

igot.com is the best

You (and everyone posting since) do realized you necro'ed a nearly 1 year old thread to offer advice on?

Plus by reading even a few of the posts you would see the commenters from a year ago recommend that he send his money to Cryptsy to learn how to trade. I wonder how that worked out considering they are now closed due to all the finds being stolen by the exchange operators.

The OP is probably long gone and if he did use Cryptsy he's probably never coming back.

Yeah trading is full of fun and interesting when you get involved in it. As a good trader you doesn't need to be active all time but good capital is required to earn good profit.

You need to consider several factors:
Do you have experience as a trader of other currencies or commodities?
Do you plan to do margin trading? (Using leverage, you basically borrow bitcoins, expecting the price to go up [long], or to go down [short])
If you do plan to begin trading and you are a newbie, I recommend you to take at least 2 hours every day to study the basics of trading (this applies to everything from stocks, to bonds, EFT, indexes, etc).
Don't use leverage at first, if you want you can use play money on several trading training platforms.
The best traders are the ones that don't take emotional decisions, and they are VERY disciplined.

There are now indeed more people that is going to start trading and the reason is because they are trading because they want to earn some money with it and that is important.
And the value is not that even high so you cant also sell it now around this time.

best time to trade is on monday and friday because there are more opened stock markets I prefer to go with the oil one because thats much easier to predict and get back ROI.

It doesn't really matter how much you start trading with, as long as it is more than the minimum for the particular exchange (usually 0.01 btc).

The commission is in most of cases a fixed percentage of the trade value, so you pay the same % whether you trade 0.1 BTC or 100 BTC.

start with active in altcoin thread,it will give you more information about what will you trade,and try to trade altcoin that not yet listed in exchange,its will give you more easy to understand about trading.

There are a lot of places available on internet and a lot of tutorals available on internet fro where you can learn that how to trade and after that you have to join this forum and have to parcipate in discussions so that know will be able to know that which currency will have to buy to earn a profit from it.

Yeah and best of all most video's for starters are free. You will have to pay for the more exclusive content.
But if you follow those tutorials and make sure you focus on the large altcoins there is not much you can lose as long as you hold when a dump has happened.

Thats the whole point of trading.... Buy the dips, sell the tops.
But i wouldnt recomend do that without knowing. Do some research first, learn about stop loss and other things and then go to a exchange and do it yourself.

i agree, the Stop Loss is one of the most important things in trading. because the price is always moving sideways and although you can speculate the future price but it is impossible to know it for sure and a big dump can make you lose a lot of money something that can be prevented with setting a stop loss.

You cant easily predict it but if you know whose the developers and they are telling the truth about their project also they are fast responce and solving an issue you can decide to buy more.. and i think this is my way to make a profit.. like mrai i just bought 100k mrai for 200 sat and i can sell it for 500 sat each but i have no plan to sell it right now because i know it will increase more because of fast responce from the developers.. they can fix the issue fast..

Yes this is correct we have to know market knowledge first before doing trading. That too stop loss is very important in trading. Price may increase or decrease that too in altcoins we can not judge the pricing today it will high and the next day it goes down so here we can not predict the price of altcion. So i thik trading with altcoin is very risky you may get huge profit as well as huge loss also. So before doing trading think and do.

Yes, really it does not matter in the case of trading with bitcoin, there are a lot of exchanges available where a lot of people including newbie and experts buying and selling their coins so can start with any amount.

Not every exchange, there are certain exchanges which has certain regulations in which you need specific amount of bitcoin in wallet to be a trader or to start trading.

For the amount of btc the OP was talking about, you really don't have to know complicated terms like stop loss.  It probably isn't even worth it to join an exchange.  As people have mentioned the tx fees alone will eat profits, not to mention any commission the exchange takes.

For such a small amount, for anybody to get their feet wet, I would suggest finding a reputable escrow service here, and find a trading partner.  Such a small trade would only serve as a way for you to get used to using a wallet, using escrow, and transferring btc.  Very important to get the fundamentals down, like following the tx thru the blockchain, and understanding wallet security. 

Once you feel comfortable trading in bigger amounts, find a peer-to-peer trading exchange, like localbitcoins.  The bigger exchanges have too many fees unless you are trading larger sums.

Yes it is a good suggestion the OP should have to search more about trading on this forum as in this forum he will get more knowledge about bitcoin and after that he will be able to start trading with a good sense and will get a good profit.

Yeah studying trading is the first way to do. before starting to trade.. and i think even a small amount you start trading and you can make a profit fast once you know the technique if how to trade..

Yes in the altcoin thread he can know that what currency is better to trade with and when he have to buy or sell his coins and will know that when to buy which currency, which I also have learned from there.

I Just Want to Suggest You that Don't Try Out Trading Now Because You are Newbie in Trading Now And You can Lose Your Money Without Knowledge in Trading So I Suggest You to Gain Some  Knowledge About Trading and After that Start With a small Amount And Don't Invest More that You Can't Afford to Lose in Trading Because Trading is Risky and without Proper Knowledge.....

You can start day trading on any bitcoin exchange that has adequate liquidity. Smaller exchanges will have lower volumes, and therefore a larger ‘spread’ been bid (buy price) and ask (sell price). That means the price has to move further before you are in profit, and trades may take longer to execute.

I am also interested in trading to somebody teach me because in that place I am beginner and I have 0 trading skills maybe just litte that bitcoin is good to buy now and ICOCOIN but I need more info.Can somebody tell me which cryptocurrency is best to trade and how much my trade price needs to be to earn 50$ daily or 1500$ month??

I advice you to start reading and learning before investing your money with trading. Its profitable only if you have enough knowledge about it, otherwise its risky just like gambling

But i think for newbie it is better to trade with bitcoin to usd and usd to bitcoin for starters or beginners.
There is a simple and it works fine for me you can try this methods like for example the present price of bitcoin right now is 704 and set your sell to 10% to 25% added or it depends in you what amount you want to sell.. like 710 this is for your first tier and set the amount of bitcoin if how much you want and the rest of your bitcoin set for higher to 720 if the price of bitcoin will continue you can be still get profit.. this methods works gradually for small amount but it is more profit if you have a large amount of bitcoin,.

You're new, and that's impossible thing right now. You were learning and get more about trading.
But I have told you about the best cryptocurrency at this time.
Coinmarketcap.com the reliable source for you, you can choose the coin with a high number of reliable coin for you.

The real challenge for an altcoin traders must be, choosing the right and suitable coin for their trading.
For this dilemma, I simply always go with the established coins rather choosing some high volume altcoins. My profits are comparatively small still the chances of getting dumped over night is very low with my choices.

I am also facing this dilemma as there are no insiders news are usually available with new altcoins. We cannot simply ignore all the new altcoins as they are alone highly profitable compared to any other trading.

So, I believe I'm taking risk and also I'm getting the reward in equivalent ratio. Because, I'm having experience of getting my capital got tripled within single day also got half in just two hours.

Me, I buy in my local exchange and it's easy also. I believe there's local exchange in our area so there's convenience in our part to buy bitcoin. In my case, I do not really rely on one trading sites alone because it's good to be safe, I like poloniex for high volume coins and yobit as well since they have big volume of coins which is ideal for newbie.

that's must be kind of shitty coin which could fall its price about a half in just 2 hours LOL,i'm actually sometimes taking a look into the coin's announcement thread so i can get the most updated news about the coin,also people there and the devs could reflect what's goin' on to the coin in the future

You wish to exchange your bitcoins with the local traders, I agree you are safe and they may more trustful. But you cannot get good value when compare with the online traders like localbitcoins.com Better switch to online trading sites like yobit or poloenix or anything

I dont like yobit on trading since they've got bad bad services and might encounter some existing error if you do trades on there and much better to use localbitcoins for now if we want safety aswell us meet up people if they are near you but don't do trades without using escrow since that deal woild became more dangerous if the dealmates doesn't do anything good in our trades.

I agree, he should start on reading and studying those things regarding with trading because he really need to learn a lot about it before he start on dealing with it and to know those things that he need to consider also before he start trading he should add coins more than 0.004 so he can be able to have a decent profit just in case .

Yes indeed. But mostly the people saw from their volume which the coin has had a lot of the volume. Will get more demand.
But what's your motivation for choosing those established coins right now?
Too many coin in this day and that was affecting all of the conditions for that investor, this is sad.

lmao . poloniex, cryptopia, c-cex etc. these trading platforms could be a good choice for the starter or beginner but you mentioned yobit ;D so many people are complaining because of poor response of its support and it seems like some of their altcoin withdrawal are offline very often maybe if yobit have fixed all those issues and will improved they can one of the good choice for the beginners.

for me poloniex