Bitcoin Forum

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

You are a newbie at here and at trade also so the better suggestion for you is that don't go for trading now, spend some more time here and with traders and try to learn more about trading from the tutorial available on internet and when you get pure skills then go to trade, then you will earn the profit.

Most of the people that I've seen post on the forums that know a lot about trading Bitcoin and Altcoins
already had a background in stock trading, etc.
(I'm talking about the people that are posting graphs, solid math and reasoning behind their claims,
not just some wild speculation about how BTC will be worth $10,000 by the end of 2017 with no proof)

Since Bitcoin is a currency I'm sure the basic principals of currency and stock trading apply.

No,you don't necessary need to have a background in commerce to trade.In fact,all the big traders I have met are technically good and probably analyze the data with own strategies.It's the same data,different views.To start with,always go for a small amount and remove that "get rich soon" dialogue out of your head.While experience plays a vital role,taking right decisions while the ability to take risks is more important.If you start with small amounts you can get an idea how the system works and on what scenarios you're likely to lose money.So yeah,start with a few satohi's and as you're getting used to the system,invest more.Again.,don't be over confident.Stay upto date with the bitcoin related happenings parallely.

You need to have knowledge in trading, not because you see some people who successes from trading doesnt mean you immitate them. You have to gain some knowledge and experience in able to be a successful in trading. Keep reading and searching what are the strategies that are useful for trading

i can't say i am successful or experienced exactly but i got where i am now by starting small and slowly since i had no idea what trading is and how should i even make an order.
i read a lot, and did a lot of trial and error to find the right way and become better at trading over time.

so just don't go all in at first like investing 10BTC and losing it all. you can even start with $1 and test the waters.

the basic lesson you will need to become a trader is you buy bitcoin in low rate and sell when the rate is up. that is the most important point. and its no problem if you did not have any skill of trading, because it can be learned by doing. first i knew bitcoin, i do not know what is bitcoin, how to get it, can bitcoin be trading? but after i read and read more info, i know that bitcoin can be trading, and the simple thing i do when i trading bitcoin is, i buy when its down and i sell when its up.

but thats is my experienced in 1 years ago, and now i am trying to make good trading, at least i want to increase my profit, in one day i want to get at least 0.01 btc because i am not yet reach that amount before.

Same here. Can't say that I'm successful or experienced trader. It also took me some time before starting in trading (doesn't trade often though). I don't have a background in economics or finance, I just started reading online -- what is trading and how I can earn from it. There are lots of articles available where you can get ideas from. Since trading is a bit risky, I also started using small amounts, of course, because I don't want to lose all my earnings. I think if you get the idea already, it's better if you try it (small amounts will be a good start), for you to know how it really works.

The basic rule of investin remains the same.
In simple terms, the age old rule of economics

"The more the demand and scarce the supply, the larger the value."

U need to hav analytical skills, not much advanced, just basics. With experience u will get advanced.

For example, understand the utility of the product, its prospectiv usage, its system or strategies which will involve more and more people. These things will create the demand. If u think on analysin that demand will rise then its value will rise too.

I dont know about BTC because I personally believ the time when BTC can make people RICH is gone. But I do believ in crypto currencies and I am damn sure these will make people millionaires or billionaires.

I do not consider myself as an expert but I am making a few bucks from trading if you are talking about altcoin trading ,there are many factors involve like the roadmap of the dev,the pumper who made a lot of noise in that chat roll and of course how active the support of the community of a particular coin

I don't too successful on trading but i got bitcoin constanly from it, i use system trading or method trading are like analysis tecnical, management margin and risk, rules of entry and exit market and psicology trading. I think you must try my method i hope it is worth for you.

I don't find my successful, but i know how you can become successful in trading.
Try out as many tutorials (also paid ones), from there start experiment with different trade techniques.

the key is trading without getting greedy.
it means you should get in and get out as fast as possible never wait for long to sell if you get some profit then and enjoy the profit because waiting most of the times lead to losing.

expect from some trading skills you gonna need understanding the charts, you must also read a lot for the coin you wanna invest/had invested etc because there is a big chance you fail & start running on a shake out, if you have done your homework right then you are FUD-proof also... shake outs & FUD cause panic, and this will lead you to a loss , and since we are in cryptoland with no limits up/down , it is good to be ready for a crazy ride!
So it is better to start with small amounts see how it will go, and remember bigger amounts are more hard to enter/exit fast, best advice i can give you is enter & exit is best to be done from buy walls ;)

Yeah be satisfied of the price increase if you already maid even a small amount sell it and wait again for the price decrease and buy again..
That is the common way to make a profit.. in trading..

if you want to be a good trader, you have to know that currency very well so you will be able to predict upcoming price pumps or dumps

I am actually a food technologist however i am earning enough monthly with trading altcoin and bitcoin for my living. So i think from what background you come doesn't matter for success in trading, i have also seen few other peoples who have different background than IT/finance field but are earning good online with forex and crypto trading.

Having a background about economical and market related terms isn't necessary for a person who wants to do trades, at least in my case.

If a person really wants to learn the art of trading, they will seek deeply about all the information they can get. But of course, reading is not enough if they will not put themselves in the actual scene.

Like you stated in the last part of your post, yes failures from trading experiences making us a good trader. There is no trader who doesn't experience loss in my own point of view.

Many people now get successfull in trading because for they hard working and they motivation in trading. If you have enough capital in trading you get high profits and you earn them all to increase your your capital so you become successfull if you have a good traders.

That is true, and one shouldn't trade with borrowed money because this kind of day trading is quite risky. In case one lose borrowed money then they will end up in a worst situation. So don't ever try to trade with borrowed money and sometimes we can't make quick profits because after we buy than the price may not go up immediately, and we may need to wait for longer time.

You cannot predict the pump or dump eventhough you really do some research to it or even if you stalk the dev its because the traders and big whales are controlling the price thats why its better really to be more patience and make sure to check the coin if it is active or almost to be dead to avoid lose money for it like just what happen on my past tradings i lose many for those shitcoins listed on yobit and thats really really bad experience for me thats why i grow up to be better trader

Professional traders usually has course or lesson before they involve in trading, it need times to learn how to trade properly but the best teacher is from the experience
Trading need huge  amount of knowledge, the first one is updated news and the second is how to read chart, that is the 2 most important things in trading, then from experience you will know when is the best time to buy or to sell
I suggest you to try trading with small amount or just simply practice in free mode (if you can find one)

The profit of daily trading is unpredictable and very risky to trading using borrowed amount, we don't know does it's possible to gain profit until the day of pay off is coming. it's really not recommended trading with borrowed amount.

i started with small amount of bitcoins and i had some luck with trading as most of times i found perfect moment when to buy or sell, before huge price crash or rise

There's really no background needed. My partner and I were not educated in finances and economics (just the basics) and had our own full time job as well. We learned a lot through trials and error, and from scams and fraud first hand. It was difficult at times, and there were times when trades were so slow that we wondered if we should continue. Since we were quite active and one of the top sellers at LocalBitcoins for cash deposit in the world, we were the target of a lot of new scams so we had to develop ways to prevent them from occurring again and taking an active approach of what *might* be a future possible scam.

no you don't need a background in economics or finance, that will help you greatly though, but it is not necessary to become successful because that is something that you can gain along the way.
i have started from a small amount and just playing around with trading for a while and then over time as i were losing money and earning a little profit (more loss) i started learning more about how trading works and learned about economics and all those technical stuff and analysis which helped me a lot.

99% of the time success is just build from trial and error.

People who don`t give up succeed sooner or later.

This applies to bitcoin trading as well.

It's more than trial-and-error. People who trade that way will lose over and over. You need to develop a robust, back-tested strategy and have a proper risk management (risk vs. reward) plan for your trades. You need to be employing a profitable system from the get-go -- so the first question is: Do you have an edge? If you do, you may lose in the short term, but you should be profitable long term. Being a successful trader is all about employing that strategy over and over -- and having the discipline not to stray from it. It's easy to "tilt" and start trading based on emotions, rather than your profitable system. That will blow up your account.

From coimarketcap.com, you can get the daily price of all coins. It will be good if you draw out a table, write down the price of each coin for five consecutive days to have an idea of the good coins to buy and sell

If you are asking to specifically successful or heavy experienced traders then I am not eligible for it but since you have not mentioned any specific ‘experience’ point, I am taking benefit of doubt to give my two cents. I am trading from last 6 months but it’s less like a long term trading more like a short term investing.

I think success is something that enriches your knowledge and skills which makes you more sensible for next trades. I don’t measure it in binary like profit is success and loss is failure. I am from commerce background thus I entered in trading during my academic period and I think first time I dealt was in domains and then I opted in for crypto trade. I am looking forward to trade in stocks (right now doing it with simulator) let’s see how it goes.

Well for all newbie most people say you just need to buy low and sell high in trading, but the problem how can you know that the coin you buy is in cheap price?  You can know it if you multiple times trade it. More in experience ..

its really hard to know if you are just newbie to this kind of trading needed to have move study and do not rely on experience only, it is not because you got lucky ones or if you lose some you can rely on it, studying the flow is very important knowing instances on why or how the price will go up and down is very in need. I'm also a newbie right now and i keep on reading and searching for a better guide to learn more.

I heard about trading and it got me into crypto..

My buddie said he was making a killing trading doge, I said I wanted in.. The rest is history...

Thats the right thing we must learn first  and study about trading before we jump into it because  if we rush to trading and we dont know what we you are doing then for sure you would lose all your coins. Trading skills and decision making in every trade is very important. Just trade in small amounts at first, practice makes perfect even though you cant make perfect trades always but you would  have a good history on making succesful trades.

I suggest allocating like .01 - .05 BTC to trading and just jump in head first..

Just understand that you are going to loose most of your starting amount before you get the hang of it and gain enough skill to be successful, but that is a pretty cheap education..

By time you make a thousand trades or so you'll know what your doing..

Just hang out at an exchange, ask a hundred stupid questions in the trollbox, watch the markets move and make trades..


I think that needs to come first, all the reading and information in the world won't do you much good untill you know how to apply it.
You need to learn how to trade before you can learn how to trade well with skill, intuition, and instinct..

Don't limit yourself that only those that have finance or economics backroung are able to trade.

Trade is free for everyone but not everyone enjoy and earn through the trading.

Before taking any step you should first make some calculation(you don't need to be good at math because there are many websites online which offers to calculate with the percentage) how much do you have to invest, how much you expect to earn, is that amount realistic, is that possible, how long you estimate to wait to earn this amount etc.

People learn a lot when they lose their first money in trading because next time they wouldn't make the same mistake again, for example investing in some altcoins which people are not much interested, the daily trading volume can be very low and so on the coin ends at one or few satoshi.

thanks  for  explaining <<,  my  question is : can you sir  explain  your  strategy  exact  to traiding? thanks a  lot

One of the most remarked (yet most ignored) advice for anyone doing anything related to finances/economy/business is to read the news every day, business news. Take 10 minutes of your morning to read Bloomberg at least or any reliable business sites and your views of the world would change. Now take that and apply it to the Bitcoin world.

I can't say that i am  very good or experienced trader. But, Somehow i managed to get profit now. And  i don't have any strategy, i just trade how i feel that it is good to.

Many people got successful in trading because many of them have big amount of capital they can trade for a long term but as of me i have only small amount to roll in trading so i do only short trade to make profit and to earn it. I experienced to buy a dead coins when that time i buy it in a high price then that coin dump until now is sleeping.

I am also new in trading with crypto but I always look at investment in metals and oil. Still I cant seem to follow it. I cannot predict what will happen and some do but it takes a lot of time to get to their same level.

I just got this one idea when I trade. I have to lose at first to see how it flows. So I just bet a little for the time being let it lose then somehow I bagan having good predictions the next time.

Bro Trading Needs Some Knowledge and Experience But I think You Don't Have Much Knowledge About Trading....
I Suggest You That Firstly Get Information About Trading Then Start Trading Otherwise You Can Loss Your Money....
And For Me One Of  My Friend Tells Me About Bitcoin Trading, But I Try It Yourself....

When I Was New to Trading I Started it Without the Much Knowledge Of It But I Have Basic Knowledge but Now I Have Proper Knowledge and Experience Because Of My Bad Experiences in Trading That's My Secret In Trading... And I Also Want to Tell You that Success Comes From Bad Experiences Not From Good Experiences......

Continuous learning will get preferred us results always. Not just in trading in every field when we are ready to learn new things on daily basis then definitely we will get chances to shine within that field.

Trading is highly sensitive to risks at any time to happen. So, in order to safeguard ourselves we must learn new things from our mistakes. Learning new things will be confirmed when we are not repeating the same mistake. So, your number of mistakes will be minimized over time and you will get more chances to make huge profits from your trading.

First of all I think there aren't trading expert people but there must be many good traders on this forum. I can't call myself "experienced" but my trading with bitcoin was successful too. Online demo trading websites helps you a lot when you are new, also read many books about trading and that will help but remember that luck is also main factor.

Demo? I haven't found if that is there. Could you tell me about that? And where I can find that link was bringing me to that place for directly?
Thanks for your answer before.
But read a lot of books it hasn't helped me for all.

I think there are some trading demo online, but if you want something that will at least give you something, I think you can play a prediction game.  It is the same as trading but you are not to trade in here but to predict the trend of a certain pairs.  Either it is going up or down.  Then you have to set your cap, until such time your cap is reached (higher cap or lower cap)  that is then that when you stop accumulating or losing points.  This point will then be converted to USD which you can cash out.  I used to play it a year back and was able to see its advertisement few months ago.  The game is called sparkprofit (https://sparkprofit.com/).

I Get into Trading By Suggestions I Got From My Friend about trading and Also He Gave Me Some Tips to do trading and Also he Told Me About the Altcoins to Trade and Make Profits With the Altcoins ..........
He Gave me the Full Knowledge about Trading and Now i am Able to Trade Myself but i Do Trading Sometimes......

At the very early stage of me entering the Bitcoin world in very early 2013, I was purely focusing on trading altcoins and gambling. It was not a success at all, where I ended up losing quite a large amount of money. I think if I look at how much I lost with gambling in a matter of a year, then it's like 8-10BTC, and with altcoins it was like 10BTC as well. All with all, a heavy loss. That's why I decided to completely quit gambling and altcoins for ever at the end of 2014.

Exactly that was the best decision of my life. I am solely trading BTC/USD and have been able to generate at least 100% of profit each year. Right now my ratio is like 90% of my coins are generated through trading profits, and the other part are coins that I bought as initial investment. I am quite happy with how things are right now. I constantly keep increasing my coin count with trading. I must however state that I am only doing manual trading. I am not using a bot. It requires me to invest an insane amount of time into trading, where I some times have trading sessions lasting +10 hours in a single day.

I must also note that I don't invest in shit projects and sites and services that promise me certain rewards. It's 100% trading BTC/USD and that's it.

usually to start trading i will suggest the person to read and learn from book and internet, eventhough it's not help much in the real trading but at least the person need to know what is the factor that can cause the price to go up and the person need to know some general term about trading, the real lesson is from the real trading if the person still not sure he can start to trade with small amount or opening a demo account in forex because basically trading in bitcoin and in forex is the same, in real time trading you can learn how to avoid panic sell and panic buy and how to control your emotion

If you’re a beginner trader, first thing you should learn is to read charts. Chart patterns signal to traders that the price of a security is likely to move in one direction or another when the pattern is complete.

You can go in trading altcoin in any trading site, but you must to have the idea or basic knowledge in hoe to do it, by reading some information and tutorials in the internet. And don't be tricked many users posting in facebook groups that "this coin is well promising", before investing you must go to the main website of that altcoin, and must go the main thread here in bitcointalk and read all the comments if that alt will good enough to invest. And if you are using yobit, just don't be carried away from the live chat like "trump to the moon" because in just a minute or seconds this alt can increase so high and also decrease.