Bitcoin Forum

Hello all

New to trading. Enjoying the ride.

But had a question and what is best way to do it.

Im using Coinspot (australian).

But the difference between the buying and selling rates is just huge, which is shaving off soo much of my chances of profit.

Eg...buy xcoin at 100. Immediately the sell cost is about 85......

So the coin has to jump soooo much before there is any chance of me doing any impact.

In fact i think the only reason im not doing better is because ive done too many trades and lose a lump every time.

Is this the same with all trading websites ?

Also ive noticed their buy (and sell) rates are so much higher than poloniex, even with exchange rate.

Cheers for any help

Don trade on illiquid exchanges. Go to where there is high volume such as bitfinex, poloniex.

In addition set your buy and sell orders so other people buy/sell into them instead of you doing it.

Thanks for the advice

Coinspot doesnt have the function to set sell or buy levels, you are just given a price and you take it or not.

Ok ill have to try poloniex and bittrinix then...

I presume with these places you have to buy btc or eth and transfer in. So im thinking it wouldnt be worth doing that from coinspot as the buy rate is so high that id automatically lose money the second i transfered it.

So do i need to find a cheap broker who accepts aus dollar ?

bitfinex is not good, it's better to use kraken, bitfinex was hacked an ddeposit blocked, if they now fixed all these stuff i still would not use it, too much trouble and risky trading there

if you want to deposit fiat then you can't use poloniex, they only have altcoins listed and they are being traded with bitcoin (and a couple of other options but no fiat).

i can only find https://btcmarkets.net/ which has AUD on coinmarketcap, http://coinmarketcap.com/exchanges/btc-markets/ you can search more yourself.

but i think your best option for trading altcoins is to buy bitcoin and get into trading altcoin against bitcoin and keep the profit in bitcoin so that you can also make long term profit by holding bitcoin.

coinspot looks pretty cheap for btc. i dunno if that's an accurate price.

https://www.coinspot.com.au/buy/btc

https://localbitcoins.com/buy-bitcoins-online/AU/australia/national-bank-transfer/

as others have said forget trading anywhere other than the biggest markets. you're wasting your time and throwing your money away.

buy bitcoin and then dive in.

To get profit, just use this key: buy dump sell pump.., thats it ;)

After you buy bitcoin, send it to an exchange where the spread isn't 15% lol.

You can pretty much use any exchange to trade. (or better yet, store your coins offline and wait for them to rise)

Once you are ready to cash out back to fiat, move the bitcoins back to an exchange down under and use that to withdraw your AUD.

Also, profitable traders tend to trade less, not more. Buy it, hold it with conviction. Watch the price, you will notice when it's time to sell...

Use the 5 metrics of analysis to help you:
#1: Price: the first and foremost important. Price will flatten out, you will see basically a battle between buyers and sellers right before the initial crash like 70% of the time in my experience.

#2: Volume: You will see extremely heavy volume as buyers and sellers battle it out.

#3: Momentum: This is what shows you what direction the momentum is going. I like to use the indicator "MACD" for this, you can tell as price rises, the momentum behind the price starts to fade. When momentum starts to fade, it's time to start looking for other signs of trend change.

#4: Volatility: Volatility is an important metric to pay attention to. You will notice how prices started out slow and as we got higher and higher price starts to move quicker and quicker. After we broke new highs, Volatility has been extreme and we've seen extremely large movements both up and down. Volatility is not something to be afraid of, you just need to be aware that when all these signs align with eachother (price moves up, heavy volume with waining momentum, extreme volatility) that it's trying to tell you something.

#5: Sentiment: This one is important too. this is what I look on the forums for, we saw some great sentiment indicators last week when bitcoin was around 2500-2700, everyone was posting "Bitcoin will be 3k soon" "bitcoin to the moon" "it's unstoppable" "bitcoin should have a 1 trillion market cap if it's really a global reserve currency, that means 1 bitcoin could be worth more than 100k!!!".

When you see people talking like above, its a sign that enthusiasm has reached a irrational level of exhuberence and that is a sign that we are right on the edge of a correction. I use heavy sentiment (if 90% of a group agrees in one direction = heavy sentiment) in one direction as a contrarian indicator, if they are saying it's going to the moon, beware, if they are saying it's going to crash, be greedy. lol.

Feel free to pm me if you have questions. Best of luck with your trading bro

PS - I forgot to add, do your analysis on weekly & daily charts. Those are the ones that matter. As signs align and it becomes obvious we are getting closer to an exit, start using shorter term graphs to watch for the top. Think of it as periods of time, if your analysis doesn't cover the whole period you are interested in, you aren't getting the full picture.

With the rapid increase of bitcoin, many exchanges adjusted when it comes to pricing.

But well I saw last time that most of the crypto currencies are on a red signal. It's better to choose to those popular trading exchange.

Like what has been mentioned before, it's better to trade there.

that is because you choose the exchange which has the small volume so that the gaps between buy and sell are very big

I don't know about coinspot since im not an australian and never heard it before but if you notice some huge difference between price of alts there and in poloniex well might better you do arbitrage tradong among their so that you can earn huge profits on that. Aswell as I think theirs only few people are using that site thats why you cannot see some major pump on each coin you staking at and might the best for you if you go on big ones like poloniex and bittrex.