Bitcoin Forum

Hi, I hope you are doing well. if you want to grow in cryptocurrencies to grow more and more the people are becoming interested in investing The strategies for successful crypto trading is as following its my personal tips Not suggestions.

1.Conduct thorough research: The first things to do research and find a mentor Before investing in any cryptocurrency, it's important to do your due diligence and research the asset thoroughly. Look at the cryptocurrency's technology, market capitalization, history, and growth prospects.
2. Analyse data and charts technically: Technical analysis is the process of examining data and charts to spot trends and forecast future price movements.
3. Develop a risk management approach: Since trading in cryptocurrencies may be quite volatile, it's crucial to have a risk management strategy in place to safeguard your investments.
4.Remain current with industry news: Successful trading depends on being aware of the most recent news and changes in the cryptocurrency market, which is always changing.

Conculsion.
In tha last but no the least by following these Effective Approaches to Trading Cryptocurrencies for increase their chances of success in the exciting world of cryptocurrency trading. Remember to always invest wisely and for more information.
Source (https://www.investopedia.com/tech/what-you-must-know-investing-crypto/)

Avoid giving trading suggestions when you did not have enough activities on your profile. Some of the newbies will get inspired by your post but little do they know that you don't write or share the strategy from your experience, you just use chatGPT for that post.

https://i.ibb.co/bznWc1k/nice-try.png (https://ibb.co/V28jfVs)

Nice try  ;D

@Op, I'm sorry to ask you this question. All of this your suggestions and personal tips have you actually tried them and it works for you?? What level of profit have you accumulated since you started trading crypto currency for profit? Can you in any way drop some of your recently implemented strategies into real-life trading practice? If I am to take advice or trade strategies, they should be from a real-life trader. That's if your proclaimed content is all your tips and not copy and paste with the help of the ChatGPT as the above member have noticed. 

 Some of the advice OP gave is not bad at all because they are very important in cryptocurrency trading. But the writer claimed that all these tips are from his personal experience which turned out to be false. Using chatGPT in this forum is frowned at because this forum promotes creativity and lawfulness. It is not bad to use what you got from another author and share it with the forum. But you shouldn't claim ownership of the writeup by using bots to manipulate the content. You can do better than this, just put in more effort.

To engage on bitcoin trading, one needs to learn about it on a practical level and gain experience before trading, choosing a particular trading strategy also requires careful observations before concluding on the best pattern to use, observe how to speculate orice onbthe chart and work on your strategy, always keep in mind that you cannot lost your investment completely when trading but loose part of it due to volatility and make more profitability when it surges.

All my time in crypto, the best way which I have used to minimize the level of lose I could possibly incurred is buy avoiding to buy crypto during bull run, I also avoid following up social medial influencer and their proposed tokens which they always claims at their time of advertisment is the best.
I choose what I know is best for me and I convince my self enough to buy and hold it for long period of time .

Trading includes always a high risk of loss because it's impossible to predict how a market will move today, tomorrow or even in a week.
For Bitcoin, a way to make a profit is HODLing it. It is very easy to do and much less risk compared to risky trade.
Because Bitcoin is a scarce asset and it tends to increase in price over a long time period.
For HODL, we only need to have patience, which many people don't have but often, we need to have it to make a profit.
It is not easy during bear markets, really.

HODL originated from a Bitcointalk forum post here: https://bitcointalk.org/index.php?topic=375643.0
 :)

Newbies who believe they can make money by trading are naive. Nearly all will lose most of their money.


TA is BS. It is astrology for traders. It is based solely on fantasy, wishful thinking, and confirmation bias. It is promoted by disreputable people who are trying to extract money from you. It continues to exist only because there is a new sucker born every minute.

@OP and every newbie that desires to be a profitable trader, you can do it until you test and have an experience about what actually it is.

Most traders are losing money than profiting. Even the best of the best can't avoid to lose money because that's how trading works, there will be winners and there will be the losers and that's a normal exchange in the market.

Yeah, easy to say all of those reminders whoever and wherever is the source of it. But if you come into the actuality of what trading really is, you'll get hard time doing it.

For me, this is the most important on the list.
Risk management strategy involves identifying potential risks, assessing the likelihood and impact of these risks, and implementing measures to mitigate them.
A lot of new people coming to cryptocurrency trading going broke because of a lack of risk management. They always expect that trading cryptocurrency is easy money.

It is important but before it, there is another important step. Capital allocation for trading, investment and other things. A trader should not use all capital for either trading or investment. A good strategy is have good capital allocation for investment (main priority), trading (sub priority) and expenses for life (it must have a part in capital allocation).

If all investment and trading fail, we must have last resort to survive.

Honestly none of those will actually work.

You want something that works, “a fair bit” of the time?

Just put some alerts for liquidations on perp exchanges. When we get a high pump or dump and there is massive liquidations that took place, look to place a trade in that area. You will be surprised how effective it is.

Losses is the main barrier that have demotivate traders from the market because when they make significant losses without the use of risk management, their accounts ends up been liquidated. Risk management is a course and should be taken seriously if one would be able to last long in the space. Risk management is essential in the space because one ought to know what he or she will lose if the trade goes opposite direction and expects calculated profits when the market goes as planned. Trading is important in the space because its the section that certified one to be a trader. 

How really is the impact of news affecting cryptocurrency trading? If it does then which type of news really do that and where can it be found because crypto traders will be happy to get such, it will be added advantage to what they know with charts and technical analysis. News in an unregulated market may not be trusted as it is not steady or at intervals except you want to share a particular link to access crypto news.

Trading is risky job as always, one should not enter it just because everyone is interested in. Perhaps trading should be taken as a way to have skilful income source. It needs dedication and a passion towards constant learning. I have seen threads like this many times and I Love that people are motivating each other all the time but in the end it’s an individual stuff. Throughout day I’m scrolling hundreds of reels on social media just to see how people are show casing their profits and losses. I’m seeing success stories but I do see those people are in crypto for more than 4-5 years and it took them that much time to learn and adopt it. I think it’s best practice you should learn before entering in trading.

I recommend is analyzing technical data to identify trends and make informed decisions about when to buy or sell. So, I think important to keep in mind that technical analysis is not foolproof, and there are always risks involved with any investment.

That's why having a risk management strategy is crucial. It's important to set limits on how much you're willing to invest and how much you're willing to lose. This can help prevent emotional decision-making and protect your investments in the long run.

Why you asking him such question? The comment above yours shows that OP use ChatGPT to generate the content of the post  ;D
I doubt if he could answer your questions since the suggestions and ideas in the post are not from personal experience. But I think the forum has frown against using ChatGPT to generate posts... What am I missing?

These are obvious stuff but sometimes obvious stuff are not that easy. Imagine this for a second, if you see a very fat person, and I mean like barely able to walk type of person, someone who is 200kg+ or something, that guy is barely walking right? What would you suggest him? Do a diet, walk 30 minutes a day, and drink a lot of water, right?

That's the most common thing and there is no person on the world who would drink water, walk 30 minutes and do a diet that can't lose weight, everyone can. Then why do we have fat people? I am fat myself and I can tell this, we have them because it's not as easy as saying "do this", it's hard to do it for some people. Same with these suggestions.

Big News can affect the price, its either it will create FUD or hype, cryptomarket will react.
There’s a lot of things that need to be consider when doing your trade, aside from using indicators you also have to consider the market sentiment and if its the right time to do your trade. Don’t rush in the market, do you necessary analysis before you execute a buy/sell button.

very correct! simple stuffs become complicated as it is hard to apply in reality. laziness or other reasons is always there to prevent us from achieving something for ourselves. and most of the time, it is the self-discipline that is your biggest enemy to attain something for yourself.
the OP's list are good and are already known, however, when it comes to implementation, still hard to apply.

Maybe it work sometimes not but for me just buy at low price when you see tons of red in a longer timeframe then set up a dca for a schedule like buying weekly, cause even with technical analysis this would be hard to predict. Some news might affect the market depends on what kind of impact it did. Fud or shills usually has been noted regardless of its magnitude to market volatility. Ive been seeing the market on ups and down and too many technical parameters were failed at the least you expect it. So its still on crystal ball which will prevail.

Crypto news is not all the time and that is what I'm saying, it may not be sufficient for a daily trader to rely on. Usually what crypto news does is to gradually begin to make impact on the market but not immediately so a trader on a daily basis would be mindful of the news, that is what I'm saying. When you compare the way news affect the fiat, you will understand that they are not the same way with cryptocurrency.

There are many suggestions and tips people give to others who are trading cryptocurrency and not making profit, or trading cryptocurrency without making enough profit. One tip and a very effective way to approach trading cryptocurrency is to have the mindset of someone that want to know how to formulate strategies in a short time after you have started trading instead of someone that just accepts strategies from people without knowing how to formulate one for themselves. Understanding and knowing how to form strategies in the cryptocurrency trading market can give you an edge over people who depend on others for successful strategies.

Not knowing how to find what they should trade is the biggest trouble in the crypto world. Too many newbies follow big name twitter accounts and buy/sell stuff based on what they say. As someone who has seen plenty of them make people lose money, I can easily say that is the stupidest thing anyone can ever do.

And unfortunately there are still too many people who do it. When could those influencers be valuable? They could tell you what to buy, and you could actually go do your own research on it, and if you agree that it is a good coin to buy at that time after your own research, then you can buy it. So, it limits the amount of coins you should research.

Emphasis on becoming a stand out trader that knows the exact spot of what he or she is doing is never a waste of time. We grow everyday and do the essential things we are assigned to do in the market. Formulation of strategy towards the market is beneficial because one tends to be a dependent trader that only follow mapped out strategy and backing out of trading signals issued out by communities or trading groups. Understand the market and know your risks management.

Research before investment is very necessary because copying others can misguide you. There are so many new coins originates daily but we cannot make investment in all of these coins because we don't have any information regarding this, so if one says that the new coin is beneficial we cannot believe it. In my opinion making investment in old stable coin is also an effective approach towards success. Getting involved in groups for getting daily information will help you to get more money because of awareness of price related to buying and selling of selected coins.

Cryptocurrency is an easy way to get money online with absolute sitting at home, other than engaging in the 9-5 job. Triggering the mindset of effective approach to trading crypto profits is a good mapping of the market and a positive mindset. Following the footsteps of an influencer or a whale in the space will do a lot go help and making profits will be easier because these top individuals will provide solid projects and formulation on the mode of operation with the market. Every trader have the specific strategy they implement inother to triggered profits from the market, either bull or dump.

This is a dilemma because if we are new to this we will face big difficulties in how to research the coin or token that will be worth investing in or trade. Although Bitcoin is still number 1, sometimes, newbies are still confused to do their own research when they are going to invest more. That is why they must really understand the ways of conducting their own research so the result will be really working on the efforts and activities. 

Giving advice is not wrong. Newbies need that advice honestly. Good thing you put a disclaimer that it based on your personal preference.

But the question, can they really understand those advice where they didn't even experienced yet in actual being under that particular situations?

For me, basic advice should do. Advance knowledge will be soon learned along the way as long as these newbies are serious on their trading journey.

These are good tips for beginners who are interested in trading cryptocurrencies. It's important to note that while conducting thorough research and staying up to date with industry news are essential,

it's also important to have a solid understanding of the fundamentals of trading, such as risk management and technical analysis.

In addition, it's important for traders to develop a disciplined approach to trading and to avoid making emotional decisions based on short-term price movements.

Traders should also be prepared to adapt to changes in market conditions and adjust their strategies accordingly.

Whales are very manipulative as they only care about their profits without considering how it'll affect the market. Therefore you might be doing yourself more harm than good if you blindly follow a whales. Copy trading could be profiting as a new traders but it does yourself no good as you would had learnt nothing since the experience isn't yours and you're just copying someone else work.

The only guarantee way of making money is investing in Bitcoin and holding until you reach a profit that you want then sell your Bitcoin for dollars. Trading isn't guaranteed neither is investing in altcoins as their future can be cut short due to hear market or the trend shifting from the areas that particular cryptocurency is focused on.

That’s why trading is hard and risky, and even though those steps seem easy to follow, but definitely if you are in real trading, you will realize that they’re just easy being said than done, and I think long time traders would surely agree to that. The reason why newbies should never decide to trade if they are not well knowledgeable and highly skilled in trading, otherwise they will just lose their money and waste their time. Though losing is part of trading, but you know you can avoid consistent losing if you trade with knowledge and skills.

You have explain each and everything very clear but one thing that you do not mentioned is that a person should invest little amount at start because huge money can be dangerous as the market is not straightforward as we think. Prediction about future is good but sometimes prediction become wrong so always try to invest in the coin which have stronger foundation and have successful past. Person should realize that when to initiates and when to keep calm because sometimes when the holders see dip in worth they take false step so it's not a good thing.

I have seen many traders adopting different strategies in trading and making their cool return yet some didn't and they still uses the same pattern, the difference is in their effectiveness for opportunity maximization, they study the chart flow, research and engage on a perpetual trials to have gotten the required experience they've got and make a combination of it all towards having a better results for themselves while trading.

Op had really analysed some of the approach that is needed for one to have an effect trading lifestyle and profits. Trading has different approach we can use to enter the market and make it our routine duty to make sure that we study the market before any endeavours to enter the market. Trading is not that easy especially if we have a winning mindset to keep having consistent profits.
There are a lot of things we are needed to keep doing for us to be seen as a successful traders especially when our profits ratio is more than our loses. That is where we can call a trader a profitable one.