ausbit (OP)
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Activity: 1330
Merit: 1019
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August 04, 2015, 12:01:36 AM |
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Looking for some easy to start with trading tips. I don't gamble and have always want to start trading BTC and maybe also play around with some of the shit coins for fun.
Im not looking to trade much so really don't care if i dont make a fortune or lose, only want to start playing around with about 0.2btc till i know a bit more about what im doing.
Trading has always sounded interesting to me so any help or links would be much appreciated.
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maokoto
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August 04, 2015, 01:39:41 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
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ausbit (OP)
Legendary
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Activity: 1330
Merit: 1019
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August 04, 2015, 02:29:46 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
Thanks maokoto, you got some good starter ideas there. When trading small this way dont you get eaten up by the fees?
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talkbitcoin
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Activity: 1372
Merit: 1032
All I know is that I know nothing.
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August 04, 2015, 08:20:02 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
Thanks maokoto, you got some good starter ideas there. When trading small this way dont you get eaten up by the fees? since the fee is percentage based, if you sell higher you wont lose anything
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Borisz
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August 04, 2015, 08:46:03 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
Thanks maokoto, you got some good starter ideas there. When trading small this way dont you get eaten up by the fees? since the fee is percentage based, if you sell higher you wont lose anything I think the transaction fee is with respect to the trade volume and not to your margin. Example: You bought 1 BTC at 1000 $/BTC You sold 1 BTC at 1001 $/BTC Trade profit: 1 $ Fee: 1000 * 0,002 = 2 $ Net profit: -1 $ (aka loss)
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Orwell
Newbie
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Activity: 21
Merit: 0
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August 04, 2015, 09:09:41 AM |
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Looking for some easy to start with trading tips. I don't gamble and have always want to start trading BTC and maybe also play around with some of the shit coins for fun.
Trading is like gambling really. Both are risky. I guess the only thing you can do with trading s buy low and sell high. Not as easy as it seems though and you have to keep your money on an exchange which I personally don't like doing.
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bornil267645
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August 04, 2015, 10:48:42 AM |
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With Bitcoin’s price skyrocketing in the last weeks, a lot of new players are getting curious about this mysterious cryptocurrency, but only a few have the necessary knowledge to start trading like a pro. So, here are six Bitcoin trading tutorials that can help the newbies get started. Take a look, learn the basics and happy trading! https://99bitcoins.com/6-bitcoin-trading-tutorials-worth-reading/
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Blawpaw
Legendary
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Activity: 1596
Merit: 1027
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August 07, 2015, 02:55:58 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
I think you got the basics there. With this basic knowledge and a heartless mind anyone can make some profit. So you better stick to these fundamental rules and more... Before you buy any type of asset you should first do an intensive research about it to see if it's a good choice. Always stick to these basics and you'll be fine!
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peligro
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August 07, 2015, 01:03:41 PM |
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Check the fees. Many exchanges have so high fees that you have to struggle to make a profit.
Only start with a very small amount. I would use $20 only. You will lose it anyway so it's better to learn cheap.
Don't act on emotions. Never. That is a really hard lesson you need to learn.
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giustone
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August 08, 2015, 09:12:46 PM |
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Hello,
I use bittrex.com and I trade on new altcoins with high volume. Another tip:Buy cheap,sell expensive. Be patient and you will succeed
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Mickeyb
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August 08, 2015, 09:25:44 PM |
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I don't know, I wouldn't be trading if I was you. One of my friends used to say, I prefer gambling over trading, in gambling you at least know the ods before the start of the game, in trading, you know nothing!
If you have to trade. Read a lot, investigate, get in on the lows, sell on the highs, don't get greedy, and hope you are lucky. Be aware that most of the alts are pump and dumps as well, so don't get dumped on.
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Za1n
Legendary
Offline
Activity: 1078
Merit: 1011
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August 09, 2015, 12:06:50 AM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
Thanks maokoto, you got some good starter ideas there. When trading small this way dont you get eaten up by the fees? since the fee is percentage based, if you sell higher you wont lose anything I think the transaction fee is with respect to the trade volume and not to your margin. Example: You bought 1 BTC at 1000 $/BTC You sold 1 BTC at 1001 $/BTC Trade profit: 1 $ Fee: 1000 * 0,002 = 2 $ Net profit: -1 $ (aka loss) Actually it might be worse than that as some exchanges charge both on the buy and sell side. So using your example: You bought 1 BTC at 1000 $/BTC You sold 1 BTC at 1001 $/BTC Trade profit: 1 $ Buy Fee: 1000 * 0,002 = 2 $ Sell Fee: 1000 * 0,002 = 2 $ Net profit: -3 $ (aka loss) So here you would only be in profit by waiting until the price is high enough to offset all your fees, in this case you would need to sell > $1004 to be in profit, as you already "lost" $4 in fees.
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GermanGiant
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August 09, 2015, 12:12:16 AM |
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Looking for some easy to start with trading tips. I don't gamble and have always want to start trading BTC and maybe also play around with some of the shit coins for fun.
Im not looking to trade much so really don't care if i dont make a fortune or lose, only want to start playing around with about 0.2btc till i know a bit more about what im doing.
Trading has always sounded interesting to me so any help or links would be much appreciated.
If you really wanna make profit by trading, better try out Alt Coins instead of bitcoin. And always remember, trading is primarily gambling, whoever says what. So, dont invest something that you can not afford to lose.
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fullypak
Legendary
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Activity: 1456
Merit: 1005
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August 09, 2015, 05:09:10 AM |
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Looking for some easy to start with trading tips. I don't gamble and have always want to start trading BTC and maybe also play around with some of the shit coins for fun.
Im not looking to trade much so really don't care if i dont make a fortune or lose, only want to start playing around with about 0.2btc till i know a bit more about what im doing.
Trading has always sounded interesting to me so any help or links would be much appreciated.
If you really wanna make profit by trading, better try out Alt Coins instead of bitcoin. And always remember, trading is primarily gambling, whoever says what. So, dont invest something that you can not afford to lose. Yes trading never called it as a investments but some people still believe it is investment. It is purely gambling. Here many people lost and only few people will make profit.
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gentlemand
Legendary
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Activity: 2590
Merit: 3014
Welt Am Draht
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August 09, 2015, 04:44:39 PM |
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Paper trade to see whether you have an aptitude for it first. Very few do. It can take an awful long time and some very expensive mistakes before successful traders conquer standard human emotion.
Everyone's a trading hero in retrospect and every move looked obvious. It's a whole different ballgame if you're flailing around in the middle of it.
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Scaccomatt0
Legendary
Offline
Activity: 1120
Merit: 1000
https://cryptoworld.io
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August 09, 2015, 06:52:06 PM |
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Looking for some easy to start with trading tips. I don't gamble and have always want to start trading BTC and maybe also play around with some of the shit coins for fun.
Im not looking to trade much so really don't care if i dont make a fortune or lose, only want to start playing around with about 0.2btc till i know a bit more about what im doing.
Trading has always sounded interesting to me so any help or links would be much appreciated.
If you really wanna make profit by trading, better try out Alt Coins instead of bitcoin. And always remember, trading is primarily gambling, whoever says what. So, dont invest something that you can not afford to lose. Yes trading never called it as a investments but some people still believe it is investment. It is purely gambling. Here many people lost and only few people will make profit. For the majority of people, trading is considered as gambling, you don't know what will happen next! But I think there are some factors to not under-valuate: - speculation, whale, investors coming etc. You need to monitor always the coin you bought. Just 10 minutes later and you can lose everything. 10 minutes before and you can multiply your earning. Focus on the market and place your bids carefully. - development activity. Try to focus on developer, how he wrote messages, how he develop etc. He can appear a good developer.. and disappear in 1 day and leave the coin at 1 satoshi. - on free time, read about alt coins and (of course) bitcoin. Try to understand how most people will move on the market. Trading coul be an investment, but who trade must be focused on many aspects.
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OBAViJEST
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August 09, 2015, 06:59:40 PM |
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Check the fees. Many exchanges have so high fees that you have to struggle to make a profit.
Only start with a very small amount. I would use $20 only. You will lose it anyway so it's better to learn cheap.
Don't act on emotions. Never. That is a really hard lesson you need to learn.
Fees got me in the beginning.... Emotions got me later on! This advice is solid... But usually best learned personally -_-
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BitcoinNewsMagazine
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Activity: 1806
Merit: 1164
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August 09, 2015, 07:14:03 PM |
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If you want to get your feet wet trading consider buying and selling hashpower at Hashnest. There are several advantages to trading hashing power rather than bitcoin. When you have a position open you are earning extra income from mining. Hashnest internal market is very liquid and offers a range of contracts to trade in. UMISOO is very popular with traders as it is more sensitive to bitcoin price than other contracts like S5. For example, right now UMISOO price is depressed due to yesterday's slide in bitcoin price, presenting a buying opportunity. If you bought both S5 and UMISOO hashing power today if bitcoin price increases $10 tomorrow the price of UMISOO will gain significantly more than S5. You can trade less than 100 GH/s lots at Hashnest, so if you only have $100 to learn with no problem. If you need some tips on how to get started you can read how to profit with Bitmain Hashnest for advice.
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Scaccomatt0
Legendary
Offline
Activity: 1120
Merit: 1000
https://cryptoworld.io
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August 09, 2015, 08:09:56 PM |
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If you want to get your feet wet trading consider buying and selling hashpower at Hashnest. There are several advantages to trading hashing power rather than bitcoin. When you have a position open you are earning extra income from mining. Hashnest internal market is very liquid and offers a range of contracts to trade in. UMISOO is very popular with traders as it is more sensitive to bitcoin price than other contracts like S5. For example, right now UMISOO price is depressed due to yesterday's slide in bitcoin price, presenting a buying opportunity. If you bought both S5 and UMISOO hashing power today if bitcoin price increases $10 tomorrow the price of UMISOO will gain significantly more than S5. You can trade less than 100 GH/s lots at Hashnest, so if you only have $100 to learn with no problem. If you need some tips on how to get started you can read how to profit with Bitmain Hashnest for advice. thank you for the info. Trading hashpower is a word that i didn't know. Gonna read something, thanks
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Borisz
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August 09, 2015, 09:08:53 PM |
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I am not a great trader, but those tips served me...
1) Create a spreadsheet to record your buying and selling, the price you bought /sell, the costs, how many coins were sold etc.
2) Start buying as low as you can. I usually try to trade intra-day so I check the minimum price for the day and try to buy at or slightly above it. Don't spend all your money, perhaps only half it.
3) Having this first buy as a reference in your spreadsheet, try to sell the coins obtained very slightly above, but with earnings. If the price does not go up, but instead goes down, buy again with the remaining money and expect to raise.
I know it is not a greaaaat strategy, but it gets you started and begin to learn along the way.
Thanks maokoto, you got some good starter ideas there. When trading small this way dont you get eaten up by the fees? since the fee is percentage based, if you sell higher you wont lose anything I think the transaction fee is with respect to the trade volume and not to your margin. Example: You bought 1 BTC at 1000 $/BTC You sold 1 BTC at 1001 $/BTC Trade profit: 1 $ Fee: 1000 * 0,002 = 2 $ Net profit: -1 $ (aka loss) Actually it might be worse than that as some exchanges charge both on the buy and sell side. So using your example: You bought 1 BTC at 1000 $/BTC You sold 1 BTC at 1001 $/BTC Trade profit: 1 $ Buy Fee: 1000 * 0,002 = 2 $ Sell Fee: 1000 * 0,002 = 2 $ Net profit: -3 $ (aka loss) So here you would only be in profit by waiting until the price is high enough to offset all your fees, in this case you would need to sell > $1004 to be in profit, as you already "lost" $4 in fees. I was just trying to make the point that the fee is not to be paid from your "margin" (in which case how would you pay a fee if you made a loss? ), but from te overall trade amount. Of course, usually you pay both on sell and buy, which makes it even trickier.
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