What would be your recommendations when trading crypto?

[icecube45]

The most important thing in trading crypto is a skill, but patience is also needed in order to make the appropriate action. Most traders difficult to control the emotions that can not make a good profit. Which the most important is to choose a site that truly reliable and not a scam.

[virasog]

The most important thing in trading crypto is a skill, but patience is also needed in order to make the appropriate action. Most traders difficult to control the emotions that can not make a good profit. Which the most important is to choose a site that truly reliable and not a scam.

Well, i also agree with it need patience. When we start to do trading and than automatically we gain skills but if we have a patience for growing price and take decision for making profit, than its mean we become good trader. I realize trading is not difficult, take a decision on the spot, it is difficult.

[wuvdoll]

Aside from following the news surrounding Bitcoin and altcoins, it's also a good idea to analyse the market in question itself and look for long term trends for example.

If you want to do successful day-trading, you need a really volatile market.
There are a lot of tutorials available to learn how to day trade.

Yes and once can just visit market daily see the coins that went up and down, do this for a week note it on a paper and you can easily analyse that which coin has potential while which coin is being pumped unnecessarily and hence make the best decision to buy the coin and to sell it too.

[Mark02]

Aside from following the news surrounding Bitcoin and altcoins, it's also a good idea to analyse the market in question itself and look for long term trends for example.

If you want to do successful day-trading, you need a really volatile market.
There are a lot of tutorials available to learn how to day trade.

Yes and once can just visit market daily see the coins that went up and down, do this for a week note it on a paper and you can easily analyse that which coin has potential while which coin is being pumped unnecessarily and hence make the best decision to buy the coin and to sell it too.

Yeah researching about the coin first is the safest thing to do. Make sure to research about their future update to be made. The 24 hour High and Low and the volume of coin traded in that day. Researching for its movement in a week or month is also highly recommended as it helps you to understand its flow and make it easier for you to decide whether you will engage to that trade or not.

Be attentive to coin that uses Pump-and-Dump Scheme, you can see it easily by looking at the market since it has a very high risk of investing to it. But, analyzing deeply how they are doing that. It can generate a huge profit from it. So, you must develop your predicting skill in order to become a successful trader.

[davinchi]

I have tried trading several altcoins and have found that some of the lesser known altcoins will just drop in value to almost nothing over time and I am left holding the bag. It may be best to stick with a few of the major coins when trading.

There is a reason behind why such things happen and that is because the coin that has a small ICO and hardly got any funds wont be able to implement their plans, if they had any and hence the coin has to die one day or other and they just wait for that day.

[BitcoinHodler]

one of the most important recommendations that i don't see anybody mentioning here (or maybe i missed it) is that you should never keep larges sums of money (crypto currency) on exchanges, because you would be trusting a third party with your money and they can run away or get hacked or lie about getting hacked and this has happened so many times already.

[SAMKUSH]

I usually avoid altcoin trading, I mostly trade BTC/USD using high leverages on sites like bitmex. I have also used bitcoin brokers that offer cfds to trade forex using bitcoins, I find bitcoin can be too unpredictable some of the time. The best place to start would be trading BTC/USD using small leveages to minimize loss.

[mirakal]

I usually avoid altcoin trading, I mostly trade BTC/USD using high leverages on sites like bitmex. I have also used bitcoin brokers that offer cfds to trade forex using bitcoins, I find bitcoin can be too unpredictable some of the time. The best place to start would be trading BTC/USD using small leveages to minimize loss.

Maybe you are comfortable with  BTC trading because you have a decent amount of capital, me I trade altcoins also since it is good for day traders like me seeing a big price fluctuation and even if I have only a little amount of capital I can easily make money with it trading altcoins.

[icecube45]

The most important thing in trading crypto is a skill, but patience is also needed in order to make the appropriate action. Most traders difficult to control the emotions that can not make a good profit. Which the most important is to choose a site that truly reliable and not a scam.

Well, i also agree with it need patience. When we start to do trading and than automatically we gain skills but if we have a patience for growing price and take decision for making profit, than its mean we become good trader. I realize trading is not difficult, take a decision on the spot, it is difficult.

Yes, that is true. Very difficult to take decisions in the trade, and therefore needed patience in making decisions. At the beginning of my trade are often poor decisions because impatient, and in the end one took the decision that suffered losses.

[clickerz]

one of the most important recommendations that i don't see anybody mentioning here (or maybe i missed it) is that you should never keep larges sums of money (crypto currency) on exchanges, because you would be trusting a third party with your money and they can run away or get hacked or lie about getting hacked and this has happened so many times already.

You are right, I am reminded of bitfinex and mtGox. and also, before you buy a coin,check the wallet first if its working or delays. Sometimes when you buy and transfer to other wallets or exchanges for arbitrage, you will get stuck,sometimes for weeks.You'll lose because when all cleared up,coins price already gone down.

[goldcoinminer]

one of the most important recommendations that i don't see anybody mentioning here (or maybe i missed it) is that you should never keep larges sums of money (crypto currency) on exchanges, because you would be trusting a third party with your money and they can run away or get hacked or lie about getting hacked and this has happened so many times already.

You are right, I am reminded of bitfinex and mtGox. and also, before you buy a coin,check the wallet first if its working or delays. Sometimes when you buy and transfer to other wallets or exchanges for arbitrage, you will get stuck,sometimes for weeks.You'll lose because when all cleared up,coins price already gone down.

If your problem is about the wallet then I would say that is not a serious problem, bitfinex was hack is something questionable and some are thinking that it could be an inside job but who cares, we cannot trust exchange sites, we just have to be cautious and if possible never maintain your money in an exchange site, diversify it with others as well.

[StarofBTC]

The most important thing in trading crypto is a skill, but patience is also needed in order to make the appropriate action. Most traders difficult to control the emotions that can not make a good profit. Which the most important is to choose a site that truly reliable and not a scam.

Oh yeah, skills and patience are the two most important things to hold of. Make sure you take enough time to learn the everything of trading before you take the step of investing your money, else you may just risk it and you start regreting when things go wrong. Hence, learn a lot about trading before you start investing your money.

[Johnyloco]

I would recommend to spend time investigating the coins you want to invest in. Don't give notice to the trollbox on exchanges, they are mostly there to walk away with your money. Start with small amounts and when your confident in not losing your money, start increasing your investment portfolio

[maydna]

i don't know about the book that discuss about trading cryptocurrency but what i do is i only search the informations about trading cryptocurrency and read from website. the good thing is in out there many website give this info for free and we can read it and ask by personally.

after reading the info, usually i go to the market, i take a look on every coins and thinking what coins that could help me to make money. after i selecting the coins, i make some analyze with buy order and sell order. if i think i can buy then i am buy.

[Oilacris]

I would recommend to spend time investigating the coins you want to invest in. Don't give notice to the trollbox on exchanges, they are mostly there to walk away with your money. Start with small amounts and when your confident in not losing your money, start increasing your investment portfolio

We  should really not  rely to those person  who speaks  on  trollbox because  as  you said   they would mostly  there to take your  money  on to their coin thats  why  newbies dont have   awareness   in the troll box for sure   would  lose  up  money when they  tend  to trade with it.  Buy  low  sell high  doesnt work  anytime  when you are trading  because same as others said  here that  you would really need  up patience to do such actions or decisions.

[xSkylarx]

Be patient what you are trading. If you can't wait for a week or a month then stop trading cryptos. You'll just end up losing your capital if you are not patient in trading. Not all cryptos always pump. You can't predict when it will pump so you really need patience to gain profit.

[Snorek]

Be patient what you are trading. If you can't wait for a week or a month then stop trading cryptos. You'll just end up losing your capital if you are not patient in trading. Not all cryptos always pump. You can't predict when it will pump so you really need patience to gain profit.

Not the case here. You are talking about position trading (when you hold your assets for months to years) or in the best case swing trading (days to weeks).
You know that there are other types of short time trading like Day trading (self explanatory) and Scalp trading (seconds to minutes)too?
Let the op decide which trading pattern he feel the most comfortable with and practice.

[pooya87]

Be patient what you are trading. If you can't wait for a week or a month then stop trading cryptos. You'll just end up losing your capital if you are not patient in trading. Not all cryptos always pump. You can't predict when it will pump so you really need patience to gain profit.

Not the case here. You are talking about position trading (when you hold your assets for months to years) or in the best case swing trading (days to weeks).
You know that there are other types of short time trading like Day trading (self explanatory) and Scalp trading (seconds to minutes)too?
Let the op decide which trading pattern he feel the most comfortable with and practice.

patience is not about waiting for weeks, months to reach the position. patience means waiting to reach that position and not give up with any single small swing.

as and exaggerated example if you want to sell bitcoin at $650 and have bought at $600 don't just panic and sell if you saw price going from $640 to $639

[traderethereum]

Be patient what you are trading. If you can't wait for a week or a month then stop trading cryptos. You'll just end up losing your capital if you are not patient in trading. Not all cryptos always pump. You can't predict when it will pump so you really need patience to gain profit.

Not the case here. You are talking about position trading (when you hold your assets for months to years) or in the best case swing trading (days to weeks).
You know that there are other types of short time trading like Day trading (self explanatory) and Scalp trading (seconds to minutes)too?
Let the op decide which trading pattern he feel the most comfortable with and practice.

patience is not about waiting for weeks, months to reach the position. patience means waiting to reach that position and not give up with any single small swing.

as and exaggerated example if you want to sell bitcoin at $650 and have bought at $600 don't just panic and sell if you saw price going from $640 to $639

patience its meaning don't get panic if there is down trend and make cut loss for the coins, just make sure first before you want to cut loss. beside that, don't too rush when you see the price is suddenly get jump and you think oh this must be another pump and you decide to buy because you don't want to be late to make profit.

we don't know what will happen in the market, and with patient and still calm, we can make analyze and decide when we want to buy and sell our coins. sometime patient is worth than cut loss and we can still analyze other coins that maybe have opportunity to get jump for the price.

[milewilda]

Be patient what you are trading. If you can't wait for a week or a month then stop trading cryptos. You'll just end up losing your capital if you are not patient in trading. Not all cryptos always pump. You can't predict when it will pump so you really need patience to gain profit.

Not the case here. You are talking about position trading (when you hold your assets for months to years) or in the best case swing trading (days to weeks).
You know that there are other types of short time trading like Day trading (self explanatory) and Scalp trading (seconds to minutes)too?
Let the op decide which trading pattern he feel the most comfortable with and practice.

patience is not about waiting for weeks, months to reach the position. patience means waiting to reach that position and not give up with any single small swing.

as and exaggerated example if you want to sell bitcoin at $650 and have bought at $600 don't just panic and sell if you saw price going from $640 to $639

patience its meaning don't get panic if there is down trend and make cut loss for the coins, just make sure first before you want to cut loss. beside that, don't too rush when you see the price is suddenly get jump and you think oh this must be another pump and you decide to buy because you don't want to be late to make profit.

we don't know what will happen in the market, and with patient and still calm, we can make analyze and decide when we want to buy and sell our coins. sometime patient is worth than cut loss and we can still analyze other coins that maybe have opportunity to get jump for the price.

Thats  really the  hard   part on doing trading  because  of  doing  assumptions  anytime  on  price  movements. Making decision on cut  loss  would  do as  long  it would  hit  the   right  spot. Lets  not assume   that our expectations   would be always right because   price movements  are really  unpredictable  and  would  even break  our   hopes. The  main thing   we could  do here is to  get out   on the right  time  to make successful trades.