How to start trading alt coins? Beginner Tips!

[VTS]

Trading beginner tips!

( Brought to you by Licensium & Trusted Nodes team members https://bitcointalk.org/index.php?topic=2129844.0)

1. Regularly read Bitcointalk forum
2. Check coinmarketcap.com for current real coin values
3. Check coinmarketcap.com history of coin you are interested in
4. Check the ANN thread of the coin on Bitcointalk
5. Many coins have their own blogs/ forums you need to follow to be up to date
6. At start choose coins that are already established and stable
7. Make yourself a portfolio of 3 - 5 coins for start
8. Do not jump in ongoing coin pumps, you never know when it will dump.
9. Make yourself a strategy for coins you will long term invest and maybe 2 gamble coins that are more risky but offer higher profit.
10. I recommend starting with Bittrex I cannot recommend Bittrex anymore because they need to verify your IDENTITY in order to let you withdraw BTC and alt coins.
11. Do not instantly sell your coins if they dumb instantly for no obvious reason ( research why)
12. At the beginning its better to aim for small profits like 5% - 10% +
13. Always keep some BTC to react when needed (buy)
14. Start slowly, take your time. 2 month in research and observation is recommended.
15. Always reinvest a share of your profit in your favorite coins and use a share of profit to gamble
16. Do not jump instant in new coins with big investment. If it looks promising to you start low and follow the progress.
17. If you advance and make good experience you could start to invest in icos, but watch out lots of scam around.
18. Pull out some % in USD from your profit from time to time.
19. Control your emotions when the prices is going up or down.


* Additional Tips from community members:

20. Never be emotional in your trading. Be objective! (thx to @Investor for the tip)
21. I also advice that when you already developed a good trading strategy, you stick into it and keep your discipline  (thx to bamboylee for this tip)



Good luck!

Would appreciate to add more tips to the list to give some valued info to beginners!

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[Bittoshi]

I agree with your points. You should especially look for forum threads in the announcement section that have more views than the others. This means that these threads attract more attention then the others. Here you can find some of the most promising altcoins. Then try to find out which of them are still undervalued (relatively low market cap, not in the top 20 of coinmarketcap but on the other side, the market cap should not be below $10.000.000, there should be already some kind of a value). Make sure that they have a strong community and active developers with a plan for the future.

[VTS]

I agree with your points. You should especially look for forum threads in the announcement section that have more views than the others. This means that these threads attract more attention then the others. Here you can find some of the most promising altcoins. Then try to find out which of them are still undervalued (relatively low market cap, not in the top 20 of coinmarketcap but on the other side, the market cap should not be below $10.000.000, there should be already some kind of a value). Make sure that they have a strong community and active developers with a plan for the future.

Thx for the input!

1 question:

"the market cap should not be below $10.000.000"  Why not? I do have some coins with cap 2.5 mio and I cannot complain. Can you elaborate why you aim for 10 mio cap?

[janggernaut]

Nice input. Most of your advice is true and these can be easily undertand by begginers.

 

"the market cap should not be below $10.000.000"  Why not? I do have some coins with cap 2.5 mio and I cannot complain. Can you elaborate why you aim for 10 mio cap?

What he meant might be because most of coins which have small market cap ($10 million) will be dead and turned to shitcoin (price dropped to 1 satoshi) and people don't trade that coin again.

[RoommateAgreement]

1. Regularly read Bitcointalk forum

bitcointalk is very good but it also is filled with lots of FUD and false information. specially about altcoins, people always hype them up when they aer bag holding not when they are low and starting to rise.

2. Check coinmarketcap.com for current real coin values
3. Check coinmarketcap.com history of coin you are interested in

it is best to check the exchanges to get the live data instead in my opinion.
mostly because the charts on exchanges are a lot better than the charts on coinmarketcap.com

4. Check the ANN thread of the coin on Bitcointalk
5. Many coins have their own blogs/ forums you need to follow to be up to date

the same as #1. it is good but as long as you are aware of the hype.

8. Do not jump in ongoing coin pumps, you never know when it will dump.

for starters, i agree. this is a good suggestion. but jumping on pumps is one of the good ways of making profit consistantly every day.
i find it better than holding an altcoin and hoping for its price to go up.

11. Do not instantly sell your coins if they dumb instantly for no obvious reason ( research why)

it depends on how much it got dumped and what coin we are talking about.
sometimes some coins are not worth hanging on to.
sometimes the dump is going to be big and selling with a stop loss is much better than just holding on to something that is losing value.

i agree with the numbers that i didn't quote.

[VTS]

Nice input. Most of your advice is true and these can be easily undertand by begginers.

 

"the market cap should not be below $10.000.000"  Why not? I do have some coins with cap 2.5 mio and I cannot complain. Can you elaborate why you aim for 10 mio cap?

What he meant might be because most of coins which have small market cap ($10 million) will be dead and turned to shitcoin (price dropped to 1 satoshi) and people don't trade that coin again.

You mean there is a chance that the coin could die if no "real value" is behind the coin?

[VTS]

I like low cap undervalued coins too. But you have to buy them less than overs. For example my basic entry stake is 5% of my deposit. So in low cap high risked coins I should invest only 2.5%. I like the expression that you can lose only 100%, but the gain can be much more - it works)

Agree, I also do it like that just my % are a bit different, But same strategy and till now it works (most of the time :-))

[janggernaut]

You mean there is a chance that the coin could die if no "real value" is behind the coin?

Yes that could be. If marketcap of that coin doesn't increasing or keep dropping from time to time, it will be delisted from market/exchange site which resulted you lose your investment because it doesn't has any value again. Example : DIEM coin

[VTS]

You mean there is a chance that the coin could die if no "real value" is behind the coin?

Yes that could be. If marketcap of that coin doesn't increasing or keep dropping from time to time, it will be delisted from market/exchange site which resulted you lose your investment because it doesn't has any value again. Example : DIEM coin

I do have the feeling that smaller cap sometimes attract buy-and-hold investors more than the larg cap coins. Whats your thought?

[janggernaut]

You mean there is a chance that the coin could die if no "real value" is behind the coin?

Yes that could be. If marketcap of that coin doesn't increasing or keep dropping from time to time, it will be delisted from market/exchange site which resulted you lose your investment because it doesn't has any value again. Example : DIEM coin

I do have the feeling that smaller cap sometimes attract buy-and-hold investors more than the larg cap coins. Whats your thought?

You right there. There are some people who want to buy coin which has small cap because it's cheaper than big market cap, and there are some people who want to buy because they think that coin has big potential in the future. Invest in smaller marketcap is like gamble for me, if you are lucky, price will be up and you will ended up with profit, if not, your investment won't growing.

[rumex]

Thanks for the depth you went to educate our forum members. Education is the key for every endevour in life. This will help a lot.

[VTS]

Thanks for the depth you went to educate our forum members. Education is the key for every endevour in life. This will help a lot.

Thank you! Glad you see it this way.

[asanezz7]

Thanks for the advice sir This will surely help the beginners like me in terms of trading or exchanging different coins.

[seattletu]

Begin SMALL ! I feel compelled to push this as much as possible. I couldn't care less how certain you are or how much research you've done. I couldn't care less in case you're a prepared stockbrocker with 20 years encounter on Wall Street. Welcome to the unstable universe of cryptographic money exchanging where showcases frequently change in minor minutes. A steady market can be pumped or dumped by one whale and markets rise and fall in minutes and a few times even seconds.

Little means diverse things to various individuals. A decent dependable guideline is, "Never contribute more than you can stand to lose". On the off chance that you do this and have a win some lose some state of mind, you will quite often have a wonderful exchanging encounter.

[kryptqnick]

OP, I agree with most of your posts but I believe a good advice for a beginner will also be to watch videos about coins on youtube from time to time. And I really don't get your #15 advice. I think recommending a newbie to gamble with some of the earned money is a rather bad advice. Moreover, you talk about investing the profit one made.. I believe some profit has to be withdrawn, for otherwise there's no profit at all.

I like low cap undervalued coins too. But you have to buy them less than overs. For example my basic entry stake is 5% of my deposit. So in low cap high risked coins I should invest only 2.5%. I like the expression that you can lose only 100%, but the gain can be much more - it works)

I think low cap coins are just too risky for one to invest in them, you know. They can be pumped and dumped to easily by their creators. It's better to invest in big cap coins, they are generally more stable.

[VTS]

OP, I agree with most of your posts but I believe a good advice for a beginner will also be to watch videos about coins on youtube from time to time. And I really don't get your #15 advice. I think recommending a newbie to gamble with some of the earned money is a rather bad advice. Moreover, you talk about investing the profit one made.. I believe some profit has to be withdrawn, for otherwise there's no profit at all.

I like low cap undervalued coins too. But you have to buy them less than overs. For example my basic entry stake is 5% of my deposit. So in low cap high risked coins I should invest only 2.5%. I like the expression that you can lose only 100%, but the gain can be much more - it works)

I think low cap coins are just too risky for one to invest in them, you know. They can be pumped and dumped to easily by their creators. It's better to invest in big cap coins, they are generally more stable.

1. "Always reinvest a share of your profit" you might have read over this....
2. With gambling I do not refer to "dice games and such", gambling = invest in coins that are more risky...
 

Other, thank you for your participation to this topic!

[Usuadog]

Thanks for the advice sir This will surely help the beginners like me in terms of trading or exchanging different coins.

x2.

Also, if I may add onto your list is that buy the dips whenever you see the opportunity to do so because top-notch coins is going to recover when that happens.

[Invester]

Some beginner tips:

1. Regularly read Bitcointalk forum
2. Check coinmarketcap.com for current real coin values
3. Check coinmarketcap.com history of coin you are interested in
4. Check the ANN thread of the coin on Bitcointalk
5. Many coins have their own blogs/ forums you need to follow to be up to date
6. At start choose coins that are already established and stable
7. Make yourself a portfolio of 3 - 5 coins for start
8. Do not jump in ongoing coin pumps, you never know when it will dump.
9. Make yourself a strategy for coins you will long term invest and maybe 2 gamble coins that are more risky but offer higher profit.
10. I recommend starting with Bittrex
11. Do not instantly sell your coins if they dumb instantly for no obvious reason ( research why)
12. At the beginning its better to aim for small profits like 5% - 10% +
13. Always keep some BTC to react when needed (buy)
14. Start slowly, take your time. 2 month in research and observation is recommended.
15. Always reinvest a share of your profit in your favorite coins and use a share of profit to gamble
16. Do not jump instant in new coins with big investment. If it looks promising to you start low and follow the progress.
17. If you advance and make good experience you could start to invest in icos, but watch out lots of scam around.

Good luck!

Would appreciate to add more tips to the list to give some valued info to beginners!

Great job, bro, for making this very useful tips list for beginners. Newbies will find this a guiding list for them to start their journey in cryptocurrencies. If I may add though, I would say: never be emotional in your trading. Be objective. Another one, do not be afraid nor disappointed when your coin is going down, it will bounce back definitely.

[benthach]

start off by buying some ark now, still very low marketcap. ark should be a top 5 or top 2 soon, well, after bitcoin of course. just ignore other scam craps with so much hypes.

[VTS]

start off by buying some ark now, still very low marketcap. ark should be a top 5 or top 2 soon, well, after bitcoin of course. just ignore other scam craps with so much hypes.

Please do not post any specif coin promotions/ recommendations in this threat! "This is a beginner how to" THX!