Which knowledge is important for crypto trading?

[Sohailul]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

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[handschi]

first buy a stash of bitcoin, and just hold it.

use a small amount to just do play-trades on different exchanges, to get to know the ways.

follow all the news about bitcoin

reddit/r/bitcoin
this forum here

read into the tech stuff a bit as far as you understand, look the technical advantages of alt-coins, the mining properties to get a glimpse of market swings.

like BCH is sometimes more profitable to mine than BTC.

learn to know when these times are, learn how the market reacts and then react according to that.

[MissionPhailed]

The majority of existing crypto is basically crap and will ultimately fail on the longer term. Try to find out which coins actually add something to the cryptosphere and consider investing in those. I won't name specific coins as I haven't done the necessary research myself yet. Set out a strategy (when to sell/buy) and adhere to it as much as possible. Oh yeah, and diversification is usually not a bad thing!

[aardvark15]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

If you are just learning, start out small by just trading one or two coins. I recommend sticking with Bitcoin or a major altcoin until you have time to learn and do research on others. For whichever coin you pick to trade, buy on a dip (drop in price). I also recommend that you don't buy all at once. Put in a buy order for a small portion of your trading balance. When that buy goes thru, the price could drop more, so buy a little more if it drops again. Keep doing this and you can buy through the drop. When the price increases enough for you to make the profit you want, put in the sell order.

[darthmaul]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

You should be taking it easy at this stage. Get to know yourself on the trading platform and how you work in that environment. In the initially stages off course the coins will look like bunch of chaos to you but you will get to know them in the long run. First understand the trading methods, like there is day trading which you can do with crypto currencies and it works for 24*7 and 365 days. The coins cone from the associated ICO projects which you should be following if you are going to make investment into particular coin. Try to read as much as you can about the coins project and the related development. This gives us futuristic idea of the coin and its value. If it seems good then you can buy it fir long term investment.

For short term investment people often go for swing trading where they will buy coins randomly at lowest possible prices and will sell it highest possible prices thus making the profits.

There are many more methods but you can start like I mentioned here.

[Bagaji]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

Trading in crypto currency is not an easy job op. You will need to have a good knowledge of the coins that you want to trade before you buy them. And that is not all, you will need to know more about technical and fundamental analysis to enable you succeed in trading crypto currency.

[gentlemand]

What is your knowledge of yourself?

Traders fail most often because they have no control over their emotions. If most people did the exact opposite of what their emotions were telling them to do then they'd come out on top.

Does risking any amount of money make you nervous? Most people play right into the hands of the people who conquered their emotions long ago. They're depending on you to buy at the peaks they create and then sell back to them when things are looking their worst.

Think through how you've reacted to stress in the past and then decide whether trading is something that you'll be successful at.

[sweetbet]

Try to identify crypto projects that have value and have a good team. Read the whitepapers, forums, reddit, ask for opinions, etc. There are a lot of rubbish coins out there. Your job is to find projects that make good sense and will enrich the crypto world.

[J. Cooper]

One of the best pieces of advice I've gotten would probably be to take profit. When a trade is going well and you're up a couple percent you always feel like it can go higher. Don't submit to this greed. Dare to take profit.

[harizen]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

Basic knowledge is enough and your stated problem about you can't understand how to get profit on trading is part of basic knowledge. The basic in trading is buy low and sell high. Now that you know the basics, it's now time to learn how to enhanced it.

Your question about which coin is the best is not part of trading studies directly. You must do crypto research about that coin since you are the one who can tell that a coin is best if you able to play with their price. This is the challange here. No matter how people will tell you what knowledge is important here, if you didn't understand fully the basic then you are not good to go and needs more time before you can start.

[deadsilent]

The knowledge of controling emotions. Some newbies can't control their selves from greed. And because of greed they lose a lot of money. It is important that you must be in control even the situation is unfavourable to you. Learn to control emotions.  Also some traders are just buying altcoins based on people's opinions which is bad because they might wrong. Learn how to analyze things first. What's the reason why you buy that particular coin? Make a research and don't just believe what others were saying here because they're might be people who shill their coin. Most of them are just pump and dump coins. Do your study first before jumping in.

[Fatunad]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

Trading would really be hard specially on new comers.I bet you did directly jump into trading without any preparations or studying on its basic informations.You would really find it hard even though on those people who do prepare would still struggle to be profitable on trading and its just normal because no one could able to predict the price movement on the market this is why you should not easily be discourage because its hard,just strive to trade and learn from your experiences.

[BarkingHawk]

First step is understanding what the candles mean, you can find that through google.  Then do indepth research on what coin you want to trade.  Last you just gain experience by doing it over and over again.  Eventually you figure out market movements and how pumps and dumps work, I believe it's only something that comes with time.

[babyshaun]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

you should know technical analysis in trading for you to know if you are really entering the market and you can get a profit. In short, read about trading is my advice only you should know the candles stick chart that you first read and find out if your trading source.

[nelmari]

Yes knowledge is important in trading, how would you be successful in trading if you barely have knowledge about it. Read basic information about trading and the rest will just follow through. You should also know the terms used in trading because it helps you to understand more what traders are talking about. Some of the tips are found here in this forum if you are that resourceful, you'd find them.

[player514]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

If you're trying to get into altcoins, you really need to research deep into which coins will last and which ones will die soon. Don't fall for pump and dumps either.

For the most part, if you're trying to buy altcoins, chances are that you will be buying and selling very quickly. There is a high chance that you'll practically be shorting a few coins. You need to start looking for signals in the news, announcement threads, and potentially even reddit. These all will leave you with information you'd need to trade.

[JRoa]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

All of the information in the cryptocurrency world are very important. Having a knowledge in the cryptocurrency are great advantages because having many knowledges can make more profit.

[notyours]

What you need to know about crypto trading is how it can raise the price of their Coins. You will learn how to read roadmaps they will find here what they intend to do and how it will run on the market. So you will have more knowledge here and you can get rich here. Just be patient and read all the news

[entrepmind23]

I already started crypto trading. But i cannot understand how to get profitable in crypto trading. How to understand which coin is the best for buy. I don't know how to become successful in crypto trading. So guys, please tell me which knowledge is important for crypto trading. Thanks...

Though I am trading for some time now, I would still consider myself a newbie because there is still a lot to learn. The first one to learn is understanding the market. You should know trading psychology and understand how the market works and market cycle because the one that are moving the market are people so at least you will have an idea of how people react to the current price and you will see it through price action. The candlestick patterns and the trends would give you an idea of this to speculate the market. This would be the technical analysis part.

Another aspect that you would like to be updated to is the news about the coin. Its recent developments, how active its developers are and what is the purpose of the coin would give you an idea if the coin would be valuable in the future. A coin that has a real value would eventually go up in price even if there are FUDs every where about it like bitcoin but it can be applied to other altcoin as well. This would be the fundamental analysis.

The combination of technical and fundamental analysis, trading psychology and risk/money management would make you a profitable trader as long as you have patience and a trading plan at hand so that whatever happens, you know what to do.

[xuan87]

The most important things in crypto is updated news because crypto currencies is decentralized things so all of the price is based on market, so when you see a lot of people demand that coin, then big percentage that the coin will going up, chart and technical analysis will help you to predicted the lowest and highest price possibility, the theory is like that, but in reality there are so many things to be consider and so many things that can suddenly happen