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Author Topic: How do I start out trading with $200?  (Read 1228 times)
ManavKalyan
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November 13, 2017, 06:30:58 PM
 #81

I want to start out trading altcoins but don't know where to start.  I don't have much money because I am a student.

Should I put my money in low cost coins such as NEM or should I put it in higher cost coins such as litecoin?
Should I spend $10 on each coin? $20?
Should I try a few ICOs?

Any help would be appreciated, thank you


Hi, If you want to start trading then that's great news. Like with any other skill this one requires practice and lottsa patience.

If i had $200 to start trading with, I would buy myself some ETH or BTC and move it to an exchange like Bittrex. Of course you know that you need to sign  up in an exchange, get verified etc.. Once the ETH/BTC is in the exchange wallet you are ready. I would look for something that has had a long bull run something that is seeing its all time low or a long time low, then i would read about the coin by visiting its website etc. If I feel it is not a runaway company and ....... I would invest a fraction of my ETC/BTC in it and then picka few more. Its a good idea to keep some currency free, just in case the price drops further you can pick some more to average out .. or as you see fit..

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November 13, 2017, 09:33:36 PM
 #82

There are several options, either to trade on small races and to raise your money for a very long time, or to study the market and take one or two good coins and double or triple your money. Also, a good option involved in some sort of ICO, but you need to study the project well.

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November 14, 2017, 02:25:32 AM
 #83

Thank you all for the great help!  I am trying to figure out which exchange to use.  Coinbase seems good, but it looks like it will take $10 or more if I transfer it from a bank account.  With Kraken and Bittrex, I would need to buy Ethereum elsewhere and then transfer it. 

What is the best way to buy altcoins from a bank account or credit card (preferably with minimal fees)?
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November 14, 2017, 02:17:27 PM
 #84

Probably, $200 is a really good sum of money to try several altcoins. You must not risk with big money — as a newbie you can make some mistakes in the beginning of dealing with crypto. Follow the news about this market, and check the coins rates here https://coinmarketcap.com/
Good luck!!!!!

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November 16, 2017, 12:53:19 AM
 #85

My suggestion is sent all your fund to the exchange and start to trade. if you invest in ICO you have to wait for at least 1 or 2 month to withdraw your token. Your fund will be frozen. If you are in exchanger you can make profit daily if you are great traders. daily profit is important to grow your money. In ICO you can't make daily profit, Be a trader now.
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November 16, 2017, 02:22:58 AM
 #86

It depends on how you handle the risk. if you're willing to trade altcoin then top 10 has a future coin that will eliminate or support the bitcoin legacy. this coins has developed more than any other coins or look for fundamentals that has great project you should spot a trading for a high volume coin.

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November 16, 2017, 02:26:31 AM
 #87

With regards to buying the token with fiat, start by depositing to GDAX (it is a platform connected to Coinbase, but with much lesser fees).

Once you buy ETH there, open an account on Bittrex or Binance (preferably both).

With regards to which coins to buy, it strongly depends on how risk averse you are as an investor. A mid risk (in crypto terms) would probably be holding 40% in BTC/ETH combo, 30% in well established coins that still have potential to grow (e.g. NEO, OMG) and the rest of 30% in lesser known alts with small cap and huge potential, but also huge risk.

If you are more of a risky kind of guy, you can create a portfolio of 2-3 alt coins you did a research on, this might bring you much more money faster, but you are also eligible to loose most of your investment really quick.

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November 16, 2017, 02:32:30 AM
 #88

Firstly, there is no guarantee that you will break even let alone make profit. You might also lose all your money. Trading is totally unpredictable endeavour. Having said this you may have to read get yourself acquainted with fundamentals.

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November 16, 2017, 02:49:36 AM
 #89

There are a lot of strategy in trading cryptocurrencies, the most common strategy is what we called "Buy low, Sell high" I think you already knew that. So you're wondering what coin you should buy? you can check the first 10 or 15 coins here in https://coinmarketcap.com/ and study every coin well and try to invest in it.

If you're looking for detailed strategy i can give you a link. I've read this blog last month ago and i think this is a big help it includes detailed strategy, entry points and exit points etc.
Here's the link: https://www.deepdotweb.com/2017/04/30/tutorial-altcoin-flipping-cryptocurrency-trading-strategies-always-win/

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November 16, 2017, 03:36:45 AM
 #90



Cryptocurrency trading can be extremely profitable if you know what you are doing, but it can also lead to disaster. Even though most traders decide to either go with fiat or bitcoin, other cryptocurrencies can represent viable income sources, as long you as you tread carefully and understand what you are doing.

The first thing you will need is a safe and secure platform to trade your cryptocurrencies.  When you chose one, there is always a process of signing up, well that is easy. Once you’ve signed up, you will need to transfer funds into the exchange.After agreeing, select the currency you are interested in trading and click “Deposit/Withdraw.” In some exchanges, it is also possible to deposit via bank wire. Now all you need to do is find your desired market, in which you will trade a certain amount for another cryptocurrency. Before placing an order, make sure you properly analyze the market, and agree with the current best price. If there are enough available tokens at your eligible price, your order will be immediately taken care of. If not, your order will be waiting for someone to trade at your desired price.
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November 16, 2017, 03:51:54 AM
 #91

I want to start out trading altcoins but don't know where to start.  I don't have much money because I am a student.

Should I put my money in low cost coins such as NEM or should I put it in higher cost coins such as litecoin?
Should I spend $10 on each coin? $20?
Should I try a few ICOs?

Any help would be appreciated, thank you
I would look at a variety of different options and see if you like any in the first place. Then I’d figure out which ones seem most sound by their white paper, the description of their business and strategy. I’d from there narrow down to maybe 2 or 3 and make my move. You could do an ICO during its Pre-ICO stage so then you’d gain more free shares, then you could do something different like see if there’s a specific ICO which has a unique program. I’d try 2 or 3 different things, but read up on it and ask people and get into telegram chats.

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November 16, 2017, 04:41:28 AM
 #92

$200 or $2000, You must always prefer to keep atleast 30% in BTC because no one knows the future of altcoins. This may looks good now but eventually 90% of the alts fail. For your instance check the top 10 alts from 2015 and compare it to today's coins. You will find some huge difference! Lol


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subG
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November 16, 2017, 04:46:02 AM
 #93

Research about the coins or tokens you like and find out which exchanges they are on.  You can get all this information on coinmarketcap.com and click on the "markets" tab in the cryptocurrency you like.  You'll need to convert your $200 to bitcoin and you can do that on coinbase, gemini and many others.  Then send it to the exchange and buy the coin of your choice.  With $200 of btc, you should just pick one or two coins max. 



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November 16, 2017, 08:06:56 AM
 #94

If you are a newcomer. You can choose small coins with huge volume. It can help you earn money

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November 16, 2017, 10:46:53 AM
 #95

I want to start out trading altcoins but don't know where to start.  I don't have much money because I am a student.

Should I put my money in low cost coins such as NEM or should I put it in higher cost coins such as litecoin?
Should I spend $10 on each coin? $20?
Should I try a few ICOs?

Any help would be appreciated, thank you

I would suggest investing in pre-ico when token price at its lowest so in the end of ICO you can at least double your money. Just choose ICO wisely





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November 16, 2017, 04:26:58 PM
 #96

actually in trading you should find your own way, but I will give my opinion a little, with $ 200 you should try to buy coin that has low cost and hold it in the long term.

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