how to trade effectively

[dohuusang]

Hi guy, how to trade effectively ?

[Boojapho]

Find a high volume, reliable exchange with low trading and withdraw fees
Analyze both the fundamental and technical side of a coin
Buy low, sell high;  Buy on the rumor, sell on the news
Don't invest more than you can afford to lose
Do not let "fear of missing out" or "panic" dictate your trades

[LT4]

Trading is not like eight hours job. It does it matter what's going on at the time and what analisys are you using, and what time you prefer. You have to find your strategie.

[LisaOrange]

Go to paxful.com sign up then complete 2-factor authentication. They offer 300+ payment methods

[Peter8226]

First priority for me is Money Management.

[kanna]

In order to trade effectively, u need know well about all things which u are chasing, and the advantages and disadvantages of the coin u own! When you start your game, you can decide the game's result. If not, maybe you are not lucky! 

[NikitaSkublov0202]

It is important not to neglect the power of altcoins, or non-bitcoin cryptocurrencies. Altcoins are less prone to public speculation. Their smaller market caps are more prone to larger swings in pricing. Each altcoin has a purpose and an intent, catering to different niches. There are larger risks associated with investing in altcoins, but also larger rewards. My personal favorites are DASH, ZCash and Monero.

An example would be allocating percentages based on your risk tolerance. It’s something like managing a fund. Some altcoins are more stable like Ethereum, while some are more prone to fluctuation. In one instance a trader might allocate 50% in Bitcoin, 25% in Ethereum, 20% in DASH, and 5% in ZCash.

[chaitanya31]

Hi guy, how to trade effectively ?

To become a successful Bitcoin trader, its necessary for an individual to manage these responses appropriately. Great opportunities present when the market becomes irrational due to an abundance of fear or greed. This frequently occurs following major price movements or dramatic news. At such times, weaker traders are overwhelmed by emotion and misprice their trades.

Smart investors build long positions when price is flat and public interest is low during the stealth phase. Traders aim to open long position in the troughs (bear trap, bull trap and despair) and open short positions at each peak (first sell off, new paradigm, and return to normal). Traders thus attempt to profit from every phase of the cycle; a lot harder but also far more profitable if achieved.

Of this trading capital, never risk more than 5% on a single trade. Neophyte traders should not risk more than 1%. If your trading is successful, the size of each trade in absolute terms steadily grows as your trading account swells. If unsuccessful, at least losses are kept to a minimum, which allows time to adjust your trading plan.

Initiating a trade without a clear exit strategy is a recipe for disaster. Determine beforehand the price at which youll cut your losses if the market moves contrary to expectations. This level is known as a stop-loss and its critical to market survival. Limit your losses below 25% of your position size. A stop-loss is wisely placed on the other side of a level at which price has reversed previously, the more times the better.

[stilltrying]

trade effective is. feeling and know about that coin

[Nylelyn]

In order to trade effectively, u need know well about all things which u are chasing, and the advantages and disadvantages of the coin u own! When you start your game, you can decide the game's result. If not, maybe you are not lucky! 

In addition to the above and be able to trade effectively, please read the following pointers that might be of help:
1. Give some time to observe the coins you want to trade.
2. Coin monitoring is the key, anywhere and any time.
3. Understand the highs and lows and the price range of most of the coins to know when to buy.
4. To get big profit,  buy coins at low price and place it on sale at a high price.
5. Set limitations for each trade you undertake.

[01BTC]

Besides reading all the advices in your thread, READ more on this forum , there are many How to.. etc  . It's nearly imposible to say in few lines what is good what is bad and most important what suits better to your needs .. see Day trading VS Long term.

I am also new to all this and I keep reading atm and still learning, the first decision I made personaly was to make Long Term investments!

So take your time, coffe and good luck!

[iagyei259]

Learn technical analysis  through  chart  reading,  get the interpretation  of how news affect price news and listen to what other traders are saying  of the coins you are trading. Risk and money management is a must learn skills if you want to trade effectively.

[altGear]

Join CryptoSmart HUB "a community for crypto beginners" https://discord.gg/jyTXVWz and study the materials pinned in #education where there is a wealth of trader tips, tricks and resources from some of the best traders, investors and financial analysts! Check out the "Crypto Trader 10 Commandments" I posted there. Follow @altGearOB on Twitter to get updates on BTC, fundamental and technical analysis.

[zoata87]

Personally, I think the most effective way to trade cryptocurrency is to do a lot of research about the project, look at the team, the community, and the roadmap since most cryptocurrency will pump based on the hype about updates, partnership, exchange launch, new team members, etc...
And in order to know this information, you will need a lot of hours of research about the project and daily since the crypto world change very fast.

[WillowEvul]

The golden rule of crypto trading is to not get stuck with a single coin. Always try different options, exchange, trade and hodl! 

[anneg814]

Reading and Learn, and ask some of professional trader what best way to trade or Technic and join some group of trader, community, Where do you get those idea about trade.

[kingzpro]

To trade effectively you should know about support and resistance and be able to read charts, in simple words you should be good at both technical and fundamental analysis.

[thotknectar]

I recommend just first knowing what your end goal is for the experience -
Try to map out the possible answers for these three questions
What are my highest crazy goals?
What are my predetermined ‘moderate’ goals?
Will I have a heart attack if I lose all this money?

If yes to the last one walk away! or choose an amount you
Can live without!Never worth losing your sanity lol

Then map out your answers to these questions -
How much time do I have per day to stay up to date with
The progress of each coin I hang onto?
How long am I willing to wait until this produces some extra value?
What will it look like when I need to sell a coin?

That last one is important!!! Outline the specifics of your own
Personal requirements for a coin you feel you should be hanging
onto and an even MORE detailed outline of what it looks like
When a coin needs to leave your portfolio. This is what makes
You an efficient trader! Know your needs and commit to selling
When you see the signs.

[Crytptohack]

There are a lot of technical trading books that have been written. Check Amazon and you will see so many, you will not know which one to choose.

There are basic TA vids on YT and in general, they are mostly the same with support and resistance levels for example.

Trading is NOT easy and you can loose all of the money you put aside from trading. If it was easy, everyone would be doing it and have millions of dollars.

[bitzzz]

For the purpose of trading, you need to consider how to get profit. We all know the price in bitcoin world would fluctuate much greater than other like stock. You need to be careful when catching the highest price because it may soon go down and you lose your money. A general strategy is to choose the best coin on your own and get some when the price is still low. HOld and wait for it to go to moon.