I'm brand new to this and excited to get started but also don't know where to begin. I've been looking into services that offer education as well as give you alerts on specific trades they see as potentially profitable. Anyone have any suggestions on a reputable, affordable service? I've been looking specifically at Crypto Investing Insider. The reviews I've seen have been good. Can anybody give me some direction, it would be much appreciated. Thanks!
The problem with any sort of paid service or even free ones when it comes to following trades, is the information is gonna be heavily biased towards the person offering it to you over helping you.. here are some examples.
1) Could be selling a class for crypto noobies... the class offers overly generic information that could be found anywhere for free but could be useful information for someone who is just starting out.
2) The information could be offering one way to trade, but that strategy might not be appropriate for your portfolio size or risk level. You definitely would trade differently with 1 million dollars compared to 1 thousand.
3) Signal groups for trades can be a self-fulfilling prophecy but you never really know the person offering the information is being legit. They may know some sort of news.. but they could just as easily be trying to pump the price because they are bag holding. Since everyone makes mistakes and no ones perfect, they could just write this off as a mistake later with really no harm coming from shilling you their bags.
4) The information is somewhat useful but leaves out important info that is necessary for applying it. You may get information on arbitrage for example but if you're only intent on working with one exchange, this information no matter how useful won't apply for you.
So here's a couple I suggest, they don't talk anything about specific trades.
https://www.youtube.com/channel/UCvQ12D5GqyW1qtM0a3Qpwcw - this guy's training videos are very basic, but some useful information on how to setup charts correctly (color, gridlines, basic trend lines, fibonacci extensions, etc)
https://www.babypips.com/ - this site is super useful for learning about candle patterns on charts
https://www.youtube.com/channel/UCbcxHiowf0TSNKn3xVpGTiQ - I don't really use this guy's method, but the way he relates to support/resistance can be incredibly useful for beginners. Sometimes information you don't use can open your mind to a different way of thinking.
The absolute most important thing in trading is buying low and selling high. It sounds so crazy but almost no one follows this. You have to buy when things are red and you have to let go of them when things are green, without worry of missing out or fear of it going to zero. How you go about your entries and exits you can work on through technical analysis and understanding all the cause and effect things in the market (like how btc price affects altcoins in every possible scenario), but if you aren't willing to buy low and sell high, you will never make it in this game, emotion has to stay out of it. Emotional people who follow others will get rekt by whales in this market and scared to death by noobs who panic sell and want others to follow them. Learn the right principles of trading and start slow, if you don't have much money, just paper trade all day long. When I first started I was scared to death, so I started doing 100 paper trades a day and until I was breaking over 50% I didn't invest any real money. Not trying to scare you I just want to make sure you are getting the right information quickly enough (because people just starting out are willing to accept advice more than those who have done it a long time, you just aren't as defensive of criticism) for it to make the largest amount of difference.
Good luck.
