Trading altcoin for the first time...

[beans4crypto]

I want to learn to trade alts, on Binance, but am just afraid to begin.  Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks.  Can I get by with just those two indicators for trading?  Or, are there more "tools" I should use?  Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

[1714042635]

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[1714042635]

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[Awesomus Maximus]

I want to learn to trade alts, on Binance, but am just afraid to begin.  

Binance is a good choice to start with trading for the first time.

Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks.  Can I get by with just those two indicators for trading?

Of course, you can use Bollinger bands. Many people do. You can get by with it, but don't rely just on it. Try to have as many different signals as you can, including signals that have nothing to do with technical analysis.

Or, are there more "tools" I should use?  Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

Yes, there are many more tools, but you have to start somewhere without making things too complicated. In fact, you don't have to use tools at all. Some people trade just by following the charts, without any tools. But it is good to have a system, especially if you are just beginning.

Make as many trades as you can, because your main point for you now is to learn. You will soon figure out how things work, because practice makes perfect.

Be patient. Don't be too happy when you win, and don't be too sad when you lose.

[madnessteat]

The Binance cryptocurrency exchange is a good choice. You can trade without using technical analysis. If you receive news on cryptocurrencies on time, you can earn good money. I'm not talking about channels with pumps or signals. It is the news on the coins from official sources. Do not use money that you are afraid of losing! Sorry mi English.

[Lakai01]

Hi and welcome to the forum!
You can use any of the wide range of indicators out there, BB and candlesticks are definitly one of the easier indicators to understand. But always keep in mind: they are just indicators and cant predict the future. Dont rely too strictly on them.

[cuong1610]

Only going to spend $20 worth in fiat to start out, until I learn this.

Do you think that with $ 20 will help you learn?
 And Binance is a good place to start.
Please join it with psychological comfort. Good luck !!

[shade jenn]

I don't know if there might be some website providing a demo account, you might be able to try it first instead of using your real funds, if your purpose is only for learning.

[wvizmanos]

They will be good for now since you're just a beginner. You will soon find out however, that these must be accompanied by market sentiments (the non tangible signals) in order to better predict the direction of the price. Along with these sentiments couple them with the best and proven candlestick patterns.

When using candlestick don't rely on just one candle. There are available tutorials out there that teach which group of candles to look for before entering the market. A group pattern is far more effective than just one candle pattern, imo.

And lastly, keep in mind that a bearish market does not mean you can't gain anything in trading. Go with the flow.

[pooya87]

those two are good but unfortunately when it comes to altcoins and trading them, everything you know goes out of the window because they are extremely manipulated. and in a manipulated market you have to look for the signs of manipulation aka pump instead of looking for technical analysis signs of a rise/fall.
in a way you have to learn the tricks of the market rather than learning how to trade in my experience. for instance knowing what are the things that can instantiate a pump.

long story short, my suggestion is that you should start trading. using $20 that you mentioned is a good idea. just begin and see how things are going. and slowly learn more and gather more experience. and know that it is going to take a long time.

[HabBear]

I want to learn to trade alts, on Binance, but am just afraid to begin.

If you're afraid you're not ready for this. Trading alt coins or cryptocurrency at all is super risky. It's not for the faint of heart, as people say.

What's your background in investment trading? Have you dabbled in anything else? I don't think you'll be able to remove the emotion from the transactions.

[Lakai01]

I don't think you'll be able to remove the emotion from the transactions.

Definitly, thats by far the hardest part for newbies in the market. They cost me a good amount of money back in my early trading days. I am still not able to manage my emotions 100%, especially at risky trades.

[OgNasty]

Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

I think the learning experience will be well worth your $20. Don’t get caught up in trying to turn that into something. Use it to gain as much knowledge and experience as you can.

[boyptc]

I want to learn to trade alts, on Binance, but am just afraid to begin.  Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks.  Can I get by with just those two indicators for trading?  Or, are there more "tools" I should use?  Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

Practice that method if you think its effective to you improve yourself with it.

I'm about to say that only spend few bucks on that practice so you can rely on yourself if that's effective to you. Keep on trying, you will be ups and downs but it will be worth it once you're established as a trader.

Good luck with it and don't let yourself get into frustration if ever that $20 won't expand in short time. Learning is a process.

[beans4crypto]

Wow!  Didn't expect so much help!  Thanks everyone.   I'm glad I ran my ideas through you all and from what I've read, looks like I'm on target in what I want to do.

I was going to take maybe $20 worth of what I have in ADA and trade it for another hopefully "hot" alt coin.  Just to learn the trading part of Binance.  I still have to learn "stop loss" I guess though too, as I'm not wanting to lose much of my $20 if I can help it.

I'm still watching several more vids on how to do this. I guess now would be the time to trade with the crypto market being in a valley.

[lotao]

Binance is a very suitable platform for trading. In the cryptocurrency market, you need to learn a lot of knowledge. You can't just rely on the "candlestick"!

[justin86]

I think you don't need to watch anything for that, when I started I was knowing basically nothing, started with $200 and make neither profit nor loss but it was good, at least I didn't felt that I was **cked up by some youtuber  

[taquine]

If you really do it seriously, if you are still learning not. try using the application on android, I have tried it with a demo account. I forgot the name. you can learn how to trade there. later if you can get into a large site.

[harizen]

I want to learn to trade alts, on Binance, but am just afraid to begin.  Most of the vids I've seen say to use Bollinger bands along with, of course the candlesticks.  Can I get by with just those two indicators for trading?  Or, are there more "tools" I should use?  Just seems a bit overwhelming! Only going to spend $20 worth in fiat to start out, until I learn this. Any suggestions would be appreciated.

Don't force yourself learning that candlesticks and any chart related terms during your newbie phase. It will just gave you more headache. Altcoin price movement is so volatile that technical analysis even how good it is are sometimes can't be applied.

Didn't you know that some of the good traders start without learning those chart terms at first? What you must do is to give your own definition of "buy low sell high". It's just a simple term but difficult to execute for others. That will be your assignment.

Since you will risk only an amount that is afford to lose, do trades regularly. Believed me, once you are used to trading, reading chart lines will not be difficult to you and honestly I guess you will not rely on it mainly as what you will look into are volumes and reading speculations about that coin.

This will take time. Don't rush. You will experience loss on the way that is common. There is no shortcut to success trade.

[pooya87]

I still have to learn "stop loss" I guess though too, as I'm not wanting to lose much of my $20 if I can help it.

that is the best thing to learn but also don't be too hard on yourself about it because it is nearly impossible sometimes to set a proper one for altcoins since they can be extremely volatile  and they can have down and ups which can trigger an undesired stop loss. but at the same time it is a necessity.
having a better speculation of the ongoing trends can help a lot in this case.

[SuiMikira]

You should must be good at manually trading before starting use  tools to trade. Starting with small amount to get experience first is good strategy, you must learn when to buy in, when to sell out, stop lost, calculating your trading profits, building your strategy, it's quite hard works.

[Rashid pk]

Crypto trading is a little more risky job, you need to know more about Crypto world before join Crypto trading.