[GUIDE] How to achieve good profits with Cryptocurrency trading

[DreamStage]

If you already have the skills and knowledge to achieve it you can ignore this topic.

By this time you probably already heard of cryptocurrencies Trading.
But what does this trading really means?

Trading:
Well in theory trading is when you get something from an individual who you have just gave something to him as well.
In practice, and by practice i mean in the crypto market or any kind of market, you buy some cryptocurrencies from someone and that someone gets your money as an exchange. (Someone can be an individual, a company or something else). On the same way when you sell you give your coins to an individual and that individual gives you money as an exchange.

How trading affects the market (prices / volume):
When you buy some cryptocurrency (Alt Coins especially since they have their prices lower and fluctuate most of the time (volatile)) price of the coin goes up.
The reason why is because the demand for the stock goes up and so Sellers will ask for a newer higher price from the one they bought (there will be less coins to offer).
And so does vice versa (selling -> price goes down because they will lower the sell price - there will be more coins to offer).

Which coins should you buy / sell:
For you to know which coins you should buy or sell to get most of the profits, you should follow some trading information sheet as https://coinmarketcap.com/ for example.
Consider that has alot of Circulating Supply and Volume (24h). These 2 informations state if a coin is dead or basically active on the market.
If you do start trading with a dead coin you will probabily end up with lower price for selling (vs the one you actually bought) and lose some profit since there will not be so much activity with it.
Also consider to read some of their White Papers and know if the coin is worth your time and will actually have some potential.


You can use for example Coinbase pro for your tradings. As it's trustable and reliable till current moment.
DISCLAIMER: I'm not advertising any exchange site, just some feedback from my own.


If you do think i have explained some of the basics about trading feel free to correct me and thank you.
Also suggest some other good exchanges for trading.

[jademaxsuy]

Well, this looks like this will.be effective on advance users here in the forum. A newbie will be having hard time for this.

Anyway, a good exchange will be probably from the local meaning an exchange that were basing in your country as much as possible will be advantage in trading. There are trading sites also suggested in facebook wall or newsfeed and had seen many of it already.

[harizen]

Also consider to read some of their White Papers and know if the coin is worth your time and will actually have some potential.

Not necessarily especially with the new projects today.

It will just create confusions and expectations. Focus instead to the study of coin's volume and behaviour in a given period of time.

Overall, your pointers can be used as reference. That's good.

Well, this looks like this will.be effective on advance users here in the forum. A newbie will be having hard time for this.

That's why they called "newbie".

They need to start as small and work their way up.


Honestly newbies no need to be technical during the process.

After learning the basics, they will learned automatically those "other things" on the way that can help them become a good trader.

Experienced will be their foundation.

[Genemind]

I cannot really consider my self an active trader since most of my trades were from my bounties. When I was new in this forum I honestly don't know what to do with my bounty how to trade, and how to consider which price and even the interface of the platform is new to me. Good thing there are guides like this that helped me thru and learned about the basics of trading.

Honestly newbies no need to be technical during the process.

After learning the basics, they will learned automatically those "other things" on the way that can help them become a good trader.

Experienced will be their foundation.

Experience will make you grow in trading, as a newbie in trading it will be up to you on how will you grow as a trader. Take your failure as a way to learn, experience and knowledge may come at a cost sometimes.

[mersal]

Is it will be like confidence giving topic and that some people struggling in this situation to make the profit because of the market is not stable when it was not stable the difficulties are increased for the traders to make the transaction easily but using some good strategies we will definitely get the profit in this situation also.

[sheenshane]

If you want to have an effective trading career in cryptocurrency, then sleeping is for the losers. Since the cryptocurrency market is so much volatile, sleeping for an hour would cause you to lose a lot of profit already. Some people manage their sleep and using their analyzation skills to know when to sleep to avoid losing profits.

Also, hedging your capital is always the best option to have the best profit. Rest assured that once you have already entered the market as a trader, your experiences will build you as a good trader. I learned that without experiences, being a good trader is nearly impossible.

[D3m1r4wanti]

overall what the OP explained was not wrong, even some of them were very precise.
but if you are really involved in active trading now, you will be surprised by the current price changes.
trading is not as easy as you imagine even choosing coins at CMC is not easy, let alone trading in new altcoins and based on their ICO prices. it will bankrupt you quickly 

[Supercrypt]

I love the way you acknowledge and respect the elders in trade, but even if I already have the necessary knowledge and skills, I think I can still pick one or two things to hold on to from your little tip, but just that your topic does not speak of what your article is all about.

At first when I saw your title, I was thinking you want to expose to me a strategy that will enable me better my own, or make more money and then I realized that your tips was a tutorial and an advanced one for that matter, so if you say already skilled people should ignore it, I think this tutorial is meant for them, as they will be the one to easily understand what you are saying.

[Magkirap]

All things that you mention are correct and maybe the people will might use this guideline to become good and wise trader. I have been creating my own guideline or strategies so in the future I can become successful trader and right now I keep on asking my friend to help me because he is also a good trader. Maybe in choosing exchange site you should use the major exchange for better trading experience.

[Pursuer]

I would advise against using websites such as Coinmarketcap.com to get any trading related information such as volume, ranking, ... if you want that kind of information then just visit the exchange that you are already using instead. these sites are only good if you wanted to find a specific altcoin in their search engine and figure out where it is listed so that you can trade it there. otherwise they usually fake volume, they have pretty bad design for ranking coins (since it is based on market cap) and they can be very misleading specially to newcomers.

[Gozie51]

If you want to have an effective trading career in cryptocurrency, then sleeping is for the losers. Since the cryptocurrency market is so much volatile, sleeping for an hour would cause you to lose a lot of profit already. Some people manage their sleep and using their analyzation skills to know when to sleep to avoid losing profits.

To this area of sleeping and not watch over your trade, I think sleep or no sleep won't cause an expert trader to lose profit. In fact, too much of watching over your trade can easily bring up some panic.

There are some techniques to apply or use to make you maximize your profit or not to lose beyond what you want to risk. For example, you can apply take profit or stop loss.

[GregH37]

I cannot really consider my self an active trader since most of my trades were from my bounties. When I was new in this forum I honestly don't know what to do with my bounty how to trade, and how to consider which price and even the interface of the platform is new to me. Good thing there are guides like this that helped me thru and learned about the basics of trading.

Until now, I still don’t trade with the coins or tokens I got through bounty, I have been leaving a lot of them in my wallet for them to grow and catch them out when the bull run comes and I have never thought of using them for trading despite the fact I trade with other coins like BTC, I think this tutorial is also an eye opener to me.

This has made me see the possibility of trading with my bounty coins instead of just keeping them, now that bull run for altcoins is still quite far, because I think until after BTC finishes his own bull run before altcoins can start rising after its consolidation.

[whirlcoin]

If you already have the skills and knowledge to achieve it you can ignore this topic.

By this time you probably already heard of cryptocurrencies Trading.
But what does this trading really means?

Trading:
Well in theory trading is when you get something from an individual who you have just gave something to him as well.
In practice, and by practice i mean in the crypto market or any kind of market, you buy some cryptocurrencies from someone and that someone gets your money as an exchange. (Someone can be an individual, a company or something else). On the same way when you sell you give your coins to an individual and that individual gives you money as an exchange.

How trading affects the market (prices / volume):
When you buy some cryptocurrency (Alt Coins especially since they have their prices lower and fluctuate most of the time (volatile)) price of the coin goes up.
The reason why is because the demand for the stock goes up and so Sellers will ask for a newer higher price from the one they bought (there will be less coins to offer).
And so does vice versa (selling -> price goes down because they will lower the sell price - there will be more coins to offer).

Which coins should you buy / sell:
For you to know which coins you should buy or sell to get most of the profits, you should follow some trading information sheet as https://coinmarketcap.com/ for example.
Consider that has alot of Circulating Supply and Volume (24h). These 2 informations state if a coin is dead or basically active on the market.
If you do start trading with a dead coin you will probabily end up with lower price for selling (vs the one you actually bought) and lose some profit since there will not be so much activity with it.
Also consider to read some of their White Papers and know if the coin is worth your time and will actually have some potential.


You can use for example Coinbase pro for your tradings. As it's trustable and reliable till current moment.
DISCLAIMER: I'm not advertising any exchange site, just some feedback from my own.


If you do think i have explained some of the basics about trading feel free to correct me and thank you.
Also suggest some other good exchanges for trading.

yes I agree this point because everyone is going and running faster for only money making so especially as a trader we have to work more and more than other jobs and it will not give any time for rest in any time the opportunity became so we need to use it like life changing opportunity.

[dark08]

Being a trader is not easy as anyone imagine becauss the market is full of hype people and everything can be change in a short period of time. This tips and strategy is a good example that every trader need to learn you can also use tradingview to monitor the flow of altcoin to think when the right time to enter this coins.

[hugeblack]

The best advice for a beginner is to hodl Bitcoin and learn a lot more before thinking about investing and then start with small investments.
(Don’t Invest more than you can lose)

Consider that has alot of Circulating Supply and Volume (24h). These 2 informations state if a coin is dead or basically active on the market.

lots of platforms and currencies are faking them volume. Also, do not forget airdrop/forks/dead coin may lead to losses.
Simply: avoiding any currency that rises madly.
Dependence on the capacity of the market will lead to losses so I do not recommend: https://coinmarketcap.com/

[neonshium]

Well that’s if you don’t go for the coins at level 2000 just because you’re trying to buy cheap coins. If you don’t know what you’re doing, it would be best for you if you just buy coins at the top like Ethereum or Bitcoin (and others too) instead of taking the risk of buying a coin that would just end up being worthless and considered shit at last. Sometimes I don’t even have time for any other coin except Bitcoin alone, I’d just go for only Bitcoin and nothing else.

[Haunebu]

Simply: avoiding any currency that rises madly.

Are you saying that traders need to avoid BTC, ETH and other popular cryptocurrencies since they rise drastically in value now and then? Hilarious. It is possible to earn huge profits from shit coins too, but the risk is far higher when compared to investing in popular crypto like BTC.

The 'Invest only what you are willing to lose' rule applies to every coin including BTC.

[carter34]

Being a trader is not easy as anyone imagine becauss the market is full of hype people and everything can be change in a short period of time.

This is surely the risk factor in this trading. You look like an experienced trader to have pointed this .In trying to make profit, a trader is suppose to also understand something about this because nobody has the monopoly of what next will happen as soon as you trigger your order. We need to trade as our finance is capable.

[traderethereum]

Maybe you could add one more tips.
Just stick with the top 50 coin lists from the coinmarketcap, and then search on the exchange on their price, how good the price is up and down so you will have a sign to get in and get out from the coin.
From that top 50 coin list, you will have so many coins that could be profitable especially if you have skills to analyze one by one of the coin.
I am sure that you will more than 5 profitable coin to buy and sell so you can achieve good profits.

[webtricks]

Well your guide is pretty basic one. I don't think trading cryptocurrencies is such an easy job. What you have written sound good in theory however in practice it is not possible to make profits just by studying circulating supply and volume. Also you said reading whitepaper will help in trading but WP basically help in choosing ICOs/IEOs, once coin is trading on exchange and project is executed, studying whitepaper almost become irrelevant.
Now coming to Coinbase. No doubt Coinbase is one of the biggest exchange cum wallet and quite popular but the problem is limited choice. Not many of the cryptocurrencies are listed on Coinbase hence it would be difficult to switch between different coins.