[GUIDE] How to achieve good profits with Cryptocurrency trading

[dunfida]

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.

Dont know whats the point on trying to check out WP when the coin is already on exchangers and as you said its totally relevant on having these kind of
study.This is indeed a basic guide which most people do really know about this one or simply theres nothing special with these words. Achieving good profits would
vary on each trader yet we do know that each do have its own ways and application with their own trades.

[BitHodler]

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.

You're right, but the thing is that when the majority of the people pay attention to the same sites, regardless of how good or bad they are, they will matter. In case of Coinmarketcap, it really does matter.

There is the so called first, second and third page effect. The higher up the list you are, the more traffic you can expect, and thus more people will be tempted to invest in your project.

I dislike seeing these sites have that much importance nowadays, but things are as they are. Coinmarketcap is currently in the top 500 websites of the world, ranked as nr 478 right now.

[redsun114]

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.

It's so easy to achieve good profit in trading, but you would need to make some sacrifice which is spending most of your time to understand the market, because once you are able to understand the crypto market, you will be able to make profit at all time even in a bearish market, one just have to make that sacrifice which is very hard for a lot of people to make because it is very time consuming, though I would advise traders to do it.

[Idrisu]

You should not go into trading because of what you read online but because you are very ready to learn through demo and were able to develop strategies that will give profits.  The plan to make a good strategy is far better than making profits as loses is also part of successful investments.

[Crypto Girl]

You're right, but the thing is that when the majority of the people pay attention to the same sites, regardless of how good or bad they are, they will matter. In case of Coinmarketcap, it really does matter.

Despite of all the allegations, they still the most visit site in cryptos, maybe because it's the pioneer in that field and sure there's still some that use it as a guide. Personally, checking the CMC is almost a habit for me though I don't fully depend on it.
The guide is realistic but bare in mind that this couldn't guarantee a profit. Losses is inevitable.

[Cherylstar86]

You should not go into trading because of what you read online but because you are very ready to learn through demo and were able to develop strategies that will give profits.  The plan to make a good strategy is far better than making profits as loses is also part of successful investments.

 Trading is about willingness and eagerness to learn the fundamentals to create sensible strategy that give a way to claim good profits. In fact, many traders are aware the consequences when we are lack of wisdom and in order to be a successful we have to be wise and knowledgeable on dealing trade to evade from loses.

[Indrawan77]

That is a very common things and some of the basic in trading, but in order to understand more you need to look for the trends and learn about candle stick, if you are new try to follow free group advice, see how they predict and learn about it, group advice only can act as reference don't go all in on what they said, and to become a better traders you need to build experience, theory and practical can be different, at that point you need your experience to make the best judgement

[upsidedown75]

You should not go into trading because of what you read online but because you are very ready to learn through demo and were able to develop strategies that will give profits.  The plan to make a good strategy is far better than making profits as loses is also part of successful investments.

People’s opinion would be the worst strategy for one to ever use in trading, when we follow people’s opinion through what we see online, we will get too excited and won’t face the real reality of the live trade, I have followed online opinions and I have been burnt several times before learning, but I am not saying that one should not follow experts online, one should only follow them to learnt their strategies but not rely on what they tell us alone.

We need our own strategy like you said to be able to fully invest successfully, and the best way to now is our strategy is ripe enough to go live into trading, there will be need to have enough practice through the demo practice.

[ricardobs]

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.

I think that is how things work when it comes to assets that are famous for their profitability. You achieve great profits in trading if your cost of investment is the lowest and the price moves up high. However the prospects of high profits fades away when your cost of investment is high. Yeah hype does excite people and make them make emotional decision but with the passage of time, you end up making good understanding about trading in crypto.

[TalkStar]

That is a very common things and some of the basic in trading, but in order to understand more you need to look for the trends and learn about candle stick, if you are new try to follow free group advice, see how they predict and learn about it, group advice only can act as reference don't go all in on what they said, and to become a better traders you need to build experience, theory and practical can be different, at that point you need your experience to make the best judgement

Yeah good suggestion which are really necessary for a trader but after all those skill development every trader have to apply their own judgement.

To be a successful trader you must have some special things which will build up with your past experience of trading. I always prefer to choose best projects with strong background otherwise all you skill and experience will not work. Some people think that trading is a game of luck but i will say that its kinda 90% traders skill, 5% market condition and 5% luck fact.