Trading for Beginners?

[Aggressive]

HI,

Over the years I've acquired around a few hundred dollars worth of bitcoin. I'm now looking to sell off part of my coins and start trading on the side of what I do personally for work. I was in the bitcoin scene awhile ago but i'm looking to get back into it. My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience? Complexity doesn't matter to me. Thanks in advance for any help I receive.

Regards,

Kyle aka Aggressive

[CodyAlfaridzi]

My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience?[/size]

Do's: Have a clear trading plan in mind for each trade you're about to make, this includes: target price, stop loss, risk well defined. It would also be good if you start a trading journal so you can review and evaluate your trade plan.
Don't: Don't overtrade. Don't be emotional. Don't get overleveraged.

If you want some experience first, I recommend you to try on a testnet/virtual trading (Bitmex have that) for some time, try to work on a strategy, etc. So you don't lose money while still learning.

[Yatsan]

Lot of replies here will be buy low sell high LOL,

I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.

Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.

[iamaruf]

What are the DOs and DONTs of bitcoin trading?

My answer is bon't be panic and don't believe anyones prediction.Many Newbies fail because of panic and they always hear trader prediction.So many lost money for following signals groups and cried.Better do your own research and try to grow slowly. 

[MURONDI]

learn first if you are really new to trading, bitcoin trading is something that is very risky, do not be easily tempted by the results of other people's trades without seeing the process, if you really understand trading you can start, but don't invest all your money, there are many places to trade btc that are popular and have a fairly good reputation, for example binance, coinbase, or you can do your own research on google.

[TitanGEL]

Lot of replies here will be buy low sell high LOL,

I will give my honest advice for you. If you want to start trading, start with a small amount of money, experience is the number one teacher in trading, don't listen to anyone! develop your own skill and strategy in trading considering that every individual have different approach to it. As time passes by, make your capital bigger as long as you are ready for it. Make sure you are satisfied with your skill and strategy so that the risk for every trade that you will make will be lessen.

Trading is war of strategy and mind, don't be greedy, set your goals straight! as long as you are following what you want trading will be good to you. If you lose don't stop there's a time in every trader or in majority of the trader that they became broke because of trading. If that scenario happen to you, don't stop! and remember your goals. Trade everyday and make it your passion. Trading is a good source of income as long you know what you are doing.

That is correct, you cannot find a useful information through posts in this forum. They will keep saying you must buy low and selling high. In order for you to become a successful trader, you must first identify if you can take the risks. You should aware that your money is not safe in trading and you should be prepare in any kind of situation that may happen. Increase your knowledge and experience. It is good if you will just start in small amount of fund before you put a lot of money. Masters the basics in order for you to habe knowledge that you can use ti multiply your funds.

[thisnewcoin]

Start trading with a small amount of money what you can lose gladly! Study about the market, try to learn how to analyse the price chart and then pick a strong coin to start trading. Add your picked coins in Blockfolio, follow their twitter page and turned on the notification to get every update news. Don't be greedy, take a small profit at first and try to spread out in several coins.

[Wexnident]

Study the market basically. Always consider every possible movement of the market, and prepare a route of attack and defense for every movement. Sure, it may be a hassle, but if you want to profit, some things are inevitable. If you want to try trading, go look up some virtual trading sites that let you practice trading in a span of time. They may not provide the best and accurate experience of trading, but it'll do. Just don't expect to become a godly trader after finishing the activity though.

There's also reading the FUDS and FOMOS around the cryptoscene, and determining whether they'd actually happen or not. You can also try and not believe in them, but compiling analysis isn't of a bad thing.

[CryptoCoen]

Study the market. Since the price of Bitcoin is extremely volatile, it’s important to check its conversion rate in real-time. This will ensure you don’t end up buying or buying or cashing in at the wrong moment.

So the first step is to ensure the timing is right – and that’s where a Bitcoin calculator comes into play. This is essential since Bitcoin calculators show they how much Bitcoin you’ll get for your money. Second, you need to choose the right Cryptocurrency exchange. Important is to find an exchange that supports your chosen Bitcoin trading pair.

On for example https://www.bitcoin-converter.com it is easy to calculate the current Bitcoin price and follow price movements on all major bitcoin exchanges at one glance.

[CryptopreneurBrainboss]

My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful.

You can easily get the answers to the question you seek by doing some online research either by searching directly on the forum or making use of Google. Don't get me wrong as I'm not trying to discredit what you have just done, which is also a form of research (question asking). But my recommendation above would had given you a move faster response. The most important advice any newbie wanting to engage in trading should have is getting enlighten (educated, informed etc) with the necessary skills required to succeed as a professional trader.

After acquiring those skills, next is mastering the act of controlling your emotions. If you're the type that can be easily influence, you first have to learn how to deal with that problem before thinking of engaging in cryptocurrency trading since it's a very emotional market govern by FOMO and FUD. Do understand that as a beginner, it won't be an easy first experience especially when the profits aren't coming as expected. In scanario like this you have to try different trading strategy until you get the one that suits you. Also, never overlook the importance of money management as it's very vital.

[Dart18]

Dont's.
If you are trying to make profit out of BTC and not USDT then try making the most of it.
Most of them traders are being driven by the amount of USD they make. Forget about that.
BTC will get higher in time. Try to accumulate more of it starting now.

[iamsange]

A lot of people say about don't panic. Because control our emotion is really important and when your emotion control is break, every strategy wouldn't really work anymore. That is why each trader beside have their strategy, important thing that must have is control emotion.

[davis196]

I was in the bitcoin scene awhile ago but i'm looking to get back into it

You were "in the bitcoin scene" in the past and you are asking newbie questions now?This is weird.
If you have traded bitcoins in the past,you should already know the basics.Bitcoin trading haven't changed at all.
Just don't panic and HODL,if the price drops suddenly.This is rule number one.Everything else will be fine.
What do you mean by "bitcoin trading"?Trading BTC for altcoins on some crypto exchange,or selling bitcoin for fiat on websites like Localbitcoins and Paxful?Those two are completely different niches of bitcoin trading.

[panganib999]

Be yourself. Listen to others but don't take them to be true always. Listen, and absorb their knowledge, and make it your own by correcting anything you see as wrong. Take your own path. Study youtube videos and Trading analysis in the numerous forums out there. Since you've been in the scene before, I'd suppose you already have the basics down. You just need a bit more reinforcing for your foundation to come back, so no stress. Studying charts and analyzing may be a pain since you just came back, but as someone experienced, the feeling should come back quite naturally.

[joeperry]

was surprised by your font size  but anyways i recommend to never listen to anyone here without doing your own research some of the people will say to buy at low and sell on high which for the newbie will not understand "Where the heck is the low and high on the market" you get my point right? first start on the basic which is familiarizing the market how the buy and selling works, the market interface, etc.

After that you can now start learning by reading articles on how to read the market start with the "Support and resistance" topic "candle stick" and "trend lines" you can find it online and after that if you're not so sure about the information you've got, try applying it to a simulation market you can find online a simulation market on where you can use a token (not a real coin) to test your strategy and learning and if you think you've got it then you're good to go to the real market.

[GreatArkansas]

First, welcome to trading world.
Trading is risky, I think you already aware of that?
Before you execute your first trade, you should now first some basic fundamentals of trading just like support & resistance, etc.
And learn first how to use stoploss, stoploss is one of the best weapon in trading, believe me and have stoploss everytime when you do trade.

[watergold]

Start trading with a small amount of money what you can lose gladly! Study about the market, try to learn how to analyse the price chart and then pick a strong coin to start trading. Add your picked coins in Blockfolio, follow their twitter page and turned on the notification to get every update news. Don't be greedy, take a small profit at first and try to spread out in several coins.

Good tips, friends, in essence, we should not be emotional when the market is down because it is common in trading and must be able to control the controls and the market situation that is happening in trading, it requires good skills and remain calm despite the many Fud news.

[posi]

HI,

Over the years I've acquired around a few hundred dollars worth of bitcoin. I'm now looking to sell off part of my coins and start trading on the side of what I do personally for work. I was in the bitcoin scene awhile ago but i'm looking to get back into it. My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience? Complexity doesn't matter to me. Thanks in advance for any help I receive.

Regards,

Kyle aka Aggressive

First of all, this current market momentum is the perfect season to learn how to trade crypto but the DOs and DONTs of crypto trading are many and cant be understand all at once for crypto trading is a scheme where you learn everyday. But you needed the most as the perfect guide to make profit is choosing the right coin, dont invest in many coins which will be hard for you to manage, knowing the time to enter and exit the market. And, you must use trading bot you need to understand to calculate the cost and how to use the bot to manage your coin successful.
In the mean time, i will advise you to do the long trading while you study online how to make use of the FA and TA analysis.

[LUCKMCFLY]

~snip~

If you do not have much experience in Trading, it is best to study before entering the market, it would be advisable that after acquiring some knowledge you would make an account with fictional money and test your plan.

You need to be clear if you want to do long-term, medium or short-term trading, and if you really want to be a market or Investor speculator, and most importantly, don't believe that trading will make you rich overnight. It is better to see trading as a business.

[Meowth05]

Besides using the idea of BUY and SELL which is very common yet one of the simplest fundamentals in this field there is an experience you have to obtain. Experience if the most important thing you need to obtain in order to be an efficient trader. Since you have enough amount of money just like what you have said try to use few of it to practise and gain experience. If you encounter any loss upon your trade don't be down but rather absorb it all, this can be used as a guide or as a learning to improve your trade. One thing, all the info you can find in this forum or everywhere can be used as a guide and tips but don't rely on it too much, have your own strategies and work on your analysis.