Trading for Beginners?

[dragon695]

The most important thing to note as a beginner is: choose the candle stick that more convince to you and so more research into the platform. Never buy low and sell high if you cannot research into the said coins to buy at that particular time. Always watch the market movement before you made a move. Ensure to read TAs well not to get or run at lost as a beginner. You could also follow some good traders on the social medias to get information about any pump and dump coins.

As a beginner joining pump and dump group should not be encourage because it may be dangerous to their capital. Studying candle stick in details with all the partern will really help beginners to gain good knowledge of what trading crypto currency entails and for them to be successful in their trading.

A beginner should always think twice before joining any groups, most of the dump and pump groups will make most of the money. Most of the beginner will find it difficult to predict the charts because of the drops are very huge in cryptocurrency. In order to become successful, they need to get some experience in cryptocurrency by practising in demo accounts.

Currently some exchanges allow users to use a demo account to trade and this is the best way for them to prepare the necessary knowledge when trading in this market. I think not everyone is confident enough and there will certainly be a time when they will feel very depressed because they cannot make a profit from this market. However, you should not give up because this market is still the best place to make money.

[rodskee]

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.

There is no other way for a beginner trader, unless a lot of learning to understand the market as a whole.
Start trading with a little capital, study technical analysis little by little, do your own research until you really can get enough profit.

but some are just trying to Trade by chance and those are the noobs and some tough ones that can risk and willing to lose money for their own gains and benefits.

If you want to use a pretty good trading site, try it at Binance there without making KYC, but what you need to avoid as a beginner trader is trading margin and futures on Binance.

Binance if i am not mistaken offers trading for testing?free to trade without losing any amount?this is what i have read in other thread when someone is asking about free trading tutorials.

[Btc_1856]

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.

There is no other way for a beginner trader, unless a lot of learning to understand the market as a whole.
Start trading with a little capital, study technical analysis little by little, do your own research until you really can get enough profit.

but some are just trying to Trade by chance and those are the noobs and some tough ones that can risk and willing to lose money for their own gains and benefits.

If you want to use a pretty good trading site, try it at Binance there without making KYC, but what you need to avoid as a beginner trader is trading margin and futures on Binance.

Binance if i am not mistaken offers trading for testing?free to trade without losing any amount?this is what i have read in other thread when someone is asking about free trading tutorials.

Really are they allow to trade freely, till now I have not gone through this type of message from them? Of course, the tutorial is very important to learn basic things about the trading and how far the cryptocurrency will work, this will surely help the newcomers to attract this type of tutorial.

[mauriek]

There is no other way for a beginner trader, unless a lot of learning to understand the market as a whole.
Start trading with a little capital, study technical analysis little by little, do your own research until you really can get enough profit.

If you want to use a pretty good trading site, try it at Binance there without making KYC, but what you need to avoid as a beginner trader is trading margin and futures on Binance.

All of us are from beginners, and when I was a beginner I only used Market Bittrex as my trading place. And I think that is a very suitable market for beginners. But there requires us to KYC, so for beginners who avoid it then can choose the market that you recommend, Binance Exchange.

[BrainTrades]

When I want to learn something new, I always find someone who is where I want to be, and then learn from them. In this case I would start paper trading first while you are learning so you don't have to risk your real funds.
For me personally, the most important aspects of trading are understanding support and resistance, managing your risk and controlling your emotions.

[South Park]

Capital is also an important part of investing and trading.

Without a good start or a good capital, the choices you will be having is limited. You might not be able to choose a great investment or asset since you are looking for a specific one, the one that you can afford. As a beginner, better maintain your investments into safe ones rather than being aggressive and pick anything that you see that promises your profits. Most importantly, gain knowledge as you can. As time passes, you will gain experience and after that, I think you don't need other tips than that.

This is something newbies forget all the time, they think they can trade an earn a fortune that way but in order for that to happen you need a decent amount of capital otherwise the exchange fees, the slippage, and the transactions fees are going to eat whatever profits you may have in the market really quickly, it is better to wait until you can get more money and use that time to make absolutely sure that your strategy is going to make money in the markets no matter what.

[coinfinger]

It doesn't matter if it is crypto or stocks or forex or anything else, all of the advises I have ever seen all comes down to same thing, practice. If you want to be a trader you have to trade, if you want to be a coder you have to code, if you want to be a musician you have to do it.

Without actually doing what you want to become, you can't ever become that thing by just reading, sure you have to have a general broad understanding of it before you start and know what you are doing and you have to study it a bit before hand but the best case comes when you do something and fail at it and study what you failed instead of not even trying yourself and prepare yourself beforehand. All of the great traders in the world started by doing something wrong but then learning from their mistakes, that is how you become good at anything in life.

[Bitinsure]

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

Hello mate! Try to use professional software, like, for instance https://www.bitinsure.com/

The idea is to trade systemetically and monitor risks.
This is possible to do manually or with the help of software I shared
Just calculate your risks and get alerts when they are reached!

[spike420211]

From my own experience I can say that trading Bitcoin is much easier compared to all other market assets.
However, trading Bitcoin itself is insanely complicated, that is, you understand that trading other assets other than Bitcoin is even more difficult.
The main difficulty is that they will constantly try to deceive you.

You will be constantly set traps in the market, large players can easily manipulate the price of bitcoin even at the right time, when you will not expect it, when you are sure that you are doing absolutely right now,
and the next transaction will bring you profit, at that very moment the market will play in the opposite direction, plunging you into complete bewilderment with its irrationality.

There are a lot of similar situations on the market, which greatly complicates the trading based on logic and analysis. It is difficult both financially and psychological.
Therefore, I recommend that you study the market from the side, use a demo account or a paper account, do not rush to make real money in the market, and do not trade using leverage.

[EmmanuelGrand87]

Hello,
I was a beginner not so long ago, and now thanks to several online blogs like this one: https://juliesommaruga.fr and articles about trading and how to become successful, I got better. I'm not saying I'm an expert, but let's say I'm in between

[davinchi]

Before you even consider trading as a side income source have you taken the time to do proper research on trading? Unless you have had an experience in it and you know how it works, but if you have not, I will advise you to take your time and learn about it so that you don’t lose some money for no reason.

Trading is not an easy thing to do, you have to understand it first and the risks that are involved. When I started at first I had to be working with my friends because I don’t know how it is being done, I just watch them and place trades once they do, and I was making profit when they do, and also loss when they lose. I kept doing it this way until I learnt how to trade by myself. Even now I’d still say that there are much left for me to learn.

[4IRIK]

Hi! I'd recommend reading the following:

Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
Risk Management in Trading: Techniques to Drive Profitability of Hedge Funds and Trading Desks  by Davis Edwards


And to use the software that helps in trading a lot:


This is what I mostly use currently:

1) https://www.bitinsure.com/

It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis



2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)

3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.

[Synaesthesia]

When I want to learn something new, I always find someone who is where I want to be, and then learn from them. In this case I would start paper trading first while you are learning so you don't have to risk your real funds.
For me personally, the most important aspects of trading are understanding support and resistance, managing your risk and controlling your emotions.

Currently, there is a lot of useful information for new traders and if you take the time to learn, you will gain experience in this market. I think any investor needs to have great patience and have a reasonable investment strategy because if you cannot control it, you will easily lose money in this market. I used to lose a lot in the past but after that hard time I became more confident starting trading.

[mauriek]

When I want to learn something new, I always find someone who is where I want to be, and then learn from them. In this case I would start paper trading first while you are learning so you don't have to risk your real funds.
For me personally, the most important aspects of trading are understanding support and resistance, managing your risk and controlling your emotions.

Currently, there is a lot of useful information for new traders and if you take the time to learn, you will gain experience in this market. I think any investor needs to have great patience and have a reasonable investment strategy because if you cannot control it, you will easily lose money in this market. I used to lose a lot in the past but after that hard time I became more confident starting trading.

Believe in yourself is better than you have to listen to the words of others. But for beginners it's better to learn from those who are already professional in the world of trading. Indeed starting trading must be really focused and patient, so that we are not easily emotional when things happen that we don't want.

[South Park]

Before you even consider trading as a side income source have you taken the time to do proper research on trading? Unless you have had an experience in it and you know how it works, but if you have not, I will advise you to take your time and learn about it so that you don’t lose some money for no reason.

This is by far the most common problem for a newbie looking for a way to trade, they get excited about the possibility of making a lot of money and I do not blame them but before you put a single dollar at risk you need to spend months learning all what you can about it, if you do not then the chances of making money in the market are zero, and even if you invested those months to learn your chances are still not very high since you will never know how you will react when the markets move strongly against you.

[TheUltraElite]

Currently, there is a lot of useful information for new traders and if you take the time to learn, you will gain experience in this market. I think any investor needs to have great patience and have a reasonable investment strategy because if you cannot control it, you will easily lose money in this market.

Even with a lot of experience you can still lose. Still it can be mitigated to some extent with experience but not always avoided. Meaning that if you are trading you have to keep this mind beforehand that there will be outcomes not favourable to you and you have to survive with those. You will lose money and that is a part of the game.

I used to lose a lot in the past but after that hard time I became more confident starting trading.

Good to know. But be careful of overconfidence which often plagues a lot of traders. While it is true that there are tactful traders, there are also emotional traders and they dont last long.

[mersal]

If you are really into crypto trading and wanted to make money then you won't be asking such silly questions,already thousands of replies for this kind of question available on bitcointalk and all over the internet but for you its you have to build your own strategy to make money.

[Nawrod]

Well, of course that beginners can also trade. But you need to remember that trading is pretty difficult. Learn from your mistakes, watch the market's fluctuations and be patient. Another thing is to have a proper cryptocurrency exchange, check out for example CoinDeal because it's pretty intuitive and what's the most important - it's safe.

[TheUltraElite]

If you are really into crypto trading and wanted to make money then you won't be asking such silly questions,already thousands of replies for this kind of question available on bitcointalk and all over the internet but for you its you have to build your own strategy to make money.

There is nothing silly in asking questions you know. Clearing doubts is an essential part in the process of learning. However I feel the same because these topics quickly turn to a cesspool of spam with time if not locked. Again if I was in the place of the OP like 5years ago, I would been doing the same.

Few donts that I like to emphasise are not becoming emotional with losses and not chasing a price. Holding coins stubbornly is also not adviced.
Then again I have posted once but OP never took the time to respond.

[jcpone]

If you know to yourself that your not that skills yet or don't have any idea or knowledge about in trading better for you not to proceed it. Instead, you better begin with learning, feed yourself first about idea, knowledge and more about in basic skills in crypto trading dude.
with this for sure in the end once you are ready, it will be easy for you to get profit when you do trade in the actual platform exchange.