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Author Topic: Newbie in trading cryptocurrency and forex  (Read 466 times)
Neo1121
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January 29, 2020, 10:57:09 PM
 #1

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step
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January 29, 2020, 11:26:01 PM
 #2

The first thing that you need to do is to make an account on an exchange. Knowing where to exchange and trade crypto is the first thing that you need to put in your mind. And choosing the best does matter much, everybody will suggest you to start trading on Binance. Next is the crypto that you will trade and that means choosing what pairs you want to trade, for beginners it's advisable to get to start with bitcoin and usdt first so that you can have an experience knowing how the market runs. There are also some beginners tool where you can try to trade with free money so that you can exercise and practice trading there. You have to search them on google, it doesn't require any amount to deposit if you would love to try them.

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January 29, 2020, 11:55:17 PM
 #3

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step

Don't trust any technical analysis and too detailed fundamental one either - that's my main advice Smiley
Crypto is an investing instrument where you will win if you are smart enough not to follow the crowd and think like the whales think. And don't try to short, better make less trades and ride the big waves.

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January 29, 2020, 11:59:27 PM
 #4

Absorb absolutely anything and everything you can before you begin trading. Remember, around 75% of traders lose money when doing so, make sure you're educated enough to not be part of this metric.

Personally, I'd start by producing trading strategies on platforms that offer a demo account, see if you can turn a profit when using a demo account, and make sure you can do this consistently in both a bear and bull market.

Once you can do this, you're ready to begin trading. Start with small amounts and gradually ramp it up as you feel comfortable.

Stay away from leveraged (margin) trading until you can reliably turn at least 5% profit each week without it

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January 30, 2020, 12:16:22 AM
 #5

First do an account on any known exchange and after watch some tutorials but you should always practice with low amount and if see you are good and can make profit you can try with higher amounts but don't be greedy, if you see price grow even if you are in Forex or crypto don't wait to much for more grow cause sometimes after a grow follow a drop.
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January 30, 2020, 12:41:26 AM
 #6

My opinion is that newbies shouldn't be dumping large amounts of money initially into trading and should instead experiment with smaller amounts of money and then trading with larger amounts gradually over time as you find and fix the errors you're making and improve on your strengths as you go on. This also helps you recognize earlier on whether or not you're good at trading or not and whether you're willing to spend the time to learn to become a good trader if you think you've got what it takes as well.

Absolutely do stay away from margin and leverage. It's just not worth messing with at this stage, and leverage can become like a casino game even for more experienced traders.
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January 30, 2020, 04:34:10 AM
 #7

Starting from scratch is a good practice. Dont begin trading if you already have some funds and account on some exchange. Since youre a newbie you must absorb first and study all necessary stuff in trading. Not all tutorials are useful some of them are just a bunch of prediction tool as well. Might better if you listen, read and understand first the terminologies of basic trading then watch some videos on how those term are being used and utilized in market. Real money are at stake here dont waste it on your first trial without any knowledge about it.
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January 30, 2020, 08:34:35 AM
 #8

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step
My advice if you are a beginner trader that you practice first to control your own emotions, and do not put all your funds. try a small amount first, so you are accustomed to profit and loss. maybe below the initial steps, namely:

  • learn what assets are. especially if you want to have a crypto, learn the basic characteristics.
  • before entering the chart determine what coins / tokens you want to trade.
  • after that you try to choose an exchange with a good reputation and start buying in small quantities. study the chart function, usually on the right side.
  • practice to control your emotions first, and be accompanied by analysis in accordance with the results of the research you are doing.
  • after you get used to your emotions or psychologist. try detailed technical and fundamental analysis, most do this prediction correctly and appropriately, and do it in small to large amounts.

___________
I used to do it like that, now I'm used to it all.



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January 30, 2020, 08:41:05 AM
 #9

if you don't trust anyone, then you can look for references in the book. but actually on the internet there are still people who can be trusted, especially for those who share information about how to trade. You only need to try their ways first with a small fund, and I am sure if you really are able to learn from it then you will find your own way to trade.


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January 30, 2020, 09:19:24 AM
 #10

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step

Perhaps the best thing to do is to register on an trading platform and try to play with the system. You don't need to subscribe to these so called experts who give TA, it's better if you learn everything thru experience. You can start with small amounts, again, just to get a feel on what trading is.

And then if you are that confident enough, then you can go and seek other crypto trading platforms out there and see how it goes for you. Remember that is not not going to be a smooth sailing specially in the beginning, there are a lots of ups and downs. Just keep going and chase your dreams.

.
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January 30, 2020, 09:53:35 AM
Merited by ShowOff (1)
 #11

I have done many things for had more knowledge about trading. After all the time I used to gain knowledge, I still don't believe that it can produce 100% accuracy and can always be used for trading.

All altcoin basically has the potential to be better, but market laws still apply. The more demand the higher the price, and sometimes we never know what the exact cause of the rise and fall in prices in the market.

This is trading, it's hard to guess and even the trading signals shared by the community haven't helped much, and so far I just want to say that never forgetting trading is a high-risk activity and do your own analysis and decision making so that we don't blame anyone who recommend us for one of two purposes.
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January 30, 2020, 10:15:09 AM
 #12

-snip-
Insights and knowledge are important for every trader. Without these two things I think traders will only spend a lot of capital in the market and maybe they will also get stuck on shitcoin which cannot produce anything.

For a beginner, I think it is advisable to learn first about trading before they actually jump in and become a trader and if possible they can also trade with demo accounts in some well-known exchanges like Binance.

There are many users who have shared their experiences in the field of trading and also their analysis of charts and future price predictions. I can assume that it is a part of trade that is also useful, but it still has to bring up your own analysis as you explained.

When a trader realizes that trading is not as easy as imagined, then that's when they will also consider the risks posed by the trade itself. So whatever the activities that we do, the risk is something that must always be considered, the amount of risk caused depends on decision making.

For me: Successful trades are those that are trade with good management.

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January 30, 2020, 10:17:07 AM
 #13

In my opinion, try to gain experience by trading very low amounts in the beginning. In the meantime, try to learn about the market and trade. Try to learn how the system works and create your own trading method with the help of your experiments. And also, i recommend you to stay away from risky investments. Finally, you will find many investment advice on the internet, but always do your own research and decide for yourself before any investment.
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January 30, 2020, 10:22:33 AM
 #14

Personally, I think to trade well on the exchange. It takes a lot of effort to study trading on the exchange. Since you first need to practice on the training platform. All this information can be found on the Internet. And I want to say that it’s simply impossible to make good money right away. Since all novice traders leave very large amounts. And after a good experience, they begin to gradually recapture their funds and go into the plus. So I only wish you good luck in this hard job.

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January 30, 2020, 11:00:03 AM
Last edit: January 30, 2020, 11:13:59 AM by Mttewndew
 #15

When I began my journey to crypto I was looking for guidance too. From my personal experience, I can tell that forums like this are very helpful, cause you always have access to the knowledge base that other people provide. Courses are also helpful, you just have to pick the right one. As an example, I may recommend the one I studied, changelly's crash course. Any other free course with a good rating is fine too, just read the reviews before studying
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January 30, 2020, 11:03:45 AM
 #16

Trading is hard for beginners and there will be panics and fears, find a good top exchange like huobi or binance and use one of the best coins out there which is bitcoin for your trading, some trade once a day and other multiple times in a day, the only one that works for me is buying when bitcoin is down and selling when price recovers

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January 30, 2020, 02:02:07 PM
 #17

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step
Stay away from forex/binary trading, they are highly dangerous and risky, once you make a wrong choice your money is gone, buy coins and trade on bittrex or binance but first you gotta learn how charts works, how to read candles, you can start with youtube for tutors

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January 30, 2020, 02:09:41 PM
 #18

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step

When it comes to trading, you need to ve calm and confident neglecting any emotional attachments to trades.

Secondly, you can check YouTube or medium for videos or blogs as regards crypto trade n forez trade.

Practice with very small $ and develop in bits, the faster u adjust, the more you know how to trade for profit

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January 30, 2020, 02:44:35 PM
 #19

Hi guys I would like some guidance and a understanding on trading I’ve been all over the internet and I just don’t know who to trust and get valuable feedback from what are your opinions on trading as a whole and in what direction do I take my first step
Stay away from forex/binary trading, they are highly dangerous and risky, once you make a wrong choice your money is gone, buy coins and trade on bittrex or binance but first you gotta learn how charts works, how to read candles, you can start with youtube for tutors

I'd add that you can lose your money anyway with crypto aswell.
Binary trading aswell as cryptocurrencies is volatile.
But with cryptocurrencies there is one thing that makes it better - every coin has some company behind it.
And if you believe in company's future you can invest in 'em (but you gotta do research beforehand).
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January 30, 2020, 02:48:07 PM
 #20

I just forgot the author was and as I keep on digging I can seem to find it.
Buried by a lot of post in Trading discussions.
But you should first go there. You will some good steps into what you should prevent and how to not trade by your emotions.
Because that might be the first mistake that you will make.

Also, better find a reputable trading website which really suits you.
I look into UI, I want something that is also good for my eyes and not just the volume. That goes second for me.

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