The_honey_bager (OP)
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February 02, 2020, 09:19:56 PM |
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My goal: Learning a proven method to trade profitably on Binance. I would like to learn the theory first and then practice with a very low amount of coins or some kind of simulation before doing it for real.
I don't know what method would suit me best but I would like to learn one that:
1-is relatively simple for a beginner. 2-can generate consistent profit weekly or monthly when done right and can be adapted to the market trends. 3-can be scaled and done more efficiently with experience and the help of bots and other trading tools.
So which method should I look first and what are the best learning materials out there to introduce me to it?
Thank you!
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JeromeTash
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Heisenberg
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February 02, 2020, 10:52:38 PM |
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My advice is you should first learn about the different strategies before you can get what best fits your trading style. There could be no better place to learn this than Youtube, just make use of that search button. There are loads of videos in there that teach risk management, reading candlesticks, interpreting different indicators etc.
After that, you can start practicing trade with a small amount you can afford to lose. Practicing using some of your personal money helps you experience trading in real time and you get to keep your emotions in check when making trade decisions.
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GreatArkansas
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February 02, 2020, 11:18:30 PM |
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If you are really beginner and no experience in trading at all, my advice is to AVOID first those trading bots or automation in trading, go start first learning from the scracth. Learn from the bottom, trust the process, step by step learning. You can't be rich in just 1week of trading. Your goal is to grow your portfolio healthy, not instant millionaire in just short period of time. If you maintain your portfolio then it's easy for you to generate consistent profits.
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maxreish
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February 03, 2020, 12:14:42 AM |
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There is no consistent profits in trading. I mean, trading is hard to speculate and predict. The market is so volatile that even a good technical analysis and a good trader can be liquidated, too. The only simple rule that I have learned is to, "Buy Low, Sell High". We thought it is just simple. But if we are on an actual trades, the question is how can we determined the right entry and exit? It's not simple.
I can only advice you to build foundation first about trading, technical analysis is a great help so please do some study about this before you can proceed in trading.
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The_honey_bager (OP)
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February 03, 2020, 12:57:18 AM Last edit: February 03, 2020, 01:17:43 AM by The_honey_bager |
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There is no consistent profits in trading. I mean, trading is hard to speculate and predict. The market is so volatile that even a good technical analysis and a good trader can be liquidated, too. The only simple rule that I have learned is to, "Buy Low, Sell High". We thought it is just simple. But if we are on an actual trades, the question is how can we determined the right entry and exit? It's not simple.
I can only advice you to build foundation first about trading, technical analysis is a great help so please do some study about this before you can proceed in trading.
I know it would be next to impossible to make a profit on every single trade. What I mean by consistent is a method that after executing x number of trades with a well executed method, one would expected some kind of return on investement. For example, after executing 1000 short trades, there should more winning ones than losing ones and a profit at the end. Anyway, hope i'm not dreaming and a least a method can achieve that with proper bankroll management. I'm truly a beginner and eager to learn the trade. I'm giving me a month or two to setup everything up properly, study and practice with a very low amount.
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KnightElite
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February 03, 2020, 03:55:56 AM |
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Before I entered in the cryptocurrency market, I became a stock trader and that is why I have enough knowledge before I entered in the market. The approaches and studies that I learned in stock market are also applicable in crypto market. The first book that I read is the the trading code, the author is a filipino if I'm not mistaken. I learned from the book how read candlesticks and also charts. It also help me to identify support and resistance and also market reversals.
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Coyster
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Crypto Casino and Sportsbook
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February 03, 2020, 07:04:58 AM |
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I'm truly a beginner and eager to learn the trade. I'm giving me a month or two to setup everything up properly, study and practice with a very low amount.
I like to call myself a beginner, even if I've been trading for sometime now, the truth is I do not regard anyone as an expert, and as a beginner you should not, if you start to believe in experts, you will make decisions on what they post or on their strategies and it will affect your growth and learning. Just take your time, a month, two, three and even more is not even enough to learn all you need to know, so try and not rush it.
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sheenshane
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February 03, 2020, 10:11:41 AM |
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I'm truly a beginner and eager to learn the trade. I'm giving me a month or two to setup everything up properly, study and practice with a very low amount.
Ain't experts on trading but I can give advice as you are a beginner. First should be first and dont bypass it and no need to hurry in trading you should learn more first before you are going to take action in trading. - Manage your risk and includes your emotions
- Creating your Trading Plan for the proper execution of trading
- Always heads up on news coming and announcements
- Don't be greedy and don't rely upon others speculations, make your own research
- Monitor your portfolio daily and only spend what you can afford to lose, dont start with a big amount
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The Sceptical Chymist
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February 03, 2020, 10:25:12 AM |
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There could be no better place to learn this than Youtube, just make use of that search button.
I don't know if that statement is true or not, but I doubt it. There are a lot of weirdos and people who talk like they know what they're doing, but there's really no way to tell if any of them are truly making any money. I would also suggest that if a trader had a sure-fire way of making money through trading, they probably wouldn't be giving away their secrets on Youtube. It's far more likely they're making money by having their videos monetized. OP, I'm not a crypto trader and thus can't offer you any of my own suggestions, but I was browsing Amazon the other day looking for books on crypto and saw quite a few of them dealing with crypto trading. Obviously I can't vouch for any of them since I haven't read a single one, but you might want to at least look to see what's available. And at least some of those books have customer reviews, although those can be faked and most probably are all about TA, which I find to be a bunch of nonsense. However, if you do get into technical analysis you might want to buy a few books dealing with its stock market applications, and I'm pretty sure there are tons of books on the market about TA trading strategies. Good luck.
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Wexnident
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February 03, 2020, 11:47:50 AM |
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Ermmm, the experience is your best friend when it comes to securing profits, but if you don't have one, just following other TAs, reading guides, and watching people on YT may be quite lacking, so expect a few major losses at the start. Even if you did understand the theoretical part of things, the experience itself could be said to be on a whole other level.
Additionally, there isn't a single method that could let you earn stably. It's all a matter of reaction towards the current market phase based on various analyses done, and even then, there's no way for a stable method to come out. Since your willing to spend, try it out yourself. Experience the market for at least, half a year, so you can see that various ups and downs are possible and the chances of the same method being successful twice are close to null.
Best bet is to brush up on your knowledge and TA. Most straightforward method I know and one of which has the ability to bring out what you said, but not everytime sadly enough.
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TheBeardedBaby
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₿uy / $ell ..oeleo ;(
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February 03, 2020, 01:10:58 PM |
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First, bitcoin trading is no different then any other trading market like stocks/forex and the same rules applies for it as well, it's just more volatile than the other markets. Second, don't trade before you learn the main rules how to analyze the market. Your first read should be this book : John J Murphy - Technical Analysis Of The Financial Markets It's like the holy book of the TA. When you read the whole thing you can start charting different situation and outcomes. Perfect place used to be www.tradingview.com to draw your charts, test different strategies it was free, i guess it's still free. Use a demo trading platforms never use real money at the beginning. I used a lot MetaTrader 10 years ago I had some strategies for the Forex markets as I said it's the same as bitcoin. There should be better places to try, someone can give you advice for trading platforms with demo money. I have no time for this anymore, and sure no patience. When you have gain knowledge and confidence, then you can go to youtube to find more strategies. DON'T INVEST MORE THAN YOU CAN LOOSE. This is the main rule. Everything you put in crypto, just consider it gone! My main rule, make a profit slowly and when you double your investment, take out what you have invested. If anything goes wrong you are on 0 at the end. You need to be very disciplined,always have a plan B in case things go wrong so you reduce your loss. Don't be greedy, you'll end up broke. People think this is a game and playing it recklessly ending up loosing even their homes. If you think trading is like gambling you are doing it wrong!
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CryptopreneurBrainboss
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February 03, 2020, 01:27:26 PM |
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2-can generate consistent profit weekly or monthly when done right and can be adapted to the market trends.
The first and third point are achievable with most methods currently available that a trader can use to trade but the second point, which I quoted above isn't achievable since trading has to do with speculating on the price movement of the market meaning there isn't any guarantee of predicting accurately at all times. If you're passionate about profiting every week or month depending on the time frame you intend trading then you have to master different trading strategy. The market doesn't always favor a particular type of trading technique so as a professional trader, you have to understand this and know when to switch trading strategies. Concerning where to learn, I believe the web has the answer to every question been asked, do some personal research and you can easily find useful article or YouTube videos to help you out.
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redsun114
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February 03, 2020, 06:42:57 PM |
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Well, what you are asking for doesn't exist anywhere in the whole world. For one because nothing is too simple, you can start from the beginner levels but you do have to become expert over time, you can't just stay a beginner forever, and as a beginner you can't expect to be too good in something that experts are doing for decades now and basically running it with millions of dollars if not billions of dollars.
Secondly there is no consistent profit on crypto, there is no consistent profit in anything financial in the whole world, even trillion dollar worth banks sometimes lose money, you just have to hope that your profits will be bigger than your losses but no one day will be same as the other. Third one is doable, if you are good, software could highlight that even bigger, so I guess you are right there.
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LUCKMCFLY
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February 03, 2020, 07:06:15 PM |
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~snip~
I would recommend reading a couple of books, I would start with the Wyckoff Theory book written by Valdecantos and I would recommend you read as much as you can about Jesse Livermore, in those books they will not teach you Technical Analysis, they will teach you how the market moves, They were great speculators and their theories are still valid. In any academy, YouTube channels, or social networks they will teach you AT, but help you understand the market no.
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Maxpips
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February 04, 2020, 11:27:39 AM |
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I'd recommend one of the 3 strategies listed in the post below. They're meant to be used on forex, but they work just the same on Crypto. The second one, "pin bar reversal" is probably the best, as that gets you into trades right before big reversals begin and is compatible with day trading and swing trading. The others work well too, but they're more focused on long term trades, so are a better fit if you want to take a more passive, long term approach to trading. https://forexstrategiesthatwork.com/the-3-best-forex-trading-strategies-and-how-to-trade-them/Just my two cents.
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