Starting as a Trader and Trading Bitcoin

[Ryker1]

Well, in my own opinion. Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading. Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it. Indeed, please consider also your emotion here because almost newbie traders are greedy.

[ReiMomo]

Everyone who is in this business has the same goal and that is to gain profit but not all are successful because either they are not yet knowledgable enough in trading or they have just failed on the strategy they use when the critical situations happened. I short it will be both books and experience will be the tool for a trader to succeed but every newbie should be aware that failure is always there to mold them and become a great trader. The concept of losing may make us give up but still, it depends on us on how we perceive it.

[utapapst]

I know a lot of people who are interested in making money now more than ever just because of the current situation that we have now. Most of us are in lockdown, and people are starting to need to have that extra income more than ever.

IF you are that person, what would you like to know before starting to dwell into the Trading Space?

When I first heard of Bitcoin, I wanted to find out everything, I found out everything in Google search and I got what I wanted to know, and finaly, i read article how to trade bitcoin with best strategy, but the strategy I got wasn't strong enough to guess the movements of the value of bitcoin. in the market

[crwth]

I guess we can agree that many trading methods that we already had in the world could actually be applicable to the bitcoin world as well. People from forex world actually brought in their charts, indicators, weird named things and basically all used that to make money from bitcoin

Everything is almost the same, it's just that Crypto runs 24/7. Multiple exchanges as well. What do you mean by weird named things?

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it. Indeed, please consider also your emotion here because almost newbie traders are greedy.

Emotion is the number 1 enemy with regards to newbies and even pro traders. I know a lot of people who have traded every day and still is affected or not emotionally controlling themselves.

Everyone who is in this business has the same goal and that is to gain profit but not all are successful because either they are not yet knowledgable enough in trading or they have just failed on the strategy they use when the critical situations happened. I short it will be both books and experience will be the tool for a trader to succeed but every newbie should be aware that failure is always there to mold them and become a great trader. The concept of losing may make us give up but still, it depends on us on how we perceive it.

Venturing out into different things is always about having a profit. It's knowledge and books that could conquer the obstacles in front of you but it's your experience and emotional strength that would help you be successful.

[fullhdpixel]

Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading.

Yes, experience matters. A beginner in trading, should not focus on accumulating profits but should focus on accumulating as much as possible experience by risking all the new things they come across but with small capital. Unfortunately most new traders are just focusing on cracking profits because from day one itself they want to be trading like pro.

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it.

Basics of all the markets are same because risk management - money management - controlling our emotions are same thing everywhere. But, level of fluctuations and impacting news sectors may differ market to market but those things are easier to adopt for a trader who is switching over.

[Twentyonepaylots]

Experience is still the best teacher though are things that we can only learn through books like when we need to learn how to read for us to do that we need books same as in trading we can learn a lot of things and be successful on this through experience but we will still need those paid calls or books that contain information about trading.

Yes, experience matters. A beginner in trading, should not focus on accumulating profits but should focus on accumulating as much as possible experience by risking all the new things they come across but with small capital. Unfortunately most new traders are just focusing on cracking profits because from day one itself they want to be trading like pro.

I'm not surprise why a lot of beginners are losing in trading, why? because they keep asking what to do about this, how about that , and they will do it not considering the market situation. I could not agree more that experience will teach you the best lesson in trading, most probably it will teach you the hard way to understand but It's actually worth the time spending.

Crypto market is no different from the stock market you can invest and trade into both of them, --strategies and current or upcoming situation makes them different on when and how you will respond to it.

Basics of all the markets are same because risk management - money management - controlling our emotions are same thing everywhere. But, level of fluctuations and impacting news sectors may differ market to market but those things are easier to adopt for a trader who is switching over.

There will be always emotion involve in our actions, but as a trader we should not let it take over our decision making. You may find the market very unpredictable but technicalities always help.

[EdvinZ]

It would be useful for novice traders to familiarize themselves with the golden rules of trading. 1) Always diversify risks by investing in different assets and trading on different exchanges. 2) Remember that margin trading is very risky and allocate to it the part of the portfolio that you can afford to lose. 3) It is easier to lose money in day trading than when holding coins for a long time.

[cassavachips]

I think everyone will know what bitcoin is, so if it were me, then I would first learn how to do basic trading strategies.

[Lorence.xD]

I think starting your trading journey would be to learn all that you can about trading and the nook and crannies of it, learn from succesful people and follow their advice but not blindly, you are to learn but also use your common sense. Remember to not put your eggs in one basket, making diversity in your investments in your trading, this makes sure that you will not suffer a big loss when you start trading and lastly, all I can think of as a smart trader is be patient, no man could ever strike a gold at their first hit, it takes time and effort. On a side note, do not focus all your effort with just trading, do it together with other things, you can work your day time job and trade, it makes you have a stable source for sustenance and not pull out your investments when push comes to shove.

[bearexin]

Some of the questions you asked are unnecessary and anyone asking that kind of question doesn't really deserve my answer, especially that number one and two. Someone that's been here for quite a long time is meant to know what's Bitcoin, and if you're a newbie there are lots of articles written about Bitcoin online, and sites like Cointelegraph and Coindesk all have a whole page dedicated to teaching about Bitcoin and what it's all about. And as for how to earn, you already mentioned trading; trading is a good method, though everyone do not understand how it works.

I mean bitcoin trading is a good method to make money but not suitable for most of the people; in other words, bitcoin must be a good method for making money but actively trading may not be viable for many people. Investing in bitcoin must be another method instead of trying to trade it.

[crwth]

It would be useful for novice traders to familiarize themselves with the golden rules of trading. 1) Always diversify risks by investing in different assets and trading on different exchanges. 2) Remember that margin trading is very risky and allocate to it the part of the portfolio that you can afford to lose. 3) It is easier to lose money in day trading than when holding coins for a long time.

I think the points that you made out are great. The thing about divesting as well should be known in all financial planning stuff. Just be sure it's not your rent money or something related to that.

all I can think of as a smart trader is be patient, no man could ever strike a gold at their first hit, it takes time and effort. On a side note, do not focus all your effort with just trading, do it together with other things, you can work your day time job and trade, it makes you have a stable source for sustenance and not pull out your investments when push comes to shove.

You are definitely on point with that patience things. It's better to set the expectation before anything else because once they understand that it's not lightning fast compared to gambling, they would build that mentality when it comes to trading.

I mean bitcoin trading is a good method to make money but not suitable for most of the people; in other words, bitcoin must be a good method for making money but actively trading may not be viable for many people. Investing in bitcoin must be another method instead of trying to trade it.

Why not have the best of both worlds? Accumulating Bitcoin and trading it at the same time? I think having that set up would be practical because you would be gaining from the trades (assuming you have Gunbot) automatically. That would answer your "actively" trading part and continuously investing is the "Investing in Bitcoin" part.

[milewilda]

When you do just make yourself to learn up trading just because you do need money or to sustain yourself then better you opt out this one into your option because results wont just pop out in a matter of minutes hours or days. Everything would really need that sufficient time for you to learn up everything but at least you do make yourself learn in earlier phase but i would say that this one wont be that enough as said earlier
profits wont be sustainable since you are still a noob and the fact in spite on making profits you would eventually lose even more if you dont know on what you are doing.On this time of crisis there are lots of ways
for us to earn money not just here on crypto but in other traditional potential sources as well.

[pixie85]

All the information is available in the Internet you just need to show an effort and have some time to research it.

I can't believe that someone who wants to be a Bitcoin trader needs to learn what Bitcoin is and how it works. He'd have to be like that guy who wants to be an astronaut but can't even name planets of the Solar System.

If you have to teach a future trader about the basics of Bitcoin and reading charts you can expect that trader to fail miserably.

[shollyen]

I sometimes wish I could be good at day trading and ake profit every single day. Although I trade, but not as such active and sometimes, I experience some drawbacks on trading. For instance, the fear of losing draws me back. My urge right now is to see that I gain more courage to trade, irrespective of whether I will gain or lose.
Things are now quite different. I think i now have the time and will focus more on it.

[abel1337]

I sometimes wish I could be good at day trading and ake profit every single day. Although I trade, but not as such active and sometimes, I experience some drawbacks on trading. For instance, the fear of losing draws me back. My urge right now is to see that I gain more courage to trade, irrespective of whether I will gain or lose.
Things are now quite different. I think i now have the time and will focus more on it.

That's pretty normal, I'm sure many traders come to that kind of stage that they are scared of losing their capital and can't make a profit every single day. To be honest I came to that point when I was still a newbie and still wondering how can I make my trading skills better. Experiences help a lot in trading and with the experiences you can build your skills. If your serious enough in trading just continue what you are doing and if you have the confidence to trade on a daily basis then go.

[tbterryboy]

I think everyone will know what bitcoin is, so if it were me, then I would first learn how to do basic trading strategies.

Yes but not everyone knows why recently the price is increasing and an experienced trader will easily laugh and say that is because of the FOMO around the halving that makes people buy more bitcoins and hence the price went up. Knowing bitcoins is good but knowing about the deep aspects like how will miners cooperate with halving and how the price will be affected by some milestones, I mean I consider halving as a milestone, will help a trader make more suitable trades. That been said there are a large number of reddit posts I saw with good information and there are some good videos too, just make sure not to trust any links or software any unknown people provide you.

When I was new someone easily fooled  me by sending some transaction with 0 fees or something which was later cancelled and I felt so bad and foolish so same applies to trading, you learn new things and you grow daily.

[GruHabiiml]

If you still believe that you can earn money without trading bots, then you are a fool.

[timmmers]

If you still believe that you can earn money without trading bots, then you are a fool.

Yes, you can. Trading bots only trade on the basis of signals from professional traders, but it doesn´t mean that these traders have good results and even they have, it is not a guarantee that they will have them in the future  .
If you are new comer, please do not fall into this FOMO and lets wait, I believe that we will see new lows 3k. Why? People don´t have money to invest - 30 millions unemployed americans  .

[LUCKMCFLY]

There is something very important to keep in mind that newbies do not do, is read about market speculation, because if they read financial education books without a focus on technical analysis they would have control over risk management, knowing when it is advisable to enter to the market and when staying out of the market, having these clear concepts could easily manage how much balance you could risk, in my case, I never risk 10% of what I decide to put, I always go with 7% or 8% loss, but the benefit is calculated between 24% and 30% for each operation, of course, my way of operating is in the medium or long term.

[makalve2]

Have anyone used indicator script from tradest.io?
I’m looking someone who can tell is it really that accurate.