New to trading

[harizen]

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Buy low Sell high - a simple term but difficult to execute. Basically, this will be your purpose if you are aiming for profits either for the long or short term.

This will be your task so you really need to make up your own strategy. For reference, you can watch trading tutorials as a start. You need to feed your mind first with some basics. As you proceed, you will now finally think up of your own way then test it by applying in actual trade.

I can't tell you exactly what approach you need to do as we have different ways to deal with the market. That's why as I mentioned, watch trading basics first to somehow get a preview of what will you encounter along the way.

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[TurboAMG]

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well

Well if you are prepared to ride it out based from your findings you gave in the OP I'm afraid that's a bad way of analyzing price predicting, you are more speculating rather than do any kind of analyzing itself. Just like how people predicted that Bitcoin will FOMO just because of the halving, and we all have witness that nothing spectacular has happened. This is just one example of one kind of event doesn't lead into some price action that's why you should not always stick one event and assume it will benefit the price.

Well, the reason I am sticking with it is because I trust in Neo. I did sell some earlier today which was a good move and I am currently waiting on a dip. I have been trying to get better on reading the charts too though but I don't know how helpful they can really be as Bitcoin itself and obviously Altcoins are so volatile. I've been trying to find trends using charts and graphs but have been unsuccessful  

[kceekcee]

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Every timme is a right time to invest, either an altcoin or a bitcoin, but before you set ahead to make the investments, you need to understand the ideoology and the facts that pushes such project, do your own research first, find out what the future hodls for the project, then you set out to invest.

[MCobian]

If you buy coins when the price is high, then the loss is only 10% should be sold immediately. But if the loss is above 10 $ it should be
coins that you have hold until price is high again then sold it. If you still have capital, you can buy more coins. So when the coins pump
you can make a double profit. So no need to panic, when we buy coins at high prices. Do the advice I give with patience.

[Ridwan Fauzi]

There is no an instant way to understood something new especially bitcoin or crypto currency as a whole. You may need a long time to know it. So I hope you will always active on this forum and read some thread thay you need to know also you can google because there are a lot of article already about crypto currency.

In your case, I don't know your intention to buy bitcoin before you know how it works and know the culture of its price. Because in my strategy I won't be tempted to buy everything before I know the ins and out against stuff that I will buy, so I can make a plan and considering the risk thag will be faced.

But it is ok to you, just make it as a lesson. At least there are two way to get an income in bitcoin/altcoin. You can trade or invest (short term and long term investment), if you are someone who likes to analyst and you have good a mathematic knowledge I think you can use your fund for trading. But if you don't have much time to make an analyst you can use your fund for investment, you don't need to make an analyst everyday if you choose investment. You just store them on your wallet and save it in the safe way and you can back when the price coin that you bought are increasing and sell them you have got profit.

[Latviand]

Sell your coins for profits, that is the rule of trading so you need to buy the coins when it is lower itself to make better profits.Since the prices are currently high you can buy and wait for the price to increase but still it is not clear that prices will move in upwards or in downwards.

one way or another, in the first place, everything will depend on what strategy the trader chooses. with long-term trading, in any case, you will have to wait for the price increase for the cryptocurrency that you have chosen to trade. And if you choose day trading, then using the simplest scalping strategy, there is a certain opportunity for generating income, even if the price of your asset has decreased.

You need first to comprehend that trading is a process where you don't need to rush things just to get huge amount of money, you need patience and self-discipline here. Considering a lot of factors in the market is necessary for you to have basis about about strategy that you're going to prepare and perform. You also need to study the factors that can affect the price of what coin you're using, like this pandemic, i'm pretty sure that this quarantine can affect the price of a certain coin. Always become patient about the right where you can sell and buy coins, good decision making is the key for you to prevent regrets in your trading career. Always be positive and never hesitate to trade if it is necessary and you have good chance of having profits.

[abel1337]

If you buy coins when the price is high, then the loss is only 10% should be sold immediately. But if the loss is above 10 $ it should be
coins that you have hold until price is high again then sold it. If you still have capital, you can buy more coins. So when the coins pump
you can make a double profit. So no need to panic, when we buy coins at high prices. Do the advice I give with patience.

There are different techniques on selling an asset when you're about to lose a trade, I understand your point on the advice you give but it's hard to understand if you give a value of a loss without giving what the base capital is.

For OP who buy an asset at a bad time and price, You should estimate the possibilities on what will happen next, This is why trading experience is important because you should know how to analyze the charts and to know when to buy and sell. Before buying you should make up your mind on what capital loss can you handle when a dip happens so that you won't be pressured when the situation you now happen again.

[maydna]

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Better you hold for a while because that doesn't mean you will see the price will be down for more. Sometimes, the price can move like that, but after that, the price will be increased. But that depends on how big the supply and demand at the market.

You need to avoid from go all-in in trading so if you face that moment, and you still have money to buy bitcoin at another low price. That will be related to money management that you will use in trading. When you see the price is down, you can prepare to buy more amount, but at the other time, you can prepare to sell if the price can increase in the next few hours.

[CarnagexD]

Trading is one of the riskiest things we should do to make more earning many people today are stating that trading is one of the easiest ways to make more money but this is wrong because not all the time buy long when the market price of the coin falls down is a good idea and vise vera this is already proven and tested by me because the market is volatile the highest leverage you have the higher the risk your funds will be lost recently at the first trade of mine I won all of my trades because of the help of indicators MACD for the example because by touching the signal line and Macd line it gives you a hint what is the next movement of the coins to make more profit or earnings. Also, it is a bit of good advice if you are making more research, and gained more knowledge first before you make your trading because it is all of the risks it depends on the market movement how you will get an income or not. Even trading can give you a huge income still trading can give you a big loss too.

[TurboAMG]

Thank you all for your great advice here. I have a lot to learn about trading and what to do to start making profit but I think it will be fun to educate myself on these topics. Hope to be able to come back on here to talk about my success in the future. 

[onrise]

Thank you all for your great advice here. I have a lot to learn about trading and what to do to start making profit but I think it will be fun to educate myself on these topics. Hope to be able to come back on here to talk about my success in the future. 

Before starting trading, keep learning and use demo trades for some time. Learn some strategy and then make out the plan as how much amount you will invest, trade etc. Also diversify you trades in different coins rather than just be concentrating on one coin.

[DevilSlayer]

Trading is one of the riskiest things we should do to make more earning many people today are stating that trading is one of the easiest ways to make more money but this is wrong because not all the time buy long when the market price of the coin falls down is a good idea and vise vera this is already proven and tested by me because the market is volatile the highest leverage you have the higher the risk your funds will be lost recently at the first trade of mine I won all of my trades because of the help of indicators MACD for the example because by touching the signal line and Macd line it gives you a hint what is the next movement of the coins to make more profit or earnings. Also, it is a bit of good advice if you are making more research, and gained more knowledge first before you make your trading because it is all of the risks it depends on the market movement how you will get an income or not. Even trading can give you a huge income still trading can give you a big loss too.

Trading only become risky if we do not have knowledge about how it works, for newbies who mostly want to start trading; it is better on doing some virtual trade first. I know there is a thread before on virtual trade where you  can practice using virtual money. Trading is a process so expect that you cannot learn all of information in just weeks. There are a lot of things that you need to learn especially the core of the technical analysis which is identifying the trend and reading the chart.

[pragna]

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Welcome to forum first. As you are new in trading you should not go for lose at the beginning so that you may lost mentality of trading here. If you buy a token that price down, you should wait for sometime for market up and in the mean time you can make research market for another coin. The more you gather knowledge about coin , the more you will succeed. So stay connected with market.

[KnightElite]

Trading requires good psychology so be sure that you have control over your emotions and thoughts in order for you to not damaged your psychology. Trading is not just about reading the price action, we should also focus on our mentality when we do trading.

Newbies in trading should research more about trading psychology for them to fully understand what is it for and its benefits. The market is so volatile and it is risky to trade if you still do not have prior knowledge about what will you do do handle the volatility.

[cosmofly]

Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

For newbies, I think you should only use the smallest capital possible and should focus on the experience. Many new traders now want to make quick money and their results are losing a lot of money and becoming desperate. During the first 2 years, should use only small capital and learn more. If you are interested in profit during this time, you will easily fall into the group of people who failed in the initial trading.

[Negotiation]

You must know the market well before you can make a small profit from Bitcoin and Altcoin There will be profit and loss in trading so you have to wait and think positively without getting frustrated. You are right that there are many advantages of trading for newcomers but before that you need to have knowledge about trade and analyze trading charts and trade sites well. Don't be discouraged wait patiently for sure to succeed.

[cheezcarls]

First and foremost, welcome to the world of cryptocurrency trading. However, I do have some questions for you:

1. Are you prepared to risk an amount that you can afford to lose?
2. Are your emotions ready in case the market bleeds even more?
3. Are you educated enough to become a cryptocurrency trader?

Of course, it's essential to become educated in cryptocurrency trading. There are so many resources that you can find on the internet.

Youtube and Google are your best friends to find and learn more about the basics of cryptocurrency trading. However, the information that you'll find in some videos aren't that complete from A to Z.

They might be helpful for us, but their information is not so deep at all. They have a landing page where they offer trading courses and trading for you either on a one-off or monthly subscription. However, most of these cryptocurrency trading "gurus" have overpriced courses.

You need to look for complete and affordable crypto trading online course platforms such as NewsCrypto, Udemy, TraderCobb or Trading Heroes to start your journey to become a skilled trader.

I hope this advice of mine helps you a lot.

[Twentyonepaylots]

Thank you all for your great advice here. I have a lot to learn about trading and what to do to start making profit but I think it will be fun to educate myself on these topics. Hope to be able to come back on here to talk about my success in the future. 

Before starting trading, keep learning and use demo trades for some time. Learn some strategy and then make out the plan as how much amount you will invest, trade etc. Also diversify you trades in different coins rather than just be concentrating on one coin.

What I like with exchanges right now is that they are acquiring the demo trading feature on their platform, not for us that is already familiar of the market though but for those who want to test drive the cryptocurrency trading. Way back then, there are only several trading platforms that has demo trade feature that is maybe why lot of people tend to lose when they first enter the market without practice. Diversify the trade? what do you mean by this, I only know diversification of assets, it sounds like really risky for me.

[danherbias07]

It's difficult to decide if it is bitcoin.
But with altcoins you got a lot of chance to make profits.

Try to monitor the movement first and compare it with others.
Example is Ethereum.
It goes up whenever the bitcoin price does the same.
But do not be confused too. There are instances that it could change.
Use it as opportunity to buy or sell. It cannot be explained well but use also your instincts.
At the end of the day it is you who will have the final click of the button.

[TheUltraElite]

Well, the reason I am sticking with it is because I trust in Neo.

If you have high level of belief in it then go with your gut. Its better to be mentally stable about one coin than try to change to other coins. However you have to learn to do that and change assets because it is what makes a good trader, they have to be emotionally cold.

I did sell some earlier today which was a good move and I am currently waiting on a dip. I have been trying to get better on reading the charts too though but I don't know how helpful they can really be as Bitcoin itself and obviously Altcoins are so volatile. I've been trying to find trends using charts and graphs but have been unsuccessful

See the past charts and how it goes down and goes back up. Compare this with the market capitalization, how much money is being pumped into the market and how much is begin pulled out. Bitcoin charts can also indicate the upcoming changes in altcoin because they seem to follow bitcoin wherever it goes. Check out some books on stock market analysis too, those who have a background of stock market trading have a better outcome here too.

I will reiterate that putting your coins in altcoins is actually a bad choice for a long term valuation. Bitcoin obviously shines here. Gradually you will also understand.