Bitcoin Trading from Scratch

[ImmortalTJ]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

[Slow death]

doing bitcoin trade can be more prejudice compared to doing hodl

for example:

you have 1 btcoin and decide to do day trade

today the bitcoin price is at $48000, you did all the technical analysis and decided to buy at 48000 $, but hours later the price drops to 46000 $ and you sell because you put stop - loss

But two days later the price rises from $46,000 to $52,000

if you had done hodl in the $ 48,000 you could be making a profit of $4,000

of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

[taufik123]

-snip-
of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

Technical analysis is a basic lesson that must be mastered to become a trader who is able to make profits from any price differences. In addition, good psychology will determine how strong you are able to overcome when the price is outside of predictions and what decisions need to be taken. Holding also requires a strategy and target that must be achieved.
for day trading it is more risky, but it will provide daily profits if you are able to analyze every movement well. it takes a lot of flying hours to master daily trading and it takes a large enough fund to get big profits too.

[MRKLYE]

-snip-
of course it is good to know technical analysis even to make hodl, but day trade is very risky if you are not very experienced

Technical analysis is a basic lesson that must be mastered to become a trader who is able to make profits from any price differences. In addition, good psychology will determine how strong you are able to overcome when the price is outside of predictions and what decisions need to be taken. Holding also requires a strategy and target that must be achieved.
for day trading it is more risky, but it will provide daily profits if you are able to analyze every movement well. it takes a lot of flying hours to master daily trading and it takes a large enough fund to get big profits too.

Technical analysis is still like trying to drive a car on a highway using only the rear view mirror.. Although an interesting hobby at the end of the day technical analysis isn't much more advanced than reading tea leaves or chicken bones to see the future...

[sheenshane]

The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

It might be easy to say but I think it is hard to execute when you are in the trading field.

Trading isn't an easy way of getting profit(especially in day trading), there some instances that gaining profit by the luck or in your technical analysis.  If you're from the scratch, there are too many consequences to come, and possible loss is very common in trading, so isn't have any assurance since you know those mentioned above you didn't get a loss.

I tend to agree above that holding is a play-safe investment in crypto, if you can wait for a perfect time, that's good for you.  Because investment in Bitcoin or in crypto is always good if it is a long-term investment.

[nelson4lov]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

For an optimal experience while trading, I think it would be a lot more better if the bitcoin you're actively traded isn't kept on the exchange you're trading at. While I'm a big fan of saving your cryptos in your personal wallet compared to non-custodial wallets but when it comes to active trading, it doesn't work out well as you would end up using majority of your profits to pay for tx fees, not to mention the exchange might be charging percentages for each completed trade. I just said that's something that should be kept in mind first. If you still want to use a personal bitcoin wallet, you can do so then use the wallet as a storage for your profits.

[so98nn]

I am not sure why you wrote that post but that is very very generalised one and look like random thoughts. Well, bitcoin trading market is huge and its growing day by day. It’s an opportunity for those who were less interested in trading before but wanna enter now. You can surely make bigger stash here as compared to other stock or share markets. Bitcoin gives you integrity of price and it’s market cap. It’s ever growing and will keep doing so as we speak. I have myself grabbed good profits during the surge of bitcoin since three to four months now. With few tricks and control of your mind you can do miracle here. 😊

[LUCKMCFLY]

OP's idea is good, but it would be great if apart from doing that market diversification, he could read books about trading, educate himself, especially from those operators who share their experiences, and how they managed to handle them in the face of crises, which is where actually the true teachings are taken.

Many focus on AT, but before that it is better to understand the market, at least try to understand it. Something really useful is if you have BTC, you can have it invested while you learn, and be very careful in diversifying with other cryptocurrencies.

[Oshosondy]

Investment make you different from other people.Trading need of update at every moment.Because the live trading need of up of professional trading.If you invest your money and keep it for a while.It won't be a passive trading.Analysis after the investment is essential one.Then you won't lose your investment.

Investing is the best, but not all trading needs keeping track every moment, some day traders later leave day trading and try swing trading, in swing trading, traders too can leave keeping watching the crypto market for days, or even weeks to one or two months before keeping track again, swing trading is a good alternative to holding, but as for now, holding still remain the best for convenience.

[goaldigger]

If you’re trading from scratch and no idea about trading at all then I suggest to study trading first before you creating your trading account because learning trading takes time and to become more profitable, you have to gain the right knowledge on trading. Its easy to create trading account and bitcoin wallet, but its hard to learn the process so its better to focus on this.

[Edsemen]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

You can't have the assurance that you won't have losses in trading, but you need to me minimize it and doing it all alone isn't practical. We need buddies who can help us in times of uncertainty with trading, group mates, signal group and community could help us decide everytime there's a change or diversions of market change. Because of that, all possible actions can be initiated in order to decide when to sell or when to buy.

[adzino]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

No, the first thing before starting to trade shouldn't be opening a bitcoin wallet. Instead, the first thing should be learning about crypto currencies and blockchain. Have an understanding on how they work. Try to learn the use cases and the difference between some of the well known coins. Then get to know about the different forms of wallets and which one is going to be best for you. Don't forget to learn how to keep a wallet secured! Then you should focus on "learning" about trading. You should know how the market work and the risks behind it. This way, once you are done, you will be ready to trade and no situation will be "unexpected" to you. Even if you face such situation you will be able to deal with it.

[batang_bitcoin]

Newbies can't do this on an instant, they have to go several losses for them to take the risk easily and make profit from it. That's why many are just doing the alternative of investing or the very common and popular strategy that's called, holding.
But as soon as you have learned to trade and you can now minimize risks through learning the charts and knowing when to buy and sell, you can be successful in doing trades. Although the new traders really has to go through experiences including massive losses unless they start with minimal amount just for the experience.

[Ryker1]

Well, there are too many people that who are in trading from the scratch and now sometimes they will gain or sometimes they will lose. Because in trading, not all situations you always won, there are sometimes that you will lose. Perhaps experience will make us successful in trading and we may face different struggles in life before we will that much in trading. However, it is not bad if you will study more about technical analysis and other strategies that make us more profitable. When dealing with your fund in crypto, we should always be careful of anything, because the transaction is irreversible, once you made mistakes, it will not undo it.

[milewilda]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

When you are still complete noob then diversifying should really be done later on and just focus on single coin which is Bitcoin on making out some trades.
Everybody do start out on being noob which means familiarization would really be needed and having these traits will be helpful.
1.Dont rush up on learning things
2. Study and learn into those mistakes that you had committed.
3. Gain experience on engaging the market
4. Create proper risk management

You will gain experience as you go on on where things for you to learn is really into your path.

[crzy]

Learn the process first before you do an actual trading, because trading is not just about buy and sell its about analyzing the whole market, creating profitable strategies and accepting your mistakes. Newbies can’t go in the market right away, they have to take this process so I don’t agree with the suggestion of OP since we are talking about trading from scratches, that means to me you don’t have knowledge yet in trading.

[Oceat]

Learn the process first before you do an actual trading, because trading is not just about buy and sell its about analyzing the whole market, creating profitable strategies and accepting your mistakes. Newbies can’t go in the market right away, they have to take this process so I don’t agree with the suggestion of OP since we are talking about trading from scratches, that means to me you don’t have knowledge yet in trading.

I think it's some kind of experimental strategy trading from scratches which means you already have the knowledge but you don't have the money to begin with so you basically trade first a cheap coins then exchange it to trade Bitcoin. I suppose that's what, OP means on his post so anyway.

Trading can be a direct turning point depending on what knowledge you are capable of or it could be in an instant you just lost all of your money in a single trade. Just like that, so it's better to diversify your money to avoid such risk of losing in a one go.

[Hippocrypto]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

This is not a strategy at all, we’re talking about trading and there’s a lot of more things that newbies have to learn first in trading before they trade successfully. TA will work if that newbie knows already the basic indicators and that, it’ll take time to fully understand the system. Create a virtual account first and trade with fake monet, by this you can familiarize yourself with the market, and you’ll understand the big risk of trading.

Facing the big risk of trading, I would recommend starting small amount of money so if you're going to loss you won't feel so much paid. Learning is a process that will work in the long period of time, and market familiarization will be determined along with your experience. Meanwhile, as value continue to soar right now just wait until saturation happens then invest wisely.

[crwth]

I think you need to be aware of how much you have first and consider how much you will invest first. After that, you will associate how much you can invest in BTC without affecting too much of your portfolio; once you know that, you can now learn how to trade, etc.

I think this is what other people get trouble into, myself included, that I don't manage it enough that it ends up hurting my portfolio. With this management, I think you would be better of trading, especially if you are going to do it from scratch.

[santiPOGI]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet. Bitcoin traders are actively seeking the best possible solutions for trading and investing in bitcoin.

These bitcoin strategies can also be used for trading bitcoin cash as well as other cryptocurrencies. In fact, you can use this as a trade guide for any type of trading instrument.
The method to employ are simple. Diversify your trades. ...
Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

These are the basic things that we need to know as a beginner of course. I also think that having a knowledge about in trading technical analysis is much more advantage, isn't it right? And to be honest trading Bitcoin also is not an easy thing just like what the others thinking about it. So, better think of it before investing into Bitcoin.