Bitcoin Trading from Scratch

[isaac_clarke22]

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Well the first part is just the easiest part on your post.
Rest of it is the hardest because you never know what you're really investing at.
Diversifying just minimizes the risk of how much you possibly lose, but it isn't guarantee that you'll all cash it out more than from what you invested.
That was my experience in my trades.

[dimonstration]

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.

Invest in bitcoin because were already in crypto adoption just be ready yourself to put some effort in studying it and to learn how it works. All knowledge needed to know is already in internet. I always pushmy friends to engaged in crypto because the potential gains or profit is possible here, 

[Smartvirus]

Day trading in bitcoin seems reserved for small investors who has not the patience to wait on the price action to play around with price until that big moves happens. For the small investors, should they have certain amount as capital, the percentage increase is often relatively low compared to when the funds would have been traded with. You gradually build and with the aid of stable coin, you could retain the value of your coin should the price falls which eventually presents you with a buying opportunity in the market.
While big investors with the luxury of time just stay long and hodl while time does the rest in profiting them.

[Questat]

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.

Trading will simply never works as people say that it was just easy. We definitely lose if we are too careless and don't have any good strategy to boost up and ended up hurting us.

May trading will work profitably if we spend more time with this, in a way that we can make good TA but if we just spending a few hours with this, doubted if you were able to have a good result, most likely it was a losing end.

[CryptopreneurBrainboss]

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.

Nah that's not it, it should be the exchange, maybe before personal wallets would had been the idea recommendation since we all advocate for been in control of your keys but with the high fees this days it won't be idea since you could spend almost all your profit just for fees if you're moving coins from personal wallet to exchange each time you want to sell.

The high fees aren't affecting just bitcoin but coins on ethereum blockchain are also in the same shit. With that in mind, selecting the best exchange with very good good reputation that you can keep your trading funds in would be the idea first step.

You should know though this fund should be strictly for trading and they should be funds you'll comfortable if the worst case scenario would happen.

[maxreish]

Easy to give advices, ain't?

But there are many things you need to consider before deciding to enter this field (trading). As many thought trading can acquire massive profits but they tend to forget the risks associated with it resulting with the massive loss, too.

All the necessarry trading learnings and improvements and emotion control combined with of course trading tools will lead you to a good trading management.

[virasog]

The first thing you need to get started trading bitcoin is to open a bitcoin wallet.

The first thing you need to get in starting trading is not opening a bitcoin wallet but to learn how to trade. Opening a bitcoin wallet, buying bitcoins ,transferring to exchanges are basic things which anyone can learn. The real skill is trading and if you are able to master that skill then of course you can earn a lot of money.

[suzanne5223]

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.

Nah that's not it, it should be the exchange, maybe before personal wallets would had been the idea recommendation since we all advocate for been in control of your keys but with the high fees this days it won't be idea since you could spend almost all your profit just for fees if you're moving coins from personal wallet to exchange each time you want to sell.

The high fees aren't affecting just bitcoin but coins on ethereum blockchain are also in the same shit. With that in mind, selecting the best exchange with very good good reputation that you can keep your trading funds in would be the idea first step.

You should know though this fund should be strictly for trading and they should be funds you'll comfortable if the worst case scenario would happen.

You make a good point but I believe the first thing anyone should first do when want to trade Bitcoin successfully from scratch is to first understand the fundamental aspect of trading in order to be aware of what she will face in the future.
Having said that, judging by the size of mempool Bitcoin transaction fees are down this day.

[imstillthebest]

nowadays trading has got more easier and the steps are cut off because we dont need to setup a btc wallet  anymore but many trading exchange are now all around .
they already accept fiat deposits and cards when you buy a crypto and different methods for cashing out are available other than withdrawing to a crypto wallet but the tips you have is solid .
this will help many newbies that are starting thier journey as a crypto trader .

[DarkDays]

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...

I agree, technical analysis can give you some advantage in the levelling field of trading but predictive analysis is by no means accurate. So in that respect for the use if technical analysis on some market can be just as useful as 'reading tea leaves to see the future'.

One last thing, I'd like to point out is that with time you get a feel of the accuracy and basis of such analysis, so it is worth the while 

[Yatsan]

When you are starting to do trading from scratch, you will be needing all sorts of basic necessities that a normal trader must know starting off from creating your own crypto wallet where you will store the crypto you will be needing for your trades as well as learning the basics of how does trading works. Surely you do want to gain profit upon engaging into trading industry so you must learn what information you can use for the fact that trading can be brute for those that do not have experience and putting their funds into gamble which makes them vulnerable to loss. Better be sure to keep yourself updated on the market movements as well as into other factors that may affect like news and trends as well as learning technical analysis because those can help you in your trading journey.

[orions.belt19]

One of the things you should first be aware of if you are really keen on trading is to be knowledgeable on the basics, the platform and its features and how to read the charts. Its astonishing to see newbies jumping aboard without even first knowing how to deposit and withdraw crypto, not knowing the differences between the networks and thus losing their coins in the process of transferring. Too many are to eager to earn the potential gain but don't even bother getting a feel of it and I believe this is why many traders lose their money.

[fullhdpixel]

Easy to give advices, ain't?

It is always easy to give advice to others, yeah, but when it comes to implementation, the person sharing it himself would not always be able to accomplish that. Almost everyone knows how to remain in shape physically but not everyone is in shape which shows knowing things doesn't mean doing them.

Trading cryptos from scratch means you will first have to learn about the volatility of BTC itself before you move ahead, then you need to understand what are the possible risks associated when trading cryptos and what are the possible ways to avoid them. Greed and emotions also need to be kept in check because as a starter you don't want to get carried away or get too upset about a single trade.

[jaberwock]

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.

Also one needs to define what kind of trading they are going to initiate with the funds because sometimes traders confuse themselves by doing multiple types of trading at once. Either you do simple BTC price trading where you buy at dips and sell when the market is up or you just do altcoin trading which is risky but still worth it if you are trading a known and tested pair of coins. Define the type of trading and how much profit you are expecting and always stay within that range, don't get greedy.

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.

Yes, small measures can avoid bigger losses if one is aware of the risks and knows his limitations from the very beginning. People who start trading because someone asked them or because the market is bullish will more often face loss because they are looking to get rich within a few days which is the worst way of approaching trading especially in the volatile crypto market.

[crwth]

Yes, small measures can avoid bigger losses if one is aware of the risks and knows his limitations from the very beginning. People who start trading because someone asked them or because the market is bullish will more often face loss because they are looking to get rich within a few days which is the worst way of approaching trading especially in the volatile crypto market.

I believe now that the best way is to either trade consistently with a bot or just HODL and continuously average your entry with a specific coin and believe that it will catch on. The one thing that everyone should be doing is that to never lose money so you wouldn't have to recover such a big loss. The increment on having to recover is bigger compared to the minimal losses you can take and recover in a small amount.

[bassbity]

maybe what has been said before, and the input given by the seniors is much more effective, because they have first-hand experience and face market growth every day. actively checking prices and so on. The bottom line is as long as the strategy can make you profitable, then take it and try to manage it at a 50:50 ratio. to keep the potential price between rising and falling. so when you enter the market and you are ready to trade you already have 2 options. The first 50% uses a stop loss to avoid big losses, and the second point, the remaining 50% is used to create a queue above the inflated price. So the conclusion is either a dump or a pump. You have prepared the place.

[CryptopreneurBrainboss]

You make a good point but I believe the first thing anyone should first do when want to trade Bitcoin successfully from scratch is to first understand the fundamental aspect of trading in order to be aware of what she will face in the future.

That's very important but the counter here was between a personal wallet and exchange. Understanding the fundamentals of anything you want to trade is vital if not you're closer to losing your capital as any slight movement in the market will take you off guard. An example is not understanding the circle in the market, there's always going to be a period when the market looks like it isn't holding back as it continues pumping but then a correction comes in.

Traders that weren't prepared for the corrections panic and dump their coins closing the trades at lost or lower than what they would had made assuming they held a little longer waiting for the storm to pass. This decision were taken out of ignorance of not understanding how the market operates.

[btc78]

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.

Yeah this has been mentioned thousand times since i start here in forum , Thanks for reminding us again.

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.

What strategy ? you have not mentioned anything aside from creating Bitcoin wallet . Funny isn't it?

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.

from all of that the most important and functional is using "Stop Loss" , because diversifying is indeed normal as never put all the eggs in one box.

[michellee]

If trading is as simple as @OP say, I am sure many people will make a profit. But unfortunately, trading is not as simple as that because we need to learn deeper about trading so we can make a profit. Without having the right trading skills, you will hard to analyze any coin, and even you can make a wrong buy or sell because you can not see where the trend is moving.

You need to learn more things about trading and you need to research before you trade, and do not use too big money if you are not sure that you know that is the right time to buy the coin. It will better to trade safely than to risk your money.

[Reid]

If trading is as simple as @OP say, I am sure many people will make a profit. But unfortunately, trading is not as simple as that because we need to learn deeper about trading so we can make a profit. Without having the right trading skills, you will hard to analyze any coin, and even you can make a wrong buy or sell because you can not see where the trend is moving.

You need to learn more things about trading and you need to research before you trade, and do not use too big money if you are not sure that you know that is the right time to buy the coin. It will better to trade safely than to risk your money.

True, I hope it's that easy.
That kind of perspective is why many new traders are losing a lot of money. It's like they are gambling it already.
You can put different ideas to make it low risk. Analyze the market, hear opinions from people who are good at it. (better with experienced ones)

This forum is a good start. That's all I could say and up until now, I am still learning here.
Don't boast, keep the low profile and pass what you learned from your own experience to others, just like how you were taught.