Bitcoin Trading from Scratch

[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.

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.

I hope he can learn from this forum and read so many knowledge that will help him to learn about trading. He can ask something if he does not know and I am sure that if we can help him, we can suggest to him. Not just like that, maybe he can get a solution if he has a problem with trading to improve his skills to better skills. But I hope that he can have patient while learning to trade because that will not be easy and needs time before becoming a pro trader.

[isaac_clarke22]

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I hope he can learn from this forum and read so many knowledge that will help him to learn about trading. He can ask something if he does not know and I am sure that if we can help him, we can suggest to him. Not just like that, maybe he can get a solution if he has a problem with trading to improve his skills to better skills. But I hope that he can have patient while learning to trade because that will not be easy and needs time before becoming a pro trader.

We can only hope that OP returns to this thread which isn't likely as he isn't active anymore.
He/she could be searching or trying out these answers we gave in the thread.
Should be locked by now though.

[suzanne5223]

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.

Ignorance is the medicine that contributed the maximum to human poverty and it like a saying "the fear of poverty is the beginning of hard work".
I came to a conclusion about crypto traders that don't understand the fundamental aspect of trading which also ask series of questions (will Bitcoin rise again, when will another ATH market happen) about the market ever there's a dump as lazy fellows.

[RealMalatesta]

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.

I think it is as easy as OP said but also quite difficult to make it that easy. I mean as someone who has done almost all of those, I can tell you that it is nearly that simple, and has always been that simple, but there are way too many people that make it harder for themselves. For starters people are emotional so they make emotional decisions, and there are many people who panic as well, and there are people who get fooled easily to buy into something, basically there are thousands of reasons why people do not do what is listed as easy.

I have been doing that, I am not a day trader, but I pick my coins and sell them accordingly and I can say that I have made a decent amount of profit, the total I have is still small, but it was tiny and grew to become bigger thanks to following this type of system. If you could build a system like this and never get out, you can make money easily as well.

[TheGreatPython]

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.

It’s not just about saying that you’re going to diversifying your assets, because you can still diversify your assets and the market will still continue to fall for the assets you have invested. Although I do understand that the reason why a lot of people like to diversify is because they believe that if other assets are going down then, then one, two or more will be increasing in value, but how sure are you that one asset that is increasing will help you to recover the losses you’re going to be encountering with the fall of the other assets on your portfolio?

So, it’s not really just about buying so many coins and keeping , you have to be very careful of the coins you’re going to b choosing because anything can happen, the market can fall at anytime.

[jrrsparkles]

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.

What guide you are talking about?

In the trading career you can learn as many things as you want but it is not possible to imply everything with the without actually doing it, avoid BCH at any cost.

[MiningBattalion]

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.

What guide you are talking about?

In the trading career you can learn as many things as you want but it is not possible to imply everything with the without actually doing it, avoid BCH at any cost.

Trading is like a game. It’s a permanent betting system between bulls and bears – buyers and sellers.One group is betting that a price will increase while at the same time the other group is betting that this price will go down.This group is generally convinced that Bitcoin will increase in price in the long run, so they assume that having more of it will increase their future wealth.

[goldade]

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.

I do believe that you're actually right. Everyone knows that the most basic thing needed is the bitcoin wallet. There are a lot of wallets one can use. I think Blockchain wallet and Trust wallet are very good to start with.
Then, the next thing is to choose an exchange to trade with. There are factors one needs to consider in choosing an exchange, the most important being trading fees. Exchanges trading fees vary and you should a good one with low trading fees.
the rest now depends on your trading ability. How well and how much you've learnt trading determines how much you'd make trading.

[tygeade]

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.

Choosing the right wallet is actually important because some of the users are considering exchanges as wallets which is a bad mentality and better to use a proper wallet that gives you full control (private keys) and after trading you should withdraw funds into the wallet.

Minimize trading costs. ...Watch Trading times. ... Make sure to follow Bitcoin News. ... The use of technical analysis is essential. ... Finally, use stop losses.

Minimizing trading costs is not within our hands though but yeah some exchanges have lower fees, but also keep in mind if the exchange itself is trusted. I would rather pay a small extra fee to Binance than trading at HitBTC for example.

Follow Bitcoin news but don't get carried away if a celeb is buying or a big company is selling the coins, make sure you know the decisions are not based on someone else's opinions. Your money, your thoughts and your actions. Lots of guys recently jumped on the hype train of doge coin initiated by Elon Musk but I have a feeling they will fall flat very soon.

[trigger1975]

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.

Not to forget to manage the psychology of having real money at stake.

[trigger1975]

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.

Well, if it would be that easy, we'd all be millionaires.  Trading is a serious business and if you don't treat it as such, the market will crash you.  Becoming a profitable trader takes time and requires hard work at ones own personality and psychology.

If one is serious about trading, get a solid strategy for a timeframe that fits your personality and time budget. Write a trade plan and paper trade that plan for at least 3 months with a reasonable risk per trade.  If you are not profitable, don't go live, stick to paper trading unless your are profitable.  Periodically review your trades and check for errors you have made and how you can prevent them.  And: keep a solid trade journal where you write down your trades, feelings and thoughts along with the trades!

Yeah, I know, paper trading sucks.  But if your psychology and motivation does not keep you trading boring paper, you don't manage to trade live.

[Ausgewielt]

Novice trader should get this information. We should help each other so our community can become stronger. From me, I just advice to novice trader to start with BTC and fiat pair, stable coin also good. There are many things to do that maybe they make some mistake so I think they should lowering the risk in trading first. Buy at low price and sell higher, maybe that statement is only for traders who have enough experience or for long term trading. However stoploss is important thing that can make traders get better possition for the next trade.

[CryptopreneurBrainboss]

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You can't give what you don't have so I see no reason why newbies are to help themselves instead the experience and professional traders should be the ones doing the helping here. The newbie should focus more on building themselves and when they have all the capabilities of standing on their own as a trader then they can start thinking about contributing to the growths of the industry by mentoring other upcoming traders.

If your learning how to trade from scratch then it's better and most advisable to focus on yourself. The market has so many distractions that if you're focus you can easily get distracted from your aim of picking interest in trading in the first place which one of those distractions is what you just highlighted above.

[whyrqa]

...

You can't give what you don't have so I see no reason why newbies are to help themselves instead the experience and professional traders should be the ones doing the helping here. The newbie should focus more on building themselves and when they have all the capabilities of standing on their own as a trader then they can start thinking about contributing to the growths of the industry by mentoring other upcoming traders.

If your learning how to trade from scratch then it's better and most advisable to focus on yourself. The market has so many distractions that if you're focus you can easily get distracted from your aim of picking interest in trading in the first place which one of those distractions is what you just highlighted above.

At the very least, a beginner should emit all the available information and correctly weigh the pros and cons, as well as draw the right conclusions, while not overestimating their capabilities. You can even learn with the help of the corresponding youtube channels, but a trader learns various nuances not only through his personal experience, but also through communication with other users and an increase in his knowledge base.

[jack05]

There are so many guidelines available and which one to follow or not is very trivial. Use your own mind to choose any strategy. Since its your own hard earned money and no one will share your lose, make choice wisely.

[cyriljundos]

Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn.  Many guides and reading candlesticks to know the peecentage high and low of specific token.

[Sled]

Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn.  Many guides and reading candlesticks to know the peecentage high and low of specific token.

Big gains? It is just for now, as the bullish season continues but wondering if these traders could manage to keep in trading during the bear season. I'm for sure that many were leaving and suffer losses.

If they are into trading now, better take the opportunity because it can be done soon and the market momentum will change. If we are new to this, never excite more that this will happens all the time because the market will test your patience and strategies when the market turns to bearish again. So better not to overthink that trading is giving you a huge income, it can be sometimes but not all the time.

[blckhawk]

Many people today is engaging in crpto trading beccause they know how big income was in trading bitcoin pair, they can double up money in instant depends on your trading choices and techniques. Beginners attempt to trade in a low capital first and finding out themselves what are possible techniques in trading that they can earn.  Many guides and reading candlesticks to know the peecentage high and low of specific token.

Big gains? It is just for now, as the bullish season continues but wondering if these traders could manage to keep in trading during the bear season. I'm for sure that many were leaving and suffer losses.

If they are into trading now, better take the opportunity because it can be done soon and the market momentum will change. If we are new to this, never excite more that this will happens all the time because the market will test your patience and strategies when the market turns to bearish again. So better not to overthink that trading is giving you a huge income, it can be sometimes but not all the time.

Indeed, that is why it is necessary for us to take all the opportunities we can see in front of us because we never know when this bullish trend will be over. Trading in a bearish market could be profitable however, it is not as big as a bullish market can give. A bearish market is more likely a buying phase for traders since the prices of coins are way cheaper and then bullish is more likely the selling phase where you will make a profit. On that note, newcomers are only after with big profit so I doubt they will stay in this market once the bear market comes.

[Zilon]

Crypto market is highly volatile. Getting the right knowledge before trading should be considered first before going into trading. Market analysis which could take couple of months to comprehend must be clearly understood. In analysing the market two major analytical approach is required

• Technical analsis
• fundamental analysis

[fullhdpixel]

Trading in a bearish market could be profitable however, it is not as big as a bullish market can give. A bearish market is more likely a buying phase for traders since the prices of coins are way cheaper and then bullish is more likely the selling phase where you will make a profit. On that note, newcomers are only after with big profit so I doubt they will stay in this market once the bear market comes.

That really scares me a lot because each time I go into something thinking maybe I will make a profit from this one too, I am just considering the fact that I made a good amount of money this year but the fact is that one day I will fail, it will go down, and that is when I will be screwed and everything will crash while I am holding it.

I remember very clearly the period when in 2018 I was buying almost everything, since I got in with low amount of money and increased it, I took out my initial money plus some more and used rest of it to buy many different coins, I was throwing 100-200 dollars to anything I found. Eventually I started to lose when the market crashed. I am wiser now and I am not doing that, I am keeping myself in check and not put my money into everything, I still do invest more than I normally do, but not as much as I did in 2018 period.