Crypto Currency trading without knowledge

[Researchoo]

Trading cryptocurrencies without any knowledge of the market or the underlying technology can be risky and may lead to significant losses. Cryptocurrency markets can be volatile and can change rapidly, making it important to have a solid understanding of how they work before investing your money.

If you don't have the knowledge or experience to trade cryptocurrencies, there are several alternatives to consider:

Seek advice from a professional: You can consult with a financial advisor, stockbroker, or another professional who has experience with cryptocurrency trading. They can help you understand the risks and potential rewards involved and provide guidance on how to trade.

Use a crypto trading bot: A trading bot is a software program that automates the process of buying and selling cryptocurrencies based on predetermined rules and algorithms. Some trading bots require a certain level of technical knowledge to set up, while others are designed for novice traders.

Invest in a crypto index fund: An index fund is a type of investment that tracks the performance of a particular market index, such as the S&P 500. A crypto index fund invests in a basket of cryptocurrencies, providing exposure to the broader market without the need for individual stock picking.

Regardless of the approach you choose, it's important to understand that there is no guarantee of profit and that investing in cryptocurrencies involves a significant degree of risk. Before making any investment decisions, it's important to conduct thorough research and seek advice from a qualified professional.

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[palle11]

Sometimes it becomes easy for we to advise people on cryptocurrency trading while we are still learning and we also have to understand that for now crypto trading is one of the hardest because it is not regulated and no channel for daily news, weekly or monthly just like it is in Forex trading and with that you can decide when to stay away from the market when news is to hit the currency market and so this is the biggest challenge of trading crypto for now. This is why a trader should take lower risk and also use stop loss.

Invest in a crypto index fund: An index fund is a type of investment that tracks the performance of a particular market index, such as the S&P 500. A crypto index fund invests in a basket of cryptocurrencies, providing exposure to the broader market without the need for individual stock picking.

Do you mean companies trading for people? Well I have heard different complaint of crashes and collapse among them, I don't encourage that.

[Hypnosis00]

I would say that "It was not the best decision". We can't just throw money too easily and that much more if that is hard-earned money because we can't just put trading like gambling where we rely on luck otherwise, forget about trading.

Having a basic knowledge of trading is the very least requirement and even using trading bots won't simply work. We have to consider and invest first in knowledge for this is the tool to success or else, losses are only what we get. I don't think that is what we wanted to happen, so we don't need to push ourselves if we are not already ready for this.

[Wapfika]

I’m not sure if crypto index funds is already available publicly but most of the exchange doesn’t have this kind of investment feature but it will be a nice idea for newbie trader to invest on index fund as starter to control volatility to its asset. I believe this suggestion was originally meant for stock market investment then OP just convert to crypto since he is suggesting to seek help from crypto professionals while these so called crypto pro are normally social media influencers and shillers.

Stock market pro trading is different from crypto pro trading since crypto has a lot of clown pro traders that giving shitty advice. I won’t recommend asking someone advice on trading but instead DYOR(Do Your Own Research).

[Fivestar4everMVP]

Regardless of the approach you choose, it's important to understand that there is no guarantee of profit and that investing in cryptocurrencies involves a significant degree of risk. Before making any investment decisions, it's important to conduct thorough research and seek advice from a qualified professional.

When ever we talk about the risk involved in cryptocurrency trading, we sometimes make it look as if crypto is the only arm of investment that carries risk with it.
One thing that is sure is that everything that involves making money carries some level of risk with it, and crypto trading is no different.

No body trades Forex without first learning about the rudiments in trading Forex, like wise it is with crypto trading, like the saying goes, not preparing is preparing to fail, not taking time to learn simply means learning to throw away your money, so it is only foolish to jump into trading without any knowledge of how trading works, is it even possible?
Where is the person going to start from.?.

[hugeblack]

I do not know, but the advice that you mentioned is not considered useful for every trader.

Seek advice from a professional: You can consult with a financial advisor, stockbroker, or another professional who has experience with cryptocurrency trading. They can help you understand the risks and potential rewards involved and provide guidance on how to trade.

No one can predict the price, and you rarely find a logical analysis without being paid or having personal experience. Therefore, unless you have knowledge that you can distinguish between what the experts are trying to say, you will lose your money.

Use a crypto trading bot: A trading bot is a software program that automates the process of buying and selling cryptocurrencies based on predetermined rules and algorithms. Some trading bots require a certain level of technical knowledge to set up, while others are designed for novice traders.

Trading bots make trades when you are not there and unlike technical knowledge they are not a magic bullet but rather a tool that makes you present in the market while enjoying your life.

Invest in a crypto index fund: An index fund is a type of investment that tracks the performance of a particular market index, such as the S&P 500. A crypto index fund invests in a basket of cryptocurrencies, providing exposure to the broader market without the need for individual stock picking.

Investing in a crypto index fund? So you will again put your trust in unknown and unregulated parties.

[jeraldskie11]

Use a crypto trading bot: A trading bot is a software program that automates the process of buying and selling cryptocurrencies based on predetermined rules and algorithms. Some trading bots require a certain level of technical knowledge to set up, while others are designed for novice traders.

I agree with you on what to consider if you have no knowledge in trading crypto currency except of using a trading bot. We know that bot is very good because you can do what you want in life and let the bot do the work. Bot has no emotion and always take an entry when there's a set up. Unlike humans they applied psychology, meaning not all setup they see take an entry.

[cabron]

Well, you gotta start trading to gain knowledge as well. After a few readings, you gotta take action and be on the game already, you can't just keep reading. A little bit of knowledge like once you have set up your tradingview with a minimum of 3 indicators, would be enough as a basis for your trading decision.

You gain knowledge as you lose and win along your journey to trading crypto.

[Findingnemo]

If you don't have any knowledge about cryptocurrency then don't start trading at all, we are living in the internet era so we can get any information at simple search so no need for professional advice just for a beginner and also we have demo account which can help to familiar with the trading platform also can try the strategy you learned from the internet.

If not at all then don't just trade simply HODL.

[SquallLeonhart]

Regardless of the approach you choose, it's important to understand that there is no guarantee of profit and that investing in cryptocurrencies involves a significant degree of risk. Before making any investment decisions, it's important to conduct thorough research and seek advice from a qualified professional.

There is another approach that you have forgot to include! It got a proven record of getting massive profits over the years. It is nothing but hodling. Yes, for the people who are unable to trade due to lack of knowledge and experiences, hodling must be a better solution to increase their networth. Unlike the methods that you have mentioned, holding bitcoin got zero risks but remember that I am talking about bitcoin hodling alone.

With bitcoin hodling, I talk about guaranteed returns when your holding periods extends up to four years. This must be a new kind of advantage that you cannot enjoy anywhere else. I always wonder why people do struggle with trading when they got an easy approach for guaranteed profits through hodling.

[taufik123]

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Use a crypto trading bot: A trading bot is a software program that automates the process of buying and selling cryptocurrencies based on predetermined rules and algorithms. Some trading bots require a certain level of technical knowledge to set up, while others are designed for novice traders.
-snip-

Trading Bots are only used as an alternative for some investors. Because trading bots will be useful for monitoring the market and trading automatically according to predetermined settings. So you can set where to stop or place a stop loss when the price drops and place a buy order or take profit.

Trading bots will also reduce the emotions that may be involved in the trading process. Emotions will interfere with trading when done manually. But remember that trading bots also come with risks. No matter how well the bot is made, of course, there will be some errors or bugs that occur. Therefore, don't trust all trades with bots. Manual trading using technical and fundamental analysis will be better.

-snip-
With bitcoin holding, I talk about guaranteed returns when your holding period extends up to four years. This must be a new kind of advantage that you cannot enjoy anywhere else. I always wonder why people struggle with trading when they got an easy approach to guaranteed profits through holding.

Trading or Hodling is an option. Depending on which choice you will make, each option has its own risks and benefits. Holding will not always be profitable, it also depends on how your psychology is when holding for the long term. The panic will set in when the price continues to fall and there is no increase in the asset you are holding.

Bitcoin may be the best asset for the long term, but will you survive when the price is out of the question? So trading or holding will have their respective advantages. Nothing can be guaranteed, crypto has a high risk and must be prepared for any conditions.

[SirLancelot]

There is another approach that you have forgot to include! It got a proven record of getting massive profits over the years. It is nothing but hodling. Yes, for the people who are unable to trade due to lack of knowledge and experiences, hodling must be a better solution to increase their networth. Unlike the methods that you have mentioned, holding bitcoin got zero risks but remember that I am talking about bitcoin hodling alone.

With bitcoin hodling, I talk about guaranteed returns when your holding periods extends up to four years. This must be a new kind of advantage that you cannot enjoy anywhere else. I always wonder why people do struggle with trading when they got an easy approach for guaranteed profits through hodling.

"Massive profit over the years" ?, Hhm sorry but I think that's a bit exage. All of us are not an expert right before we invest in Bitcoin but we also experience big losses first before we realize our mistakes and correct it. Also not all those who invest in Bitcoin are fortunate to earn a profit but the only thing that they got is losses.

It's only true that investing/hodling is the go-to thing of people who don't know or don't want to engage in trading. There is no way to say that BTC has a zero risk. BTC actually is the most riskiest asset in crypto because it's known to be highly volatile. We don't know the future of BTC so I won't say that there are guarantees here.

[South Park]

Trading cryptocurrencies without any knowledge of the market or the underlying technology can be risky and may lead to significant losses. Cryptocurrency markets can be volatile and can change rapidly, making it important to have a solid understanding of how they work before investing your money.

If you don't have the knowledge or experience to trade cryptocurrencies, there are several alternatives to consider:

snip

Wrong, if you do not know how to trade then do not trade, look at the profitable investors and traders around the world, do you see them relegating the responsibility of managing their money to someone else? No, they trade on their own, there is nothing wrong about not knowing how to trade by yourself, the mistake those persons make is to think they still can make money in the market despite their ignorance and lack of ability.

[AmoreJaz]

Trading cryptocurrencies without any knowledge of the market or the underlying technology can be risky and may lead to significant losses. Cryptocurrency markets can be volatile and can change rapidly, making it important to have a solid understanding of how they work before investing your money.

If you don't have the knowledge or experience to trade cryptocurrencies, there are several alternatives to consider:

snip

Wrong, if you do not know how to trade then do not trade, look at the profitable investors and traders around the world, do you see them relegating the responsibility of managing their money to someone else? No, they trade on their own, there is nothing wrong about not knowing how to trade by yourself, the mistake those persons make is to think they still can make money in the market despite their ignorance and lack of ability.

start trading small. there's no hurry to learn from this market. i also don't advise to trade if you have no knowledge of trading. trading bots need to be set-up. how can you program your bot if you don't know how trading works? much better if you will learn the step by step process. you can always use small funds and actually experience the trading.

[goaldigger]

Regardless of the approach you choose, it's important to understand that there is no guarantee of profit and that investing in cryptocurrencies involves a significant degree of risk. Before making any investment decisions, it's important to conduct thorough research and seek advice from a qualified professional.

There’s no need to seek advices if you already know what to do, because in trading you can easily learn everything on your own as long as you are willing to do it. There’s a big risk if you make a decision that only came from your emotion, trading requires your own analysis and don’t do this with your emotion. Knowledge is your greatest weapon here, so don’t try to skip the learning phase because there is no easy money here, you need to have sacrifices as well before you succeed in trading.

[Husires]

I have a personal rule in trading, which is that if you cannot understand what you are doing in trading, then asking a person or requesting someone to trade in your place will increase the complexity of the loss because you will not only lose money, but you will regret that you did not do it yourself, or you will begin to blame the second party.

Also, the use of trading bots will increase the risk if you do not know how to program them, and they are a level for professionals, not for beginners.

Trading is not for people with little experience, so there are many other ways to make money.

[hyudien]

Use a crypto trading bot: A trading bot is a software program that automates the process of buying and selling cryptocurrencies based on predetermined rules and algorithms. Some trading bots require a certain level of technical knowledge to set up, while others are designed for novice traders.

The fact is if you are not trying to learn about crypto trading then don't be in a rush to get started. Always do the learning process, even though now many trading options are offered and you choose not to learn is tantamount to giving some of the profits to other parties. From the beginning Crypto trading was very volatile and the alternative was to learn trading methods.

Instead of suggesting trading bots means no points to gain, you are addicted to relying on trading bots and obviously that is not good for continuous trading.

[ethereumhunter]

I didn't follow what @OP suggested in my trading but I taught myself about trading. Indeed I have asked my friends about trading while I learn from their experience but do not depend on them to analyze the market.

And I also don't use bots in trading because I feel I can't learn much from these bots. I better spend time learning to analyze so that I can improve my analytical skills. But I agree that investing in crypto has a high risk because the market can change anytime, so we must be prepared for the risks.

[South Park]

I have a personal rule in trading, which is that if you cannot understand what you are doing in trading, then asking a person or requesting someone to trade in your place will increase the complexity of the loss because you will not only lose money, but you will regret that you did not do it yourself, or you will begin to blame the second party.

Also, the use of trading bots will increase the risk if you do not know how to program them, and they are a level for professionals, not for beginners.

Trading is not for people with little experience, so there are many other ways to make money.

Correct, if you are in the process of learning how to trade losses are inevitable but at least you will learn some lessons out of it, but if you trust your money to someone else it is still very likely you will lose but you would have not learn anything from it, so your loss is in fact doubled because once you try to trade on your own you will still need to lose a few more times in order to learn lessons you should have already learned if you had tried to trade and learn on your own.

[arwin100]

I have a personal rule in trading, which is that if you cannot understand what you are doing in trading, then asking a person or requesting someone to trade in your place will increase the complexity of the loss because you will not only lose money, but you will regret that you did not do it yourself, or you will begin to blame the second party.

Also, the use of trading bots will increase the risk if you do not know how to program them, and they are a level for professionals, not for beginners.

Trading is not for people with little experience, so there are many other ways to make money.

Correct, if you are in the process of learning how to trade losses are inevitable but at least you will learn some lessons out of it, but if you trust your money to someone else it is still very likely you will lose but you would have not learn anything from it, so your loss is in fact doubled because once you try to trade on your own you will still need to lose a few more times in order to learn lessons you should have already learned if you had tried to trade and learn on your own.

No successful trader will ask a money from a random newbies if they are really earning money with it they focus on their own trade and money making then be away on any distractions. Scammers will be the only one ask about that so to avoid losing money for scenario that can be avoidable erase the thoughts about looking for a people to invest on their trades. We need to learn although somehow its expensive for us to learn a skill on trading but atleast we can take note on the errors we encounter and improve it to became more better trader.