Understanding the Basics of Trading in the Cryptocurrency Market

[AicecreaME]

I agree with all of what you've said.

But it'll be all ruined in just one mistake, and that is when your emotions didn't agree on what you want to do. For me, emotional management is the first thing a trader should master first before proceeding in the world of trading, because it's hard to make a decision when your emotions are taking over always, that would surely mess up every single trade you're going to make.

[Ojima-ojo]

This point is most important to pay attention to because it involves the centralization of exchanges which do not have a safety factor in protecting the assets we have, especially for day traders who place large capital on certain exchanges in trading. Because there are no guarantees when we trade on an exchange, our assets are left there for a long time.

Why leaving your asset on a centralized exchange for a long time? That is not right because of hack issue. As a trader, I noticed that I keep stable coin most of the time. If you have stable coin, you can withdraw as low as $0 to $0.3 on many exchanges. If you want to trade, you open a position. After you close the position opened, you can move your money back to a non-custodial wallet.

The fuck going on in binance with a down dam fee of 0.001BTC withdrawal fees is the exact reason why,  traders are warned not to leave their assets on a centralized exchange like Binance because they automatically assume the right I over your coins and dictate for you what you are open to face, and if not now that binance open back Bitcoin withdrawal if not Bitcoin was previously disabled from an asset that can be withdrawn from bin ace amid the recent market development.


It is better to have your asset stored on a custodial wallet so you have access to the private keys so that you can recover the wallet at any time.

[Akc22]

The fuck going on in binance with a down dam fee of 0.001BTC withdrawal fees is the exact reason why,  traders are warned not to leave their assets on a centralized exchange like Binance because they automatically assume the right I over your coins and dictate for you what you are open to face, and if not now that binance open back Bitcoin withdrawal if not Bitcoin was previously disabled from an asset that can be withdrawn from bin ace amid the recent market development.


It is better to have your asset stored on a custodial wallet so you have access to the private keys so that you can recover the wallet at any time.

i think there may be a misunderstanding here. It is actually better to store your assets on a non-custodial wallet where you have control over your private keys. This way, you have complete control over your assets and can access them at any time. On the other hand, if you store your assets on a custodial wallet, you are entrusting a third party to hold your assets and manage your private keys. This can be risky as the custodian may not have adequate security measures in place or may be vulnerable to hacks or other security breaches.

In terms of withdrawal fees, it is important to consider the fees charged by exchanges before trading or depositing funds. Some exchanges charge high fees for withdrawals or deposits, which can eat into your profits or reduce the amount of funds you have available to trade. Therefore, it is important to research and compare the fees charged by different exchanges before choosing where to trade.

[Aanuoluwatofunmi]

I agree with all of what you've said.

But it'll be all ruined in just one mistake, and that is when your emotions didn't agree on what you want to do. For me, emotional management is the first thing a trader should master first before proceeding in the world of trading, because it's hard to make a decision when your emotions are taking over always, that would surely mess up every single trade you're going to make.

In trading, we feels somehow in making a direct decision in some situations whereby our emotions works in contrary to our decision, we remain being indecisive and don't know which step to actually take, this kind of contemplation makes us later fall into where we never expected, such that we blame ourselves for taking such action in the first place, this is common when we are left with two options to take one from it, and as it had been said, a little mistake in trading may ruine the entire plan for that trade to be successful.

[Eternad]

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It is better to have your asset stored on a custodial wallet so you have access to the private keys so that you can recover the wallet at any time.

i think there may be a misunderstanding here.
 -

In terms of withdrawal fees, it is important to consider the fees charged by exchanges before trading or depositing funds. Some exchanges charge high fees for withdrawals or deposits, which can eat into your profits or reduce the amount of funds you have available to trade. Therefore, it is important to research and compare the fees charged by different exchanges before choosing where to trade.

Based on the way he constructed his statement. It's clearly a typographical error on his side since he mention about having access to you private key which a non-custodial wallet main feature is. I believe all of us know how non custodial and custodial wallet works.

In terms of withdrawal fees, it is important to consider the fees charged by exchanges before trading or depositing funds. Some exchanges charge high fees for withdrawals or deposits, which can eat into your profits or reduce the amount of funds you have available to trade. Therefore, it is important to research and compare the fees charged by different exchanges before choosing where to trade.

Nope, he means that what if your asset is already deposited on exchange while the fee updates happened. On the case of Binance, Binance change fees from 0.0005BTC to 0.001BTC without giving an opportunity to all users to withdraw since they disable withdrawal that time. You don't have time to compared the fees. This is the reason why he mention exchange has fully control to your coins once you depouon it.

You’re both right with the answer of non-custodial wallet to hold your coins at all time.

[adzino]

Easy to say all those things, hard to execute it. Just understanding the market won't help you become a good trader. You need to trade and that's how you gain your experiences. You will make mistakes, but you should learn from the mistakes instead of giving up. Yeah, strategies can help like you said, but there are no "golden" strategy that will help you make guaranteed profits. But yes, it can help you control your losses. As for choosing the right exchange, there are no "perfect" exchanges. All of them are vulnerable to hacks and you should never store your coins there.

[taufik123]

Easy to say all those things, hard to execute it. Just understanding the market won't help you become a good trader. You need to trade and that's how you gain your experiences. You will make mistakes, but you should learn from the mistakes instead of giving up. Yeah, strategies can help like you said, but there are no "golden" strategy that will help you make guaranteed profits. But yes, it can help you control your losses. As for choosing the right exchange, there are no "perfect" exchanges. All of them are vulnerable to hacks and you should never store your coins there.

Experience is very important and not just theory. if you only rely on theory but very minimal practice, it will not provide any experience.

I myself even experienced many mistakes but thanks to it all I started to learn so that I would not be trapped again in the same mistakes.
and besides that, psychology will also be better trained. beginners' psychology is still very vulnerable to being too panicky and unstable.

The best strategies are created from good trading knowledge as well. Technical analysis and fundamentals are the main foundation.
If you have not mastered these two foundations, you will not create a strategy that is suitable for yourself.

[TimeTeller]

Easy to say all those things, hard to execute it. Just understanding the market won't help you become a good trader. You need to trade and that's how you gain your experiences. You will make mistakes, but you should learn from the mistakes instead of giving up. Yeah, strategies can help like you said, but there are no "golden" strategy that will help you make guaranteed profits. But yes, it can help you control your losses. As for choosing the right exchange, there are no "perfect" exchanges. All of them are vulnerable to hacks and you should never store your coins there.

Experience is very important and not just theory. if you only rely on theory but very minimal practice, it will not provide any experience.

I myself even experienced many mistakes but thanks to it all I started to learn so that I would not be trapped again in the same mistakes.
and besides that, psychology will also be better trained. beginners' psychology is still very vulnerable to being too panicky and unstable.

The best strategies are created from good trading knowledge as well. Technical analysis and fundamentals are the main foundation.
If you have not mastered these two foundations, you will not create a strategy that is suitable for yourself.

Experience will indeed give you such techniques and strategies that are not found in the books.
But if you are just starting, use small amount of money to test something so you won't get screwed big time.
Though it is good to have knowledge about TAs, it is important that you understand that those knowledge won't be your savior in your most trading activities.
Also, when it comes to specific coins, the best way to understand their developments is to subscribe their social media channels because that where you will get hints on what they are doing with their project.
Most projects are not publishing their updates via their website or threads in this forum, they are more on social media channels now.

[Husires]

5. Stay Informed: Finally, it's far important to stay informed approximately the modern information and tendencies in the cryptocurrency market. This will assist you're making informed decisions approximately whilst to buy and promote, and could assist you live in advance of the curve.

Stay Informed is a beautiful thing, but knowledge without learning is not worth anything. You must build your personal experience and learn from your past mistakes. These mistakes are what you will build your future ideas on, and then they determine the amount of your profit.
Trading is related to your experiences and what you learn more than a strategy or plan that you follow, it is the result of intellectual practice, mathematical analysis and a clear plan that you follow and understand the damages resulting from it.

[bettercrypto]

Maybe the only thing I can say is that understand the market, if it's a newbie entering here or entering the crypto space, they won't get it right away or understand it overnight. You need to spend time and time here to really understand.

      Apparently, the step by step of what to do first to understand this crypto trading, the newbie must know where to start, because the actual experience makes it different vs. know only in theory with no experience yet in the actual trade of crypto.

[taufik123]

-snip-
Also, when it comes to specific coins, the best way to understand their developments is to subscribe their social media channels because that where you will get hints on what they are doing with their project.
Most projects are not publishing their updates via their website or threads in this forum, they are more on social media channels now.

Twitter, Telegram, and Discord, will certainly update all of these social media if they are active in developing the projects that are being carried out.
But if there is no update or it is very rare then it needs to be questioned. this includes Fundamental knowledge by checking everything related to social media and current issues.

Being an experienced trader, you have to know a lot of things besides doing technical analysis.
A good psychological foundation will also make traders aware of various kinds of news on the market, FOMO, NEWS will come alternately.

[Distinctin]

4. Keep Track of Your Investments: It is important to keep track of your investments in the cryptocurrency market. You can use a spreadsheet or a cryptocurrency tracking app to keep track of your trades and investments.

I am very agree with this and I want this to become a lesson for every trader, especially the new ones because it enables you to keep track of your gains and losses, assess your trading approach, and pinpoint areas for development.
There are a lot of software now to use how to track your investments/trades, like sheets or any platform free or paid. Be consistent with your record-keeping.

You know if you want to assess your trading and investing status every now and then, it’s best to keep track all the activities so that you can manage to change and improve of what needs to be changed and improved. And it’s also one way to move forward straight to your goal. That’s why goals should always be transparent and achievable so that if you’re patient and persistent enough, you will hit that goal in the end.

[Akc22]

You know if you want to assess your trading and investing status every now and then, it’s best to keep track all the activities so that you can manage to change and improve of what needs to be changed and improved. And it’s also one way to move forward straight to your goal. That’s why goals should always be transparent and achievable so that if you’re patient and persistent enough, you will hit that goal in the end.

Yes, I completely agree with you. Keeping track of your trading and investing activities is crucial to assessing your progress and making improvements. By doing so, you can identify areas that need improvement, make necessary adjustments to your strategy, and achieve your goals more effectively.

[Akc22]

Stay Informed is a beautiful thing, but knowledge without learning is not worth anything. You must build your personal experience and learn from your past mistakes. These mistakes are what you will build your future ideas on, and then they determine the amount of your profit.
Trading is related to your experiences and what you learn more than a strategy or plan that you follow, it is the result of intellectual practice, mathematical analysis and a clear plan that you follow and understand the damages resulting from it.

I completely agree with you. Having knowledge and staying informed is important, but it's only valuable when you put that knowledge into practice and learn from your mistakes. Experience is a crucial part of trading, and the lessons learned from past mistakes can help you make better decisions in the future.

[Viscore]

I agree with all of what you've said.

But it'll be all ruined in just one mistake, and that is when your emotions didn't agree on what you want to do. For me, emotional management is the first thing a trader should master first before proceeding in the world of trading, because it's hard to make a decision when your emotions are taking over always, that would surely mess up every single trade you're going to make.

If you think you do things beyond your control, then it’s a sign that you will never be good enough in trading. Always know that emotions can be the best enemy in trading, so if you trade with uncontrolled emotions, expect that you will never be successful on your trades. However, trading can be learned as well as emotional management. If you can do that, that will pave way to good decision making as trading requires right decisions especially when there is sudden change of its market condition.

[Kasabus]

I agree with all of what you've said.

But it'll be all ruined in just one mistake, and that is when your emotions didn't agree on what you want to do. For me, emotional management is the first thing a trader should master first before proceeding in the world of trading, because it's hard to make a decision when your emotions are taking over always, that would surely mess up every single trade you're going to make.

Well, getting emotions involved is a huge distraction when it comes to trading. If you find it hard to manage your emotions while trading, then you will never be a reliable and successful trader in the end. That is the reason why a lot of traders never sustained trading for long because they fail to control their emotions especially when the market is suddenly experiencing a crash or a correction that makes the trades difficult to succeed.

[Gladitorcomeback]

The cryptocurrency marketplace is one of the fastest-developing markets within the international, with increasingly people making an investment in digital currencies like Bitcoin, Ethereum, and others. As the market maintains to develop, it's far crucial to apprehend the basics of trading within the cryptocurrency market.

If you're interested in inviting a friend to join the world of Bitcoin, It’s important to make sure they have a basic understanding of what it is and how it works. You can provide them with articles, videos, or other resources that explain the concept of Bitcoin in an easy-to-understand way. Remember, Bitcoin is a new and innovative technology that can be exciting and rewarding, but it's also important to be cautious and responsible. Make sure to educate your friend about the risks and potential pitfalls of using Bitcoin, and encourage them to use it wisely. Encourage them to continue learning because Bitcoin is a complex technology, and there is always more to learn. Do your investment in the market regularly but, before taking any opportunity or decision, must take into account that you are well aware about the step taken.

[Cryptomultiplier]

Easy to say all those things, hard to execute it. Just understanding the market won't help you become a good trader. You need to trade and that's how you gain your experiences. You will make mistakes, but you should learn from the mistakes instead of giving up. Yeah, strategies can help like you said, but there are no "golden" strategy that will help you make guaranteed profits. But yes, it can help you control your losses. As for choosing the right exchange, there are no "perfect" exchanges. All of them are vulnerable to hacks and you should never store your coins there.

No good knowledge without applying it firsthand. Crypto trading is more than paper and pen or summarizing several key points.
If one doesn't get the right information on how to begin and at such begins, it becomes a problem to keep up. That's how the mistakes are made.
A mentor is always adviced at an initial stage. One who would show the way because they know the way.

There are also strategies that one may need to know inorder to trade right. You wouldn't just want to throw in money you would need for urgent demands in the house. You wouldn't also want to just log in and start trading. The time, the market statistics and current information on trend is one vital point to note.

[Baoo]

I absolutely agree with what you mentioned OP. Unfortunately, I have seen a multitude of beginners who don’t give a value about knowledge, they end up randomly trading , making wrong decisions and spend more than they earn. Trading isn’t an easy field to earn large money in a brief period, you should gain knowledge and understand the basics of this area before beginning. The internet is actually filled of useful courses and information. Use it intelligently. Also, there is plenty of ways to acquire a good knowledge of trading like, reading books, watching tuto videos to understand to way to analyze chart.

[jaberwock]

4. Keep Track of Your Investments: It is important to keep track of your investments in the cryptocurrency market. You can use a spreadsheet or a cryptocurrency tracking app to keep track of your trades and investments.

I am very agree with this and I want this to become a lesson for every trader, especially the new ones because it enables you to keep track of your gains and losses, assess your trading approach, and pinpoint areas for development.
There are a lot of software now to use how to track your investments/trades, like sheets or any platform free or paid. Be consistent with your record-keeping.

Tracking can be in almost any thing that we do. The common one is for spending in our home, so that we will know if where all the money go and it helps us to save because we can cut some items in the list which are not really that important. We can apply the same thing in our crypto activities.

There is even some who do this in gambling but it's not really advisable because it only makes us chase our loss and gambling should only be taken less seriously. Consistency is important if we are only getting started but once we already eliminate the unnecessary expense and improve the flow of our money, it's fine to not continue recording our activity anymore.