My Newbie Trading Story

[JamesBlack72]

Greetings, gentlemen!

I'm a newbie bitcoin trader, but I feel that I have found the kind of activity I not only enjoy, but also can succeed in it.
So here's my story.

I've become interested in cryptocurrencies not so long ago, last year, to be exact, when there was this bitcoin boom. I had prior involvement in trading on European commodity exchanges, and I assumed that bitcoin trading will not be that different. From that point, I started looking for a trustworthy exchange. The biggest problem is that the amount and variety of information on crypto-exchanges is mind-blowing. So, I went for the exchange with a good reputation, which is crucial in the financial industry. My second issue was the possibility of depositing EUR straight to an account on the exchange. Eventually, I started asking my friends for advice. One of my fellow traders from previous encounters was already an established BTC trader on cex.io and recommended them.

So I trusted his advice with cex.io. After depositing the money, I bought 18 bitcoins at EUR 260 per coin (fortunately, I had the sufficient funds and considered the risks pretty low, despite the volatility). I patiently observed the developments on the cryptocurrency market and kept an open eye for any events that might influence the volatility of the price. Finally, when the price reached EUR 320, I decided to sell. On this single transaction, I made a profit of EUR 1,080. Of course, I was endlessly lucky to buy and sell at the right time.

It's good that cex.io trading platform is as easy as it can only be, especially for newbies like me. What depended on my side, I learned from my trading days: you just have to follow the basic trading rules — buy low, sell high.
Right now, I'm thinking about trading cryptocurrencies other than bitcoin, and I'm looking into various altcoin options.

Note: I'm not affiliated with cex.io and I'll be happy to hear stories of using other exchanges.

[BitCoinNutJob]

I traded across BTC-e, Gox, Bitfinex, Bitstamp, Vircurex, Mcxnow, hmmm think thats at - 3 dodgy ones in there already ha.

The best times to trade are bubble periods, even after for several months the volatility was great off the back of china bubble.

[noobtrader]

you just have to follow the basic trading rules — buy low, sell high.

I agree... but sometimes you can also buy high and sell higher or sell low and buy lower.

also i use https://bitcoinwisdom.com/markets/bitfinex/btcusd   to help me with chart, lines fibonacci.

[JamesBlack72]

you just have to follow the basic trading rules — buy low, sell high.

I agree... but sometimes you can also buy high and sell higher or sell low and buy lower.

also i use https://bitcoinwisdom.com/markets/bitfinex/btcusd   to help me with chart, lines fibonacci.

You're right. It's been too low for quite a while. I'm hoping for the better times though.

Thanks for the tool!

[marcotheminer]

When did this take place?

[JamesBlack72]

Was a month ago. Early to mid-November. I got really lucky with this short-term bitcoin boom.

[El Emperador]

buy low, sell high.

The difficult part of this simple rule is to recognize when the price is low and when it's high  

[LOBSTER]

buy low, sell high.

The difficult part of this simple rule is to recognize when the price is low and when it's high  

You can't recognize it. It's just gambling.

[LewiesMan]

buy low, sell high.

The difficult part of this simple rule is to recognize when the price is low and when it's high  

You can't recognize it. It's just gambling.

If big news happens you can 'plan' eg buy or sell ahead of market changes.

EG, when mtgox was pronounced dead I could have sold if I had seen the news early.

[sumantso]

Its great that you are winning while trading. Its good till you lose big.

My advise - take out profits at regular intervals. Don't get greedy and go all in everytime. A few bad calls and you'll end up in red.

[1Referee]

Its great that you are winning while trading. Its good till you lose big.

My advise - take out profits at regular intervals. Don't get greedy and go all in everytime. A few bad calls and you'll end up in red.

Great advice, but people always think they know exact the right moment to sell.

Of course they dont, so people only learn when they lose. Happens to everyone.

[twister]

Its great that you are winning while trading. Its good till you lose big.

My advise - take out profits at regular intervals. Don't get greedy and go all in everytime. A few bad calls and you'll end up in red.

Great advice, but people always think they know exact the right moment to sell.

Of course they dont, so people only learn when they lose. Happens to everyone.

I don't which is why I don't do it anymore. I always end up on losing side, I don't know if others who do it are talented or just plain lucky.

[erikalui]

I started trading last year and earned $6 in the first week. I did not try BTC though. After I withdrew my first earnings, I traded for a month but only managed losing and from that time till today, I have not traded as I fear losing the cash I earned as well. Forex is not good as shares.

[insidertradingeverywhere]

altcoins: watch out and do good research. 80% to 90% is scams.
Fundamentals of a coin to look at needs to be learned. It's not like btc where you can just go and buy and have the right coin - very volatile. 1000% up ... 99,9% down ... everything possible within days sometimes.
Need technical knowledge to make fundamental choices. In Bitcoin it's: come in and buy/sell immediately without knowing what you do. Altcoins are more tricky.

During a bubble you can become very rich very fast with altcoins. I had situations of 10.000%+ within hours. The volatility will leave you an emotional wreck though. (lol)

Markets are not regulated. Every possible trick is used in the markets. Altcoins are a hell uf a drug.  

You can't recognize it. It's just gambling.

it's gambling for the fools

i don't gamble. This can be predicted to some degree. Some are better others are worse. If your really stupid it's gambling, yes.

[newflesh]

You'll need to do a lot of research before even attempting trading alts, there are a few decent alt-currencies but a majority are just clone coins offering little, if any, innovation.

I'd also steer clear of all the so-called pump groups promising so much in return blah blah.

[silvestar]

i am new to trading but am trying to learn, is there any place that i can read about it. either it is some beginner stuff like the terms used and what is the charts or it is more specific like what to buy and other things?

For trading terminology and usual strategies, you may refer to http://www.investopedia.com/active-trading/. It is not meant for bitcoin or altcoin trading, but I believe the same rules apply.

[JamesBlack72]

Its great that you are winning while trading. Its good till you lose big.

My advise - take out profits at regular intervals. Don't get greedy and go all in everytime. A few bad calls and you'll end up in red.

Thanks! I'm being extremely cautious, which is why I'm not rushing into altcoins at the moment. Just sitting and waiting for the 'right moment.'

[JamesBlack72]

i am new to trading but am trying to learn, is there any place that i can read about it. either it is some beginner stuff like the terms used and what is the charts or it is more specific like what to buy and other things?

For trading terminology and usual strategies, you may refer to http://www.investopedia.com/active-trading/. It is not meant for bitcoin or altcoin trading, but I believe the same rules apply.

Indeed, Investopedia has helped me with the basics. Exact same rules apply, plus looking closely at the overall bitcoin situation: who's doing what in the industry, what is on the news, etc.

I sometimes read cex.io blog, they have what seems to be a section on trading – both for newbies and weekly analytics for the experienced traders (lots of terminology there).