Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Tamaragold on January 16, 2018, 10:27:49 AM
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My name is Tamaragold (Doctor Crypto) and I would be presenting to us the topic *introduction to Crypto trading*
I would ensure that, this class is as interesting as possible and would be very Much educative.
So, we would do well to pay maximum attention and learn. And also before I forget, we would not be taking this class based on assumptions, hence everyone would be regraded as trainees.
now, to introducing Crypto trading
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I would start by making defining what Crypto currencies are
What exactly is a crypto currency?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency, cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
There are numerous coins on the market
Companies who release coins have individual technology backing them, it can be anything from simple banking transactions to replacing cloud storage or
everyday things such as music and video platforms.
You will want to take this into consideration when you invest in a coin, as some coins may have a novelty value, and while being listed is one thing,
you may not get the return of investment you're looking for, and ultimately they may be delisted if they serve no purpose, or people are not investing.
For example.
Dogecoin, a realtively old coin, has been slowing making it's way in the market, it originally started as a tipping system on the website reddit where users could tip posts they enjoyed, as such, it doesn't have a very high market growth, instead growing over weeks and months.
Siacoin, a relatively new coin however, has jumped above dogecoin in price rapidly, owing to its parent company having an actual product to sell,
and market to people (De-centralized cloud storage), personally I love the idea of a completely secure cloud storage system.
So in those two different coins you can see a difference, if you're looking to invest in a very stable, slow growing coin, you would more than likely take Dogecoin, if you're looking for the possibility of a quick ROI(Return of investment) aswell as higher market growth, you would take siacoin, but ultimately, both have their risks.
While looking at parent companies are a great way to get a sense of the coins worth in the long run, this is by no means a guarantee of profit.
*Getting started!!!.*
To most people, getting introduced to Cryptocurrency is both confusing and anxiety inducing, a lot of people will look into it on the surface but many often feel it is either a scam, or not worth their money, as with most things that become popular outside of standard monetary gain such as shares or stock market trading, people have to be willing to put their bias aside.
I admit i felt apprehensive when i invested my first $70 dollars, however I'm glad i did and since then iv'e invested whatever spare money i can.
Getting started in crypto trading is relatively easy depending on your understanding of a few things.
*1. -Basic computer and Internet knowledge*
*2. -Understanding of capital gains and how returns work*
*3. -Understanding your thresholds and how much money you can comfortably invest(This is an important one, don't go broke searching for something that may not happen)*
*4. -A Propensity to learn a new market*
And probably the most important one.
Note:
*it is very much important to know that this isn't a get rich quick scheme, just like most investments, they may take a day, or a month, or even a year, to pay off and give you the ROI you're searching for, be patient.*
Now as for actually investing, this is straight forward, find a reputable exchange and depending on how they trade use that to buy BTC(Bit coin)
I find a lot of times people come into these things with only one eye open and can caught and fall through traps or sell and buy at the wrong time (Panic selling and buying).
I had a friend get into the crypto trade and invest $50 dollars in Siacoin, when it dropped by 3% he panic sold his money, and the next day it rose by 17%, if you are down in money don't panic, watch the markets and wait, remember, time is a very crucial factor here, 12 hours can be worlds apart in the trading realm so hold your coins until you're absolutely sure you have to sell, most times holding your coins reaps more rewards than trying to recoup small loses.
Once you have a coin you feel confident investing in, do yourself a favour and watch the market place, you will want to look at a few things, such as 24 hour high, 24 hour low, and current price.
The basic tenants of trading apply here, sell high, buy low, however with crypto currencies buying high is sometimes viable, for example one day on a 154% upswing for Peseta coin, I invested $50 dollars and it continued to climb to 272% and had doubled my investment in roughly 30 minutes, the same thing happened for SMART somedays ago, where we had some people buy high and still made but these are usually rare however, and should only be done once you understand the market and are willing to lose whatever money you invest, remember, there's always a risk here.
For the majority of trade you will want to invest in stable coins that change small percentages per day, rather than massive spikes that have inevitable retracements(Reverting to their original price) I myself invest the majority of my money into stable coins.
Hence, I recommend more investment to be done in stable growth i.e coins that are not in a rush up. Coins whose growth are controlled and not manipulated
I believed, I've been able to do a bit justices to introduction to Crypto trading and newbies are able to catch a glimpse of what they are coming into.
I remain my humble self, Tamaragold (Doctor Crypto)
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Thanks for this topic. I'm learning a lot on this forum. Cheers!
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Good post.. the one thing I'd add about your friend panic selling at 3% down is I find people with a very small investment tend to panic and overtrade vs people with larger stacks.. its kind of weird that you'd think with more invested you'd panic more but from my experience and observations of others, its how it goes.
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Extremely great, thank you so much for your contribution! I strongly believe that this will be really helpful, beneficial, and knowledgeable to forum members of all levels, from newbies to higher-ranking members. Your unique insights have greatly enriched our understanding. With the comprehensive knowledge you've shared, I have been able to understand that Crypto trading involves the buying and selling of currencies e.g bitcoin, Ethereum and so on.
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Extremely great, thank you so much for your contribution! I strongly believe that this will be really helpful, beneficial, and knowledgeable to forum members of all levels, from newbies to higher-ranking members. Your unique insights have greatly enriched our understanding. With the comprehensive knowledge you've shared, I have been able to understand that Crypto trading involves the buying and selling of currencies e.g bitcoin, Ethereum and so on.
Crypto currency trading is one of the best profitable source in cryptocurrency market. Because i believe that it will be best profit source if we follow in cryptocurrency market. Because we also saw that's many successful trader could success from crypto trading system. So if we want to trade and earn huge profit in cryptocurrency market, we must be understand in cryptocurrency market and trading knowledge. Because without knowledge in cryptocurrency market or trading, we could not expect best profit in cryptocurrency world.
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Thank you for your attempts to try to simplify crypto trading in just one topic, but one topic will not be enough to do justice to the introduction to crypto trading because there's a lot to learn and a lot of basic concepts to familiarize oneself with. If there's anyone in this thread with an interest in learning to trade crypto, you would need more than just this resource. You need to familiarize yourself with a lot of information online about important details to look out for when trying to trade cryptocurrencies.
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- When any individual enters crypto trading, we will really see that our primary source of profit here is in the trading category, nothing else. This is the last step that the individual trader will take to convert the earnings they have earned into crypto or bitcoin.
That's why even institutional investors are really going to this when they have an interest in investing in bitcoin or cryptocurrency. And this is also what we can consider our own business as well.
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There are many such ideas in the field of trading but a lot of experience is required if trading is to be done successfully. Crypto trading strategies differ from other types of strategies mainly due to high volatility market participant size and some other factors. However, cryptocurrencies are still popular as traders thrive on volatility. Try to find out about an experienced trader how long he has been in the business and how much money he has wasted. A proper trading strategy will lead you to profits because the right strategy can help you achieve your investment goals, while the wrong strategy can lead to losses.