Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: siththari on November 08, 2018, 07:37:25 AM
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
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Good post. Welcome to altcoinstalks forum. I would assume you already read the forum rules? or you just posted right after registration?
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I wish it was as simple as stated. Anyway good post and welcome
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Looks simple and easy to do on paper but the reality is a different thing altogether.
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Thank you for the information. If you're not patient and you think you can do panyl sales. Please don't trade. Because you're damaging. Choose volumetric and firm altcoin when determining porfoy. be sure to include stop-loss.
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the important thing is to do research first so that we don't experience big losses if it happens and we also don't invest our last money because it is very detrimental and will make the market worse if it is going down because we will follow that pattern
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for me, using the Myetherwallet wallet.
I also use a blockchain wallet, the point is if you want to save our bitcoin and other coins that use a private key that you can use yourself and only we can store the private key, ..
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First of all, before you start trading you need to mentally prepare for this, and increase your knowledge base. Moral training is needed not to lose your money in a short time.
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If the times come into trading I think we need to start is to learned about trading in cryptocurrency because this is very important when money can be related of this .
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before you start trading you need to mentally prepare for this, and increase your knowledge base. Moral training is needed not to lose your money in a short time.
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I fully agree that you do not need to invest your last money. For me, a painful case, I have already made such mistakes
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The biggest problem for me was investing money. I could not afford to invest a large amount, and I had no idea how to do it at all.
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The first thing I would advice anyone that wants to go into trading is to never invest money you cannot avoid to loose. When trading you don't need to be greedy..
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
No. The best way to start crypto trading is by learning.
I mean you gotta learn the trading basic from beginning to the end.
Don't just jump into trading because you have some money to spend.
Trading crypto is not easy and you definitely need some trading knowledge to survive it.
You gonna need some books to read and training videos - I suggest you get the premium, forget about all the free ones.
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If you don't spend time to learn, watch and ask questions about trading, you could end up losing everything you placed as investment. Writing out the steps to take before starting up trading in crypto currencies is far different from the normal day to day trading in the real world. Also note that Patient is a very useful factor of trading.
Welcome to altcoinstalks forum. Try to get yourself acquainted with the rules of the forum. Enjoy your stay.
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You need to pick a few dollars and a good exchange to trade in cryptocurrency. Then if you know the signal there then you can start trading.
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If you want to start cryptocurrency trading, you must first start trading with some capital in hand. But you must know the signals to trade. If you do not know the signal, you will never be able to profit by trading.
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To start trading in cryptocurrency, you must first take several steps. Do not start trading in cryptocurrency as a new boy. You need more than luck to succeed in affiliate business. Pick any one of the exchanges and then you go there and trade. You will decide on your coin signal which coin you will train on.
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before you start trading you need to mentally prepare for this, and increase your knowledge base. Moral training is needed not to lose your money in a short time.
That is right mate. We need to prepare ourselve. Specially it is a Cryptocurrency world.
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Trading in cryptocurrency in a new way requires a lot of knowledge. However, if you start trading through different strategies, then you will need so much knowledge.
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Take some dollers deposit in cryptocurrency exchanges and choose any coins and trade as your own Risk.
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Take some dollers deposit in cryptocurrency exchanges and choose any coins and trade as your own Risk.
I think cryptocurrency is a very good decision. In a very short time you can get a good profit through this training. Of course this trading is about profit loss. You have to train with risk. Thank you.
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To start trading in cryptocurrency, you need to know a lot about trading. If you do not have good knowledge about trading then you will not be able to profit by trading. To trade you need to pick an exchange and start trading with dollars there.
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I think the first thing to do to start trading is to gain detailed knowledge about trading. Because what you're about to do is no boy's game. As much as one can benefit from it, on the contrary, many people are badly damaged. Now if you are trading in the wrong coin then there is a high probability that you will end up losing money on your capital as opposed to making more profit than your capital and you may end up financially damaged. Gain proper knowledge about trades to be alert in advance and trade in future.
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Before starting crypto currency trading you need to get a rough idea about trading. Understanding about different coins as well as choosing the right coin for trading are the basic steps of trading. When we have a rough idea about different coins and a good idea about trading then we will plan the next step of trading trading. With proper planning, when we want to start trading with our available capital, before that we must observe the market and then purchase any one of the coins. After buying a coin by observing the market we have to fix certain target at what profit we will sell our investment. If all this can be done according to the plan, then surely a new trader will have a good start in trading.
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Before starting crypto currency trading you need to get a rough idea about trading. Understanding about different coins as well as choosing the right coin for trading are the basic steps of trading. When we have a rough idea about different coins and a good idea about trading then we will plan the next step of trading trading. With proper planning, when we want to start trading with our available capital, before that we must observe the market and then purchase any one of the coins. After buying a coin by observing the market we have to fix certain target at what profit we will sell our investment. If all this can be done according to the plan, then surely a new trader will have a good start in trading.
Yes, what the OP gave is not specific to crypto trading. Because trading is more complex and also riskier. It's not just a matter of buying and selling. but also about the analysis of certain coins that we will trade, whether in spot or Future, both in Short/Long positions. Because in trading, there are several analyzes that must be carried out, not only fundamentally, such as when we are making an investment, but also technical analysis on every movement of the indicators. And it's quite complicated.
If we are new, then at least we learn to read charts, each candle, its movement, the possibility of short/long positions, and several other complex things. And indeed, in trading, risk management and also the funds we have for trading are very important.
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If we are new, then at least we learn to read charts, each candle, its movement, the possibility of short/long positions, and several other complex things. And indeed, in trading, risk management and also the funds we have for trading are very important.
And to be able to do that, those who are really willing to learn how to trade need to spend enough time learning by enrolling in online courses or searching for a tutorial online. There are free tutorials that they can use, to sum up all of the learnings they get from different videos, learning different ways or techniques on what they need to do in different scenarios and movements of candles in the chart.
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Learning how to start cryptocurrency is not what we can just say with mouth and think that's all that is needed, we need to put all hands on desk for learning about this digital network and if we don't know about it, we cannot do anything, and when we have no idea about it, we shouldn't do it or go for it, it takes time to learn and we can always start with the demo account in the practical aspect while reading through the internet to learn from others.
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It's not as easy as you wrote it down, to start crypto trading, one key thing that is required of you is consistency...
If you're consistent in doing it and also learning and acquiring more knowledge about it, then definitely you will improve...
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It's not as easy as you wrote it down, to start crypto trading, one key thing that is required of you is consistency...
If you're consistent in doing it and also learning and acquiring more knowledge about it, then definitely you will improve...
I agree with you, however I cannot declare that his statement is incorrect. We have to spend a significant amount of time to trading since we cannot claim to be profitable in the long run unless we have an edge. Having an edge cannot be obtained in a single day. Many traders have already lost a lot of money because they believe that trading is easy because they profited on their first deal. However, in fact, it is difficult and unpleasant in the beginning, but with a positive attitude and discipline, you can conquer this challenge. The main reason traders fail is that they are focused on profits.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
I hope you are aware that there is a difference between crypto trading and crypto investment. What you are describing is crypto investment (buying the dip) and not trading. Trading has to do with short-term buying and selling of coins with respect to the volatility of that coin with the aim of making profit, while investing has to do with buying a coin like Bitcoin, in fractions or in whole depending on your cash flow, then holding the coin for a long time until the bull run starts.
While trading or investing, it is usually right to choose a reputable and more popular exchange that is used by many people. Also, a Bitcoin holder must be wise to choose good wallets like Electrum, Exodus, Blue, or hardware wallets.
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I hope you are aware that there is a difference between crypto trading and crypto investment. What you are describing is crypto investment (buying the dip) and not trading. Trading has to do with short-term buying and selling of coins with respect to the volatility of that coin with the aim of making profit, while investing has to do with buying a coin like Bitcoin, in fractions or in whole depending on your cash flow, then holding the coin for a long time until the bull run starts.
While trading or investing, it is usually right to choose a reputable and more popular exchange that is used by many people. Also, a Bitcoin holder must be wise to choose good wallets like Electrum, Exodus, Blue, or hardware wallets.
Unfortunately, most people probably think the same.
In fact, what is quite important to consider when investing in crypto is our ability to analyze. Analyze well what coins will be taken, how long, and what strategy should be taken.
If it is for investment, then we should be able to analyze what crypto is able to survive for the long term, not just for short-term hype. The most concrete example is BTC for long term. This is beyond doubt.
but the problem is, many beginners actually make the wrong move at the start of their investment, namely they tend to prefer projects or coins that are currently hyped and heavily promoted, especially by influencers. This is something you must pay attention to, especially for beginners.
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but the problem is, many beginners actually make the wrong move at the start of their investment, namely they tend to prefer projects or coins that are currently hyped and heavily promoted, especially by influencers. This is something you must pay attention to, especially for beginners.
If a beginner follows it from the beginning before its release to the market, he may get a big profit, but this is very risky.
Many new projects only end in Rug pull and only benefit the creator.
Startups are more tempted by such new projects, with high hype and profits that will look high,
but they don't know they will get stuck on Rug pull projects.
Beginners really have to learn and not just have coins to invest in.
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If a beginner follows it from the beginning before its release to the market, he may get a big profit, but this is very risky.
Many new projects only end in Rug pull and only benefit the creator.
Startups are more tempted by such new projects, with high hype and profits that will look high,
but they don't know they will get stuck on Rug pull projects.
Beginners really have to learn and not just have coins to invest in.
I think the risks involved in a new project are normal and what you have to understand is not to be too greedy in getting into altcoins so that you will remain alert because you already know the risks that have the potential to harm you.
I am more interested in newly created blockchain projects so that I can find out how much cryptocurrency technology has developed.
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I think the risks involved in a new project are normal and what you have to understand is not to be too greedy in getting into altcoins so that you will remain alert because you already know the risks that have the potential to harm you.
I am more interested in newly created blockchain projects so that I can find out how much cryptocurrency technology has developed.
Newly created blockchain projects are very risky. Yes, these projects are related to new technologies, but there are a lot of scammers in this area.
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For a beginner to Invest on the crypto investment, he/she would primarily have to be educated on what crypto is all about, how the industry works and how the market is regulated.
He/she must be foremost be aware about the volatility potentials of the crypto currency and then choose a suitable crypto currency to Invest on through research and enquires also as choosing a wild strong detailed and reliable wallet for your coins storage, take a decision if you were running on a long term or a short term investment goal because that would determine how regular and often you are demanded to keep eyes up to the markets movements to decide on your faith at the markets value on when to sell off or if would keep on hodling.
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I think the risks involved in a new project are normal and what you have to understand is not to be too greedy in getting into altcoins so that you will remain alert because you already know the risks that have the potential to harm you.
I am more interested in newly created blockchain projects so that I can find out how much cryptocurrency technology has developed.
Newly created blockchain projects are very risky. Yes, these projects are related to new technologies, but there are a lot of scammers in this area.
In any kind of investment, scammers can be found. This is why it is our own responsibility as an investor to investigate and research whether the project is worth our investment or should not be considered to invest. Besides, how can we have newly created projects to be successful and add to the development of blockchain projects if there will be no one to support the new projects by investing in them? It's just a matter of how you will determine the scam project and the legitimate one.
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I think the risks involved in a new project are normal and what you have to understand is not to be too greedy in getting into altcoins so that you will remain alert because you already know the risks that have the potential to harm you.
I am more interested in newly created blockchain projects so that I can find out how much cryptocurrency technology has developed.
Newly created blockchain projects are very risky. Yes, these projects are related to new technologies, but there are a lot of scammers in this area.
In any kind of investment, scammers can be found. This is why it is our own responsibility as an investor to investigate and research whether the project is worth our investment or should not be considered to invest. Besides, how can we have newly created projects to be successful and add to the development of blockchain projects if there will be no one to support the new projects by investing in them? It's just a matter of how you will determine the scam project and the legitimate one.
You're right, alot of investors have poor researching habit, they are too lazy to do some proper researching before investing in any new release token . Because most new token are just there for pump and dump scheme. And one may fall as victim due to having poor researching habit , so we should be careful and be mindful with the kind of project we put our money into , to avoid falling as victim of investing on the wrong project
It's not as easy as you wrote it down, to start crypto trading, one key thing that is required of you is consistency...
If you're consistent in doing it and also learning and acquiring more knowledge about it, then definitely you will improve...
you are correct another important thing is that one need to have good self control ( to manage their emotions ) because emotions like greed and fear usually cause alot of losses . For instance a daily trader was making a good profit from his day trading , then he decided that he wanna close for that day but a thought came to him that he should trade one more time to round things up , (because he as been in good profit). So he decided to let greed to get the best of him and he decided to with (trading one more time ) doing so market didn't go his way and endup losing most of his profits of that day . Such person would be in pain, then another greedy emotions will kick in , wanting him to trade to get back all he as loss that day . Then he decided to trade again using big leverages to make extra profit. But at the end he endup losing everything that same day . That why we should always have good principles and good emotional management.
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You're right, alot of investors have poor researching habit, they are too lazy to do some proper researching before investing in any new release token . Because most new token are just there for pump and dump scheme. And one may fall as victim due to having poor researching habit , so we should be careful and be mindful with the kind of project we put our money into , to avoid falling as victim of investing on the wrong project
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Especially now that many new projects are hype such as Solana memecoins that are in the limelight at this time.
Look at $BOME now, it will soon be listed on Binance and this will create a huge volume.
Research is important, but taking advantage of this hype situation before listing on Binance might be an opportunity to get in early and exit faster with profits, but it comes with big risks.
There are many new projects that are quite successful, especially if you follow them while on the testnet or still quite new.
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Especially now that many new projects are hype such as Solana memecoins that are in the limelight at this time.
Look at $BOME now, it will soon be listed on Binance and this will create a huge volume.
Research is important, but taking advantage of this hype situation before listing on Binance might be an opportunity to get in early and exit faster with profits, but it comes with big risks.
There are many new projects that are quite successful, especially if you follow them while on the testnet or still quite new.
Currently $BOME has entered the Binance exchange, they realize that to enter the Binance exchange you only need money, even though it is very expensive to enter the Binance pair list, it will be easy when you see the trading volume on $BOME.
At least participating like this does have a very high risk, but when you see a very cheap presale, at least participating with a small capital of $50 is enough to enter and contribute in the hope of making a lot of profit.
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I think the risks involved in a new project are normal and what you have to understand is not to be too greedy in getting into altcoins so that you will remain alert because you already know the risks that have the potential to harm you.
I am more interested in newly created blockchain projects so that I can find out how much cryptocurrency technology has developed.
Newly created blockchain projects are very risky. Yes, these projects are related to new technologies, but there are a lot of scammers in this area.
In any kind of investment, scammers can be found. This is why it is our own responsibility as an investor to investigate and research whether the project is worth our investment or should not be considered to invest. Besides, how can we have newly created projects to be successful and add to the development of blockchain projects if there will be no one to support the new projects by investing in them? It's just a matter of how you will determine the scam project and the legitimate one.
You're right, alot of investors have poor researching habit, they are too lazy to do some proper researching before investing in any new release token . Because most new token are just there for pump and dump scheme. And one may fall as victim due to having poor researching habit , so we should be careful and be mindful with the kind of project we put our money into , to avoid falling as victim of investing on the wrong project
And what's disappointing about their way of researching is they only look for a reputable person (an influencer, an artist, or someone who's famous) who supports the project. Even if that specific person does not have any idea about crypto projects, most likely they just recently got into cryptocurrency as a supporter/investor of that project.
If they find one, they will immediately think of it as a legitimate project and will consider investing right after it. We should know that this is not some kind of proper research, it's just the same as riding the wave of investors who don't bother where they will go with their investment.
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And what's disappointing about their way of researching is they only look for a reputable person (an influencer, an artist, or someone who's famous) who supports the project. Even if that specific person does not have any idea about crypto projects, most likely they just recently got into cryptocurrency as a supporter/investor of that project.
If they find one, they will immediately think of it as a legitimate project and will consider investing right after it. We should know that this is not some kind of proper research, it's just the same as riding the wave of investors who don't bother where they will go with their investment.
А reputable person must be well-known in the cryptocurrency sphere, then perhaps we can trust him, but this is not certain either))) it is better to trade an already known cryptocurrency in terms of risks
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You can start cryptocurrency trading by do research, collect ideas from others, and the most important is you're willing to risk.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
For any newbie interested on starting cryptocurrency trading, its important that we learn on the way it occurs first before doing the real investment into trading, some will start by creating a demo trading account and learn, some may really have to go through some training from the experienced ones and some may have to dedicate much of their time in learning by theirself on how to read the signals and start trading with small amount.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
When choosing your exchange to use, you have to look out for certain criteria and requirements that they meet because it should not be a random choice based on your own inexperienced opinion. You have to inquire and ask proper questions of people who are more experienced in trading than you are.
If you are living in an area where there is no one who trades, and as a newbie who is interested in trading and trying to know the best exchange and cryptocurrency wallet to use, and there is no one to ask, come online to this forum and ask because there are people that are ready on the forum to give you answers to any kind of question that you ask relating to cryptocurrency.
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At least participating like this does have a very high risk, but when you see a very cheap presale, at least participating with a small capital of $50 is enough to enter and contribute in the hope of making a lot of profit.
With $50 it can be 10x, 100x or even thousands of times if we are lucky to get into the very hype memecoin.
There are many presales of new coin projects but need to be careful and do not get into e scam projects.
I once went in with only $10 in memecoins that yielded 10x, and also went to the launchpad Coin presale with $500,
and it became 100x and that became my biggest gain a few years ago.
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You have already analyzed the main content of your post so i would like to present something short. Cryptocurrency trading is the buying and selling of cryptocurrencies on an exchange. So you should go with a strong secured exchange where your money will be safe You should understand that cryptocurrency markets move according to supply and demand so choosing a good coin requires a lot of research. Besides, you should trade on leverage and margin and trade on the secure platform. Finally to become an expert in trading, you need to practice more.
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You have already analyzed the main content of your post so i would like to present something short. Cryptocurrency trading is the buying and selling of cryptocurrencies on an exchange. So you should go with a strong secured exchange where your money will be safe You should understand that cryptocurrency markets move according to supply and demand so choosing a good coin requires a lot of research. Besides, you should trade on leverage and margin and trade on the secure platform. Finally to become an expert in trading, you need to practice more.
In addition, I'd like to also point out the underlying risks involved in cryptocurrency trading.
One of the most unique features of crypto currency is Volatility, the market can be very volatile, making it almost impossible for anyone to analyse or predict what turn the market would take.
I'm not a trader, I'm more of a HODLer, because trading involves several things, which involves the potential for losses. As a newbie in the crypto industry, you MUST experience losses while learning how to trade, no matter the training or lectures you receive, because even expert traders do incur losses via trading sometimes, so losses asleep inevitably an important component of trading.
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You have already analyzed the main content of your post so i would like to present something short. Cryptocurrency trading is the buying and selling of cryptocurrencies on an exchange. So you should go with a strong secured exchange where your money will be safe You should understand that cryptocurrency markets move according to supply and demand so choosing a good coin requires a lot of research. Besides, you should trade on leverage and margin and trade on the secure platform. Finally to become an expert in trading, you need to practice more.
I don't think we should choose exchanges to store our funds but yeah for the temporary time being we should choose from the top 10 exchanges listed on CMC or CGC, which would also be easier for the OP to find out. I think he the op is not asking us instead he is trying to share what should be followed if you want to start crypto trading.
And I don't think the steps he mentioned are enough for a person to start trading, he don't even know what is SL and TP, what is candle and what are alternative ways to see the charts, like there are different types of candle comes with different types of trading analysis platforms. I think newbies should not try trading with margin or leverages its too risk and volatile.
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I don't think we should choose exchanges to store our funds but yeah for the temporary time being we should choose from the top 10 exchanges listed on CMC or CGC, which would also be easier for the OP to find out. I think he the op is not asking us instead he is trying to share what should be followed if you want to start crypto trading.
And I don't think the steps he mentioned are enough for a person to start trading, he don't even know what is SL and TP, what is candle and what are alternative ways to see the charts, like there are different types of candle comes with different types of trading analysis platforms. I think newbies should not try trading with margin or leverages its too risk and volatile.
Choosing the right CEX is really important as it can help investors avoid incidents such as FTX and WazirX. Additionally, the number of tokens, liquidity, and 24/7 support are essential for traders to trade smoothly and maximize profits. Investors should also avoid storing too many assets on CEX to protect their crypto assets.
As a simple investor, I choose the Binance CEX as my main CEX. Other CEXs I use include GateIO and KuCoin, and some other CEXs like OKX, Houbi, Bybit, Bitget, and CoinEx are also very reliable.
As you mentioned, new traders should also avoid Margin and Future. They should focus on learning technical analysis and experimenting with a Demo account before officially participating in Spot trading.
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In addition, I'd like to also point out the underlying risks involved in cryptocurrency trading.
One of the most unique features of crypto currency is Volatility, the market can be very volatile, making it almost impossible for anyone to analyse or predict what turn the market would take.
This is a very old thread and is still active. Yes, because knowledge about trading is knowledge that is always ongoing, to be used as various sources of knowledge and insight for those who want to do it.
Before trading, the mandatory thing to do is to have knowledge about cryptocurrency, about coins and tokens, about wallets, exchanges, indicators, TA and FA analysis, and so on. Yes, there are many things that must be understood as the main capital besides money.
And that also still has to have the ability to be able to manage ourselves, our emotions, our funds and capital, and manage the risk to reduce losses and optimize profits.
But is it that easy? of course not. The most difficult thing is also the analysis of fundamentals and technical in trading, moreover it is difficult for us to predict the course of the market, whether it will be Short or Long. That's why we have to understand several things to reduce the risk in trading, one of which is to set CL and TP.
Actually, more is about in:
https://onetrading.com/blogs/crypto-fundamentals-crypto-trading-strategies-for-beginners
https://www.investopedia.com/investing-in-crypto-6502543
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I read the Op and in the first page, many commentors were like "good post". As of then it was but now it goes behind that. And it is not only an exchange one can use to trade. There are apps and websites for trading. Metatrader for learning and trading and Tradingview to monitor the market. And also one have to be conversant with the trading tools.
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Choosing the right CEX is really important as it can help investors avoid incidents such as FTX and WazirX. Additionally, the number of tokens, liquidity, and 24/7 support are essential for traders to trade smoothly and maximize profits. Investors should also avoid storing too many assets on CEX to protect their crypto assets.
I agree with you and I think besides choosing the exchange, we must keep an eye on what is happening in the exchange sector. I mean if you are using an exchange like X then we must keep an eye on its competitors and how they are dominating X exchange. This will give us some idea about trusting the exchange or not. But not so many traditional people want to spend time learning the potential of an exchange they just want to trade and perform other financial activities.
As a simple investor, I choose the Binance CEX as my main CEX. Other CEXs I use include GateIO and KuCoin, and some other CEXs like OKX, Houbi, Bybit, Bitget, and CoinEx are also very reliable.
I left KuCoin due to the fud created by SEC, I also use GateIO but to only trade in coins that are listed on there, I prefer OKX and Bybit after Binance. I left Houbi too when last I heard about phishing links and other scams happening on Houbi.
As you mentioned, new traders should also avoid Margin and Future. They should focus on learning technical analysis and experimenting with a Demo account before officially participating in Spot trading.
Agreed. But they still focus on making money over night and don't trust the process and then they regret as I also regretted hehe.
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When you want to start a cryptocurrency trading you need to first of all know that is a risky thing and you may lose more gain is 50/50 and so anything can happen and you need to have a source of income a very good one at that because in trading you need money a lot of money because you may predict and you lose the prediction and this stuff can happen 5 to 10 times without you gaining anything, i have a friend when we started cryptocurrency trading he lost a lot of money he was predicting and his predictions were not coming through and at a point he wanted to give up but he continued and today he is now an expert and he is making money from it, if not that he had a source of income he would have failed in that cryptocurrency he was doing because when he was losing money he was using his salary to predict again so without a good source of income you can't succeed in crypto trading.
The last you need to have to learn from some that means you need to have a coach that will teach you about cryptocurrency trading how it works and how to make money from it, when my friend that is now an expert in trading had the interest of trading he paid someone to teach him about cryptocurrency trading and he learnt it for some months, so if you want to be a good trader you need to learn from someone in some case some people learn from 2 to 3 different people and use that knowledge he got from the 2 to 3 persons and apply in his own trading and it always pays off.
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I read the Op and in the first page, many commentors were like "good post". As of then it was but now it goes behind that. And it is not only an exchange one can use to trade. There are apps and websites for trading. Metatrader for learning and trading and Tradingview to monitor the market. And also one have to be conversant with the trading tools.
Times have changed though and people need to understand that there are more advance tools that have been introduced into the trading system to make it easier and convenient for all to use. Trading view is a good technical tool to make traders analyse the market more and switch between different tools that can help make them take good decisions before placing a trade. This is what having and exchange app only to view the market and analyse before placing trade won’t give you. So as technology is advancing, you need to be updated with the latest tools and know how to use them to your own advantage every time.
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I read the Op and in the first page, many commentors were like "good post". As of then it was but now it goes behind that. And it is not only an exchange one can use to trade. There are apps and websites for trading. Metatrader for learning and trading and Tradingview to monitor the market. And also one have to be conversant with the trading tools.
Times have changed though and people need to understand that there are more advance tools that have been introduced into the trading system to make it easier and convenient for all to use. Trading view is a good technical tool to make traders analyse the market more and switch between different tools that can help make them take good decisions before placing a trade. This is what having and exchange app only to view the market and analyse before placing trade won’t give you. So as technology is advancing, you need to be updated with the latest tools and know how to use them to your own advantage every time.
Exactly, many people are still believing the analogue system of trading. When I was leaning computer in back then in 2009/10 it was Pentium M, I was using to learn computer but later in 2010, it was changed to Pentium four. And I stopped at Pentium four so I don't know the current Pentium of the chips and the computer system now. And if I want to repair desktop computer, I would still have the analogue knowledge of the ancient Pentium while the systems have upgraded. And this is the same thing with the trading tools. The ones that were used are not effective to the present trading method and just like mining. The way bitcoin was mined at the initial time is different from now. Tools are different every years to advance the system. And that was why I said what Op Said was good at that time and not now. Because trading has advanced more than that.
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At least participating like this does have a very high risk, but when you see a very cheap presale, at least participating with a small capital of $50 is enough to enter and contribute in the hope of making a lot of profit.
With $50 it can be 10x, 100x or even thousands of times if we are lucky to get into the very hype memecoin.
There are many presales of new coin projects but need to be careful and do not get into e scam projects.
I once went in with only $10 in memecoins that yielded 10x, and also went to the launchpad Coin presale with $500,
and it became 100x and that became my biggest gain a few years ago.
It's true that there are actually some shitcoins that can yield one good interest, but the question remains, how exactly would you know which coin or project would actually do what they say on their road map, just like you rightly pointed out, there are so many coins coming into the market everyday and they're all promising good profits just to attract investors and many are even top in the hype chart, some of those tokens even partner with whales just to make people believe the token is actually doing well and when they have the attention they need, they run away with investor's funds without a trace and the only people who are fortunate enough to benefit from these type of investments are the early investors and the devs, so this makes this sort of investment very unsafe, especially for the newbies because profitability is based on luck and good timing.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
A perfect post . With this a lot would have ideas on first time in trading
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You have everything you need at the beginning of every trade, you don't rush for numbers that are below your first choice, you don't spread trading and complicate things. Having timing and patience is key for those kinds of coins, whether you wait longer or shorter, because you decide. Less popular exchanges can be more profitable in some coins, so be careful with that. You will buy enough, as long as you don't have zero in your wallet.
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I don't want to trade with crypto because crypto is uncontrollable and its price is sure to change all the time, even in just 24 hours there is crypto that changes to minus -100% but there is also crypto that goes up directly to more than 100%. The risk of crypto is very big and I am not able to face the changes. But the steps written by this OP are very useful and I will archive them because maybe someday they will be useful for me when I start to be interested in trading crypto, but for now I don't really like crypto trading.
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It's true that there are actually some shitcoins that can yield one good interest, but the question remains, how exactly would you know which coin or project would actually do what they say on their road map, just like you rightly pointed out, there are so many coins coming into the market everyday and they're all promising good profits just to attract investors and many are even top in the hype chart, some of those tokens even partner with whales just to make people believe the token is actually doing well and when they have the attention they need, they run away with investor's funds without a trace and the only people who are fortunate enough to benefit from these type of investments are the early investors and the devs, so this makes this sort of investment very unsafe, especially for the newbies because profitability is based on luck and good timing.
Yes Investing in cryptocurrencies can be tempting because of potential for big returns. However many suspicious projects and fake coins make it hard to spot genuine opportunities. It is worrying that some coins team up with influential investors to seem trustworthy only to disappear with people money.
To avoid getting caught out we should Research. And we should be cautious and learn about market.
New investors especially need to understand these risks and take time to educate themselves.
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Yes Investing in cryptocurrencies can be tempting because of potential for big returns. However many suspicious projects and fake coins make it hard to spot genuine opportunities. It is worrying that some coins team up with influential investors to seem trustworthy only to disappear with people money.
To avoid getting caught out we should Research. And we should be cautious and learn about market.
New investors especially need to understand these risks and take time to educate themselves.
Yes you are right Investing in cryptocurrencies needs careful thought because big profits can be tempting but many suspicious projects and fake coins are out there. To avoid trouble it is important to do research and be cautious and understand how market works. New investors especially need to learn and be skeptical knowing that some scams use famous names to trick people. By being careful and informed investors can avoid problems and find genuine opportunities in cryptocurrency market.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
Well it's really not as easy as you have started above but in my opinion it's actually not that difficult. Here’s a quick guide:
1. Choose a Wallet: Start with a wallet to store your crypto. Beginners often use online wallets from exchanges like Binance or Coinbase because they’re user-friendly.
2. Pick an Exchange: Select a platform to buy and sell crypto. Binance, Coinbase, and Kraken are popular choices, so pick one that supports the coins you’re interested in.
3. Diversify Your Portfolio: Don’t put all your money into one coin. Spread your investments across several cryptocurrencies to minimize risk. A mix of Bitcoin, Ethereum, and a few altcoins works well.
4. Do Your Research: Before buying, learn about the coin and the project behind it. Make informed decisions instead of just following trends.
5. Start Small: You can buy fractions of cryptocurrencies, so you don’t have to invest a lot of money right away.
6. Check Local Regulations: Be aware of the rules regarding crypto trading in your country to avoid legal issues.
7. Only Invest What You Can Afford to Lose: Crypto can be unpredictable, so invest only what you’re comfortable losing.
Dont be in a hurry, take your time and keep learning!
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For every newbies intending to have a good start, then i will suggest that they start small, later then they can continue to grow in it and increase on their investment portfolio the more they are having a better understanding of trading, this is important to do because its more profitable to start doing something from the scratch and build it up than to start from the top and later come down.
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To avoid getting caught out we should Research. And we should be cautious and learn about market.
New investors especially need to understand these risks and take time to educate themselves.
Sometimes the best way to avoid being victimized by these pump and dump projects would be totally abstaining from getting involved with those projects, regardless of how much profits that's been promised. Yes it's true that doing ones due diligence by adequately researching about the project could also be a great way to avoid being caught in that web, But the truth remains that no everyone knows just exactly where and how to conduct proper research and even after conducting your research, you still may not be able to unveil the true intentions of the Devs, and this is why I believe that totally abstaining from these shitcoins project.
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To avoid getting caught out we should Research. And we should be cautious and learn about market.
New investors especially need to understand these risks and take time to educate themselves.
Sometimes the best way to avoid being victimized by these pump and dump projects would be totally abstaining from getting involved with those projects, regardless of how much profits that's been promised. Yes it's true that doing ones due diligence by adequately researching about the project could also be a great way to avoid being caught in that web, But the truth remains that no everyone knows just exactly where and how to conduct proper research and even after conducting your research, you still may not be able to unveil the true intentions of the Devs, and this is why I believe that totally abstaining from these shitcoins project.
You speak the fact, Pump and dump schemes are extremely risky and can result in significant financial losses. While researching carefully can help, there are no guarantees, and sometimes research may not yield accurate results.
The best way to stay safe is to avoid suspicious projects, regardless of promised returns, and not let greed cloud your judgment. Be content with what you have, invest in well-established and trustworthy projects, diversify your portfolio, and stay informed about market trends. Remember, greed can lead to losing even your initial investment, leaving you with nothing. That is why we need to be alert, so that we should not fall a victim.
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You speak the fact, Pump and dump schemes are extremely risky and can result in significant financial losses. While researching carefully can help, there are no guarantees, and sometimes research may not yield accurate results.
On the one hand, this can provide high profits, especially for day traders, but as you said, the risks are also high. Well, what can you do, it's very natural: high risks = high returns.
And this is highly discouraged for beginners or those of us who are not that consistent and persistent in trading, because the risks are indeed high. especially for playing in Future trading or leverage, the risks will multiply. It is indeed sometimes very tempting, but you also have to be prepared for the risk of loss. There must be a lot of preparation before really jumping into the world of trading, so that you don't just get carried away and FOMO trading by signal.
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To avoid getting caught out we should Research. And we should be cautious and learn about market.
New investors especially need to understand these risks and take time to educate themselves.
Sometimes the best way to avoid being victimized by these pump and dump projects would be totally abstaining from getting involved with those projects, regardless of how much profits that's been promised. Yes it's true that doing ones due diligence by adequately researching about the project could also be a great way to avoid being caught in that web, But the truth remains that no everyone knows just exactly where and how to conduct proper research and even after conducting your research, you still may not be able to unveil the true intentions of the Devs, and this is why I believe that totally abstaining from these shitcoins project.
That's a fact you pointed out there. The rate of shit coins has become something else and so unbearable, that they have flooded the crypto ecosystem. It is hard to avoid them, either by personal research or not. Most times if they succeed in attaining their market capitalization, they still disappear or decide not to fulfill their own end of the bargain.
The project developers are the ones who knows what direction and purpose of the project. Personal research can give information about a project, but it's not assured that the project will be successful nor keep to their terms.
The safest projects or coins to invest in is Bitcoin and the top coins by CMC or coingeco ranking. Trading this coins coins also can generate good profit returns. Trading coins that are already listed in exchanges is most times safe, while avoiding scam projects and shit coins too.
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Before we can start a cryptocurrency trading, we have to make some necessary and important preparation down for us to have a good start in it, trading is not what we can just jump into and expect to have the same expectations we want from doing it, when we are lacking behind on some of the relevant informations required to be a successful trader, we also have to learn on how we could manage risk and then develop the best strategy we could engaged right before starting in full.
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Don't rush to want to trade in cryptocurrency because it definitely requires a lot of understanding about this cryptocurrency. I will give an example like this:
- must know Bitcoin
- must know Ethereum
- must know Coinmarketcap or Coingecko
- must know Exchange
- must know Dex
- must know Wallet
- must know Telegram Channel
- must know Blockchain
This is a little bit about the cryptocurrency trading circle and I am sure OP will feel dizzy starting it and need a few days to be able to start trading.
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Choose wallet for crypto. For starters, you need to choose and set up a cryptocurrency wallet and pick an exchange to trade on
Choose the place for exchange
Diversify your portfolio
Take time for research
Buy by fractions and keep balance
Check local regulation
Don't invest your last money
I'm sure this is the very first post and after that, you left the forum or became too busy in the real life activities. It is better to make proper research, ask many questions before trading or investing. If you only know this by a quick read, then make a post, you are just on the surface of the crypto community, jumping into trading is not the very best option yet and investing in altcoins outside the top 5 or 10 on CMC could be disastrous to your portfolio.
Based on the post, you need to know there's difference between an investor and a trader. They both have risks and their risk differ from each other in terms of magnitude.
Investing is buying the deep and waiting for the market to rise so you can take out profits, while trading is the consistent watching and analyzing of the crypto market, in other to take out quick profits from any direction the market goes.
It is a good one for you having understood or known the principles of Diversification of Portfolio and Don't Invest Everything at once. This will be of great use on the long run.
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Before we can start a cryptocurrency trading, we have to make some necessary and important preparation down for us to have a good start in it, trading is not what we can just jump into and expect to have the same expectations we want from doing it, when we are lacking behind on some of the relevant informations required to be a successful trader, we also have to learn on how we could manage risk and then develop the best strategy we could engaged right before starting in full.
Trading is one of the best profitable source for cryptocurrency world. We also earn huge profit from cryptocurrency market to doing trading. So if we want to proper trading, we must understand in cryptocurrency market and trading system. Because without knowledge in cryptocurrency market, we can not reach of high position in crypto trading system. So I think that at first we can start trading in little amount of crypto. Then gradually we should reach large level in crypto trading. So I think that if we follow in this rules, I think that we could be successful in crypto trading system.