how to start cryptocurrency trading

[taufik123]

-snip-
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.

[albon]

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.

[Dr.Bitcoin_Strange]

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.

[Faisal2202]

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.

[MrSpasybo]

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.

[sampoerna]

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

[Agbe]

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.

[Faisal2202]

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.

[Dr.Bitcoin_Strange]

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.

[Asiska02]

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.

[Agbe]

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.

[Dr.Bitcoin_Strange]

-snip-
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.

[Bhigdaddyjr]

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

[Doovla]

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.

[erus]

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.