how to start cryptocurrency trading

[Themepen]

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.

[Publictalk792]

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.

[Sukii]

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!

[Aanuoluwatofunmi]

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.

[Dr.Bitcoin_Strange]

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.

[Chilwell]

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.

[sampoerna]

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.

[Stuart]

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.

[_act_]

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.

[Report]

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.

[Stuart]

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.

[Azharul]

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.