10 Things I wish I knew before I started crypto-trading (a guide for new-comers)

Hopefully these 10 things will help any new traders get off to a flying start in the ever growing crypto-trading world.

+1

What is a SAT?

A Satoshi or Sat is 0.00000001 of a bitcoin. When trading on Bitcoin markets you'll always see values of 0. then 8 decimal places. After a while you will just start trading buy looking at the 8 digits after the decimal place once you figure things out.

At the time of this post.

0.00000400 = 400 sat = 0.01c (usd)
0.00003700 = 3700 sat = 0.10c (usd)
0.00037100 = 37100 sat = $1.00 (usd)

Obviously this will fluctuate up and down as Bitcoin rises or slumps but it is important to bear in mind the basic values of FIAT currency as sometimes you can get carried away and forget the $$$ value of the Satoshi's you are trading.

+2

What's FIAT currency?

Normal everyday money $$$.

+3

Stay the hell away from Yobit.

It's full of bots, slow transaction times, whales and it's just dodgy.

As my new saying goes "If it says yobit, trade nobit."

+4

Ignore (for the most part) troll boxes.

If you're not flush and only have smaller amounts to trade there is a good chance you will find yourself on sites like NovaExchange or CoinExchange. These sites are great for newcomers but be aware of the troll box. Like its name suggests there is a good chance, no, a very good chance people will be hyping up coins purely for their own benefit.

Don't let it discourage you though, there are plenty of awesome people who will actually help you out. Just be cautious.

Check the graphs, the 24 hour highs and lows and don't get taken for a ride.

+5

Better to get out early and profit, than late and make a loss.

20% profit is still profit. If you buy at 8 sat, and sell at 10 sat you have made a whooping 20% profit!!!! Try getting the bank to give you that on a term deposit. Don't be greedy, yes the coin might go to 15 sat but it can also get dumped just as fast and you will be bag holding.

You're not going to be a millionaire over night.

+6

What's bag holding?

Bag holding is when you buy coins and they drop in value and you are stuck with a bunch of coins at a loss.

This can happen naturally in which case patience is advised as most coins go up and down over time.

What you don't want - is bag holding because you got bad advice from a troll box whale who pumped a coins value and you have bought in late and the coin has been dumped, leaving you with the bag. This leaves your investment stale and you won't be able to sell unless you want to take a heavy loss or wait and hope the coin goes up or is pumped again which can take time.

If you do find your coin or coins are going down then....

+7

Don't Panic.

Bought a coin and it has just gone down? Don't fret!

The crypto-market as a whole is just a baby and can be volatile and move rapidly. Keep your coins where they are and set a sell price above your buy. Good chance within a day or 2 they will auto-sell and will have made you profit.

+8

Fees.

On the trade sites themselves, they will charge you a % fee for buying and selling. However, depositing or withdrawing Bitcoin is expensive when you start to add it up. A - 0.0010000 fee, is a common amount to charge for a withdrawl or deposit - that's about $3.00!!!!

My tip here is. If the sending site and the receiving site both have DOGE coin, trade your Bitcoin to DOGE then send it and trade it back to Bitcoin once it arrives. The DOGE fee plus the buy / sell fees at each end normally end up about half the cost of a Bitcoin withdrawl fee.

+9

Don't put all your eggs in one basket.

Spread out your investments and have fun with them. If you buy all of one coin and you have to wait for it to rise before you can sell it then you're left waiting with nothing to trade. The more buys and sells you accumulate the faster you learn and more earning potential you have.

+10

Have Fun.

Don't just make your investment and sit and stare at charts all day.

Chat with your fellow investors and share your thoughts and experiences. Put some passion and fun into your digital currency experience, and everyone wins. Life's way too short to just sit back and fret, make your investment an enriching and enjoyable part of your personal experience.

Good luck and have fun :)

Useful links:

trading - https://www.coinexchange.io/
trading - https://bittrex.com/
news and info - https://bitcointalk.org/
prices and marketplaces - https://coinmarketcap.com/gainers-losers/
buy instant bitcoin and alt currency - https://changelly.com/