What I need if i'm beginner to trading cryptocurrencies?

in #life7 years ago (edited)

Basic rules, tools, tricks you can do, my personal advice based on my experience and more.

So if you want to start trading cryptocurrency (that you actually can do with your steem), you should have the good information and knowledge before to be sure that you will not take a wrong decision or miss an oportunity.









So to come back in the subject, what is the basic rule that i can apply simply :
As we say : "sell high buy low", hide potentially two rules, first that you need to look the chart and don't buy at the most expensive time or the reverse sell when it's to cheap. The second rule is, if you keep sell more expensive that you buy (you need to including the exchange fee), then you earning !

Basics rules

Follow the news, like this you know if there is a problem, a event coming, or a new technology coming out.

Stay connected without become crazy.

Don't think you can brain the system if you are a beginner.

the tool you need to know for a trading?

The tools

coinmarketcap.com
The website is like the dictionary of the cryptocurrencies and assets, useful to observe globaly the general market.

cryptowat.ch
A good chart in real time for watching many currencies from many exchange and so much more...

coindesk.com
One of the best online news about blockchain and cryptocurrency, even you can use steemit or even medium...

tokenmarket.net
Be informed of the new crowdfunding made by smart contract and buy your coin early (Initial Coin Offering). This risky, we don't know if it will work that much, but you have coins already and if it's become more famous later, you will get a good income. A short article about this if you want to read more about it here.

The Tricks (differents way to make money)

Exchanging coin to coin in repetition (risky because it's difficult to predict, you save coin not money)

Exchanging coin to dollars in repetition (my favorite)
Participate to a good ICO.

Buy in a exchange to a low price like btc-e, and sell it in a exchange for a high price! (The problem is still that not everybody know how to trade bitcoins in a chinese exchange...).

Trade big sell big. This move will need you to have a big money input, then you buy until the price climb, wait people follow the move and then sell at the high price you created. You can do the same in the other way by selling and then buying back.
(Problem, nobody have 1M or 1B at home.)

My personal experience


First why can I advise you, i started to study cryptocurrencies in 2013, so I lived the crash of 2013 directly. Because I want to keep my coin and my money i did not sold and then my coin will not be a good sell anymore. I miss the selling move and i keep my coin for so long. Because i did not want to sell with lost of course and i know there was a great value for it.
After the crash I saw Ethereum coming and bitcoin growing every altcoins starting to pump and i decide to buy some again.
Now if I made with the money I put (2/7) and the lost (5/7), i made a 100% profit, it's like if I duplicated my money.
I did not sell all but i took small profit in case on some currencies and is it good or not, i did know only time will tell us.

My personal advises


Listen your heart, even if you do mistake you learning so keep use your brain stay logic. Put your emotion on the side and don't trade if you are under any kind of interaction with other or emotion. For example once i talk to someone and he said oh crypto is cool but i'm worry blablabla... Then my perception change and I traded of my emotion and did a wrong move.
because the only one who know what I'am doing is me, you are the only one who can make it, but keep listen the world. This is all the difficulty, listen when you have to and don't listen when you should not. Listen people that you trust, and believe yourself!

thank you for reading!

Don't forget to upvote me :)

PS: to short my like i use [here the name of my link]then you put directly after(http://myreallinksupercomplicated.com)

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Thank you! Just got into crypto a few days ago. I will check this stuff out.

Welcome :)

good info for beginners

thanks a lot for the info.

followed you.

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