Learn to trade cryptocurrencies.

[RSO]

First of all, a big shout-out to @VSYNC for providing valuable information via PM, as well as on the CryptoCurrency sub-forum here on BHW. Thank you.

A few months ago, I decided to take my time and learn trading on the side from everything else that I'm busy with. At that moment, I had some interest in Forex (even though I've always had interest in cryptocurrencies and also have been paid in BTC / XMR for my e-services). So I'm on it now.

Lets say, I'm a complete newbie in this field and I want to start learning to eventually turn into a daily-trader, regardless of whether I'll win or lose. I understand that the game is harsh at the level where you stop paper-trading and start investing real money (emotions and everything).

Where do I start? What would be the proper order of steps to take when it comes to this?

P.S. Why I'm asking here instead of browsing through YouTube/Google - first of all, I did. But the problem is that most of the opinions are different from each other, and it kind of brain-washes you.

Regards,
RSO.

 

[Deleted member 1333509]

There's a lot of guys on BHW that are trading and investing in cryptos and can give some good advice I'm sure mate.

 

[MisterF]

Only invest and gamble with money you can afford to lose.

Do not chase losses. Either ride out the storm or cash out and take a hit, don't pump more funds in hoping to recover losses.

 

[Deleted member 1333509]

So a few good topics to research a little bit about:

- how to manage, handle and secure cryptocurrencies (using hardware wallets is safer than exchanges for ex)

- what a bull run is and why that's important right now (we could be in a bull run and it looks like it, which means cryptos go up for months)

- platforms that are useful (binance.com - good exchange, coinmarketcap.com - prices, tradingview.com - charts)

- the difference between trading and investing (trading is more involved, investing is longer term)

 

[RSO]

There's a lot of guys on BHW that are trading and investing in cryptos and can give some good advice I'm sure mate.

I hope they will.

Only invest and gamble with money you can afford to lose.

Do not chase losses. Either ride out the storm or cash out and take a hit, don't pump more funds in hoping to recover losses.

About the investing part - without a doubt. I believe that this is a very common mistake which eventually makes you face the market emotionally. Especially, if you're investing money that you might need by the end of month to pay your bills, for an example.

 

[RSO]

So a few good topics to research a little bit about:

- how to manage, handle and secure cryptocurrencies (using hardware wallets is safer than exchanges for ex)

- what a bull run is and why that's important right now (we could be in a bull run and it looks like it, which means cryptos go up for months)

- platforms that are useful (binance.com - good exchange, coinmarketcap.com - prices, tradingview.com - charts)

- the difference between trading and investing (trading is more involved, investing is longer term)

Thank you again, VSYNC. For the wallet part, for now - I'm just using Exodus as my hot wallet and in future, I plan to get an external wallet, too. Probably Ledger. For now, I don't really need an external wallet since I don't have much to store there.

When it comes to those three platforms, I'm familiar with them. But I don't know how to read the charts. All I used Binance for was when I needed to sell something off, CMC for keeping up with my favorite projects and tradingview - had the app. for a while but never really used it since I haven't learned how to read the charts.

For the investing and trading part, I'm quite informed about what is what, as well. Currently, I've got two projects on my Blockfolio list that I'll be HODL'ing.

 

[Deleted member 1333509]

Thank you again, VSYNC. For the wallet part, for now - I'm just using Exodus as my hot wallet and in future, I plan to get an external wallet, too. Probably Ledger. For now, I don't really need an external wallet since I don't have much to store there.

When it comes to those three platforms, I'm familiar with them. But I don't know how to read the charts. All I used Binance for was when I needed to sell something off, CMC for keeping up with my favorite projects and tradingview - had the app. for a while but never really used it since I haven't learned how to read the charts.

For the investing and trading part, I'm quite informed about what is what, as well. Currently, I've got two projects on my Blockfolio list that I'll be HODL'ing.

You sound like you already know a bunch mate.

Tradingview is the best tool for understanding charts really well, and for chart reading researching "technical analysis" is the best way.

That's more for trading, and if you want to invest (not a bad move considering the state of the crypto market right now) then understanding the projects themselves and their potential is a better move.. called "fundamental analysis".

 

[RSO]

You sound like you already know a bunch mate.

Tradingview is the best tool for understanding charts really well, and for chart reading researching "technical analysis" is the best way.

That's more for trading, and if you want to invest (not a bad move considering the state of the crypto market right now) then understanding the projects themselves and their potential is a better move.. called "fundamental analysis".

Thanks. Now, that's something I have to do my research on.

 

[Billy Batts]

Whats the goal? Long term, short term? Scalping, daytrading, swing trading or investing? If these things sound unfamiliar to you start learning what they mean and the the differences. Then you will need to learn how to properly read candle charts.

I myself recently got into crypto trading and I lost already 1k with a few days bwhaha because I thought I made a smart move but now that I understand the charts it was a dumb fucking move bwhaha but now Im daytrading and sometimes a bit of scalping. Like everything else its a lot of info at the beginning but its a lot of fun for me at least and this is coming from someone who said crypto is an advanced pyramid scheme a while back

 

[RSO]

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Whats the goal? Long term, short term? Scalping, daytrading, swing trading or investing? If these things sound unfamiliar to you start learning what they mean and the the differences. Then you will need to learn how to properly read candle charts.

I myself recently got into crypto trading and I lost already 1k with a few days bwhaha because I thought I made a smart move but now that I understand the charts it was a dumb fucking move bwhaha but now Im daytrading and sometimes a bit of scalping. Like everything else its a lot of info at the beginning but its a lot of fun for me at least and this is coming from someone who said crypto is an advanced pyramid scheme a while back

Hey, thanks for sharing. I'm pretty sure that my goal is to do day-trading but I'll still look all of these other options up and get back at you once I know exactly what I want.

Damn, I'd honestly never even get into real trading unless I know how to read charts and how the tools work. You lost 1k but you learned a lesson, without a doubt it had to happen.

Regardless, I'll get on the research part now. See you in a few and thanks again.

 

[BlackFawkes]

Check CryptoCred on Youtube. Good Basics, straight to the point.
As said above, only spend money that you can afford to lose. Start small and use proper risk management.

 

[RSO]

@BlackFawkes Thank you, bookmarked.

I have a question, guys. @BlackFawkes @Billy Batts @VSYNC @MisterF

Is it worth going through the babypips course if I'm interested into the crypto market not the forex one? Can I learn something valuable from babypips for my crypto trading journey? I understand that the concept of trading is probably the same but maybe I'm missing something and eventually, it would just mess me up if I went through the babypips course. Thanks in advance.

 

[BlackFawkes]

@BlackFawkes Thank you, bookmarked.

I have a question, guys. @BlackFawkes @Billy Batts @VSYNC @MisterF

Is it worth going through the babypips course if I'm interested into the crypto market not the forex one? Can I learn something valuable from babypips for my crypto trading journey? I understand that the concept of trading is probably the same but maybe I'm missing something and eventually, it would just mess me up if I went through the babypips course. Thanks in advance.

I can vouch for Babypips ! That would give you some solid basics to rely on. It's pretty fast and straightforward... and it's free ! Go for it, you won't regret it.

 

[MisterF]

@BlackFawkes Thank you, bookmarked.

I have a question, guys. @BlackFawkes @Billy Batts @VSYNC @MisterF

Is it worth going through the babypips course if I'm interested into the crypto market not the forex one? Can I learn something valuable from babypips for my crypto trading journey? I understand that the concept of trading is probably the same but maybe I'm missing something and eventually, it would just mess me up if I went through the babypips course. Thanks in advance.

I don't trade crypto, I have bought 3 coins to sit on as an investment.

Many years ago I taught myself to trade options and futures, paper traded etc then went in with spare money I could afford to lose.
Personally I think serious trading needs to be a full time 'job' but good luck whichever way you go with this.

 

[Deleted member 1333509]

Personally I think serious trading needs to be a full time 'job'

On the money.

OP, like MisterF said, he's invested in 3 cryptos and is holding for the long haul.. The amount of time he has to dedicate to that is minimal, and his stress levels would be low, even with inevitable ups and downs along the way.

Conversely, trading should be done full time, you should have a high level of knowledge about technical analysis before even considering trading large amounts, and you should be prepared for boatloads of stress on a daily basis, as well as losing friends, family, self-respect, normal hygiene levels, and most of your hair.

I traded for 2.5 days straight without sleep during the 2017 bull run once.. no drugs, no breaks, extreme stress.. I fell asleep watching the charts and woke up a few hours later and started again. You can make good money if you know how to trade crypto, but you'll probably lose a lot when you fuck it up due to sleep exhaustion.

Stock traders get to sleep at night.. crypto traders get to develop stimulant and red bull habits.

 

[Billy Batts]

Hey, thanks for sharing. I'm pretty sure that my goal is to do day-trading but I'll still look all of these other options up and get back at you once I know exactly what I want.

Damn, I'd honestly never even get into real trading unless I know how to read charts and how the tools work. You lost 1k but you learned a lesson, without a doubt it had to happen.

Regardless, I'll get on the research part now. See you in a few and thanks again.

Its' cool, I made €400 this morning and its 2pm here now so plenty of time to make some more but it's sure a patience game and many things you need to keep an eye on. For daytrading you need to keep an eye on it all day.

I bought a coin that peeked a couple times to 0.08 and I bought in at 0.068 because for the past few days in the night it peaked to that number and would've made €1200 in a few hours IF it went my way but it has been going down steadily with no peak so I cut my losses and reinvested in a different coin plus Im now using trading charts with candles and several indicators like money flow, volume, moving averages etc to make choices.

 

[Billy Batts]

So just made about €196 in the past 2 hours which took a lot of patience, that shit is volatile AF!! Nevertheless, not a lot but still better then a days of normal work, counting with the 400 this morning its €596, not too bad.

 

[Heelhops]

To me I believe in stacking rather than selling, it ain’t right time to sell bitcoin shares.