Can someone please explain like I am 5

KingShizL

KingShizL

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When it comes to crypto. A friend said I am too pessimistic and paranoid. But in my defense I like to learn as much as I can before diving into anything.

Can someone please explain like I am 5? How you actually trade crypto for profit. I feel its a gamble but I might be wrong, there might be a strategy I don't know about.

Thanks in advance
 
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It's simple. Start by joining some crypto trading sites such as binance. Then buy at low and sell at high.
You will need knowledge, training as well as experience with many trading techniques.
And there is leverage trading, Very high risk and high return.
 
Last edited:
osdiablo said:
It's simple. Start by joining some crypto trading sites such as binance. Then buy low and sell high.
You will need knowledge, training as well as experience with many trading techniques.
And there is leverage trading, Very high risk and high return.
Click to expand...
Okay thanks for your response. How do I get knowledge and training
 
Really mate
Sardi said:
programming experience or know-how.

dApps
A dApp or Decentralised Application is an application that is developed on top of a decentralised platform. You know how there are iOS developers that are trained in specific languages and frameworks so they can develop apps for the iPhone? Or Android developers trained to develop apps for the Google Play Store? Well just like that, we have dApp developers who create applications for a decentralised platform like Ethereum.

The front end of a dApp (the bit that you, the user, interacts with) can be on a website, in a mobile app, or any other system that can interact with the backend. The backend (what's 'under the hood' so to speak) runs on the decentralised platform of choice (like Ethereum) and the records are stored on the blockchain itself.

You might think that it's simply a matter of platform - like choosing to develop for an Apple iPhone or a Google Pixel. But it actually goes beyond that. dApps are often open-source, meaning developers from around the world can contribute. This means more ideas, quicker fixes, better testing - and an all-round higher quality app. It also improves security because dApps come with the security benefits of the blockchain baked in.
Click to expand...
Really mate , you could have just sent him the link to go through.
 
There isn't an exact recipe. In fact, to be 100% successful, there are two ways: Information and luck. It's very rare, maybe impossible, to have both of them in the same time (the one who have both will become the richest man in the world, in a very short time). So, let's talk about information:
1. Watch the market trends.
2. Analyze the token background info (what is this token about, does it have any mission, who are the developers, are they established enough, how many people have bought it, and so on).
3. The golden rule: Buy low and sell high.
4. After all, each token and coin (even BTC) is based on the people's actions. If people will start to sell all the BTC, the price will drop so fast and BTC will have no value in short time.

Let's talk about luck:
1. Buy one popular token on low price.
2. Wait until it got a higher price (10k X ... :) ), and you'll become rich (or not).

Like I said, there is no exact recipe (I laugh when some people mention "I am 100% sure this will make you rich" - the one who tell you that, have already invested in that token).

And yes, crypto is gambling.
 
Ricky.Montana said:
There isn't an exact recipe. In fact, to be 100% successful, there are two ways: Information and luck. It's very rare, maybe impossible, to have both of them in the same time (the one who have both will become the richest man in the world, in a very short time). So, let's talk about information:
1. Watch the market trends.
2. Analyze the token background info (what is this token about, does it have any mission, who are the developers, are they established enough, how many people have bought it, and so on).
3. The golden rule: Buy low and sell high.
4. After all, each token and coin (even BTC) is based on the people's actions. If people will start to sell all the BTC, the price will drop so fast and BTC will have no value in short time.

Let's talk about luck:
1. Buy one popular token on low price.
2. Wait until it got a higher price (10k X ... :) ), and you'll become rich (or not).

Like I said, there is no exact recipe (I laugh when some people mention "I am 100% sure this will make you rich" - the one who tell you that, have already invested in that token).

And yes, crypto is gambling.
Click to expand...
Thanks a lot for this short concise info
 
KingShizL said:
When it comes to crypto. A friend said I am too pessimistic and paranoid. But in my defense I like to learn as much as I can before diving into anything.

Can someone please explain like I am 5? How you actually trade crypto for profit. I feel its a gamble but I might be wrong, there might be a strategy I don't know about.

Thanks in advance
Click to expand...
You are right. Crypto is gambling. I know some peoples they have push in the past some crypto currencies with Twitter and Telegram bots so the market is completly manipulated and not transparent.
I know also peoples which make a lot of money and 2 month later they lose 80% because they have not sell it and invest the money in other stuff like real estate, Gold etc.

If you wanna make money invest your time in your own business like an online shop or buy ETFs and Stocks from real companies or invest your money in commodities like Gold.
if you wanna buy Crypto, you should invest only a small part of the money in Bitcoins and wait until 2024 (next Bitcoin halving)
https://www.bitcoinsensus.com/bitcoin-halving-countdown/
...but don't believe the tik tok shit whit crypto you can be a fast millionaire and its very easy... you cant make very fast money! every seroius business needs time!
 
Keep away from crypto trading. 90+% of crypto traders lose money. Explained below.
Raj Kesu said:
Tether regularly prints trillions of USDT (out of thin air) and sells it regularly at highly discounted prices to the big exchanges and the big whales. And the big exchanges & big whales work together regularly and use this regular flow of cheaply acquired funding to manipulate Bitcoin price on an ongoing basis, in order to regularly liquidate long trades and short trades, as when trades get liquidated, the exchanges make a LOT of profits, in which the whales also have their cut. This is why 90% of crypto traders lose money.
And all crypto traders like idiots are looking at technical and fundamental analysis. Bitcoin price is in the hands of the big whales and all other coins and altcoins prices fluctuate as per Bitcoin price.
The best way to make money in crypto is to buy and hold the gems long term.
Click to expand...
 
KingShizL said:
When it comes to crypto. A friend said I am too pessimistic and paranoid. But in my defense I like to learn as much as I can before diving into anything.

Can someone please explain like I am 5? How you actually trade crypto for profit. I feel its a gamble but I might be wrong, there might be a strategy I don't know about.

Thanks in advance
Click to expand...
Depends what your goal is as far as making profit. Yes it's all a gamble, just like investing with the stock market. You're investing into something with value that can potentially go up or down.

Quick bucks require riskier investments into volatile assets. Volatility creates more opportunity for profit, but also more opportunity for loss.

The mostly safer method is to dollar cost average (DCA) invest into something you believe in for the long road. This investment method removes the "playing the game" aspect of trying to time the market, and replaces it with consistent routine investments regardless of market value.

There are also different mining options that either utilize processing power or capital in order to acquire crypto without purchasing assets themselves.

Not financial advice, just laying out some options.
 
Ahnis_T said:
Depends what your goal is as far as making profit. Yes it's all a gamble, just like investing with the stock market. You're investing into something with value that can potentially go up or down.

Quick bucks require riskier investments into volatile assets. Volatility creates more opportunity for profit, but also more opportunity for loss.

The mostly safer method is to dollar cost average (DCA) invest into something you believe in for the long road. This investment method removes the "playing the game" aspect of trying to time the market, and replaces it with consistent routine investments regardless of market value.

There are also different mining options that either utilize processing power or capital in order to acquire crypto without purchasing assets themselves.

Not financial advice, just laying out some options.
Click to expand...
Thank you for your response. Highly appreciated
 
CyberCommander said:
You are right. Crypto is gambling. I know some peoples they have push in the past some crypto currencies with Twitter and Telegram bots so the market is completly manipulated and not transparent.
I know also peoples which make a lot of money and 2 month later they lose 80% because they have not sell it and invest the money in other stuff like real estate, Gold etc.

If you wanna make money invest your time in your own business like an online shop or buy ETFs and Stocks from real companies or invest your money in commodities like Gold.
if you wanna buy Crypto, you should invest only a small part of the money in Bitcoins and wait until 2024 (next Bitcoin halving)
https://www.bitcoinsensus.com/bitcoin-halving-countdown/
...but don't believe the tik tok shit whit crypto you can be a fast millionaire and its very easy... you cant make very fast money! every seroius business needs time!
Click to expand...
True. Thanks for your input
 
first don't invest in high , plus and avoid shitcoins ! Greed can be Death !
So be Careful !
 
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