Some helpful tips for bitcoin and crypto trading

Hey everyone! So, I bet a lot of you, especially if you’re new around here, are wondering what Bitcoin or cryptocurrencies really are. If you're starting from scratch and want to get into Bitcoin/Crypto trading, this topic is just for you. By the end of this chat, you'll have a grasp of the basics of crypto/bitcoin trading and how to actually do it. So, what exactly is Bitcoin or crypto trading? Personally, I’d say it’s pretty similar to foreign exchange trading. The key difference is that we’re dealing with digital crypto assets instead of the fiat money we’re used to. You can swap these assets for any fiat currency worldwide. Think of it as a global marketplace where you can buy and sell all sorts of cryptocurrencies, not just Bitcoin. The daily trading volume usually hits around 2 to 3 trillion dollars, making it one of the biggest financial markets out there. Now, what are the best cryptocurrencies to trade? In my opinion, you should check out the top 30 listed on sites like coinmarketcap or coingecko. It’s your choice which ones you want to trade. So why are these top ones good for trading? * They have the highest liquidity, and their market caps are in the billions. * There’s tons of info available on them. * They typically have a low spread, except for Ethereum. * They’re more stable compared to others. * Plus, they’re more predictable since we can spot patterns, even if the market itself can be a bit crazy. How does the crypto or bitcoin pair work? When you’re trading Bitcoin, you’ve got two currencies competing against each other. For instance, take the DXY.

If you are new to crypto and you probably have heard many things about crypto trading specifically and your are eager to get in, aside the brilliant tips that has already been provided by the OP there are some others. Assuming you are literally a newbie who is interested in crypto trading but you have no idea about Bitcoin and cryptocurrency in general, you should not yield to peer pressure to start trading immediately. Your start off point should be accumulating Bitcoin. You should learn as well about wallets, learn about how to keep your cryptos safe which is the cyber security aspect of it. You don't want to go into trading and then lose all your money because you were lacking in the proper knowledge. It will take time however if you will see that that wait period was worth it if you had spent it in learning and going into the crypto rabbit hole.

I agree on this one because many new traders are trying to get into the newer ones. That's not wrong because they're trying to make some money too and if that strategy works for them, that's nice but it won't work for sure for most people because we're not the same. And aside from trading, there are also some of there that are good to hold for long term. But I want to give some ideas that in the past few years, there have been coins that are part of the top 30 - 100 and as of today, none of them can be found there.

I think the first thing new trader should know is that you can't be a millionaire immediately, many people has started Crypto-currency trading with the hope that the can flip 10 box into a thousand that's not happening mate even experienced traders would find that difficult. One tip I would advice is don't follow social media traders. Those are failed traders in disguise all they are after is your money, they give out fake lifestyle to catch unsuspecting newbies then promise them wins all they have to do is buy their course. Be wise guys those guys would waste your time and maybe even kill your zeal.

They would really be loving on dealing up with those new ones or simply with low caps or hidden gems on which they do know that they could be able to possibly earn or make 10-100x easy gains with these things and thats why i cant blame them on why they wont really be trying out to touch with those top ranking even on #30 spot below which marketcaps are already high. They will already be that projecting that the potential gain that they can be able to get and thats what makes them do able to consider out these low caps in compared into those established coins in the market on which im really that similar with this kind of aspect or approach when it comes to things. When it comes to advises then the most important thing i would be saying is about on that you should really be trying out to make that experience on how this market works specially on trading. There's no such thing or other people will really be able to make you learn up things on just simply reading or listening up someones advises. The best teacher will really be that experience. Although reading or hearing up someones experiences will really be at least giving out that idea on the current thing that you are dealing into on which it is really that a plus somehow but the rest of everything will come through experience. This is why i do suggest that on the moment that you do deal up with something or trying out to learn then try to engage with it and in every moment that you do make out some action and experiencing those results then trying out to make adjustments and actions accordingly. Lessen up the risks as much as possible and trying out to control your emotion will really be always the best key on sustaining this unpredictable space.

Awesome crypto trading. Learning crypto trading. Two weapons in crypto trading, that need to be known by cryptocurrency traders and they should apply it for their trading positions too. Stop loss order. Stop limit order. Let's see difference between Stop-loss and Stop-limit orders. If they don't have idea and plan as well as tool for avoiding big losses, with Stop-Loss, Stop-Limit orders, their trading will become very dangerous, with potentiality of massive loss.

Truly, thanks for your collection of posts! Much appreciated

That only proves that even those top coins in the market cannot guarantee future profits since those that are profitable today might eventually lost its value few years from now. Trading won’t still guarantee secured profits, but if you have certain strategies that are proven effective in trading, regardless of what coins you are trading, you will yield significant profits even if the market is not 100% favorable to trade.

This top 30- 100 that was mentioned by OP is just for trading if at all I get him right and criteria why they are there on both CoinMarketCap and CoinGecko is because of their market cap, I think the higher the market cap the higher you are on the list and this are coins that are less volatile and can be less risky in terms of trading most especially the top 30. But for holding I don’t think it should even be extended to that, at least top 29 is ok. Some of these coins actually fell off immediately after one particular bull run and that’s why it is a bad thing to me to hold way too long with altcoins except maybe you have taken profit already and leave remaining to run. But for trading like futures you have nothing to lose. I think the narrative thrown at trading on the social media wouldn’t allow anyone of this newbies to think that it is not easy to be successful with trading, most of these influencers have actually been doing this for long and have another business to cover up for their trading but they just lure in followers just to get students or mantees to actually pay for their course. I have repeatedly said this most of them use this mantees fees as fat liquidity for their trading and nothing more.

Some coins do not hold up for long even though they made their way to the top 30 coins on coin market or CoinGecko. The success of a coin is now how soon they’re able to make it to the the top 30 coins on this sites, but how well they’re able to hold on to their value and keep making their project a success for all investors in them all the time. Trading is one of the ways to make money in this crypto space without having to wait for years. Whether the market is on uptrend or downtrend, you can still make a lot of money with the right knowledge about the direction it’s going to take. Cryptocurrency assets are very volatile, some are easily manipulated and both of this points can cause a trader to lose money without the knowledge. So it’s advisable to always seek for knowledge before jumping into trading even if it looks so simple to make money from, without right knowledge, you’ll lose big in it.

In today's generation, you can basically search anything over the net. You can even command ChatGPT what to search and it can give you right away the answers or at least related answers to your questions. So much better to  learn on your own and start small. The suggestions out there are not the ultimate answers but you can use them as guide. When I was starting to trade  and have no idea about the coin. I usually search the basics - the ANN thread here in the forum, because you can already see the potential of the project how the devs are launching it - is there a solid foundation or just created in a rush? This is why- the ANN section in this forum is quite useful. You will already get good insights as to what kind of project is being launched by mere checking their thread. But some are good with talks, hence, they can mislead naive investors.

Many people try to enter crypto trading because they want to make a profit and that is not wrong at all but most people do not understand the pattern and eventually they experience losses. Crypto is indeed different from fiat because it does not have a physical form especially when we trade which is overall more risky to lose and we can use it after converting it to fiat because not all accept payments using crypto in general. Here we will see how daily trading works and more and more people are starting to get involved in it because they want to make money. The effects of the development of our era see a number of cryptocurrencies emerging and it can even be said that there are so many, regardless of whether their journey in the market is good or not after running.

Chat would be able to help you with the sources - and that's really cool. Other than that, it can hallucinate sometimes

The most important thing would be to manage the risks properly and start out small. You won't make a life change in one day - it's hard work of adaptation and sweat put into analysis + knowledge in the space.

If you invest in the top 5, you will definitely make a profit in 3-4 years. But that won't be trading  So, yeah. Lots of work should be put into finding the gem on the market and having exact facts about why you think this exact coin/project would be afloat for the time to come or even pump in the future.

These words of the OP seem to me to be a summary regarding traders who are conducting trading activities in the field of cryptocurrency business. It is also just a guideline that in case newbies enter an industry like this, they have an idea of what to do, especially how to choose crypto assets that will provide profit. There is no community that enters trading in the crypto space or bitcoin without thinking about profit, but it is better to have knowledge before trading because there are others who trade first before learning about trading, which is for me not the right way or strategy as a newbie trader.

A very good insight around t he basics of cryptocurrency and Bitcoin but I will say to the newbies,this isn't a financial advise so you are expected to still DYOR so you get better insight I to what you should do and how to make decisions for yourself when it has to do with picking the coin you would want to invest in or probably trade as the case maybe. Do not do what you don't understand rather seek clearity then make sure you have gotten enough knowledge then you can delve deep in under an informed decision.

Top coins in terms of marketcap value doesn't mean it's stable crypto, it can crash overnight and no one might be expect that so don't came into any conclusions based on the market value which is always changing. But for a beginner lesser they choose then it's possible for them to concentrate on its analysis and make better prediction of market movements. I got to say something even if we are the master of TA, still we need a bit of luck to be successful and profitable.

Especially since this is not really speculation on our end but an event we have seen happening several times before, projects that enjoyed the support of the community suffered a tremendous fall in a matter of days and then they never really recovered, so trusting on the top coins simply because they seem to be too big to fail is a big mistake, which explains why many members are bitcoin maximalists, as bitcoin is the only coin I can see surviving no matter what during the next decades.