Starters guide for crypto trading v2.0
I wrote Starters guide for crypto trading “v1.0” back in September 2017, decided to update it and improve it, good for noobs and good reminder for the not so new.
BEFORE you start reading, if you want to be a profitable crypto trader, you must be willing to spend considerable months if not years, learning the skills of the trade. NO ONE WILL SPOON FEED YOU! You might join a pump and dump group (might see profits, but not in the long run), or a paid group to teach you the skills (might not fulfill your thirst of knowledge, or it might not be for you). At the end of the day, there is nothing more satisfactory to learn on your own.
I am mesmerized by the ability of Bitcoin and also crypto-currencies to polarize general public opinion. Most say its a fad, a Ponzi scheme; the rest of us see it as the future of interchanging goods through a digital asset (also many other applications which I will omit).
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When I decided to actively trade crypto back in March 2017, I noticed there is no quick guide to tackle this profitable monster. So I decided to contribute my 2 cents to the crypto cause, and make this “short” guide for noobies, that I think might help newcomers to have a good head start, more than I had when I started. The image from this article always reminds me why is it that I am in crypto.
DISCLAIMER: more than obviously, I do not know it all about crypto, and am very far from knowing it all, BUT in the time I have been trading crypto these 10 points will definitely will help out one way or the other to find those profits in crypto.
1. Learn basic crypto terminology, so scammers don’t bull shit you. Wallet, ICO, DYOR, FUD, FOMO, SHILL, mining, staking, baking, POS, POW, master nodes, TA, FA… the list could go forever, but don’t worry, if you invest time in crypto you will learn these fast, and WILL get rewarded for it, eventually.
3. Use common sense when buying a project, if its too good to be truth, might not be that good. Dig deep. Do plenty of Fundamental Analysis (FA) before jumping in. Look for stuff that looks OFF in a project. Check the specs, inflation, web, social media. Check here for FA reference. Be very skeptical, make sure the information comes from a trustworthy source.
DON’T TRUST, VERIFY!
4. Investigate projects you want to invest/trade digital footprint: Twitter, Telegram, Discord, Github, bitcointalk.org, their website, or their forum, email news letter. When/what was the most recent update. What was ICO price vs. current. 99% of all tokens are in Coinmarketcap, CoinGecko, coinpaprika if not yet, be wary.
5. Fiat to crypto? You need a fiat on ramp. you could use Binance. Need a credit card or make a wire to get those first Bitcoins or Ethereums or whatever crypto you want to start trading. There are fees to pay and probably a KYC form to fill, but they wont rip you off, more secure than buying from strangers.
6. Start crypto trading, get your Binance, Bitmax, Bitmex, Bybit, Kucoin account. Those are the ones that I use the most, but there is also Poloniex shitty support, laggy AF), Kraken (Trading UX is crap), Bitfinex, and many others. None of them is perfect, but by far Binance is the best for spor trading and Bybit for leverage trading IMO.
7. Use tools like Cointrader, GoCharting, TradingView or Coinigy for proper Technical Analysis tools. Once you get comfortable trading you will start getting demanding of how you do your TA, charts in exchanges mostly all of them are really bad. Not utterly necessary to pay for premium services, the most basic features would do for profitable trading.
8. Always but always get 2FA = Two Factor Authentication in all your accounts = email, exchange, social media, don’t be an easy target.
DO NOT USE SMS 2FA!
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NOT YOUR KEYS, NOT YOUR COINS!
10. Twitter is a good crypto jewel/trend detector, chartists. Follow the good guys that have been in the game for a while. But be careful there are also bad seeds out there, and the noise there might be deafening to the point to cloud sound decision-making. The are way too many to list them all, but these are my picks:
This might be THE only chance in your life to gain financial freedom, DO NOT waste this opportunity.