Honestly,I will say for newbies don’t rush it, It is the most hardest and easiest way to make money, its hard when you have zero knowledge and easy when you understand it, stay far from people wanting to management account for you, before you choose a mentor pls verify properly,b sure he has a YouTube channel, although not all mentor do, but majority has a channel,contact him via his channel…trading is real and also scam is real and yes you can loose money and make millions as well, but all of this comes with the right knowledge, of which I won’t go into details. just know in This industry Knowledge/experience is Power, so take your time and don’t rush!!
After doing your research buy the crypto you believe in and sell when you’ve made a decent enough profit (that level all depends on your appetite). Don’t use leverage or you risk getting rekt. Trade only what you can afford to lose. Invest your earnings in Bitcoin and never sell that. Rinse and repeat.
1- Dont invest money you cannot afford to lose.
2- BITCOIN IS THE FATHER OF ALL CRYPTOS.
When Bitcoin goes up, 95% of cryptos goes up right after.
When Bitcoin goes down 95% of cryptos goes down right after.
All crypto market is Bitcoin dependant, with the exception of stablecoins obviously (like USDT or USDC)
So if you expect BTC to fall, you can just sell it and buy stablecoins. Then if you expect BTC to go up, wait for the DIP and buy back.
3- Know what your risk tolerance is.
3.a)If its low, then i would suggest to just buy 70% bitcoin and 30% ethereum and hold it until prices hits your target. Price of crypto in general is very cheap at the moment (BTC ranging between 31k to 33k, when just 2 months ago it peaked all time highs at 65K, same with ETH consolidating between 1.9k and 2.3k when just 2 months ago it peaked all time highs at 4k)
3.b)If its high, then i would suggest to buy 30% bitcoin 20% ethereum and 50% on altcoins. (The truth in the end is that it does not matter which altcoin you buy, if bitcoin goes up they will go up too, but its also true that some altcoins belong to really bad projects which will probably die sooner or later.
Altcoins are much volatile, this means that if you like daytrading/swing trading they are really good in this matter.
Personally i never sell bitcoin, i just buy spot and accumulate because historically it always keeps getting higher and higher. It is a super scarce asset with a fixed supply.
Everyone that has bought bitcoin between 2009 and 2020 and never sold remains positive (in terms of gains) up to this day. (you can just see the chart BTC/USD and check it out).
4- TAKE PROFITS: As volatile as this market is huge returs or loses may happen, if you were successfull dont be gready and take some of the table. This goes both for trading (never forget stop loses, its also not generally a good idea to put tight stop loses because of the high volatility of the market) and buying spot if you bought any crypto and went 2x, 3x, 4x just take the damn profits, enjoy your gains.
5- SECURITY: PLEASE FOR GOD SAKE TAKE CARE OF YOUR PASSWORDS AND SEED PHRASES. NEVER SAVE THEM ON YOUR COMPUTER DONT BE LAZY AND WRITE THEM DOWN ON A PAPER SO YOU CAN SLEEP LIKE A BABY AT NIGHT. DONT BE THAT NOOB THAT GETS HACKED AND LOST EVERYTHING.
HAVE FUN!!
As a newbie myself . The best advise is this if for the long run. You will not be a millionaire the day after you purchase/trade Crypto
Invest what you are willing to lose. Buy low, sell high
The best method to drading crypto currencies, you must wnat to choose a good coins pairs before you start trading. You can reserch for the news for getting a basic idea of the current situation if the each coins. You can use social media like twitter and coin market cap website
And the related official website of the related coin for reserch the news. After your choice, you can open the market and use the ttechnical analysing methods for understand the direction of the market. Then you can place a oder, if the market is showing the good price actions. You can learn about more about technical analysing from the babypips school. Study about the market and earn… good luck
My advice to any person who is trading, regardless of forex, crypto or any market is, don’t think that trading is a get rich quick scheme! Invest in yourself first before you invest real money in trading. What I mean is, learn everything about trading that you can get your hands on. The school of pipsology course in this website is a great place to start! I’m talking about risk management, information about brokers and how they operate, familiarize yourself with different types of analysis of the market and trading psychology as well. Because if you get emotional, you’ll end up blowing a lot of accounts! After learning, make a trading plan and practice it and become thorough with everything you’ve learned plus with the trading plan on demo account first!
Then, you apply what you learned to any crypto currency you wanna trade, this can be BTCUSD or any other crypto pair. Follow your plan, manage your risk well, and then place your trade with a decent stop loss and Take profit level. DON’T BE GREEDY! Because markets will humble you Down in it’s own way if you are greedy.
Good luck!
Firstly you got to have knowledge on news according to how the crypto world works ,than you can be able to invest it a likely crypto currency that is growing massively in the market which is Bitcoin .that can make you lot and lot of profit on upcoming years.with forex ,babypips will help you with analysis on how to set up your chart in order to enter a trade and that the best advice I can give to newbies
My advice for beginners is to first Learn. Invest time and money in the learning process. I got scammed starting out which is not necessary when. you have a good mentor. You have to work hard in understand Crypto market. You might need to buy a course, pay for mentorship; you need a guide
When you start out later after learning , make use of your risk management. It help against unnecessary trauma. Your didn’t have to expose all your fund.
Do your own Assignment; there are so many indicators, advices, motivations and others for you to buy a coin. Please, do your own assignment, and follow it.
My best advice would be to avoid the news! Trust your technical analysis it works across all asset classes, don’t leverage trade unless you know the risks involved and hodl for the future, you should also think of crypto coins as actual currency and treat it as such
My advice is, start out from a small level. Because people need to know that they have to begin the trading of BTC from a small level. Please Don’t rely on other people’s decisions. Make sure you pick a perfect trading style or strategy. You definitely won’t to select a safe wallet. Make sure you have the proper analysis before making decisions.
My advice to crypto trading newbies is to only trade BTC and stay away from altcoins. Technical Analysis doesn’t work well with low market capitalisation coins. Low market cap coins are also more subject to pump and dump schemes which are designed to take money from new traders like you. Don’t trade with money you can’t afford to lose.
My advice is DONT BELIEVE THE HYPE regarding crypto.
Ignore the price targets pumped out by those who already own crypto and whose vested interest is for YOU to buy to push the price higher.
Ask yourself is there real utility in the chosen coin you are trading - or are you buying using the GREATER FOOL THEORY?
Do NOT think that having a great story is the same as great fundamentals.
Stories are wishful thinking - eg the next world reserves currency is going to be Bitcoin.
Fundamentals - what is the rate of adoption of bitcoin as a medium of exchange?
DO NOT BE FOOLED BY THE STOCKS TO FLOW MODEL - it’s a flawed model to say the least.
OR by the head of Microstrategy who says everything digital is better than everything that is NOT digital…yeah right.
And do NOT be a HODLER - because you might not die of COVID but you are sure to have a Cardiac arrest.
But… even the greater fool theory CAN make you lots of money if you learn how to draw a trendline properly and run like hell the moment it fails.
Talking about Cryptos may make people around you feel like you’ve lost your head. I keep getting questions inbox — is this not a bubble? Can this be ethically lawful to invest? This is gambling…and I get tired answering some of those questions. However, I tried to put this piece together for newbies, especially millennials who are marvelled by the magic of the crypto world. Alas! You can make good money with cryptocurrencies, in fact, a 1000% returns within a year is pretty common in the crypto universe. It is, however, equally easy to lose all of that money within the twinkle of an eye. Here are a few tips for those who are willing to join the train.
- DELVE EXTENSIVELY BEFORE INVESTING
The first step in crypto consciousness is understanding the underlying technology – blockchain. Forget the tech jargons for now. No one needs to convince you of how revolutionary blockchain technology is. A good starting point is reading articles, checking online forums and vlogs discussing cryptos. This outlook will help broaden your mind to learning and seeing the possibilities of the potential of blockchain technology. - INVEST ONLY WHAT YOU’RE WILLING TO LOSE
In the cause of my extensive research in the early days, I’ve realized a very important rule of the thumb in the crypto markets — only invest what you’re willing to part ways with. This is because the market is exceptionally volatile, one which is fueled by hype and market sentiments rather than fundamental elements. - FOCUS ON THE LONG-RUN
Cryptocurrency is not a “get rich quick scheme”. Do not have the sole mentality of pursuing short-term gains, especially if you do not have the necessary trading or technical skills. - DIVERSIFY YOUR PORTFOLIO
Your cryptocurrency investments should be spread across the market proportionally. There are over 1,600 different coins and tokens in the crypto space.
Never put all your eggs in one basket. A well-built portfolio is a solid foundation for better returns. - KEEP AN EYE ON YOUR PROFIT & LOSS
When I first started, I wasn’t taking cognisance of the amount of satoshi a coin was worth. I simply saw those figures as randomly controlled by bots. To the contrary, those numbers determine the value of your coin at any given time. The key to profitability in this area is to buy low and then sell high. You need to pay attention while placing a buy order and as well observe when the market moves in a bullish direction to count your gains.
I really hope these few points are able to help someone who’s struggling to cope.
Don’t lose hope or give up. You’ll get better if you’re consistent and disciplined.
Cheers
- EDUCATION; EDUCATION-be disciplined
- Have a Trading plan and follow your trading rules- Be disciplined
- RISK MANAGEMENT- Fall in Love with Stop Loss- NEVER; EVER BREAKUP WITH STOP LOSS
Remember STOP LOSS is your BFF; your air; your lung; your heart
STOP LOSS ALL THE WAY TO THE MOON.
My advice is simple - Don`t trade crypto. Just stack it.
If they want to trade after all use very small leverage and focus in 1 or 2 pairs max. Gain some experience and then try to scale up.
My advice to crypto trading newbies…
Dollar cost average into the 2-3 major coins each month with an amount that is immaterial to you but enough to accumulate over time.
Don’t have money to put away each week or month? I doubt that… Skip buying that new pair of shoes or skip a night or two out on the town and buy some BTC or ETH.
I think price targets are rubbish… no one really knows. And while I have no idea how the future will look, I am more bullish that crypto currency will play a part in our future somehow and the chances of that being one of the major coins already adopted by the masses being a higher probability.
Why I think it has legs?.. Last year I required a job done and found someone in India who could help me (I am from Australia). Paid him in BTC and while we were talking he confirmed that it had reached his account. There may be other methods out there, maybe PayPal (I don’t use it), but I was amazed how simple and relatively quick this was. And I have no doubt things will get better. It is just whether governments end up supporting it or pushing it away.
One extra thing… Crypto is still a highly speculative asset so you should be diverting a portion of your income to savings/emergency funds, and potentially even something more stable like ETF’s before allocating money to Crypto.
My two cents worth
I would prefer BTC
I do not have an advice on this topic, really.
You have to find your way. Make experience, in wide and in depth. See past, look at yourself and decide which vision of the future may be good for you.
Whenever you find extra money, buy Bitcoin, hold for your retirement.
Hello,
My best advice is to do your own research (DYOR). When you are buying Crypto, you are investing in a new World on finance, so you much do must research you can. It is an asset, as a stock, on your portfolio, so when are you buying cripto, you truly believe in this world on DeFi, NFT, etc. Do your research on books or youtubers, as CoinBureau for example, to understand what are you investing. Do you buy something that you don’t know his uses, or his future? Ask Yourself…