- Cryptocurrency Trading:
- Benefits of Altcoin Trading:
- Altcoin values:
- #1 Trade yourself
- #2 Let other people/business trade for you.
- Crypto Trading 101 Buy Sell Trade Cryptocurrency for Profit
- Much better is option #1: Trade yourself.
- Important piece of advice: Trading is emotional.
- Crypto Trading 101: Buy Sell Trade Cryptocurrency for Profit [Best Udemy Coupons]
- What you need to learn:
- # Fundamental Analysis of a Cryptocurrency
- # Technical Analysis of a Cryptocurrency
Benefits of Altcoin Trading:
# New coins and trading opportunities
# Big volatility because of a highly emotional price action
# Massive opportunity for long term and short term profits
# Cross exchange arbitrage
Bitcoin acts as the main reserve currency pairing
The value of altcoins is measured in Satoshi – the smallest unit of one Bitcoin.
1 Satoshi = 0,00000001 BTC. This is important because it means you don`t have to buy a whole Bitcoin(which is worth 4338$ as of October 2017). You can buy Bitcoin for any amount of money, even for a few $ if you wish(but not advisable as you will pay fees for transacting BTC).
The value also varies on supply – if there are a lot of coins issued from a particular altcoin it will be worth less than if there is not so much supply.
Calculate profit or loss based on %gains, Take the profit in bitcoins.
Trading Altcoins is doable for anyone and you can start with as low of an amount as you want.
All you need to do is to deposit the amount of money you want to trade with into your trading account and start trading.
The growth potential is huge!
Disclaimer: These are no recommendations for you to invest or spend money. Make sure to do your own due dilligence on any business or program you join, as there is always a certain risk involved.
#1 Trade yourself
#2 Let other people/business trade for you.
Out of these 2 options #2 is the easier one.
All you basically do is to hand your money to traders or trading programs and let them generate a profit for you.
Most of those done-for-you trading platforms will NOT be around for a long time. Many programs are flat out scams.
Crypto Trading 101 Buy Sell Trade Cryptocurrency for Profit
You need to really take care on what you join! Eventhough I am part of 2 such programs I would not recommend it to you.
You can make money with them but at the same time you must be prepared to potentially lose your money. Only put in what you can afford to lose.
Much better is option #1: Trade yourself.
Bad news here is that you need to actually put in time and effort to learn how to trade properly.
This is not a task which you will reach in a couple of days. Be prepared to put a lot of blood and sweat into it until you reach your goal and become a succesful trader.
Ok – if you are still reading I suppose you are willing to put effort into learning how to trade If so, go on with reading.
Important piece of advice: Trading is emotional.
YES – this is that important and the reason why people/traders lose a lot of money.
They get attached to a trade or coin and make mistakes.
When the market goes up = bull market, prices are rising the trader goes all in, often way too late. Basically they buy into a coin which is about to lose value, because markets always go up and down. No trend continues forever – this is true for uptrends and downtrends.
Traders can anticipate when a market is due to change directions – this is not a science though and you need to learn through experience.
On the other hand when the price of a coin goes down = bear trend they can`t bear to see the value decrease and end up selling their coins at a loss.
This is how the whales(traders or insitutions with a lot of money) make profits…
Emotional market circle true for any kind of trading market be it wallstreet or cryptocurrencies:
So first of all I recommend that you learn to control your emotions.
There are lots of was to do so.
For me it is to meditate. First thing after getting up for me is to sit down and listen to a guided meditaion(I do the Priming meditation by Tony Robbins).
Crypto Trading 101: Buy Sell Trade Cryptocurrency for Profit [Best Udemy Coupons]
I really recommend that you find something which works for you. No matter if you chose to meditate, run a few kilometers or relax and read a good book – whatever gets you into a relaxed state of mind will do.
Once that is out of the way you need the knowledge to be able to trade.
This has a big learning curve attached to it.
What you need to learn:
# Fundamental Analysis of a Cryptocurrency
# Technical Analysis of a Cryptocurrency
Btw – markets act pretty much the same, no matter if you trade forex or cryptcurrencies.
There are a few differences, but to be able to learn you can use tutorials from the forex market as well.
… to be continued soon…