The weather is nice, I just repaired my bicycle, and sold my 2007 Honda CR-V for $10k and am seriously considering learning how to get into trading cryptocurrency.
This is the second time I am looking at getting into crypto. The first time was back around March 13-14th, when I came to Veeky Forums to learn about the Fed rate hike, and almost bought $2000 worth of ETH when it was $28
I stopped myself because I didn't feel like I knew enough about what I was doing, and at the time didn't have my own money to put into it.
I want to channel intense regret that I feel into learning how to do this right, and would be greatful to anyone who points me in the right direction.
>Why Crypto? Well, I believe in the promise behind the technology, and what it enables. So the first step for me would be learning what technological advantages each coin has.
I don't want to invest in something ONLY because I think it is going up in price, and I will be able to sell it to someone for more.
William Jenkins
Just thinking out loud... Obviously everyone on Veeky Forums wants to learn how to invest better, so why should you spoon feed and hand hold noobs?
I have this idealistic idea that >Hyper-competent people like to create more hyper-competent people
Smart investing is about promoting successful enterprises, and the more rational people you have looking at the problem of what is under or overvalued, and why, the better that you can analyse the situation.
Xavier Phillips
>Smart investing is about promoting successful enterprises, and the more rational people you have looking at the problem of what is under or overvalued, and why, the better that you can analyse the situation. Nope. It's about jewing other people as hard as you can for personal gain, won't last a day in this world otherwise.
Oliver Sanchez
>This is going to be a thread with just me talking to myself. Sorry to take up a thread spot in your catalog Veeky Forums but for me to get into investing I have to create the right mindset in myself, not just make some snap decisions about what coin to buy and when.
Isaac Nguyen
I don't think that we are competing against each other here on Veeky Forums directly. Crypto has a market cap of $100B, and all of the investors on here are just a drop in that ocean. So I don't think that deceiving each other will really help in our quest for personal gain.
Jacob Barnes
>This is going to be a thread with just me talking to myself.
Happens to the best of us.
Detailed answer to your problem: Anyway, did I get it right ? You want to actual ´find´ a self-concept for yoruself ? You cannot. You make one by doing and in this case trading and checking charts/current opinions/news will get you closer. Spend time with crypto, increase your so called investment skill and stick with it in your own favour.
Short answer: Sounds like a personal problem to me, go figure it out by yourself.
Lincoln Price
Thank you for your answer. I agree that I will have to start trading first, instead of trying to solve this as some intellectual riddle. In a way I am excited to enter the fray. What stopped me back in March was the technical side of things. What sites and software do you use to buy coins with fiat, make trades, and monitor the markets?
Jack Clark
why don't you try an automated system for trading? there are not many out of there but I use few of them and I am gaining good profits (although are risky, but better than trading if you are not an expert)
Carter Hill
why don't you try an automated system for trading? there are not many out of there but I use few of them and I am gaining good profits (although are risky, but better than trading if you are not an expert)
Kayden Hill
What system are you talking about? Do you have an example of what you mean?
Christian King
>intellectual riddle It's not, read One Good Trade by Mike Bellafiore and Super Trader by Van Thorp both you can get off libgen. Trading is a process, and once you read even a little of those books you'll begin to understand why successful traders say that. It isn't just winning, it's by how much you win that matters. Each trade has a cost, even if you can't see it, which is why you'll hear people saying look for opportunities to buy, don't just look to buy. I've been trading since March this year, did forex and lost 100USD now I'm in crypto and holding because I'm having trouble keeping focused on the markets. I usually spend time reading Veeky Forums then seeing that my portfolio is down and deciding not to trade because I know I'm not in the right mindset to make this work. As for your other concerns: >technical Reading the market is an ongoing learning experience, understand the indicators and what they can do for you and what they mean, search the order books for lots of huge orders, that's the whales. Figure out what they want and follow them, that's better than most technical indicators in this market. >buy coins with fiat Coinbase, link your bank for lower fees. You have to wait a week so buy when the price is low and by the time you get your crypto in the coinbase wallet it'll probably already be up 60% >make trades kraken is both a decent exchange and has some good charts, what you really want to look for is the order book/market depth which shows all the cryptos up for sale at that exchange. Kraken is also a place to buy crypto as well, I haven't used it for that. Bittrex is a smaller exchange but it's easier to use in my opinion. Poloniex has the most features and most trading though. Go on coinmarketcap and click Markets to see where the coin you're interested is traded the most, like for ARK it's only on Bittrex, most of the shady coins are on the much smaller exchanges like yobit/liquid.io
Adrian Butler
haasonline.com/ - this is a good one for developers... I love it.
bmybit.com/ - this is new, it has got no great design but it works
tradeblock.com/ - this is more sophisticated and quite new too, but it worth a trial
Nathan Miller
>I just repaired my bicycle, and sold my 2007 Honda CR-V
enlightened normie
Joseph Green
>One Good Trade I'll make sure to read it.
Thank you. This is very helpful advice and encouragement.
Nicholas Perez
just a couple things in no particular order.
>treat the money you invest like you already lost it. this will be psychologically impossible for most, but is the standard you should strive for. fear and desperation will ruin your trades so only invest what you can afford to lose.
>almost never sell at a loss. I bought xrp at 1500 sats last fall and it steadily plummeted to 600 sats over the coming months. I held and held and eventually was rewarded 40x my investment even though I had to wait almost 7 months. on the other hand, there are times where you should cut your losses. this will take some practice and experience to figure out which is which.
>don't sell too soon. I sold 50k xrp at 6k sats because I thought there was no way it would continue going up like this. If I had just held on I could've sold that 50k at 20k sats in a few weeks. that's a difference of 7btc. same thing with DGB. I bought 800k dgb at 210sats and sold at 900. If I had just been patient I could've sold for 2100+ or at least 1200 after the crash.
>don't invest in coins unless you believe in the fundamentals as above, there are times you are going to be holding a coin for months and months with little price movement and you will get discouraged. the only thing that will keep you waiting for the inevitable fortune is the belief you have in the companies fundamentals. basically, the more you believe in a coin, the stronger your hands are. >cont'd
Carson Wright
nah I pass. I have been doing good long time.
software: any web browser with internet access
Wallets and make trades: Various, I have some on mediocre sized exchanges like poloniex on which I also trade and non on the bigger exchanges like coinbase. I avoid the biggest exchanges like radiation. Additional are cold storage for long term hodlers. Those arent tied to any exchanges like paper wallets etc. thats why they are called cold.
Where I bought my coins: my personal coin supplier was some austrian from whom I bought once a huge stack a couple of years back. Today it is easier and coinbase is a good example for linking your bank account with your wallet. coinbase.com/503.html
Monitor the market: coinmarketcap.com/ I use it to check the global average price of each coin but you can also check each individual exchange easily and fast with it. Short answer: You won´t get smater from knowing how I have been doing things so far. It depends where you are in the world. USA ? Europe ? Korea ? Japan ? Each has different suppliers and financial systems and regulations. I just picked the physical closest one with the consideration of my personal needs.
The more I write, the more I feel like I am not helping. I dont have any links to some sort of tutorial.
SUPER SHORT ANSWER: GOOGLE IT
Ryan Taylor
>recognize your emotions and do not let them dictate your trades greed, fear, anxiety, paranoia, groupthink, etc. are all your enemy. you will buy a coin, then in 6 hours you will be seeing all of Veeky Forums talk about Mooncoin and how it's up 800%. you will think, "holy shit this thing can't be stopped, I want to invest in this now without doing any research". This is called fear of missing out. Never give into this. alternatively you might invest in a coin and it immediately starts to dip. you come to Veeky Forums and are beset upon by endless threads saying "Coin X is dead!!!". You will get anxious and start imagining the worst possible scenario. Grab a hold of your thoughts, realize everyone on here is retarded or trying to manipulate you, and exercise the earlier guidelines. if you picked a coin that you believe in greatly, enduring the dip should be easy.
>diversify more as you make more money so if you're starting out at 10k, my personal advice would be pick 2 coins. a lot of people will tell you to diversify more, but you won't see as much profit usually. however once you build that up into 20,30,40,50k, etc. you will want to add more coins into your portfolio.
hope this helped.
t. guy who gave my friend .05btc last month and helped him turn it into $900 already.
Sebastian Brown
>>don't invest in coins unless you believe in the fundamentals
This is the main reason that I am getting into this. I want crypto to work, because I really do believe that this world needs crypto with the insanity that debt based finance has wrought.
>recognize your emotions and do not let them dictate your trades The reason I walked away back in March was because I could see myself losing rationality, falling into this manic get-rich-quick mindset.
Matthew Johnson
>I could see myself losing rationality
Everyone's different, but for me I had to go through that on my own with real money before I really learned how to discipline myself. I chased pump and dumps, I panic sold, and if I hadn't I never would have learned not to do it. I'm glad I lost $1,000 last fall because I would've lost the $100,000 I made that much quicker if I hadn't gone through that.
Jackson Price
you are all wasting your time, you will never amount to any trading success, you only chance to get rich already sailed, rot in hell broke fags
Gavin Lewis
>Teach me HOW to think, not WHAT to think Do not buy the crypto just yet. take that 10k and build a miner. keep the coins in coin form, don't realize any profits. just sit and wait. coin may crash at which point you can part out your miner.
Cooper White
I was never attracted to the mining side of things. I always assumed that once crypto grew past the hobbyist stage, that part would be handled quite well, with much better economies of scale than just what I can manage with a home setup.
