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Hope all of you fine and enjoying this plateform
If you are a crypto lover and you want to learn that how does trading work,and also how you make money 💰 from it. So here in this article hope you will learn something about Crypto trading and if you see any problem related to it then use comments section I will help you there 😃.
First of all crypto trading is not for all. Trading involve risk and not everyone managed it. Getting profit and loss is fifty fifty in Crypto trading. You have to know your risk tolerance before starting crypto trading. And I suggest you never start trading with an amount that would heart your financially in case of lose.
Learn trading as a beginner:
If you don't want to fail I'm crypto trading then you need to know some basic skills about it. Start by learning we need to know what is order? what is support and resistance level. Or what are most reliable price pattern?
I recommend mostly people to use YouTube where you will learn about trading easily and also if you don't use then there are two books who help you in understanding the trading (1) #John J Murphy- A comprehensive guide to trading methods and application (2) Richard Schabaker- Technical Analysis And Stock Market Profit.
I recommend you to read at least one of these before start your journey. The example in these books 📚 Based mainly on stock market and these are very helpful in my view 🙂 also applied in trading as well.
What type of trader you want to become:
Like In real life every person asked what you want to become in life then you will give answer likes these IAM also asking what type of trader you want to become. Every trader will ask you three questions related to it
How much time you will give to this trading
Are you a patience guy or not 🚫
Are you want to get several trade with less profit or get less trade with higher profit.
The answer is important for every trader because if you are not a patience guy then I will suggest leave crypto or do something where you will get without patience. Those who don't have patience they will do Day trading and those who have Patience will use swing trading.
Both these two trading day trading and swing trading can make you Money 💰.
Day trading:
Day trading is also a most rewarding but in swing trading you will get profit a lot. The reward is smaller here instead of swing trading. When the fee add in this trading then your profit decrease.
Swing trading:
In swing trading,the advantage of getting the bigger price move in this and because of this you will get higher profit.im swing trading you need to show a lot of patience and discipline, both are necessary in trading and these the main factors in trading.
Choosing the right trading methods should be based on you what you choose on your preference.
First try and do some paper trading:
Before making a real account on any plateform and depositing real money you need to know that's account is real or not 🚫. So you need to do some paper work trading for a trial . The great advantages of paper work trading is that you can learn the basics of trading without losing money
Starting out with a real account:
After doing paperwork trading you need to make real account beacuse in paper work trading you learn a lot about it. But without doing work you can't say yourself a perfect trader when you do trading then you will called a perfect traders or a loser. Paperwork trading gives so much confidence and now you will invest real money 💰.
Register on any crypto exchange 💱:
First of all you need to choose a crypto exchange where you will do work properly like #binance or #yobit etc. After selecting exchange 💱 you need to give personal information and then you need to go through the identity verification process, because KYC is require .
Then you need to deposit money on your choices. If you are a smaller trader then you need to invest $0 to $1000,after it medium or higher ,it's own you what you want. Always remember on thing that never borrow money when you are a new user. If your portfolio is bigger then your earning percentage is higher. You will need deposit money on many online wallet's and also banks who supporting cryptocurrency.
Which coin is best in trading:
When you deposit your money then you will know which coin is best for trading ,then you will BTC, Alt coin or BCH or any other coin. In different exchange 💱 the work is different many exchange 💱 don't accept some coin which are accepted on other exchange.
You need to do research on coin so that you will know which coin is better or which is bad. Sometime we think that coins is better but actually that coin value is drippings we need to choose some good token which give us some profit.
Here I will suggest you some best earning coin but I will not suggest you to invest on these coin because I don't know they will give or not but they are giving huge profit. Now.like #SHIBA #win or #BCH these are IAM using and price of these token are increasing you will check these on token chart form.
Simple view about investing vs trading:
Both are different but Man people says these are not different. Trading and investing are not the same thing. In investing you lock 🔐 your money for a long term investment or hold your asset's but on the other hand in trading you need to take opportunity in every second I called it daily trade,check price and Gain profit. Getting profit and loss is common in Crypto,you need to be very secure while investing in any token.
That's all my article hope it's helpful for new users,who want to enter in Crypto. But already I suggest you to watch YouTube video or read books about it what I said. These are both helpful in trading.
Thanks a lot😃