New to trading Crypto's - would appreciate advice/guidance

Oddjob

Oddjob

greetings,

I fell down the rabbit hole of bitcoin back in March 2017 after I became determined to understand what bitcoin was and how it worked. on a whim one night I bought 1 bitcoin for $1,200. I saw the price jump to $1,500 and bought a few more. since then I've been on a tear to understand everything I can about the tech behind cryptocurrencies and what the future may hold.

in all honesty, I'm praying it can lead to a more satisfying job than my current corporate consulting job...

I am starting to trade on Poloniex since I see it as a way to remain connected by having some skin in the game instead of simply being a prolonged research project. I have no experience trading and but I do remember my dad trying his hand at forex and failing miserably. after reading a couple of books on cryptocurrency I picked up "the complete idiots guide to foreign currency trading". I enjoyed researching the topics I found there and I'm hoping I can parlay that knowledge into trading cryptocurrencies.

Has anyone else found forex trading material/experience useful for cryptocurrencies? I'll probably do some research on trading penny stocks as well.

any advice for a newbie? where can I search for more information?

Thanks,

Oddjob
 
Oddjob said:
greetings,

I fell down the rabbit hole of bitcoin back in March 2017 after I became determined to understand what bitcoin was and how it worked. on a whim one night I bought 1 bitcoin for $1,200. I saw the price jump to $1,500 and bought a few more. since then I've been on a tear to understand everything I can about the tech behind cryptocurrencies and what the future may hold.

in all honesty, I'm praying it can lead to a more satisfying job than my current corporate consulting job...

I am starting to trade on Poloniex since I see it as a way to remain connected by having some skin in the game instead of simply being a prolonged research project. I have no experience trading and but I do remember my dad trying his hand at forex and failing miserably. after reading a couple of books on cryptocurrency I picked up "the complete idiots guide to foreign currency trading". I enjoyed researching the topics I found there and I'm hoping I can parlay that knowledge into trading cryptocurrencies.

Has anyone else found forex trading material/experience useful for cryptocurrencies? I'll probably do some research on trading penny stocks as well.

any advice for a newbie? where can I search for more information?

Thanks,

Oddjob
More...
Very volital market. Best advice is to bail pretty damn quick when you think you are wrong.
 
Cryptocurrencies developed out of thin air.....if you are a coder and can write smart contracts you can issue new units of digital currency anytime you want, basically meaning that people are minting their own money in an unregulated market....its like a guy having a printing press in his backyard, but of course coders and cryptocurrency bulls and investors don't see it that way, why would they...
 
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S2007S said:
Cryptocurrencies developed out of thin air.....if you are a coder and can write smart contracts you can issue new units of digital currency anytime you want, basically meaning that people are minting their own money in an unregulated market....its like a guy having a printing press in his backyard, but of course coders and cryptocurrency bulls and investors don't see it that way, why would they...
More...
Are you saying it's free to issue new unit? I don't think so.
 
algofy said:
Very volital market. Best advice is to bail pretty damn quick when you think you are wrong.
More...

Yes, I'm quickly learning that. I'm avoiding any currency pairs the have seen double-digit growth over the past 24hrs as it seems I have a higher probability of buying at a top and riding the price down. I like to participate where the pair has seen at least a 60% high over the current price in the past month but has a double digit decline in the past 24hrs. that way I know I'm close to bottom and can ride a couple of waves back up without hitting the previous resistance. Also I only look at the high volume markets...I'm liking digit byte and bitshares...
 
I'd stay away from poloniex.com

"Poloniex has been holding my ETH hostage for almost a month now."

https://www.reddit.com/r/ethtrader/comments/6gdwyr/poloniex_has_been_holding_my_eth_hostage_for/


No wonder ETH price is skyrocketing....no one can sell lol

Have heard similar nightmares with coinbase backlogs in support as of late too.

I don't think the crypto space is reliable enough to "trade" yet on smaller timeframes. Most people are just buying and holding at this point hence the bubble IMO. Coinbase, poloniex ect all go out of service whenever there is a price correction.

"You can check out any time you like, but you can never leave"

Long story short, don't trade crypto. Hold it in a paper wallet that you control. Don't hold your coins at the exchange. Multiple instances people have lost money from exchanges going belly up, getting hacked , fraud ect.
 
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Oddjob said:
...I have no experience trading and but I do remember my dad trying his hand at forex and failing miserably....any advice for a newbie?
More...

Yes. You had better put stop losses behind your positions, and you better take those losses if they come...if you cannot emotionally do this you will lose every penny of your trading capital.
 
Zr1Trader said:
I'd stay away from poloniex.com
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yea, I've been reading a lot of feedback similar to this. I don't have much there but I'm looking into coinigy which links different exchanges. whether its more/less secure I don't know...yet. have you heard of/used them?
 
simply... lets say for 1000 cryptoc, 3 or 4 are company looking for growth wich could let you profit.but regulation is far behind there.good point is you can issue your market and some are very cheap. Is good if you cant afford taxes,but dont espect make huge gains.
If you can afford txes regulated are better, if not at least you have an alternative.
 
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