Getting started with crypto trading

One of the handiest tools out there to get started with trading is the Investopedia website.

Since trading is not limited to cryptocurrencies but also stocks and alike, what you learn here will be universal for all types of trading. However, before you start your journey of becoming Steemit's next future crypto billionaire, you should learn the fundamentals of WHAT you are trading.

Trading is an art and a mastery, not a money-making machine. In order to become a good trader, you need an interest in the topic, and you need to invest time into your work. What is Blockchain, a cryptocurrency and perhaps most importantly, Bitcoin? These are questions you should ask yourself - and also be able to answer. If you have no clue, here are some links to get you started:

Blockchain: https://blockgeeks.com/guides/what-is-blockchain-technology/
Cryptocurrencies: https://blockgeeks.com/guides/what-is-cryptocurrency/
Bitcoin: https://blockgeeks.com/guides/what-is-bitcoin/

You should know at least the basics of the Blockchain technology and what a cryptocurrency is before trading. If you cannot explain to your grandmother how Blockchain works, you will never know how Bitcoin really function.

This, however, does not mean you have to be an expert of both topics; as long as you know the basics, you'll be fine. Now that's out of the way, it's time to get started with trading. Normally, the first thing a trader learns, are technical analyses. A technical analysis usually consists of reappearing trends and indicators, and is a tool of history. (https://www.investopedia.com/terms/t/technicalanalysis.asp)

Many beginners believe technical analyses are a magical tool to know the outcome of a chart in the future, but it is simply a way to reduce your risk of loss and not the opposite. A technical analysis works as a tool to reduce risk to reward, and while it can help you predict how much you will earn, the most important part is trying to cut your losses.

I won’t be going through the process of teaching you how to do these analyses in this guide or post, but here are some links to get started:

Technical Analysis basics: https://www.investopedia.com/university/technical/
Trends: https://www.investopedia.com/terms/t/trend.asp
Indicators: https://www.investopedia.com/terms/t/technicalindicator.asp

It should be duly noted that a technical analysis is at best, in an automated stock market, 63% successful. This means that you should not completely rely on your analyses for making gains – but for getting a statistical edge over the market. A 63% success rate means succeeding more often than you fail, therefore leaving you with profits in the end. Remember to think long term and not short term, as that’s where the huge gains are.

Feel free to ask any questions and I will answer them the best way I can.