RE: You have a rare opportunity to trade with us, our chatroom has over 1,740 members.

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You have a rare opportunity to trade with us, our chatroom has over 1,740 members.

in trading •  7 years ago 

Hi Luc,

Definitely an upvote from me. I've been following your blog for almost a month. Like the other member, I made some newbie mistakes, but settled down and started following the safe circle route. Just another thank you for taking the time to share your investing/trading methods, and thoughts.

For those beginners who are hesitant to enter the market, what do you think about cryptocurrency simulators/demo-trading? I started to use TradingView Papertrading, then switched over to HitBTC demo to work on altcoins. I use Coinigy to setup my bases and alerts for the HitBTC market, then one when goes off, I go over to HitBTC and patiently wait to make a demo trade, if possible.

I understand that this might be overkill for some savvy newbie traders, but I have found this method to give me more confidence in confirming bases, and seeing actual results prior to the real deal.

What do you think? Good/bad idea?

Thanks again

trading
7 years ago by

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      ·  7 years ago 

    In the past, I've seen Luc say that a very small real account might be more valuable than paper trading. He has suggested opening an account on an exchange with very little capital, even as low as $20. Then trading that to learn. It will allow you to feel the emotions of having real money on the line. This is what I am currently doing. I started with a small account and after I feel comfortable (I am getting very close) I will add a little more. Then, as I see continued success, I will add more.

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        ·  7 years ago 

      I couldn't have responded better. Yeah, thats exactly it, plus you will also get real experience with how your exchange of choice works with Coinigy. Some exchanges like Kraken have some A.P.I. issues and this can get frustrating when things are moving fast.

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          ·  7 years ago 

        Sounds like a plan. When I first started, I opened an account with one of the major exchanges. To Luc's point, I had problems trying to complete the trade. Thinking of transferring ~$50 to another smaller exchange to workout any issues and build confidence and get real experience.

        Thanks to both of you for the suggestions.

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