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How To Start Trading Cryptocurrencies: Crypto Trading Guide for Beginners

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What are the types of crypto trading?

There are two major types of crypto trading:

1. Fiat to crypto:

In this type, fiat (USD, GBP, SGD, INR) is the base currency, and you trade it against cryptocurrencies like Bitcoin, Ethereum and others. The goal here is to grow your fiat money and keep booking the profit on a regular basis.

In the further section of this guide, I have shared the example of fiat to crypto trading.

2. Crypto to crypto trading: (Altcoin trading)

This is by far the least understood, and most profitable form of crypto trading. In this type, you use crypto as a base, and trade against other cryptocurrencies (altcoins) to grow the base coin. For example, you start with 0.1 BTC and trade it against other coins such as ETH, BNB to grow your BTC holding from 0.1.

This is also popularly known as altcoin trading. At the time of the bull market, this is one of the best ways to increase your Bitcoin holding.

A lot of beginners stick with Fiat to crypto trading, as it seems easy and familiar. However, another league who is using crypto to crypto trading, makes a significant profit over time.

What is the difference between Trading Vs. Investing?

Another important thing to know at this stage is, do you want to be a crypto day trader or a silent crypto investor. This decision depends upon a lot of factors such as:

  • Your existing profession?
  • Your risk tacking appetite
  • Your trading style
  • Your long term emotional state
  • How long you have been following the crypto market

The last two are most critical, and an important deciding factor.

However, with time and practice, you can learn emotion and behavioral management, which is the key to ace in trading cryptocurrencies. I will be sharing a bit of pointer around this in the further section.

A lot of people who got into cryptocurrency in the early days, now enjoy a mix of investing and trading. The reason for the same is the wild volatility of crypto prices, which brings a great opportunity for someone to grow their crypto holdings with a strategy.

Short term trading

Short term trading is buying a cryptocurrency for a short time span, such as days, weeks or months for making a profit. A lot of people get into day trading, where they buy and sell crypto on the same day or a couple of days.

Do note, in short-term trading (a.k.a. day trading), you will be winning some days, and you will be losing some days. Stop loss is going to be your best risk management strategy, to ensure you don’t end up losing a large portion. However, if you are coming from stock trading background, the typical stop loss logic will not apply to crypto trading, due to high volatility.

Long term trading

The long term trading could also be considered as investing in crypto. Since you are new, you should know about the pop term of crypto called HODL. It means “Hold on to your dear life”. After buying crypto like Bitcoin, you simply hold it for a significant long time (years), and then sell it for a significant profit.

This is recommended for those who believe particular cryptocurrencies like Bitcoin, Ethereum and others are going to the moon, and their investment will grow multiple folds.

The advantages of long term trading are, you are immune to short term volatility, and you don’t need to follow the trading chart on a regular basis. Rather, you can simply look at the fundamentals to plan your trading strategy. This is suitable for only blue-chip coins like Bitcoin, Ethereum, Binance coin to name a few.

Now, let’s look at the ways by which you could start trading cryptocurrencies:

What you need before you start trading cryptocurrencies?

To get started, you need the following things:

1. Funds:

There are two popular ways to fund your crypto trading account:

  • Bitcoin
  • Fiat like USD, GBP, AUD, INR

The basic idea here is to buy Bitcoin, from your local exchanges, and then transfer the Bitcoin to these any crypto trading platforms.

You could decide a number of funds you would like to put in for crypto trading. As shared by many wise crypto traders, you should put only that money into trading, that you are ok to lose.

2. A Cryptocurrency trading website:

You need a crypto exchange that offers high liquidity and sophisticated tools for trading cryptos. Since you need to buy Bitcoin or other cryptos to get started, it should offer an option to let you buy crypto from fiat.

Binance is the #1 crypto trading website from the past few years for trading crypto. One reason for the same is, it offers a wide verity of cryptocurrencies, and one of the best trading engine. It supports the following trading types:

  1. Spot trading
  2. Margin trading
  3. Arbitrage trading
  4. Futures trading

It also serves as a bank, as you can earn interest on idle funds. You can learn more about it in our Binance review guide.

3. Technical analysis:

Now, this is a skill that you could develop as you move ahead in crypto trading. However, having a basic understanding of how to see charts, technical indicators such as RSI, MACD, Bollinger bands will help you a lot in the days to come.

Learning about charting, and technical indicators do not take a lot of time, and with regular practice, you can hone your skills.  Most of these trading websites offer integrated technical analysis chart. You could also use something like Tradingview for checking the TA chart. 

4. Risk management:

This is one thing that I highly recommend you to learn right away. A lot of smart people end up losing all their money in trading because they get overconfident by not following the basic risk management principle. Do remember, you will not win all the trades you take, and with proper risk management, you will minimize yours loses.

Note for the advanced users: If you are coming from a traditional stock trading background, you may be surprised by the wild swing of crypto price movements. So the traditional hourly or daily resistance and support level, may not hold true here. This is one reason, I highly recommend you to try paper trading before you put the real money.

5. Paper trading:

A nice alternative before you put real money into crypto trading is, by making use of Paper trading. In this, you practice crypto trading before you put your real money. This way, you can always check your trading skills, before you start putting your hard-earned money.  3Commas is one such platform that offers paper-trading for free. Read 3Commas review to learn more.

How to Start trading cryptocurrencies:

Well, if you have made it until here, you should give a nice pat on your back. You are not only motivated but also keen to make a difference in your financial life with crypto trading.

In this section, I will help you to get started with Fiat to crypto trading. Once you understand this, you could apply the same logic for crypto to crypto trading.

Alright, here we go:

Head over to Binance.com, and create an account using your email address and password. Binance does not need KYC if you are withdrawing funds less than 2 BTC/day

Fund your account:

You can directly deposit BTC from any other website or wallet to Binance. You can also buy BTC on the Binance platform to fund the account. I believe you are aware of it, if not, just drop a comment and I will extend this section to include a video.

To fund, click on Wallet > Spot wallet, to see your Bitcoin wallet address

Alternatively, you can also click on “Buy cryptos” at the top left of Binance website, and select the amount for which you wish to buy Bitcoin or other altcoins.

 How to trade cryptocurrencies:

Now, click on trade > Basic and select the market on which you want to trade.

For example, I wish to trade in USDT:BTC pair. I will simply select the USDT and BTC market (As shown in the screenshot below)

Note: Notice the yellow star next to BTC/USDT pair. You can select any pair, and marking the star to yellow will add them to the favorite tab.

Now, you are all set to start trading cryptocurrency. On the same trading terminal page, you could buy/sell any pair of your choice.

The price by default is the market price: The current traded price.

However, you can change it to any other price of your choice, and once Bitcoin (in this example) reach that price, your order will be fulfilled.

Important things to know about crypto trading:

1. Trading fees:

This is an important factor to consider to calculate crypto trading profits. Some exchanges are notoriously high when it comes to fees, and your big profit becomes small after deducting the fees. A lot of platform offers platform-specific coins, which gives you a rebate for paying your trading fees in the platform coin. For example, Binance has a platform coin called BNB, and it offers a 50% discount on trading fees when you pay using BNB coin.

2. Stable coins:

Another cool thing about crypto trading is, you can use stable coin like USDT, USDC to hold your funds in USD. These stable coins are pegged with USD, and they are the best way to trade virtually. Learn more about the best stablecoins here.

What are the Risks of crypto trading?

Here are some well-known risks of crypto trading that you should be aware of:

  1. Some technologies will be gone: A lot of cryptocurrencies (Altcoins) will be gone in no-time. It has happened a lot of times, and you should be cautious about this. At times, some coin would look too promising, but under the hood, it is a bitcoin (A popular crypto term).
  2. Lack of Fundamental analysis: If you are looking to day trade as a profession, it’s a good idea to also learn about fundamental analysis of a coin. Even for the day trade, It is good to bet on a coin, that has a strong foundation. Else it is not uncommon to see a coin losing more than 70% of its value in a matter of time.
  3. Lack of volume: You want to ensure that the crypto you trading on, has significant volume. Else, you may face liquidation risks.
  4. Technology savvy: If you are tech-savvy, it will help you grow. However, if you are not, learning about security best practices, hardware wallets, and 2FA would help you build a career in the cryptocurrency market.
  5. Prevent yourself from a scam: Like it or not, the cryptocurrency market like any other financial market is full of scammers. The worse here is, cryptocurrency is still highly unregulated, and an unconscious trader could fall for some well-known crypto scams. You should put extra caution to groups that provide crypto buy/sell signals. A lot of them are nothing but a dump/pump mechanism, and you put yourself into great risk with such scam groups. A lot of them would also ask for a fee to let you join the group (offering great promises), and you should refrain from such groups.

Here are a few popular FAQ’s related to Crypto trading:⭐️How are cryptocurrencies traded

Cryptocurrencies are most widely traded on Crypto trading platforms or at times via OTC brokers for a large volume.⭐️How safe is cryptocurrency trading??

Cryptocurrency trading falls in high risk, high reward category. As cryptocurrency exchanges are not yet regulated as they should be, there are a lot of risks involved. One thumb rule of crypto trading is, don’t keep a lot of funds on an exchange. Another rule is, use a quality platform like Binance or Bybit for trading.⭐️Does cryptocurrency have trading hours?

Cryptocurrency trading is available 24 hours a day, 7 days a week.

Now, you should be able to begin crypto trading following this tutorial. In the future, I will extend this guide with more videos, and anecdotes to help you master trading cryptos. For now, if you have any questions, feel free to ask me in the comment section below.

Source: https://cryptocoindude.com/how-to-start-trading-cryptocurrencies-crypto-trading-guide-for-beginners/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-start-trading-cryptocurrencies-crypto-trading-guide-for-beginners

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A Face Too Sexy For Social Media

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Fullmetal Magdalene

Being a 90s kid I don’t remember a time where female sexual empowerment wasn’t a hot topic. When Madonna kissed both Britney Spears and Christina Aguilera in their 2003 VMA performance people were shocked to see such behavior on TV. Fast forward to today where WAP has over 400 million views on YouTube with no age restriction on the video, photos and videos of scantily clad women flood all social media platforms, and popular streaming service Netflix hosts Cuties, a film featuring what some critics describe as ‘soft core porn’ involving girls at the young age of eleven.

As a female artist who explores my own relationship to feminine sexual energy in my works, I began posting my art to my social media accounts with no concern that any of them would be viewed as obscene or breaking community guidelines. None of the women in my pieces are engaged in sexual acts and they were created with the intent of exploring the female experience rather than as visual aids for sexual gratification. In fact, I have been met with criticism from viewers that my work is not sexually explicit enough for their liking.

My current NFT art series titled ‘Crypto Sluts’ plays with tongue-in-cheek sexual innuendo but is some of my most demure work. Each piece in the series features a portrait of a beautiful woman, face flushed and eyes rolled back in ecstasy, with a round item on her tongue sporting her favorite Cryptocurrency’s logo. ‘Crypto Slut’ is a self descriptive term I use for myself as I am not a maximalist for any crypto project but rather I prefer to experiment with them all. The collection itself is a representation of the passion I have witnessed the crypto community showing for their favorite projects, so Crypto Sluts felt like a perfect title. Innuendo aside, each piece shows absolutely no sexual activity nor adult theme. It’s drawn leaving interpretation completely up to the viewer, including what that round item on her tongue might be.

When the art reveal video for my Bitcoin Slut caught some traction on YouTube it was met with a near 50/50 like to dislike ratio and the comments were ‘WTF?’, ‘Why…’, and ‘I am utterly disgusted’. Unexpected but not terrible. Twitter flagged multiple posts of mine for using the word ‘Slut’ but I was able to resolve that. The most shocking was what happened on TikTok. TikTok is a platform where videos of girls under the age of 18 twerking in crop tops and booty shorts, strippers in the club dancing on stage, and women discussing working as Sugar Babies have hundreds of thousands of views. Artwork from my Crypto Sluts collection was flagged as ‘Adult Sexual Content’ so many times on TikTok that I was eventually restricted from posting. Each time my work was flagged I appealed and each time the team said that after review my posts were found to have in fact broken the platform rules of no adult sexual activity and were permanently removed. Compare this to Minds, a platform that requires users to flag NSFW content or face a channel strike. Not only am I not required to flag my Crypto Sluts as NSFW, but they are eligible for promotion across the site (Minds does not allow promotion of NSFW material and all promotions are reviewed by the platform).

I’ve experienced inconsistent censorship of my art before this, but this is the most perplexing circumstance. This and previous instances have created blurred lines of what is too sexy for social media and leaves me confused. Whereas I started publishing my work believing it would be met with general platform acceptance when compared to the content already being hosted, I now lack confidence in my ability to continue to share my art on social media with out fear of losing my entire account.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://medium.com/@fullmetalmagdalene/a-face-too-sexy-for-social-media-1fbb8d181872?source=rss——cryptocurrency-5

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Post-Bitcoin’s Mild Drop, El Salvador’s Bukele Reveals Excitement For A Larger Bitcoin Dip

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Why Bitcoin Is Unlikely To Ever Experience Another March-Like 50% Price Drop

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Key Takeaways 

  • President Nayib Bukele is unfazed by Bitcoin’s price dip to $60k.
  • Bukele teases need for lower lows in a bid to tap into perfect entry point. 
  • El Salvador shows no sign of disposing its Bitcoin holdings in the long term.

The president of El Salvador is showing himself to be unshaken by Bitcoin’s price volatility. President Nayib Bukele is beginning to adopt the culture of calmness that many Bitcoin proponents have shown over the years when the market is hindered by a price drop.

In a recent tweet, the President is seen asking his followers whether to buy the dip or not. He then proceeds to tease the need for Bitcoin to drop even further, so as to allow him an opportunity to buy the asset at a much lower price.

“Should we buy the dip?

Or is it too small?

Come on guys, we need a better discount here!” said Bukele in a recent tweet.

The concept of buying low and holding till the price of Bitcoin goes higher is one that key players have preached and presented continuously as the least risky and most promising way to hold Bitcoin.

Because maximalists’ views are often tied around the belief that Bitcoin has more upside potential in every market —whether bearish or bullish— the act of holding regardless of how low the prices drop, is an indicator that the holders’ sentiments are bullish in the long term.

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BTCUSD Chart By TradingView

For President Nayib Bukele who has expressed similar views in the past, it is clear where he stands with Bitcoin at this time. Recall that back in September, El Salvador bought an additional 150 Bitcoins, following the selloff that caused Bitcoin to shed $5,000 and sent its price down to $45,000.

Although Bukele’s methods have attracted criticism from many onlookers, his pattern of buying the dip is a bet that could pay off greatly in the long term.

In the past, long-term holders have also seen the most success with Bitcoin. Reports from on-chain analytical platform Glassnode have recorded holders who have not sold their assets for more than 3-years.

Notably, last year, when the price of Bitcoin hit $20,000, these holders saw their asset value surge significantly. However, for institutions and traders, the culture of exiting to avoid a perceived bear trend is normal. But for El Salvador, the question of selling seems to be out of the picture for now.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://zycrypto.com/post-bitcoins-mild-drop-el-salvadors-bukele-reveals-excitement-for-a-larger-bitcoin-dip/

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6 Common Mistakes of Crypto Beginners – Be Extremely Cautious!

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It takes more than diamond hands to succeed in this space

Don’t let yourself be blinded by greed! Photo by Thought Catalog from Unsplash

First rule: Don’t lose money

Second rule: Make money.

And always follow this order.

You’ve heard of people having 100x gains (or more!) on their crypto assets, it sounds amazing, right…

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://medium.com/yardcouch-com/6-common-mistakes-of-crypto-beginners-be-extremely-cautious-eb848e2c9ac8?source=rss——cryptocurrency-5

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