Today, I’m going to be talking all about how you can get started trading in 2019. Now, this post is going to be mainly for beginners but towards the end, I am going to be giving some pretty basic trading techniques and strategies that you can easily use to make profit even in this market. So let’s get started.
Tips of Trading Cryptocurrency Binance in 2020
To start trading in 2019, obviously, there are a few things you need. I’m going to be assuming you already have bought your first bitcoin or not full bitcoin but you’ve already bought some bitcoin.
I recommend somewhere like Coinbase for example. Yes, the fees are a little bit high but if you’re new to cryptocurrency, you don’t want to get scammed, you don’t want to risk, anything like that Coinbase is simply the easiest place to buy it. So I definitely recommend Coinbase if you want to buy your first bitcoin.
Use the link & get ten dollars free.
So, after you bought your first bit of bitcoin or Ethereum or whatever you want, then I’m going to assume also that you know how to use an exchange.
For example, I always use Binance, it’s probably the best exchange you’ve got, the best security, the best token pairings, and coin pairings and overall it’s just the best exchange to use.
So I’m going to assume you already know how to use Binance.
Things to be required while Trading
Moving on, I want to talk about a few things that you’re actually going to be needing to trade. You’re going to usually have to have a bit of Bitcoin on the side.
I usually always trade Bitcoin pairings but you can trade USD T if you really want to. You can trade LikeCoin of all.
Although there aren’t as many pairings you can trade an Ethereum but usually if you’re just starting out. I usually stick to bitcoin.
Now when I say a pairing I mean for example X or P BTC this means you’ll be trading BTC against X IP and vice versa.
So, that’s what I mean with the trading pairing. So after you have bought a little bit of Bitcoin, that will enable you to trade. you’re going to want to send it to your exchange for example Binance.
It’s very easy to do. Just go in the accounts and send it over there. I’m going to assume you already know how to do all of this stuff.
Next, there’s gonna be a few things that you actually need when you are trading.
So the first thing I think you are going to need is probably a CoinMarketCal, which maybe isn’t the first thing but we call it market cap is.
But CoinMarketCal is actually a website, that lists out all the different things that are going on with cryptocurrency.
For example, exchange coins, ISOs all this good stuff, any updates, any additional partnerships everything like that.
The Key for Trading
Now, why is this key for trading? Well, the thing is if you can actually go ahead and understand what’s coming in the future that may affect the price.
And if you already have this information then that’s going to be very valuable when you’re looking at a chart, for example, every bit of extra information you can get is very vital and very valuable.
So, the coin market cannot completely free. That’s going to be one resource of course called market cap. I’m not going to go over this. I’m sure you all know about it but this is also very good when you click on View all and it basically shows you the price action in one hour 24 hours, seven day.
This can help outline different trades you can make or different coins or tokens you may want to look at on the charts. Next of course is Binance, of course, you need someone to trade. I recommend Binance.
And of course the trading view. Now Tradingview.com, you don’t have to have a pro account. I do have a pro account, I think I pay about 10 dollars a month.
It’s not too crazy, to be honest, you don’t really get that many benefits. You do get some benefits but it’s probably not worth paying the ten dollars in my opinion if you’re just starting out, just use the free. The Free One does make an account and it’s completely free.
You can pretty much do all the same. You just can’t add as many different indicators on the same chart. But I think you can have up to three or four which is more than enough.
Also, if you wanted to be a bit more serious of trading, I’d recommend something like 3Commas.
There is a link for 3Commas, where you get ten dollars free credit so that you can do a first few trades and test out see if you like it.
So that’s definitely there 3Commas is maybe a little bit more advanced. Maybe you want to go on to 3Commas after a few weeks or a few months of trading.
So pretty much before we get into the post, I do want to tell you about the bitcoin blueprint is basically an eight is ad guide on how to make money with cryptocurrency.
And yes there’s a large section in there trading. It goes over many many different things. And if you wanted to pretty much get a detailed laid out guide on what to do how to start everything like that then the bitcoin blueprint is for you.
There’s always comes with lifetime access to the trade calls as well, which basically shows you where to enter and exit trades.
For example, I tell you to enter here exit here put a stop loss here and it’s basically trading that I am doing personally.
So that’s also in the link below if you would like that separately.
How to Trading Cryptocurrency Binance 2020
So starting off, basically when I want to make a trade first, I always go to somewhere like coin market cap.
Right now, we can see that pretty much on the hour. They are a little bit down.
So probably I maybe would be starting to look to what I can trade next maybe not trade now as things look like they are, on the way down unless you’re going to be shorting it.
So, for example, let’s just say for ease of use I chose XRP. We can look at XRP for the maybe not day trade, maybe a swing trade. So we go over to trading view type XRP and we’re going to be trading BTC.
So BTC and we can see Binance is the exchange, we’re going to want to click on that and then once this page comes up we are going to want to click on a full-featured chart that will bring up a new tab and then we’ll be on the full feature chart.
So taking a look at this may look a little confusing. Basically a pair, we’ve got the 1-hour chart and you can change it to different ones.
I’m going to start by looking at the 1-hour chart. I just recommend going on this and really getting in-depth detailed knowledge about it, just by playing around with everything like that.
So, on the one hour chart, we can see here from the back December 24th. We have a massive sell-off of X IP, that could be one of many many reasons. We’re not going to go with the reasons today but that’s potentially something you could look into before trading it.
So, when I see a massive sell-off like this, I really want to be looking further back than our chart. I want to see where the price action is in comparison to previous highs.
So, we can see that massive sell-off is really nothing in the grand scheme of it but from a bolt-on in late December early 2018.
So, as we’re zooming in here we can see that actually sold off that much in comparison to what we previously were back a few months ago.
But nevertheless, we can see previously, we hit these highs here of around that’s one hundred thousand Satoshi years and then we pretty much here yet just below 100000 Satoshis.
We sold off and then we came back up. So potentially not saying this is going to happen. We could see a sell-off down to around this level here.
Could see a sell-off down to this level here and then we could bounce off this line here. And in fact, go back up to this hundred thousand Satoshis Mark.
Now that is pretty much one of the most simple is basic trading strategies, you can do that is basically using support and resistance.
There is a level of support and there is a reasonable level of resistance. So this is a really basic principle.
Basically we are still selling off this is on a day chart. So each kind of here represents one day.
So this is a little bit zoomed out of a broad perspective but basically we can see that we may potentially be coming down to this eighty-five eighty,-six thousand Satoshi Mark.
And when we hit that it’s gonna be very very interesting to see what actually happens or we’re gonna go down to the next step of support, which could be around 80000 Satoshis or even larger support at around seventy thousand Satoshis.
That will be very interesting to see. On the one hour chart, however, if we look at this, we can see that we are just completely selling off, which in the grand scheme of things is not.
Not that bad on the one hour chart, if you just look at this you would think I’m not paying that.
That’s going to lose me money. However, when it is selling off like this, this is the time that you need to be paying attention and you need to be interested in certain crypto or coin.
That’s simply because the most opportunity is when it’s selling off at some point not obviously but at some point hopefully, it will turn around and then start to pick up the pace and increase in price.
That’s when you’re going to try and catch it. Basically for support and resistance that’s pretty much what I’m going to be teaching in this post on one of Tor is the simplest way to in fact start trading so we can see here back in December 15th.
We all relying on this support which is pretty much one of the strongest ones I can see as of yet. And the next level up would most likely be somewhere around 90000 Satoshis on a one hour chart is going to look a lot different.
So you really need to be playing with different charts having a look and seeing the different levels of support and resistance
Of course, as most of you can use like the Fibonacci, the RSI many different things you can use but this video I’m just looking at support and resistance as this is a very basic introduction to trading.
So we’re going to take a look at a potential trade here. We click on the left-hand side you go on a long position and I use this basically to evaluate where potentially we could trade and pretty much the trade.
The risk-reward ratio, so I’m gonna set it to around here which is probably yeah around 3 percent which actually isn’t that big of a trade.
And the potential of this down, the potential loss on this would actually be around put this round here, price is around here and let me move this back up and the potential loss here.
I would set the stopwatch around here just maybe a little bit below this kind of work, so you can see here the risk-reward ratio is three point five four which isn’t too bad at all.
The stop loss is seven point eighty-five. That’s where you would say your stop loss and the take profit on the trade would be around 3 percent give or take.
So this isn’t the worst kind of trade. It wouldn’t be the best trade you can do but this is just eyeballing it for the sake of the post, you can see that we have had a bit of a sell-off here some consolidation and right now we’re currently leveling out a little bit.
Potentially we could go back up here to around eighty-nine ninety thousand Satoshis and the risk-reward ratio it looks okay for this. So this is a potential trade you could actually take.
This is basically just eyeballing it with different levels of support and resistance. This is something you need to get used to doing, playing around with and even if you’re not trading just identifying these different levels and seeing what’s what.
So that’s pretty much for today. If you did want to learn more about trading, definitely check out the bitcoin blueprint.
Market cap Coinbase to buy your first bitcoin coin market, Binance, trading view, and 3Commas of course if you wanted to get more detailed trading to overlook.