It may, to some, seem a bit difficult to both get involved with cryptocurrency and to truly understand the blockchain technology that is the true hero behind the scenes of the crypto madness. For this purpose, I will keep things simple and will hopefully be able to help others get a better understanding of the technology, which is the first step to working the way up to accumulating some of your own crypto. For me, I decided to take the slow and cautious route into trading by merely building up a small portfolio through multiple methods that didn鈥檛 involve investing the fiat I earn from my day job. For others who have the capital, I recommend using a trading simulator that allows you to trade without using your money so you can get an idea of your trading plan while building your portfolio.
Practice:
There are several ways to trade and practice trading without actually taking part in the market and depending on the style of trading you end up preferring to use when the time comes. One of these I mentioned are the simulators, the specific one I used is called Altcoin Fantasy (Ref link provides a starting amount to begin practicing immediately). This platform is pretty neat in my opinion because it allows you to trade with absolutely zero risk to you while providing a game feeling with trading contests to earn more of the trading tokens. Even without using the platform for trading, they offer some guidelines and information that are definitely beneficial for new traders.
Trading Platforms:
There are a lot of options for platforms to trade on, even more so if you are outside of the US as we have many restrictions unless you have enough money to trade on the Chicago Mercantile Exchange. Which not unlike the standard stock market the CME makes certain kinds of trading virtually inaccessible for most individuals and is mostly used with hundreds of thousands per contract. Fortunately, not everyone can properly or even wants to trade futures as they have many more details that must be taken into account. Since I only like to discuss things I have utilized myself and I began with Coinbase and Coinbase Pro which are by far the most popular choice for Americans. I have also recently been trading on Binance US after I was restricted from my standard Binance account, and this is mainly due to the availability of more tokens to trade than Coinbase. There are two other platforms I utilize for micro-cap coins and pretty newly listed Uniswap tokens but I do not recommend these types of exchanges without a really good understanding of how to trade and manage risk.
Small Beginnings:
To be honest, no matter how much practice or studying you do to prepare to start doing live trading things will still be different and will require the ability to adapt quickly. The beginnings for me were extremely small and I had not practiced much on Altcoin Fantasy because by the time I had enough capital to properly trade I dove right in. Now this is certainly not something I recommend doing as my main trading method requires a lot of patients and time. For example, I entered a trade with a specific exit spot already planned (as most should do) but that trade took almost two months to play out, and when it sold I had profited 280% and kept half of the tokens from my entry point. However, small beginnings were certainly the point of this example as that 280% only made me a profit of roughly 80 USD.
Thank you for taking the time to read my article. I hope this has helped give some information and encouraged people to do some more research! Any comments are greatly appreciated!
~Trever Russell
DISCLAIMER:
I am not a professional financial advisor, all information within this article is personal opinion based on my experiences, nothing in this article is meant to serve as financial advice and shall not be construed as financial advice in any form. The sharing of my personal experiences is for entertainment purposes and I nor cryptowriter can be held liable for any information which has been misconstrued and wrongfully utilized as financial advice.
This post is published for Cryptowriter and originally published on Voice.
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