Newbie guide to ge started trading Bitcoin

[ToniMontana]

Hey guys,

In the last few days i have noticed that a lot of people on BBHF are interested in bitcoin investing and trading.
I consider my self a newbie aswell since i just got started with trading btc last week and i am still in a learning process.
I have invested $1k into buying bitcoin (got 0.4btc for that) and in last 5
days i almost doubled it by buying some small cheap coins that got a good bumb in the last few days.
So i am a total believer that bitcoin is the future and there is a huge opportunity now while its still considered as something new and unknown to a lot of people.

This is just a simple guide on how to get started with btc investment/trading and i hope you will find it useful.

For bitcoin wallet i use this one: www.exodus.io and its free, easy to use and have a nice design as well

For buying bitcoin here are a few options:
coinbase.com
localbitcoins.com
paxful.com

You don't have to start with $1k like i did but i do recommend to buy at least $100 worth of btc so you can spread t across several coins and not have a big effect from the exchanges fees.

Exchanges site that i use:

bittrex.com
bitfinex.com
yobit.io
novaexchange.com

The first 2 are some of the biggest exchanges out there and have the most of the popular coins and some cheap coins aswell.
The other 2 are considered to be smaller exchanges but they have tons of cheap and unfamiliar coins and their fees are low as well.
I myself use the last 2 and look for very cheap coins that have at least 1BTC volume per day and are not at their highest point at the moment.

After i trade some btc for a cheap coin i go to this site cryptocompare.com which is an awesome free portfolio manager and i insert all my trades there so i can track my profit/loss status.
There are some coins that i didn't found on that site to track so i just made a small excel sheet to track it there.

That is pretty much all you need to get started.
There are videos on youtube to show you how to buy and sell and also you can learn there some trading basics like how to spot support and resistance levels to make your trading even better, thats what i am learning now.
If i manage to double my profits in the next 7 days using the strategy that i used so far then i will also post it here to share with you all, but until i prove to myself it really works i will keep it as a test.
If you have any questions then please let me know and i will try to help and if you find this useful then some reps will be much appreciated.

[gruuvmunky]

can you Short a coin that you don't already own?
(Say you think reddcoin is going to go down but you don't currently have any reddcoin)

[ToniMontana]

Only if you use something that si called margin trading which most of the exchanges offer but i dont think its recommended, only if you know for sure that its going down.
There are plenty of cheap coins that go up everyday so for me its easier to look for that.

[ToniMontana]

Today i bought a coin that its called digibyte or dgb short name.
If you look at the coin he was more then %300 last month but dropped because they lost in some kind of competition, now they are gong to another competition in July and a lot of people believe that they will reach at least to the previous high point of last month, so i decided to buy some and to hold for a couple of weeks and see if i can get like %300+ on it.
This is just an example, am not suggesting you to buy dgb, just showing you what to look for.

[Kap786]

Hello Friend
How to learn this

[ToniMontana]

(06-29-2017 01:44 PM)Kap786 Wrote:  Hello Friend
How to learn this

Hi, how to learn what exactly?

[Kap786]

like how to read technical chart .
and Which TimeFram chart should read

[ToniMontana]

I learned a lot from youtube videos and also forex courses that are shared here that you
can apply to crypto.
I am still a newbie in trading but after learning a lttle bit about supoort and resistance i already managed to make some good trades, maybe it was beginners luck

[carlog12345]

(06-29-2017 05:27 AM)ToniMontana Wrote:  Today i bought a coin that its called digibyte or dgb short name.
If you look at the coin he was more then %300 last month but dropped because they lost in some kind of competition, now they are gong to another competition in July and a lot of people believe that they will reach at least to the previous high point of last month, so i decided to buy some and to hold for a couple of weeks and see if i can get like %300+ on it.
This is just an example, am not suggesting you to buy dgb, just showing you what to look for.

Thanks for this. I bought digibyte 2 weeks ago but the market went down. Now it recovered and got 60% increase. Any altcoins that you bought this week? I am a newbie too and watch youtube videos. What channel you recommend or subscribe. Cheers.

[Ice Glass]

Thanks for the thread ToniMontana, I've gone ahead and bought my first bitcoins and now I'm looking for some new cryptos to exchange them for.

You haven't updated for a couple of months, hows it going?