Let`s get it on!
First off, a basic intro into how cryptocurrencies work: what drives cryptocurrencies apart from other forms of currency is their inherently decentralized nature provided by their encryption protocols. This means that every person holding a certain amount of a cryptocurrency actually has access to an encrypted piece of code with specific attributed value which is decrypted and accessed only with the holder’s password. No one else can have access to the funds unless they have the password, which means that it can not be confiscated, stolen or retrieved by any other entity except for the possessor. Paper money can be printed, stolen or destroyed and bank account funds can be stolen or confiscated by government entities. Cryptocurrencies can not, and therefore they are decentralized.
Wallet
Before you can start trading or using crypto in general, you will have to create a wallet. There are different types of wallets, from hardware wallets, hybrid ewallets to paper wallets, but the simplest and one of the safer ways to get started with crypto would be to create a hybrid ewallet on a service such as https://www.blockchain.com/.
We highly recommend you start out by creating your first wallet using their service as it is simple and safe for beginners, with two-factor authentification and very modest transaction fees. With their wallets, the user actually owns the private keys, not the exchange, which can be a double-edged sword. You are at a higher risk of losing funds by locking yourself out of the account rather than being hacked, so make sure you never lose your credentials and wallet seeds.
Exchanges
Als erstes benötigst du einen Traderaccount.
Registriere dich bei folgenden Exchanges:
– Bittrex (https://bittrex.com/)
– Binance (https://www.binance.com/?ref=10108282)
– Kucoin (https://www.kucoin.com/#/?r=E38aPX)
– Bitmex (https://www.bitmex.com/register/ze0z8y) – Use this link and save 10% off your BitMEX fees.
Chartingtools
jetzt benötigst du noch eine gute Charting-Software:
Registriere dich bei
– Tradingview
und/oder
– Coinigy (https://www.coinigy.com/?r=a0a4121a)
Bitcoin kaufen
Und nun benötigst du noch ein par Bitcoin, welche du dann an deine Exchange schickst:
Bitcoin kannst du zum Beispiel hier kaufen:
| Online: | ATMs: | |
| https://www.bitcoin.de/ | https://coinatmradar.com/ | |
| https://www.coinbase.com/ | ||
| https://www.bitpanda.com/ | ||
| https://www.lykke.com/ |
Alternativ verkaufen wir dir auch zum start ganz bequem welche zum aktuellen Preis.
Tracke dein Portfolio
Führe Buch und notiere deine einzelnen Trades um zu sehen wie profitabel du über die Zeit wirklich bist.
Dies hier ist unser Portfolio:
https://www.cryptocompare.com/portfolio-public/?id=203957
Dein Portfolio kann bald auch schon ähnlich aussehen.
Suche dir eine Software aus.
https://www.cryptocompare.com/
https://cointracking.info/?language=de
Trading Plan
Behalte einen Überblick über deine Trades und deine monatliche Performance mit einem Tradingplan.
Indikatoren
Technische Chartanalyse mit Tradingindikatoren.
RSI, STOCH, MACD, BB, etc…
Risk-Management
Riskmanagement is key!
Erstelle dein persönliches Risikoprofil. Plane deinen Trade und trade deinen Plan.
Traders first aid kit
1. Longevity is key
Successful Crypto traders do not focus on the quick get rich moves. Yes, you may decide to play the small-time frames but the bigger picture is to build massive wealth in chunks.
2. Never force a trade
Trading cryptocurrencies is so lucrative it makes zero sense to be in the markets 24/7. Not every candle move is a trade. You should patiently wait for the exact opportunities and conditions to arise.
3. Entry
You should wait for the right trade and search for the correct point of entry that confirms your position. If the position entry is passed, do not FOMO in. Wait for the next opportunity as you will cover your method on finding that position in a later post.
4. Stop losses
Setting a stop loss should be as natural as opening an order. Stop losses do not always trigger when a market is in extreme volatility, so if you trade large positions (or you’re a diligent trader) one common method is to stagger your stops throughout the order book.
Always use limits on your stops, however adding a market stop after your limit stops is common practice as an emergency counter-measure if your limit stops do not hit. Most exchanges have no limit on the amount of stops you can set, so fill that stop category up.
5. Not every trade is profitable
No matter how good the transactional analysis skill is, even the best traders get it wrong sometimes, it is just a fact of trading. As a Crypto trader you need to learn to cut losses when they are truly losses, if a stop loss hits…. so be it, it is another fact of Crypto trading that your stop will hit and then the price will recover instantly, and you will have lost money due to volatility. At that point, begin looking for your next trade. Don’t re open it, just reevaluate. The key with this is to set the correct stop %.
6. Take profit
„Be fearful when others are greedy and greedy only when others are fearful“ as the famous Warren Buffet said. He may have invested in stocks, but that same principle applies here. Set take profit limits throughout your position. You do not want to keep a position completely open for the entire rally/sell-off. Again, Crypto trading is too lucrative to not do this, be patient and those huge trades will come to you. In the meantime, take profit the second your position is in good profit and continue to do so until you are almost 100% in profit on the amount risked.
If you do not have a certain target to exit a position available, then taking profit throughout the trade is the key to finding your exit point and not losing a profitable trade.
7. Zero emotion
It is paramount to cut off your emotions when trading. Rid yourself of any thoughts relating to money issues, relationships, family issues, hype, social media, and anything else that might impede you from thinking clearly. Emotion is the number one killer of profits.
This takes some time to accomplish especially after you have hit your first big hit, but remember, you are not a Crypto GOD after that. No one is.
Education.
Experience.
Excellence.
Remember the three tenets of our academy.
This is how you’ll get there.