Your guide to getting started trading Bitcoin and making money.

Your guide to getting started trading Bitcoin and making money.

By MadMaxx | Psycho Crypto | 13 May 2020


Hello there. My name is Max, and I've been trading bitcoin for over 3 years.

I'm pretty young (way below 25) and I have a lot of experience doing this. I haven't been around for too long, but I've been around long enough to witness the 2017 bull run(and lose a shit ton of money in it, I was a noob) and the halving.

In this post, I'll share what made my journey from being a worthless pipe to actually living off trading, all in just 3 years. Stay tuned.

So I predominantly trade Bitcoin. I trade other currencies as well, and I also trade the Forex. But bitcoin is where majority of my money comes from.

This guide will show you where to start from, which is where the problem with most noobs lies. They have no idea where to start their learning or career from, and they end up buying a course that doesn't help them out.

So here are the steps I took as a noob, which you are likely to have taken or want to take. They ultimately led to failure.

  • See the market as an easy place to pay your bills. Jump in with $50 and expect to turn it into millions in a month.
  • Learn a bunch of chart patterns and candlestick formations. Feel on top of the world.
  • Register on an exchange and start trading after two days of "learning"
  • Proceed to go all in on a few positions without a stop loss.
  • End up getting your account blown and deciding that bitcoin trading isn't for you.

Sound familiar? This is the format of many new traders. Many of them are at one of these points or another.

Many other noobs believe that they could just buy and hold their way to freedom. While this works about 10% of the time, the other 90% sees the noobs holding onto a bag of worthless crypto after they bought at ATH and it dropped 90%. Like those that bought XRP at $3. Poor guys.(for the record, hodling is absolute nonsense, except you're hodling bitcoin.)

The real way to get started making money trading is this:

  • First off, gather your capital. Your learning would be worthless if you have a $50 account. Imagine if you catch a big 20% move on bitcoin, but you only went in with 10% of your $50 account. It would feel great, but you won't be able to do anything much with that profit. Save money or use services that give you money.(like Publish0x). One fun way to get capital is with Coinbase Learn. You just covert everything into bitcoin at the end.
  • Learn. For at least one month, preferably two, learn all you can about trading financial markets. Learn TA. Ignore candlestick patterns, because they're mostly bullshit. Learn and be sure you can explain how to analyse a chart to a 6 year old.(you can try it on any 6 year olds around you )
  • Practice: Before you dump your real money into a Binance account, you must be sure you can be consistently profitable. Practice on an exchange with fake money, or use a very small amount of real money on a real exchange.(what I did when I got started was I started off with a $10 account, and challenged myself to double it within 2 weeks. Once I met the goal, I knew I was ready.(I met the goal $100 later though)
  • Get started: There is no right time to get started. If you're in the middle of a bear market, short the market to the bottom. If you're at the bottom of a bear trend, buy and play the reversal. If you're at the middle of a bull trend, buy and target the top. If you're at the end of a bull trend, short the top. There's no great time to get started, but you make the best of what you have.

 

I hope you learnt something from this guide. If you'll like to get some bitcoin to test with(real bitcoin), check this site out.

 

 

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

Publish0x

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