If you are a newcomer, you probably keep in mind the idea of incredible ixis (multiplying money), about super profits. There is nothing wrong with this, the motive of 80-90% of people joining the crypto community is just instant income. But such are the realities, 95% of those who came here lose their fervor, and a lot of money, leaving the market without earning.
But, there is good news, despite the fact that many associate speculation in the market and forecasting the exchange rate with the lottery - just with it there is a huge difference in the likelihood of being defeated, go into minus (drain money). Trading in the market has greater risk control, if in lotteries or sports betting in case of failure you lose your deposit to the root, then here you always keep your loss in focus with the help of stoploss.
Let's start with the main thing - in order to go to touch a substance called a crypto market, understand its laws and how it works, we need to go from the bottom and decide on the main concepts.
Below are some of the terms that you are more likely to encounter on the educational path leading to the touch of exchange trading in digital money.
Bitcoin - The main and first cryptocurrency.
Altcoins - From the word alternative coins (Coins), alternative bitcoins. Any cryptocurrency that is not Bitcoin - Altcoin.
Cryptocurrency Exchange - Platform for making trade transactions, namely the purchase/sale of cryptocurrencies.
Terminal - Exchange page through which trading is directly performed.
Exchanger - A platform that allows you to exchange (convert) one type of money into another. In our case, it will be useful to replenish the balance sheet of the exchange.
Order - In direct translation - order, in the literal sense - order. Exchanges operate on the principle of placing orders from some traders - to others to buy or sell an asset. I.e. when we buy, the purchase process itself takes place after our warrant is executed, when there is a buyer for us, or a seller.
Bulls - Type of traders earning under the traditional "buy cheaper - sell more expensive" scheme. By analogy with bulls, they pull the course up, sighing it with "horns".
Bears - Bull rivals, the main activity on the exchange is the game of shorts. Bear earnings are based on the sale of an asset as collateral with the possibility of redemption at the cheapest cost.
Step-by-step trading instruction for beginners
This part will be devoted to a short introductory course for newcomers who want to join cryptocurrency trading. The instruction is step-by-step and will briefly talk about the cryptocurrency trading algorithm on the exchange. It is worth noting that if you are just an ardent supporter of any technical innovation, then you do not have to resort to working with exchanges. In other words, if you are confident in the growth of a certain asset (cryptocurrency) in the future, and are going to purchase it. That is, it is easier to do this using ordinary cryptocurrency wallets. For example MyErherWallet (Wallets for tokens ERC-20)
Further, the general principle of working with the exchange, regardless of which one you choose, is reduced to one delay:
- Registration on the cryptocurrency exchange. A suitable option for beginners will be - Binance.
- Configure authentication. (Binding e-mail, adding 2fa, filling in personal data, and sometimes sending photos)
- Activate your account
- Replenishment of the exchange's balance sheet
- Go to Sales Terminal
