I am not a technical expert, but I do think if you are going to trade crypto, you need to have a basic understanding of overall markets and charting. Trading is more than just buying and selling. Trading should be a well thought out process, involving research and technical analysis. Here are some steps to get you started in this direction. These steps generally apply to stocks, but if you learn basics, they will also be applicable to crypto. I trade both. If you are only interested in crypto, I would suggest going to step 3 and learn charting. Find as many FREE resources as possible. The internet is loaded with them.
1. INVESTING 101 - UNDERSTANDING WHAT INVESTING IS
These are great resources for a basic overview of investing
2. STOCKS/STOCK BASICS - WHAT ARE STOCKS
The Street(amazing info on stocks, balance sheets, common stocks, dividend stocks, etc)
These are great resources for a basic overview of stocks, what they are, how they trade and how they are made up.
3. LEARN TO CHART/TECHNICAL ANALYSIS
Bulkowski's Pattern Site(great resource to see chart patterns)
Learning to chart takes time so don't expect to get it right away. It takes hours of study but here's a great place to start.
Introduction to technical analysis for beginners (video)
Also, check out my Resources section for more links.
This is key
4. WATCH THE MARKETS
This is an excellent site for watching the market. You can get an overview of top gainers, losers, news items, upgrades, downgrades, heat maps, etc. There is so much information on this website. A great tool.
There is a free version and a paid version. That is entirely up to you. I use the basic free version. You can search for crypto or stocks using interactive charts. Various people post their charts with ideas and it's a great way to become familiar with chart patterns and how people analyze various scenarios.
Stock market news
5. OPEN AN ACCOUNT AT A BROKERAGE
When you first open your account I would highly recommend paper trading at first. You can practice trading with various indicators, plan your entries and exits...all without losing any real money. There are so many indicators and styles of trading. You will need to find what works for YOU. You also need to be aware that when you trade, whether it is crypto or stocks, there will be a fee associated with the trade.
Start with the basics
One of the reasons I created this website was to help people start from the very beginning. Learning the basics are essential. You should start with some of the steps I've outlined, read a few books on the subject, get to know the movement of certain stocks or coins. I have put a link to resources that you should find helpful.
Never buy at the top
Nothing can go up forever. Often people buy at the top because they have a fear of missing out (FOMO). I have done that and always regret it on the pullback. You will end up holding a bag and starting your position in the red. Always plan your entry and exit and if you miss a great run, oh well. Wait for the next one.
Paper Trade first
Practice makes perfect. Everyone should practice via paper trading BEFORE investing real money. I can't tell you how much money I've lost by jumping into positions without having any idea why. When you paper trade, you are not risking any money but gaining all of the knowledge. It's better to lose fake money than real money. An additional note, only paper trade with the amount you have to spend. Anyone can get into a paper trading account and spend a million dollars and make a fortune...on paper. But if you don't have a million dollars to trade with in your real account, you aren't being realistic.
No two traders are identical
I think comparing yourself to another trader can be counterproductive. No two traders are alike. My risk tolerance may be different than yours. My trading style may be different than yours. While it's great to learn from others, don't expect to be exactly like someone else.
Find indicators that work for you
I think one of the most important thing is finding an indicator/indicators that work for you. Entries and exits are SO important and you can do that by using indicators. There are hundreds to choose from and everyone has their own preference. Play with various ones until you find your favorite.
Don't get greedy
I believe as traders, we are our own worst enemy. The temptation to stay in a trade longer than we should can be a constant battle. Small consistent gains every day are better than trying for a home run every trade. Have a goal set and follow it. If you stay in trades too long and get greedy, you will definitely blow up your account. Cut your losses fast
Tune out the noise
The trading world is full of people who claim they know what's going to happen next in the market While we can have our charts in order and have a plan, one news story can change everything. There are also NUMEROUS trading groups out there who will charge you hundreds of dollars, if not thousands, promising you huge returns. Be careful. Follow reputable people who have a proven track record. If trading were that easy, everyone would be a millionaire. There is no substitute for research, hard work, and education.
Learning never stops
To become successful at anything, you must put study time in. Trading is no exception. Companies are constantly changing. You must keep up on daily news and events. Education never stops and if you want to become a great trader, you MUST set aside time every day to study.
Get to know a few tickers/coins...well
There are hundreds of stocks and coins running every day. You cannot be an expert at all of them. Get to know a few tickers well..and play them consistently. BTC moves differently than LTC. Facebook moves differently than Amazon. Become an expert at one or two tickers and trade them regularly. If you try and play every ticker, you will end up overtrading and lose money.