Getting started with trading was so overwhelming for me—there was just so much to figure out in the beginning, when starting my journey I found myself unsettled on a lot of things and it kept me from getting started due to analysis paralysis.
I never had anyone but a series of random YouTube videos to help me finally figure it out, that's why I'm so proud writing this article showing how to set yourself up for trading with Crypto stable currency (did you know you can trade stocks and Gold with Crypto?).
But why crypto trading? Well, I believe it's the most beginner accessible and friendly form of trading out there, you can start with as little as $10 and use USDT (stable dollar equivalent of crypto) it's very easy to setup and form a strategy around crypto trading. Also platforms like Binance give you access to trade other assets like Gold, Stocks, Oil and indices like the S&P 500 or QQQ with the crypto equivalent of the dollar called USDT, it's amazing to have access to trade some of the best assets all in one place and with very little capital.
Check out how in this article.
While crypto itself has lost a lot of it's popularity as a form of investment, there's a number of trending markets you can trade, and in trading I feel trends ARE the most important thing for chosing a market to trade in. In a collapsing market you'll have many opportunities to short (profit as it goes low), in a growing market you'll have many chances to buy.
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Bitcoin has been trending downward for months, giving many opportunities to short and profit from these moves. |
What do you need?
1. A mobile device or PC with stable Internet connection: sort of goes without saying. Luckily, because of how easy the software I'll mention below runs on most older phones — basically any average smart phone will do.
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Don't ever let anyone tell you you can't trade profitably with just a smart phone |
2. A charting software: This is where all the magic of analysis and charting goes on, I use Tradingview as my charting software. It's not where I place my trades, but I do spend some time on it looking at the charts to plan up new trades, monitoring ongoing trades, plot up important price zones, and access some important indicators for my trading strategy. I recommend you get the cheapest plan they have to get full access to all the powerful indicators they offer but really on the free plan you should have all you need.
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Inside of my trading view (mobile) |
TradingView is also where you can set up Demo trading (aka paper trading). With paper trading, you get to set up a virtual fund and treat it as though you're trading with real money. This let's you simulate the real feel of trading and get used to things like position sizing (how much you're risking on each trade), risk management (making sure you don't blow out your account) and general trading strategy.
I know it may sound boring but I highly recommend you do some paper trading first for a while so you can get used to the general feel and technicalities of trading.
Here's an article on how paper trading and journaling transformed me to a more consistent trader.
3. A broker: Think of a broker as the booky that takes all your trade orders, you go here when you want to place a trade, usually there's an integration between Tradingview and top brokers like Binance (my recommeded broker) where you can place orders directly from TradingView but that's not necessary for you the beginner. You can check your charts on Tradingview and then place the trade on Binance manually.
Binance like all other brokers will take a very small commission for placing your order but it's mostly a very small portion of your margin ( ie the money you used to place the trade).
Binance is very straightforward to use and I've never had any issues using them to place or exit trades, plus I feel they have very decent commission rates. Here's a video on how to setup a Binance futures account for trading.
Once you've set up your trading view and Binance account you'll need a strategy that allows you to trade responsibly without blowing out your account in your first 2 or 3 trades because trust me — it's easier than it sounds to end up that way.
My personal strategy is around swing trading, it's a slow but steady approach to trading and it let's you build your account slowly by trading with the higher time frames. Here's an article about how I personally go about swing trading.
If you're totally new to technical analysis and know absolutely nothing about technical analysis of markets, here's my technical analysis for beginners series where I teach you how I read the markets like a pro as an absolute beginner.
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