How to start trading crypto currencies?

Are you one of those who hear and see a lot of buzz around trading crypto currencies, but you have no idea what this is, how to do it or is it for you at all?

I'll try to give you a short overview of this activity so you can make your own decision.

1. The main currency we use here is Bitcoin. You first have to open a bitcoin wallet and acquire some bitcoin.

2. All other coins are purchased with bitcoin (some exchanges allow to buy with ether, monero, etc.. but for simplicity let's stay with BTC)

3. Once you have some bitcoin you are ready to buy altcoins (altcoin = general name for all coins other than bitcoin)

4. You will buy altcoins on an exchange. Exchanges are online services that offer buying and selling crypto currencies. The most popular are Bittrex and Poloniex. You have to open an account there

5. Deposit Bitcoin into your exchange account

6. Place a buy order for your chosen coin and buy

7. Watch the charts, follow news, join crypto trading communities and learn

8. See your coin price increase to a satisfactory level

9. Sell your coins for profit

10. Withdraw bitcoin from your account OR use the funds to buy again

This is trading in a nutshell.

However, there is much more to this. Traders have different trading styles, goals and targets.
Some are happy with a 1-2% increase which is very easy in the crypto market, some hold coins for longer periods of time until their value doubles, then sell.
This can sometimes happen really fast, in a matter of days, sometimes it takes months.. Some people sell all their coins once their target price is reached, some sell half, some sell like 10-20%.

Once you sell your coins in profit you can take the money, but you can also wait for the price to go down and re buy the same coin cheaper - this is a good way to increase your account.

You can also use profits to buy another coin that is cheap at the moment and this way diversify your portfolio.

The important thing is not to buy coins when they are at their highest price. always wait for dips in price and buy them wgen they are cheap. This is why we watch the charts.

Don't think that "trading" involves hours of working and staring at millions of screens and charts. It's not like that at all. At the beginning you'll probably need to spend more time to learn the basics and get more confidence in your trades, but as time goes by you become relaxed and then it doesn't require much time at all.

You can even take it as a passive investment and not trade at all, just buy coins, hold and wait for a few months. I am absolutely sure you will see most of your coins in a nice profit.

We are in a bullish phase now for the crypto market and it would be a pitty not to take our piece of the cake from it.
The beauty of crypto trading is that anyone can do it, it doesn't require some super skills, it is not complicated, and you can start with a small amount of money just to test it out.

But be careful. It gets addictive :)

image source: https://i2.wp.com/cryptohustle.com