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Advice for a beginner.

  • 21-02-2021 5:55pm
    #1
    Registered Users Posts: 2,836 ✭✭✭ connie147


    hi all,

    Im not sure this is the right place to post, but im sure the mods or a regular poster can set me straight if i have to post thus elsewhere in the forum.

    Ive never traded in stocks or crypto currencies before, but i am very anxious to make a start. Irs just something to have a bit of fun with and also obviously trying not to make big mistakes.

    My plan is to invest €3000--€4000 at the start and add maybe €100-€200 a week to the initial investment after that.

    I obviously want to inch my way in. I intend doing a few online courses before 1st investment but hoping to start sometime in March.

    From reading up on it so far (especially reading through the various boards.ie threads), it seems maybe joining trading212 is the way to start? (advice welcome). Link appreciated if ye agree.

    My initial thoughts are to buy maybe 3 crypto currencies and 6 or 7 other different investments, (all advice accepted on this, both on if I am thinking correctly in the number of different investments and if so, anybody got advice on any particular stocks i should look at?}.

    I am a complete newbie so go easy on me please. Any help offered would be appretiated.

    Thanks in advance

    Connie


Comments

  • Registered Users Posts: 638 ✭✭✭ AdrianG08


    Would love to get some of this information aswell. Made the grand purchase of €150 worth of Bitcoin (using Coinbase) last night.

    Can anyone recommend the best way to get started?

    Do people usually top up their portfolio weekly?


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    AdrianG08 wrote: »
    Do people usually top up their portfolio weekly?

    Yes every week buy the same euro amount of bitcoin.

    Coinbase is fine for beginners but is expensive for fees.

    Get used to moving your crypto to a wallet.

    Setup a software wallet and learn to transfer small amounts.


  • Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,703 Mod ✭✭✭✭ yop


    Irish_rat wrote: »
    Yes every week buy the same euro amount of bitcoin.

    Coinbase is fine for beginners but is expensive for fees.

    Get used to moving your crypto to a wallet.

    Setup a software wallet and learn to transfer small amounts.

    Sorry for the stupid question, but if I use Binance, and i sell off my cryto to euro, do i still need a wallet? :o


  • Registered Users Posts: 1,923 ✭✭✭ Blanco100


    Irish_rat wrote: »
    Yes every week buy the same euro amount of bitcoin.

    Coinbase is fine for beginners but is expensive for fees.

    Get used to moving your crypto to a wallet.

    Setup a software wallet and learn to transfer small amounts.

    How do I move my crypto to a wallet within Coinbase, does this not happen automatically when I buy?


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    yop wrote: »
    Sorry for the stupid question, but if I use Binance, and i sell off my cryto to euro, do i still need a wallet? :o

    Good question, from what I understand you can only keep that on the exchange or move it back to the bank account.

    FWIW I've never sold any of my crypto to fiat. Its a depreciating asset


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  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    Blanco100 wrote: »
    How do I move my crypto to a wallet within Coinbase, does this not happen automatically when I buy?

    You can create a new wallet with either Coinbase or any free software wallets like Metamask, Trust, Atomic etc.

    Go to that new wallet click on the coin you want, hit receive and you get an address. Copy the address, go to Coinbase click on same coin, hit send and paste in the address you copied from the other wallet.

    Use a small amount and don't blame anyone if you lose it. It's easy once you get one transaction done. You are not selling the coin only essentially moving it to another address.


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D


    yop wrote: »
    Sorry for the stupid question, but if I use Binance, and i sell off my cryto to euro, do i still need a wallet? :o

    No if you just want to leave your stuff on the exchange you don't need a wallet.


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    connie147 wrote: »
    hi all,

    Im not sure this is the right place to post, but im sure the mods or a regular poster can set me straight if i have to post thus elsewhere in the forum.

    Ive never traded in stocks or crypto currencies before, but i am very anxious to make a start. Irs just something to have a bit of fun with and also obviously trying not to make big mistakes.

    My plan is to invest €3000--€4000 at the start and add maybe €100-€200 a week to the initial investment after that.

    I obviously want to inch my way in. I intend doing a few online courses before 1st investment but hoping to start sometime in March.

    From reading up on it so far (especially reading through the various boards.ie threads), it seems maybe joining trading212 is the way to start? (advice welcome). Link appreciated if ye agree.

    My initial thoughts are to buy maybe 3 crypto currencies and 6 or 7 other different investments, (all advice accepted on this, both on if I am thinking correctly in the number of different investments and if so, anybody got advice on any particular stocks i should look at?}.

    I am a complete newbie so go easy on me please. Any help offered would be appretiated.

    Thanks in advance

    Connie

    Sounds like a fairly decent plan. Do plenty of research and don't rush in. Dollar/euro cost average is probably the best way for you to proceed. Coinbase will give you some free cryptos (small amounts) if you watch some short tutorial videos. BTC, ETH, LINK, ADA, THETA, DOT all worth considering but they've all massively pumped in recent months. Not sure what Trading212 is. Are you planning to hold long term or trade?

    We're all in this psy-op together.🤨



  • Registered Users Posts: 1,923 ✭✭✭ Blanco100


    Rob2D wrote: »
    No if you just want to leave your stuff on the exchange you don't need a wallet.

    When you put your crypto in a wallet does it continue to gain value just like when it's on exchange?

    And how easy is it to sell?


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Blanco100 wrote: »
    When you put your crypto in a wallet does it continue to gain value just like when it's on exchange?

    Continues to gain or lose value. Imagine owning a sack of gold doubloons - they aren't worth more or less than current exchange rates just because you keep them under your mattress.

    It's as easy to sell as it is to buy, you move coins back to an exchange (if you've moved them off to your own wallet) and sell them.


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  • Registered Users Posts: 2,836 ✭✭✭ connie147


    el diablo wrote: »
    Sounds like a fairly decent plan. Do plenty of research and don't rush in. Dollar/euro cost average is probably the best way for you to proceed. Coinbase will give you some free cryptos (small amounts) if you watch some short tutorial videos. BTC, ETH, LINK, ADA, THETA, DOT all worth considering but they've all massively pumped in recent months. Not sure what Trading212 is. Are you planning to hold long term or trade?

    Thanks for the reply. Ive joined Binance and coinbase. still studying on best way forward!!
    I am not really planning whether to hold long term or trade. My view of longterm would probably be 3-5 years which might be short term for some investors? I guess as I become more educated on the subject, i will have a firmer view, but I would appreciate any advice given.

    One question i would like views on. I've decided my initial investment is going to be 5k. Is aiming for 40% into crypros and 60% into stocks too much weighted towards crypto. From the reading Ive been doing, I'm not sure lads portfolios have anything like 40% on crypto?

    My thoughts were have the cryptos as a risky investment (but still trying to pick ones with a positive vibe) and the 60% stocks buys to be on solid stocks.

    Now, hammer away if my plans are plain stupid or whatever. I dont mind critique at all.


  • Registered Users Posts: 406 ✭✭ dirk_dangler


    Something to watch out for as a new investor , The China Hustle is alive and well in Crypto.
    As a general rule avoid Chinese based crypto projects, now if the project is made by Chinese and in based outside of China , somewhere like Singapore, USA or EU i have no worries.
    But 100% based in China, be on the look out for a rug pull, i have read that the Indians are getting in on the hustle as well, just be careful and check where the Crypto project is based.

    https://en.wikipedia.org/wiki/The_China_Hustle


  • Registered Users Posts: 169 ✭✭ Daithi40


    connie147 wrote: »
    Thanks for the reply. Ive joined Binance and coinbase. still studying on best way forward!!
    I am not really planning whether to hold long term or trade. My view of longterm would probably be 3-5 years which might be short term for some investors? I guess as I become more educated on the subject, i will have a firmer view, but I would appreciate any advice given.

    One question i would like views on. I've decided my initial investment is going to be 5k. Is aiming for 40% into crypros and 60% into stocks too much weighted towards crypto. From the reading Ive been doing, I'm not sure lads portfolios have anything like 40% on crypto?

    My thoughts were have the cryptos as a risky investment (but still trying to pick ones with a positive vibe) and the 60% stocks buys to be on solid stocks.

    Now, hammer away if my plans are plain stupid or whatever. I dont mind critique at all.

    No that's a fair enough strategy BUT it depends on your crypto investment strategy, personally I hold about 10 different cryptos but all are in the top 25 on coinmarketcap.com bar 3, TFUEL and ROSE and WXT but they are moonshots and only a few hundred quid in these. My advice would to become comfortable in the space, lots of reading and formulate your own strategy as you learn more and more, take advice from this board from some.

    If you are looking at day trading and looking mostly for moonshots than this will not suit you. If like me you are mostly going to be a HODLer than this would fit. As everyone who has seen the highs and lows here, Do Your Own Research :D


  • Registered Users Posts: 638 ✭✭✭ AdrianG08


    Bought €250 worth of Crypto (now worth the grand total of €275), i'm rolling in it :D

    Really basic question, with Coinbase when you buy does it automatically go to a hosted wallet?

    What is the main difference between just leaving it here and setting up a standalone wallet? I'm using Coinbase until I get my head around it all

    Also, how do you set up a standalone wallet on Coinbase, is there a section of their site where I can access it or is it an app that needs to be downloaded on my phone?


  • Registered Users Posts: 406 ✭✭ dirk_dangler


    AdrianG08 wrote: »
    Bought €250 worth of Crypto (now worth the grand total of €275), i'm rolling in it :D

    Really basic question, with Coinbase when you buy does it automatically go to a hosted wallet?

    What is the main difference between just leaving it here and setting up a standalone wallet? I'm using Coinbase until I get my head around it all

    Also, how do you set up a standalone wallet on Coinbase, is there a section of their site where I can access it or is it an app that needs to be downloaded on my phone?

    AFAIK Coinbase has deposit insurance, the only exchange to do so. Something like the Government backed bank deposit €100k per person.
    I would not bother with an off exchange wallet until you have a substantial amount of crypto, leave it there, but be sure to have a strong password and Two-factor authentication (2FA) set up.


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    AdrianG08 wrote: »
    Bought €250 worth of Crypto (now worth the grand total of €275), i'm rolling in it :D

    Really basic question, with Coinbase when you buy does it automatically go to a hosted wallet?

    What is the main difference between just leaving it here and setting up a standalone wallet? I'm using Coinbase until I get my head around it all

    Also, how do you set up a standalone wallet on Coinbase, is there a section of their site where I can access it or is it an app that needs to be downloaded on my phone?
    When you buy your crypto it will remain in your Coinbase account. The Coinbase Wallet is a separate non-custodial wallet (it's a separate app) and your crypto won't be automatically sent there. It's safe to leave your crypto on Coinbase till you figure it all out.


    https://wallet.coinbase.com/

    We're all in this psy-op together.🤨



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