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Must haves for successful trading/investing?

  • 21-12-2017 5:52am
    #1
    JC01
    Registered Users Posts: 591 ✭✭✭


    Hi all,
    First off, yes I'm a total newbie to cryptos but don't worry, hopefully this isn't gonna be a ''whats a bitcoin!!'' thread. Iv been doing my research lately and hope to have the bare basics down. I'm waiting on Kraken verification at the moment to throw a few hundred euro at this craic and see how I get on. And I'm looking at this as a slightly-glorified punt at the bookies rather than something thats going to make me rich overnight.

    My real question for this thread is have any experienced users got any tips/advice on must have apps/accounts etc for really getting to grips with things? As in something that really proved to be that eureka moment for them? I'm thinking things like portfolio trackers etc. I'm planning on using Kraken and Coinbase as exchanges to buy/sell/trade some altcoins and Bread as my wallet for the time being at least so really I'm more looking for general hints and tips rather than a step-by-step-how-to.

    TIA.


Comments

  • #2
    dashoonage
    Registered Users Posts: 3,124 ✭✭✭dashoonage


    balls. big ones.


  • #3
    The One Doctor
    Registered Users Posts: 2,339 ✭✭✭The One Doctor


    dashoonage wrote: »
    balls. big ones.

    Avoid Kraken, it's unreliable. Use GDAX.

    Patience is a must.

    Avoid buying at the all time high.


  • #4
    banie01
    Registered Users Posts: 16,440 ✭✭✭✭banie01


    The One Doctor wrote: »
    Avoid Kraken, it's unreliable. Use GDAX.

    Patience is a must.

    Avoid buying at the all time high.

    Using Kraken's API to access trading is much more stable. I use KrakAPI on android to trade on Kraken and after weeks of frustration with log on and gateway errors on the site, using the API i still get the occasional error but much less frequently.


  • #5
    Shamo
    Registered Users Posts: 801 ✭✭✭Shamo


    Patience. Use rules and stick to them.


  • #6
    JC01
    Registered Users Posts: 591 ✭✭✭JC01


    The One Doctor wrote: »
    Avoid Kraken, it's unreliable. Use GDAX.

    Patience is a must.

    Avoid buying at the all time high.


    Iv looked at other exchanges and decided to go with kraken for its supposed user-friendliness and gearing towards beginners. Plus I can go tier2 without photo ID, I'm fairly nervous about putting my personal info into sites that are such obvious targets for hackers.

    On the subject what would a typical amount of active exchanges be for people in here? As in how many of them would you have signed up for/ verified and use on a regular basis? I'm hopeing to get away with as few as possible but realise that as I get more into altcoins I might have to broaden the exchanges I have access too.


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  • #7
    GreeBo
    Registered Users Posts: 27,007 ✭✭✭✭GreeBo


    JC01 wrote: »
    Iv looked at other exchanges and decided to go with kraken for its supposed user-friendliness and gearing towards beginners. Plus I can go tier2 without photo ID, I'm fairly nervous about putting my personal info into sites that are such obvious targets for hackers.

    On the subject what would a typical amount of active exchanges be for people in here? As in how many of them would you have signed up for/ verified and use on a regular basis? I'm hopeing to get away with as few as possible but realise that as I get more into altcoins I might have to broaden the exchanges I have access too.

    I'm on 6 if you count GDAX and coinbase as separate.


  • #8
    EndaHonesty
    Closed Accounts Posts: 1,544 ✭✭✭EndaHonesty


    It's the age-old way.

    Buy low sell high.

    Easy...


  • #9
    h0neybadger
    Registered Users Posts: 321 ✭✭h0neybadger


    Set your target. Once you got it, sell. Don’t wait.


  • #10
    JC01
    Registered Users Posts: 591 ✭✭✭JC01


    GreeBo wrote: »
    I'm on 6 if you count GDAX and coinbase as separate.

    Without giving any details, did most of these require you provide photo ID? I suppose that is the element of verification I'm most nervous about.

    To the other responses thanks for the input, I do plan on sticking with some basic investment "rules" I'm more specifically looking for people's opinions on crypto-specific rules/systems etc, particularily with regards to tracking investments.

    That said, any input at all is appreciated at this stage!

    Edit* I'm also not 100% sure on a wallet solution at the moment, I'm heavily leaning towards Bread on iPhone for a start, any recommendations about wallets?


  • #11
    GreeBo
    Registered Users Posts: 27,007 ✭✭✭✭GreeBo


    JC01 wrote: »
    Without giving any details, did most of these require you provide photo ID? I suppose that is the element of verification I'm most nervous about.

    To the other responses thanks for the input, I do plan on sticking with some basic investment "rules" I'm more specifically looking for people's opinions on crypto-specific rules/systems etc, particularily with regards to tracking investments.

    That said, any input at all is appreciated at this stage!

    Edit* I'm also not 100% sure on a wallet solution at the moment, I'm heavily leaning towards Bread on iPhone for a start, any recommendations about wallets?
    Yeah most of them did tbh.

    Get an app like cointracking.info to follow your gains/losses


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  • #12
    Bobeagleburger
    Registered Users Posts: 45,250 ✭✭✭✭Bobeagleburger


    Take out profit along the way.

    I hear people say how much they have made all the time but it's not in actual money.


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