How To Get Started In Crypto In 2024! (FULL BEGINNERS GUIDE)

Crypto Banter
25 Nov 202318:26

Summary

TLDRThis video is a comprehensive guide for newcomers to cryptocurrency, covering the basics of buying and selling crypto on exchanges like Biit, choosing the right coins using platforms like CoinGecko, and understanding market cap implications. It introduces a strategy using EMAs on TradingView for timing crypto buys and sells, and promotes Whale Trading School's free course for further education. The script aims to demystify crypto trading and empower viewers with the tools to succeed in the volatile market.

Takeaways

  • 📈 Start with the basics: The video is aimed at beginners in cryptocurrency, offering foundational knowledge on trading and investment strategies.
  • 🌐 Sign up for a crypto exchange: To trade crypto, one must first register with a secure exchange platform, such as 'biit' mentioned in the script.
  • 💰 Understand buying and selling: The script explains the process of buying and selling cryptocurrencies, including the difference between spot trading and leveraged trading.
  • 📊 Learn to analyze coins: The importance of using platforms like CoinGecko or CoinMarketCap to research and analyze different cryptocurrencies is highlighted.
  • 🤔 Consider market cap: The script advises on the significance of a coin's market capitalization, suggesting that larger market cap coins are generally safer investments.
  • 📉 Compare with Bitcoin and Ethereum: To determine a coin's strength, compare its performance against Bitcoin and Ethereum, which are considered the 'blue chips' of the crypto market.
  • 🚀 Look for outperformance: Strong coins should show an upward trend when compared to both Bitcoin and Ethereum, indicating they are good long-term holds.
  • 💹 Capital allocation strategy: The video suggests a strategy for allocating capital to different coins based on market cap and risk tolerance.
  • 📝 Use EMA for trading signals: The script introduces the use of the 21-day and 50-day exponential moving averages (EMAs) on TradingView for timing buy and sell decisions.
  • 🔑 Golden cross and death cross: Understanding the concept of 'golden cross' as a buy signal and 'death cross' as a sell signal when the 21 EMA crosses the 50 EMA.
  • 🎓 Whale Trading School: The presenter promotes a free course, Whale Trading School, offering 60 videos and live workshops to further educate viewers on crypto trading.

Q & A

  • What is the main purpose of the video?

    -The main purpose of the video is to guide newcomers to cryptocurrency trading, covering topics like buying and selling crypto, choosing the best coins, allocating funds, and providing a strategy for when to buy and sell.

  • What is the 'whale trading school' mentioned in the video?

    -The 'whale trading school' is a free course offered by the speaker, which includes 60 videos on trading and navigating the crypto markets, live workshop sessions, and access to a community for support.

  • How does one start buying and selling crypto according to the video?

    -To start buying and selling crypto, one needs to sign up for a crypto exchange, deposit money, and then navigate to the section for buying and selling, choosing between spot trade or other forms of trading.

  • What is a 'spot trade' in the context of cryptocurrency?

    -A 'spot trade' in cryptocurrency refers to buying the underlying asset without using any form of leverage, meaning you pay the current market price for the asset immediately.

  • What is the difference between a 'limit order' and a 'market order' as described in the video?

    -A 'limit order' allows you to buy at a specific price you set, potentially getting a better price if the market pulls back. A 'market order' executes the trade immediately at the current market price for quick entry.

  • How can one determine the strength of a cryptocurrency against Bitcoin or Ethereum?

    -To determine a cryptocurrency's strength against Bitcoin or Ethereum, one should look at the price chart with the cryptocurrency's value denominated in Bitcoin (BTC) or Ethereum (ETH), which shows whether it's outperforming or underperforming these major cryptocurrencies.

  • What is the significance of comparing a coin's performance against Bitcoin and Ethereum?

    -Comparing a coin's performance against Bitcoin and Ethereum is significant because these are considered the 'blue chips' of the crypto market, and understanding a coin's performance relative to them can indicate its strength and potential as an investment.

  • What is the advice given for allocating funds across different cryptocurrencies?

    -The advice given is to allocate the majority of one's portfolio (80-90%) to the top 10 cryptocurrencies by market cap for safety, and consider allocating a smaller portion to lower market cap coins based on one's risk tolerance.

  • What is the 'EMA' mentioned in the strategy for buying and selling crypto?

    -The 'EMA' stands for Exponential Moving Average, a type of moving average that is used in the strategy to identify trends and potential buy or sell signals in the crypto market.

  • What is the 'golden cross' in the context of the provided trading strategy?

    -In the context of the trading strategy, a 'golden cross' occurs when the 21-day EMA crosses above the 50-day EMA, signaling the start of an uptrend and a potential buy signal.

  • How does the speaker suggest using the EMAs to determine entry and exit points in the market?

    -The speaker suggests using the EMAs to time entries and exits by buying when the price is above the EMAs and they are angled upwards (indicating an uptrend), and selling when the price falls below the EMAs and the 21-day EMA crosses below the 50-day EMA (indicating a downtrend).

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Crypto TradingBeginner GuideTrading StrategiesCryptocurrency MarketInvestment TipsDigital AssetsPortfolio ManagementMarket AnalysisTrading SignalsEducational Resource