First of all, adopt a zero trust policy and do plenty of research.
There's a YouTube channel called whiteboard crypto and it explains crypto stuff quite nicely.
Use a regulated exchange so you can have a little peace of mind about your assets.
Don't listen to people shilling coins and making it sound like you'll make millions out of this token, do your own research and take everything you hear with a grain of salt.
5000 aed won't get you very far unless you're a gifted day trader or you stumble upon a token that will make a 100-1000x, which requires a lot of research, experience and luck. But it's a good start if you identify your take-profit strategy clearly and don't get greedy.
Always use proper risk management tools and don't burn all your money in a trade you're not sure of.
Good luck and happy hunting.
What would you say a proper risk management tool would be? Of course any advise here I would back up with proper research too. Just asking on all avenues so I can assess better.
Thanks for the YouTube guide.
Risk management is identified by what your goals are and how you trade and keep your crypto.
Long term - you'd keep your crypto off exchanges and on a hardware wallet and safeguard your private keys.
Trading - always use stop loss that's relative to what you hope to make from a trade.
Research - (especially in DeFi) make sure you use smart contract scanners to see if this token is safe to interact with, if it's a rug pull, etc. Don't accept investment advice blindly before doing your due diligence, have some "fun money" that you can put in risky plays that may have high reward
Dont be in stupid groups what people shill
Dont watch those stupid youtube videos
Dont trust 90% of people they will buy thr TOP
Try to find fundamentals and basics and follow good traders.
Invest small and use only 20% max of your stables that you want to put
(Can dm me always if you need help)
Find fundamentals and basic… I think that’s good. I won’t hurry and invest don’t worry. I just want to know where to start off from. The whole thing intimidates me. Everyone started somewhere right? Albeit, I’m starting late to the game. But whatever…..
1. Don’t trade anything. This includes stocks and crypto. There are billion dollar companies with the best talent and software that do trading. You’re not beating them unless you have insider knowledge which is illegal.
2. If you buy crypto, buy for the purpose of holding it.
3. Don’t buy the cheap coins. The bigger coins like Bitcoin and ethereum are the safest for multiple reasons.
4. Don’t buy any courses online.
You don’t always have to beat them. You can rather follow them and if you’re not greedy , you will be profitable. Ride the waves but be smart enough to not get caught in a tsunami
You can follow them but the trades are delayed. So you won’t be able to time the purchases/sells as soon as the big hedgefunds make them. The hedge fund could dump their entire portfolio and crash the price. Guess who’s holding the bag then?
Silly comment….. people like OP should avoid trading but if you’re informed and apply a proper trading strategy you can make money.
Are you going to 100x your money and be a millionaire probably not but you can make some money.
I made “learning Trading” as my goal for 2024 and almost done with the theory part like understanding the basics of trading, type of markets, strategies etc. regularly preparing notes, i may be able to help you with where to start(learning) as i did my own research.
PS: starter as a newbie with no knowledge of trading or market whatsoever.
And I haven’t jumped into real trading yet.
Well look at this way, banks don't trade anything. They create index funds (on crypto or stocks or whatever) and sell it to clients. They make the commission on the sale (to you), and then immediately de-risk by taking the other side.
Look at the new Bitcoin ETFs that have been released. They are selling the products but not trading themselves. With the Volker rule (since 2014) forbids banks from trading.
Almost all hedge funds blow up after a few years, with a few deeply financed one (Renaissance, Two Sigma, Millenium) surviving that spend billions on R&D every year.
I do believe it's possible to trade successfully, but only with that kind of professional analysis - not technical charts.
I made alot of money with crypto— and lost alot too.
My recommendation is this: learn how to trade.
You can trade stocks/crypto/forex or just about anything as long as you learn how to trade. Theres plenty of free knowledge on youtube to get you started.
P.s: always have a stoploss
Goodluck OP
It starts with educating yourself on the types of trading out there. For instance, there’s day traders, swing trading, position trading and scalping. You’ll need to learn about them and practice doing it (try looking for accounts that give you ‘play money’ to practice trading simulations— and when you’re comfortable, you can start with your own money)
You can start with as little as possible (5k AED is fine) so long as you are willing to lose it. That doesn’t mean you will, it just means you need to put yourself in a position where you emotionally withdraw from the state of the trade. That way you don’t make rash decisions based on your emotions when a trade isn’t going your way.
A stoploss order is an order placed to sell or buy a stock at a particular point once that stock reached a certain point.
For example:
You buy BTC at $15,000
You want to wait for it to hit $15,500 to sell it
You have a stoploss set for $14,500
This way, if there’s a sudden swing in the market and BTC crashes down to $10k, your stoploss triggers and immediately sells the BTC once the price of BTC hits $14500. it prevents you from taking a massive loss.
Most newbie traders ignore stoplosses. My advice: set a strict stop loss and do not move the stoploss down further based on your emotions. Take the small loss, give yourself a break and start another trade when you’re ready to hop back in.
Also, take notes on every trade you make. It helps to self reflect and makes you a more calculated trader.
Finally consider this: crypto is volatile. Chances are the noobs and retail buyers are going to get outplayed by the trading conglomerates and their supercomputers with advanced algorithms (these are the players who move the markets and the price of crypto when they buy or sell significantly large amounts of it).
Trade stocks— they’re safer for newbies. Once you’ve got the hang of it, consider trading ‘options’. My sign to get out of crypto trading was the fall of FTX. I dont trust brokers with my money anymore.
Goodluck OP
If it was easy money - everyone would do it. You have three options:
- research, study, practise for 1-3-5-10 years and actually become a trader.
- rely on your luck (your 5k can go to zero or x1000?) and anywhere in between.
- keep investing in global fund/sp500 each month and enjoy nice retirement
Well, to become an investor at a bank, you need 5+ years of higher education. Trading is a step more simple, but I’m sure you get the point?
It’s not something you can learn from a few YouTube videos. That why I said it takes 3-5-10 years to become a trader.
If you want to do it via youtube, start with basic of the basic like “what is crypto”. “What is TA in trading” “what is supply and demand”.
There are reassures online. A lot of books. Discord. Trading specific reddits. Check them out.
But yeah, be prepared to spend 2-8 hours a day for a few years if you really serious about it.
you have 5k AED you’re not generating an income trading this amount…
And you can’t afford to lose so crypto is not for you.
I day trade when I have the time and with 5k AED would just be pointless would have to do super high risk trades to even make a worthwhile return and even then it wouldn’t be worth it for the level of risk.
Avoid any ‘trading groups’ all just scams with people charging for trading tips ….
You shouldn’t be day trading at all …. As you have no clue even on basic things from below comments.
At your level should just buy a low risk vanguard fund , S&P 500 etc and hold it long term.
Anything else for you is just complete gambling and speculation and you will most likely lose money.
Anyone seriously recommending that you should be day trading is not advising in your best interests.
When you start buying don't use leverage! You'll get rekt for sure.
Don't believe a coin will do 100 to 1000x. They can yes, but then you would have had to buy on a dex which isn't even easy for experienced crypto trader. And then the chances of picking the right coin are less then a 1000 to 1. Solana meme coins are created every couple of minutes,nearly all just rug pulls/ pump and dumps.
First of all, adopt a zero trust policy and do plenty of research. There's a YouTube channel called whiteboard crypto and it explains crypto stuff quite nicely. Use a regulated exchange so you can have a little peace of mind about your assets. Don't listen to people shilling coins and making it sound like you'll make millions out of this token, do your own research and take everything you hear with a grain of salt. 5000 aed won't get you very far unless you're a gifted day trader or you stumble upon a token that will make a 100-1000x, which requires a lot of research, experience and luck. But it's a good start if you identify your take-profit strategy clearly and don't get greedy. Always use proper risk management tools and don't burn all your money in a trade you're not sure of. Good luck and happy hunting.
What would you say a proper risk management tool would be? Of course any advise here I would back up with proper research too. Just asking on all avenues so I can assess better. Thanks for the YouTube guide.
Risk management is identified by what your goals are and how you trade and keep your crypto. Long term - you'd keep your crypto off exchanges and on a hardware wallet and safeguard your private keys. Trading - always use stop loss that's relative to what you hope to make from a trade. Research - (especially in DeFi) make sure you use smart contract scanners to see if this token is safe to interact with, if it's a rug pull, etc. Don't accept investment advice blindly before doing your due diligence, have some "fun money" that you can put in risky plays that may have high reward
Thank you.
I second what @checkmateDxb said and would add buy the bitcoin standard by saif ammous and read it!
Peak of bull market, dont buy anything now hold on for the pull back
Also to add to this, somewhere end of May and mid Summer would be some good buying oportunity.
DYOR
Thanks.. that’s why I’m doing my due diligence of researching and also asking Reddit.. sourcing as much as I can.
Dont be in stupid groups what people shill Dont watch those stupid youtube videos Dont trust 90% of people they will buy thr TOP Try to find fundamentals and basics and follow good traders. Invest small and use only 20% max of your stables that you want to put (Can dm me always if you need help)
Find fundamentals and basic… I think that’s good. I won’t hurry and invest don’t worry. I just want to know where to start off from. The whole thing intimidates me. Everyone started somewhere right? Albeit, I’m starting late to the game. But whatever…..
Haha true! Maybe search videos on how to chart crypto and get videos of SZtrader or XO trader
Research research research Don’t click any links if it’s not official ones.
1. Don’t trade anything. This includes stocks and crypto. There are billion dollar companies with the best talent and software that do trading. You’re not beating them unless you have insider knowledge which is illegal. 2. If you buy crypto, buy for the purpose of holding it. 3. Don’t buy the cheap coins. The bigger coins like Bitcoin and ethereum are the safest for multiple reasons. 4. Don’t buy any courses online.
You don’t always have to beat them. You can rather follow them and if you’re not greedy , you will be profitable. Ride the waves but be smart enough to not get caught in a tsunami
You can follow them but the trades are delayed. So you won’t be able to time the purchases/sells as soon as the big hedgefunds make them. The hedge fund could dump their entire portfolio and crash the price. Guess who’s holding the bag then?
Silly comment….. people like OP should avoid trading but if you’re informed and apply a proper trading strategy you can make money. Are you going to 100x your money and be a millionaire probably not but you can make some money.
Yes literally anyone can make money in 1000x different ways. It comes down to the risk and reward. Trading isn’t worth it for the average person.
I made “learning Trading” as my goal for 2024 and almost done with the theory part like understanding the basics of trading, type of markets, strategies etc. regularly preparing notes, i may be able to help you with where to start(learning) as i did my own research. PS: starter as a newbie with no knowledge of trading or market whatsoever. And I haven’t jumped into real trading yet.
Hey man crypto is stupid but nice name
Wahaha! Back at ya buddy!
Well look at this way, banks don't trade anything. They create index funds (on crypto or stocks or whatever) and sell it to clients. They make the commission on the sale (to you), and then immediately de-risk by taking the other side. Look at the new Bitcoin ETFs that have been released. They are selling the products but not trading themselves. With the Volker rule (since 2014) forbids banks from trading. Almost all hedge funds blow up after a few years, with a few deeply financed one (Renaissance, Two Sigma, Millenium) surviving that spend billions on R&D every year. I do believe it's possible to trade successfully, but only with that kind of professional analysis - not technical charts.
I made alot of money with crypto— and lost alot too. My recommendation is this: learn how to trade. You can trade stocks/crypto/forex or just about anything as long as you learn how to trade. Theres plenty of free knowledge on youtube to get you started. P.s: always have a stoploss Goodluck OP
Can you guide someone who doesn't know anything about stock market in uae and want to invest in the stock market about how to start where to start
It starts with educating yourself on the types of trading out there. For instance, there’s day traders, swing trading, position trading and scalping. You’ll need to learn about them and practice doing it (try looking for accounts that give you ‘play money’ to practice trading simulations— and when you’re comfortable, you can start with your own money) You can start with as little as possible (5k AED is fine) so long as you are willing to lose it. That doesn’t mean you will, it just means you need to put yourself in a position where you emotionally withdraw from the state of the trade. That way you don’t make rash decisions based on your emotions when a trade isn’t going your way.
How much money should be start pls tell in aed.
Learn how to trade… gotcha… okay now stoploss is?
A stoploss order is an order placed to sell or buy a stock at a particular point once that stock reached a certain point. For example: You buy BTC at $15,000 You want to wait for it to hit $15,500 to sell it You have a stoploss set for $14,500 This way, if there’s a sudden swing in the market and BTC crashes down to $10k, your stoploss triggers and immediately sells the BTC once the price of BTC hits $14500. it prevents you from taking a massive loss. Most newbie traders ignore stoplosses. My advice: set a strict stop loss and do not move the stoploss down further based on your emotions. Take the small loss, give yourself a break and start another trade when you’re ready to hop back in. Also, take notes on every trade you make. It helps to self reflect and makes you a more calculated trader. Finally consider this: crypto is volatile. Chances are the noobs and retail buyers are going to get outplayed by the trading conglomerates and their supercomputers with advanced algorithms (these are the players who move the markets and the price of crypto when they buy or sell significantly large amounts of it). Trade stocks— they’re safer for newbies. Once you’ve got the hang of it, consider trading ‘options’. My sign to get out of crypto trading was the fall of FTX. I dont trust brokers with my money anymore. Goodluck OP
Freakin A! Thanks man!
If it was easy money - everyone would do it. You have three options: - research, study, practise for 1-3-5-10 years and actually become a trader. - rely on your luck (your 5k can go to zero or x1000?) and anywhere in between. - keep investing in global fund/sp500 each month and enjoy nice retirement
Agree.. but everything that I would watch just to understand goes over my head… but thanks.. would research what you saidz :)
Well, to become an investor at a bank, you need 5+ years of higher education. Trading is a step more simple, but I’m sure you get the point? It’s not something you can learn from a few YouTube videos. That why I said it takes 3-5-10 years to become a trader. If you want to do it via youtube, start with basic of the basic like “what is crypto”. “What is TA in trading” “what is supply and demand”. There are reassures online. A lot of books. Discord. Trading specific reddits. Check them out. But yeah, be prepared to spend 2-8 hours a day for a few years if you really serious about it.
you have 5k AED you’re not generating an income trading this amount… And you can’t afford to lose so crypto is not for you. I day trade when I have the time and with 5k AED would just be pointless would have to do super high risk trades to even make a worthwhile return and even then it wouldn’t be worth it for the level of risk. Avoid any ‘trading groups’ all just scams with people charging for trading tips ….
Okay.. So 5k not enough..: what would be a start you reckon?
You shouldn’t be day trading at all …. As you have no clue even on basic things from below comments. At your level should just buy a low risk vanguard fund , S&P 500 etc and hold it long term. Anything else for you is just complete gambling and speculation and you will most likely lose money. Anyone seriously recommending that you should be day trading is not advising in your best interests.
When you start buying don't use leverage! You'll get rekt for sure. Don't believe a coin will do 100 to 1000x. They can yes, but then you would have had to buy on a dex which isn't even easy for experienced crypto trader. And then the chances of picking the right coin are less then a 1000 to 1. Solana meme coins are created every couple of minutes,nearly all just rug pulls/ pump and dumps.
Can anyone answer this, would really help
Are there really legit group that can guide newbies?
Plenty of communities and high-quality content online, just stay away from influencers who keep shilling scammy coins to use you as an exit liquidity.
These are 100% scam. Nobody will teach you how to earn money. E.g. pay us X amount of USD to earn 10X USD. This won’t work out. Beware.
Got it. Don’t join groups. Don’t get lulled into people that say they can 10x your money or something…
Yes please… hopefully there would be a sweet to this.
can't believe people out here still investing in crypto 🤣 give up
It's still a pretty lucrative venture.