How to start trading on Gdax and make some money

Like I said in my Previous Post , I’m going to share how I started trading on Gdax and actually started to earn profits.

Is it easy? Yes and no.

If you know how to read candlestick charts, if you have some sense of the trends going on in the market, and if you keep an eye on the latest news in the crypto-world, then yes, however there is a lot more to reading a chart than just the candles but more on that in a future post.

If you trade based on your emotions, fear and just gamble, then no.

I myself made all the mistakes you can make as a beginner. I would buy if I would see the price go up and hold on too long. Then I’d sell out of fear when the price went down too much. After that, I’d move on to the next “hot” coin and do the same thing. I traded with my emotions and chased the coin, looking for a shortcut. That’s not how you should do it because you will only lose money, time and sleep.

Check Out These Best Resources for Gdax Trading:

I started searching on YouTube for someone to explain how to get started trading properly on Gdax and found the videos of Crypto Corey to be great. Here is part 1 of a series of 4 videos that explains just this:

I started reading charts. I took the time to recognize patterns and see when is the right time to buy and sell. This was huge. I kept buying and selling, making a 5-10% profit each time.

Here is an Excellent Article on learning to read candle stick charts.

Use Limit Orders.

The next huge change I made was to stop buying and selling at market price. Instead, I began setting limit orders for a certain price.

For example, if I would buy Litecoin for $240, then I’d set a limit order that whenever it goes up to $257, it would auto-sell for me, even if I’m sleeping. Also, you don’t pay any fees on Gdax with a limit order. However, market orders do charge you a small fee, and you don’t control at which price you buy or sell your crypto-coins.

To Trade Like a Boss, You Have to Change Your Mindset.

One of the most important things I learned was to cultivate patience when trading. Sometimes it’s simply not a good time to trade. You have to recognize when it’s better not to buy or to hold -- but just wait. Like right now while writing this, we’re in the middle of January 2018, when the whole crypto-market is down more than 30%. Many people will panic-sell right now and lose a lot of money. Still, the best thing is to hold on and wait it out, patiently. It will go up again.

Now go get started on Gdax and make your first trade.

Tomorrow, I’m going to talk about the dangers of holding on too long to coins that you should have let go of already.

Cheers,
Cryptoist