⭐ Merited by Micky25 (1)
Bitcoin and a couple of alts (ETH, XMR) have quickly become a huge interest of mine - after reading and thinking for some time I got in approximately 6 months ago, approximately 80% in BTC. Since I truly believe in the fundamentals I will definitely hodl the majority long term, buuuuut I am also tempted in adding some extra money for more frequent trading. Any gains would go to hodl... So far my most advanced strategy has been ""buy when it feels low"" (which has been accurate about 33% of the time...), but I would like to improve somewhat and both buy/sell with the new money I'm planning on adding.
be careful trading on your own sentiment alone. that leaves you prone to emotional trading (which might account for your accuracy). often the mind works like this: price rises, which causes your blood to boil as you're waiting for entry. price then reverses, filling your bids as you "buy the dip"---price felt low, etc. but then, price keeps falling.
Where should I start? What should I learn about? Even though I'm somewhat sceptical towards TA, does it work? Should I learn more about ""trading psychology"" and try to play bear/bull sentiments? Should I slowly start getting my feet into margin/leverage trading? Other advice?
the above is why it's worth learning technical analysis (TA). you need to learn how to recognize tops and bottoms to give you an edge in trading. left to emotions alone, you'll probably be left bagholding.
TA is not a crystal ball. it gives you some tools to recognize setups that have a probability of working out. nothing works 100% of the time, or even 80-90% of the time. that's why trading is hard work. TA is about providing setups to trade. then you need to employ risk management to ensure that you don't let your losses run. over the long run, if your setups are valid, then you should be profitable.
babypips is a good resource for learning TA and risk management basics. it's aimed at beginner forex traders, but the principles all apply to trading crypto: https://www.babypips.com/learn/forex