Most people start learning about trading via videos like the one above. YouHodler can be a great way to multiply your BTC via Multi HODL or Turbocharge. However, to really excel in this sort of trading, you need extensive market knowledge. So where do you find a database with active users, free, high-quality information and potentially some new friends?
Surprisingly, Reddit is a great resource to learn more about Bitcoin trading. For those that don’t know Reddit, it’s a social news aggregation, web content rating, and discussion website. According to semrush.com, the discussion website is the 8th most visited website in the world and hosts a plethora of crypto-related discussion groups called subreddits.
Several Reddit communities can help you with Bitcoin trading. Here’s an overview of different discussion groups and what they are about.
The Reddit group r/BitcoinBeginners focuses on Bitcoin beginners who want to learn more about how Bitcoin works or ask for advice about wallets, trading platforms, or trading strategies.
Reddit is well-known for being very hostile to new users. This can feel quite intimidating for new users and shy them away from asking their first question. For that reason, the subreddit r/BitcoinBeginners offers a more friendly alternative to ask questions than their bigger counterpart r/Bitcoin where beginner questions aren’t favored.
As mentioned before, this is not a beginner-friendly subreddit. Although, it’s worth your time lurking around in the r/Bitcoin subreddit. Many important technical discussions around Bitcoin’s technology can be found in this subreddit. It’s a great community for learning more about the technical aspects of Bitcoin.
Moreover, this subreddit is great for finding high-value news that can affect Bitcoin’s price. To give you an example, a news article about eBay preparing to accept Bitcoin payments and exploring NFTs got heavily upvoted in the subreddit. Therefore, it’s a great subreddit for quickly finding high-value news you should consider while trading, especially day trading.
r/BitcoinMarkets is an open community for Bitcoin traders to discuss Bitcoin’s future price action. The subreddit hosts a daily thread for price discussions, technical analysis, event discussion, or other relevant topics.
This subreddit is excellent for beginners who want to learn more about technical analysis or understand how certain events can influence Bitcoin’s price.
The subreddit r/CryptoMarkets hosts a wide variety of discussions. Here’s an overview:
Weekly cryptocurrency discussions
Cryptocurrency news updates
Therefore, r/CryptoMarkets is an all-around crypto Reddit that will help you to become a better Bitcoin trader. On top of that, it will expose you to different coins and help you to learn more about other markets. There’s so much more than just Bitcoin trading. If you are looking to evolve from Bitcoin trading to altcoin investing gradually, this might be a great starting point.
The r/DayTrading Reddit community is not limited to Bitcoin trading. However, if you like to day trade crypto, it’s a prominent subreddit to learn more about day trading strategies and technical analysis aimed at day trading. Most people share screenshots of graphs paired with some analysis and ask for feedback or opinions. It’s beneficial to see different opinions, which will improve your analysis skills.
I think the conclusion is straightforward. Yes, Reddit is a great source for improving your Bitcoin trading. You can choose between plenty of subreddits focused on crypto basics, Bitcoin technicalities, trading strategies, and trading news. Of course, don’t treat Reddit as your single source of truth. Many other websites exist that can offer you guidance and tips on Bitcoin trading. My personal favorite for gathering trading ideas is TradingView!