Many people are wondering how to do “Bitcoin Trading”. They may have heard of it, but they don’t know how. In this article I am going to show you how to do the best trade.
It’s very simple, as long as you have some sort of trading system set up and ready to go. You should not be trading every single day, but more like once a week. I also recommend that you use software for this purpose to make your life a lot easier.
The first thing that you will need is an open trading account and an exchange rate that you can rely on. This is vital, as there are a lot of people who will try and scam you out of your money, so make sure that you have an up to date and accurate exchange rate. You can find out how the market works by looking at forums and trading software. If you want to use the software it will take you a few minutes, but if you use a trading account you don’t even have to leave the comfort of your own home.
Once you have your platform set up you are going to want to make sure that you have your stop-loss in place. It may seem a bit strange to have a stop-loss set up, but if something goes wrong it can be very expensive. A good rule of thumb is to always double what you are risking. If you double your loss you will have made your initial investment back a lot faster.
Next you are going to want to look at all the different websites that offer trading platforms. The main benefit to them is that you can trade on the internet from anywhere in the world. It is also very convenient. There are many different sites out there to help you make sure that you have all your bases covered when trading.
Once you have all your software set up and tested, you will want to open an account with one of these sites. The only thing that they require is a user name and password. You will then be required to deposit some money into their trading account to start. If you do not have money on the site then you can sign up for a free account to test the trading platform first.
Make sure that you do some research on your chosen site. Try to find out what the market trends are like, the average volume that you will be facing, and what time of day it is that the market is open. You will want to check this out often, especially during the day. if you want to do your trading early in the morning and late in the evening. These are both very volatile times.
Do not get tempted to take the first trading software that comes along. The competition is very high and there are a lot of programs out there that will give you the same results as some of the better ones out there. Take your time to do some research and find the ones that have a track record.
When you are ready to start trading, make sure that you are comfortable trading your way up to a higher price. Some of the top traders can trade a thousand dollar and make a hundred dollars in a blink of an eye. Do not try to go all in at the beginning. You will end up making bad trades and not being profitable.
Finally you are going to need to make sure that you understand what it takes to keep your stop loss and profit levels low. A lot of the top traders will be able to hit a certain target price for a long period of time and make a decent profit and then keep it low so that you will never want to trade that direction again.
There are a lot of advantages to learning how to do bitcoins trading. Not only will you learn the basics, but you will have the knowledge to succeed in the market.