10 Step Guide for Day Trading Bitcoin, Ethereum and Litecoin

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In trading any financial asset, making mistakes is never a fun situation. So, how can one avoid making mistakes in trading the most popular trading instrument, Bitcoin? How can one be on the side of profits?

We need to understand that to be able to trade right; one has to be attentive and give total focus on the trading exercise. Second, and most important, trading is not for everyone. We are going to look at tips that you can implement in your daily trading; even though real-time applications is not guaranteed because of our human nature. Have a good reason when you want to get into a trade: Not every trader makes a profit when trading since it is a zero-sum game.

The Bitcoin market is driven by market makers whales who are patiently waiting for retail bitcoin traders to make mistakes. Even if you want to trade daily, sometimes it is better to stay on the sidelines, instead of exposing your coins when you feel the urge to trade. Ensure that you place clear take profit levels and stop loss levels when you place your trade. In fact, you need to have already identified your take profit and stop loss levels even before getting into the trade.

Most traders fail tips for trading bitcoin they put their heart on the fact that Bitcoin is a new currency and they are trading it. Some feel attached to the coin on the trade itself that they hope the trade will turn in their favor when in case, they tips for trading bitcoin trading against the trend.

Once you let your ego get into the table of making decisions, you are going to fail miserably. It is not fun to see a good move in the market that you missed. It can be tough to watch a crazy two digit gain that happens in minutes, and you are not in tips for trading bitcoin. At this point, losers jump into the trade, and before they realize, tips for trading bitcoin move goes against you, that's when it gets even worse.

Learn to be patient, accept the moves that you missed and be on the look for other opportunities. The Bitcoin market is a greedy place; you can either get eaten, or you eat. To be profitable, you need to identify high probability trades that you can lock in profits. You need to stop looking for picks and identify small profits that will accumulate to big ones.

In high-risk markets like the altcoin markets, you should never invest more than a small percentage in a trade. Trading tips for Altcoins. Most Altcoins lose their value rapidly or over time. You should take this point seriously when you are holding Altcoins over a long period. When this happens, you will be in a good position to sell with the whales. An ICO is a project where investors are offered an early buying opportunity of a token in what is referred to as a good price.

Investors get in with the hope that they will yield a profit over time. Tips for trading bitcoin recent times, there have been successful ICO's that doubled and even tripled in value. Some have been scams tips for trading bitcoin disappeared with tips for trading bitcoin until today.

Set goals by sell orders. You never know when a whale will match your command and pay low fees on the command side. To counter this, always make low buy orders. I then moved tips for trading bitcoin to helping people as a career counselor that specifically helped bring families to self-sufficiency through finding them rewarding careers. I have now semi-retired and write short informational books on self-help topics. Print Email link Post comment Share: Have a strategy when trading Have a good reason when you want to get into a trade: Plan your entry and exit points Ensure that you place clear take profit levels and stop loss levels when you place your trade.

Risk management The Bitcoin market is a greedy place; you can either get eaten, or you eat. Trading tips for Altcoins 5. Altcoins loose value over time Most Altcoins lose their value rapidly or over time.

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Exchanges can be hacked, go bankrupt or have crooks running the show behind the scenes. People have been burnt before, so treat them as places to make money and not your bank account. Learning how to read and understand charts is non-negotiable if you want to trade crypto in any capacity. The two most popular charting tools out there are Coinigy and Trading View.

My personal favorite is Coinigy. Life does in fact exist outside of crypto! All that being said, I do like to be able to keep tabs on my portfolio on the go from my iPhone. My tool of choice is Blockfolio. Blockfolio is an intuitive and powerful app, which lets you see price charts, order books and track your holdings of all the major coins and pretty much all the altcoins.

The safest way to store your crypto is to do so offline, or in cold storage. As I mentioned in point one, you never want to rely on exchange wallets to look after your money.

The top two cold storage wallets are the Ledger Nano S and Trezor. I personally use a Ledger and love it. It holds all the major cryptos, most Erc tokens and is adding altcoin wallets all the time. Investing in yourself is a good rule for life in general. Learning new skills is essential for progress in any endeavor you decide to take up, and trading cryptocurrencies is no different.

Start off by learning some trading basics. Join up with like-minded cryptocurrency enthusiasts online to learn how best to navigate and profit from this new and unfolding crypto-economy. Skip to content Tokens Tags Bitcoin exchanges trading.

So, you want to trade bitcoin too? Sign Up for the Top Exchanges Working with the top exchanges will save you a lot of potential pain down the line. Here are some of the most well regarded out there: Coinbase Coinbase has made buying bitcoin consumer-friendly, and remains to this day the simplest way to get involved. You can link your checking account to your Coinbase account to make transferring money a cinch. Bittrex This is probably the most popular exchange for altcoins, and often in the top 3 exchanges for daily volume.

Binance Binance is an up-and-coming exchange based in Hong Kong. Low transaction costs if you own their BNB coin are a lovely touch, as well.

Bitfinex — Usually in the top two globally from a trade-volume standpoint. For the more experienced traders out there, you can also short bitcoin here. Get a Solid Charting Tool Learning how to read and understand charts is non-negotiable if you want to trade crypto in any capacity.

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