If a trading chart looks scary, don’t worry, this is not an article that dissects the beast. This is an article that tells you how to become a pro bitcoin trader; specialised websites will talk about. Do you want your story to be a successful one?
Then you shouldn’t try to jump into business before understanding what this step implies. We will introduce you to the basics of cryptocurrency trading, a beast many are afraid of, but that can even a dummy can defeat. Let’s get started.
Save Enough Before Trading
Don’t use your rent money to start trading. Success stories don’t start this way, at least not in the cryptocurrency industry. Bitcoin’s price is volatile, and most of your decisions come from speculations, so your investment is at high risk.
Save money for this purpose, and invest only the amount you’re comfortable with losing. If you stick to the rule to trade only what you afford to lose, you’ll not be worried and stressed, and you’ll experiment with various methods and strategies. Panic selling is the worst enemy a trader can have, and it ruins your investments if you are afraid, you’ll lose your rent money.
Establish What Your Limit Is
Greenie traders are tempted to make impulse decisions during high volatility periods. Before your first investment, decide what your limit is. Success stories prove that professional traders don’t make reckless choices. They set a cut loss and profit target price before starting the trade.
Get Technical Analysis Skills
Do you want to be an amateur trader your entire life, or do you want to join Erik Fineman and Jeremy Gardner in the top successful Bitcoin stories? If success is what you seek, then you need to base your strategies on technical analysis.
It’s intimidating to study volume charts and use patterns, especially at the start, but if you’re patient, you’ll gain the needed skills. Start with candlesticks and order books, and you’ll get to sophisticated Bitcoin strategies.
Read Newspapers Daily
Worldwide events influence Bitcoin’s price. Sometimes news regarding Bitcoin influences its price, but many other times, international events affect it. You should follow news websites from around the world to find out the latest news on Bitcoin before it impacts your investment. Use all the knowledge you get from reading newspapers to make decisions regarding your investments. Does a revolution start in Africa? Chances are the Bitcoin market will show volatility signs.
Chew Over Your Mistakes And Move On
It’s inevitable to make mistakes when trading Bitcoin. But it would be calamitous for your business to overthink the mistake you made. Only because you made an unfortunate investment, it doesn’t mean you’re a loser. You should understand why your trade went wrong, evaluate the situation, and determine how to modify your methods to avoid it in the future.
Will you make another mistake? Probably more than once, but if you learn from your experiences, you can use them on your next trades. There will be wins, and there will be lost. No excellent success story talks about people who did it right from the start.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.