4 tips to trade Bitcoin and have profit!!!
The recent buzz on cryptocurrency – especially Bitcoin – is making amateur and professional traders alike invest more money on the markets as it became easier to trade on them. But before you go to an official broker, we recommend that you read our 4 tips to trade Bitcoin and have profit and find out how good this is for you.
As you might know, the technology behind cryptocurrency is the blockchain , which is essentially an infinite ledger where all the transactions made around the world are registered and confirmed by all the computers in the encrypted network, granting the veracity and accuracy of the transactions. But technology details apart, the following 4 tips to trade Bitcoin and have profit will definitely help a lot your trading career.
- Learn how to buy your Bitcoins
This may seem silly, but many people really want to trade Bitcoin or other cryptocurrency and have profit but have little or no idea where to buy them and get started. Luckily there are many stores available and we do recommend using either Coinbase or buying straight from broker.
The advantage of buying you Bitcoin, Litecoin or other altcoins from a broker is you can usually get them at better prices as you will be trading with them after you purchase the coins. They always offer special conditions. leverage and other options to start trading.
- Follow a strategy
When you start trading on cryptocurrency you should have defined goals and some amount of patience for possible mistakes, because they do happen. A good Bitcoin trading strategy to follow is to look at the market patterns that form over different periods – 6 hours, 24 hours, 2 days, 4 days, a week and so on.
Make sure to read about and understand a bit more about the coins you want to trade and have a look on coin’s charts to see overall trends. You can also limit trading to certain hours of the day to avoid precipitated decisions that could make you lose your precious coins.
- Be careful with ICO scams
You might have seen recently all these Initial Coin Offerings (ICO), and most of them turned out to be big scams. It is important to do a good research on the ICO and the company behind the new coin before investing in it.
Also, it is wise to never invest too many funds in a single ICO – it is always good to diversify on the ICOs, but if possible go for more known coins.
- Have discipline
Last but not least, exercise all you discipline when trading. Never trade under pressure and always align your buy and sell orders with your goals. Follow the news on social media, TV or your broker’s advice and choose the right time to get out of the trade.
And do not let the excitement get the best of you, remember one very important thing: the goal is to make profit, even if you don’t hit the jackpot on your first Bitcoin trade, is important to keep trading steadily with your goals very defined.