A new market is born through cryptocurrency – Bitcoin. As the most crypto, Bitcoin attracts millions of people around the world. Bitcoin trading is fast-paced, and everyone (I guess you too!) want to become a successful Bitcoin trader.
Bitcoin (BTC) offers you lots of possibilities to get the edge of the trade. But how can an “ordinary” or ‘newbie” become a successful in Bitcoin trading?
Let me share a few of the secrets I know in this article.
Here we go.
Don’t Use ALL Your Savings
Most traders forget this rule – only trade what you’re willing to lose. If you trade all your savings, you can’t handle the losses. Bitcoin’s price is volatile, and most of your decisions come from speculations. Don’t let panic selling your future as a seller.
Trade only the Bitcoins that you can lose so that you wouldn’t end bankrupt as a trader. If you have enough savings, you’re sure to have a successful trader in the future.
Technical Analysis for Bitcoin Trading
New BTC traders only consider two things in trading BTC – speculations and sentiments. But do you think these allow you to become a successful Bitcoin trader?
I’ll be honest – NO.
You need more than speculations to become successful as a trader. The technical analysis comes in handy for Bitcoin traders because they can create accurate decisions about their trade.
How does technical analysis work?
Bitcoin traders don’t need experts to conduct technical analysis. You only need to be familiar with patterns and charts so that you can have successful trades. Note: Technical analysis might be intimidating for first-time traders, but you’ll get used to this soon.
Take time to practice using patterns and studying charts so that you can come up with excellent strategies for your trade.
Learn and Correct Mistakes
It’s natural to make mistakes even in Bitcoin trading. Successful traders once had many mistakes before they learn what’s RIGHT about their trade. One of the secrets of emerging traders is they don’t dwell much on their past mistakes.
If other traders did it, you could do it too!
Mistakes in BTC trading are stepping stones to learn more and improve your strategies in Bitcoin trading. Once you know and correct your mistakes, you’ll be ready for the next trade. A good trader knows how to acknowledge his mistakes, but an excellent trader corrects his mistakes for the better.
Know the Latest Bitcoin News
Experienced traders are always informed about the latest news about BTC. From this news, they get insights and ideas on how to place their next trade. For example, current Bitcoin news affects the price of Bitcoin.
Once you know the current Bitcoin news and events, you wouldn’t experience any trouble in your future trades.
Profits and Losses Limit is Essential
Two of the most important things to consider in Bitcoin trading are profit and loss limit. Bitcoin prices tend to be volatile, so you wouldn’t know if the price would go up or down. Here’s where you need to place limits on your trade.
I’ll give you an example:
Bitcoin’s price sometimes would go down without you realizing it. Once you realize the low bitcoin price, it’s too late. You’ll regret that you didn’t sell your Bitcoin early. But if you think about cut loss, then your emotions wouldn’t get in the way of your trading decisions.
Meanwhile, a trader becomes greedy once he or she knows Bitcoin price goes up. But I mentioned earlier that the Bitcoin price is volatile, so the price might suddenly go down. Once this happens, it would be too late to sell your Bitcoin.
That’s it! The secrets every Bitcoin trader should know to become successful in Bitcoin trading. If you want to excel more as a trader, visit https://bitcointrader2.com and start your journey towards success! Now, are you ready to place your trade?
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