Cryptocurrency trading strategies using Bitcoin
What is the top coin to shoot for when learning cryptocurrency trading strategies? Bitcoin, of course. This is the king of coins and can produce the best trading results when done correctly. It is probably one of the most wanted of jobs at the moment, since currently we are having a beautiful bull market. What are some of the finer tips on a trading strategy using Bitcoin? Let’s take a look at that very thing right here in this article on cryptocurrency trading strategies.
You must understand Bitcoin to trade Bitcoin
Back in the day, December 3, 2015 to be exact, Bitcoin was trading at around $361 dollars, USD. Then, somewhere close to the end of 2017 it was trading at around $13,000 dollars, USD. That is a huge spread of market value! What is the point? There are two points. The first is that those who started to trade Bitcoin at the end of December of 2015 and continued to hang in there until the end of 2017 made tons of money. The second point: Those who had entry into the market at the end of 2015 and did not hang in there lost one of the most spectacular ways to make money in the history of cryptocurrency. Sure, it is possible that Bitcoin could go back to $361 dollars. It is not likely, but it is possible. The bull markets and bear markets of the king of coins should keep a trader sober. Look at history and get to know Bitcoin in the big picture. A word to the wise is sufficient.
Use an exchange that has no trading fee
Newcomers to the world of cryptocurrency trading strategies need help. It is prudent to have as little loss as possible while trading. Some exchanges have little to no fees. Yes, that is right, at least one Bitcoin trading platforms has zero fees! That would be the Robinhood exchange. (Link). They say there is no charge to open an account, there are no commissions, and no fees to transfer funds to an account. Trading and saving money at the same time is a great strategy, is it not? It sure is. There are fees that the SEC charges at Robinhood, but that is no fault of theirs. Outbound account transfers are charged. But to get started, there are no fees at Robinhood.
Study technical cryptocurrency trading strategy terms
The graphs that are shown in the online Bitcoin cryptocurrency exchanges are complicated. Attempting to use them has a learning curve. Nevertheless, we are going to talk about a few of them here. While we already talked about trend lines on another page, there are plenty of other terms for new traders to learn. One is called the; “limit order”. This is where a trader tells their Bitcoin exchange that they want to buy or sell at a certain price or lower. If the price of a Bitcoin is at $7000 you would tell the exchange program to buy at $6999 or better. In other words, the highest you will ever pay for a Bitcoin is $6999. This is called a “limit order”. There is a whole world of terminology to learn while becoming a successful Bitcoin trader.
The bottom line of trading Bitcoin successfully
Getting that joy of feeling a successful trade is the name of the game. If you are a person who likes puzzles, this is for you. Figuring out the inside workings of a profitable cryptocurrency trading strategy is the goal. Because, like others, you can do it over and over and make even more money. Good luck!