Bitcoin Trading

Bitcoin was launched in 2009, but it was not until 2016 that the cryptocurrency market began to take off and become more widely accepted in society.

12:24 28 June 2021

In 2017, it experienced its most significant rally to date. This was preceded by a craze for the new and highly lucrative crypto industry, which saw every retail investor rush to get their hands on a piece of this revolutionary digital currency before it took off.

 

As a result of the adoption of the coin as legal tender, it has sparked domestic and international debates about its viability and the ramifications of its use as a legal tender. On the other hand, it has sparked an investment frenzy, with every investor clamoring for a piece of the highly lucrative coin in question. Now let's talk about how you can get this coin and make money from it.

 

Open a Trading Account

 

It is necessary to open a trading account with a brokerage firm before you can even consider investing in any asset or security.

 

The account opening procedure is straightforward, and in most cases, you should be able to gain access to your account within a few days of submitting your request.

 

There are numerous brokers in the cryptocurrency space, each of whom offers a variety of trading accounts. Although their trading platforms and pricing methods differ, their trading approaches, analysis techniques, educational and research content, as well as the indicators available on these platforms are essentially the same.

 

To trade Bitcoin and other cryptocurrencies, we recommend that you open an account with a highly regulated and reputable broker such as eToro, IG, etc. It would help if you had a dependable broker who will not let you down when it comes to ordering execution speeds, especially in light of the recent volatility in the market.

 

Select a Trading Analysis Method

 

Everyone knows that no one can predict precisely what will happen next about an asset or security price when it comes to the financial markets.

 

Trades are made to recognize patterns and signals, and other indicators that will increase the likelihood of one thing happening over another. This is why most people make use of trading software such as BitQL and others. Suppose you can improve your ability to read the markets and manage probabilities and possibilities. In that case, you will be in a better position to post a higher win-loss ratio for your trading transactions.

 

Technical Analysis and Fundamental Analysis are the two primary approaches to analyzing the cryptocurrency markets and making trades based on price action that traders can use. Those are the two most important branches of market analysis, and almost every trader and institutional player in the world employs and puts into practice what they have learned from them.

 

Choose a trading strategy.

 

The selection of trade analysis methods and the development of a trading strategy go hand in hand. Either has an impact on the other. When it comes to trading strategies, if you are more comfortable with technical analysis, you will be better off using short-term techniques such as day trading and scalping. On the other hand, fundamental analysis is more appropriate for long-term trading strategies such as swing trading.

 

Demo and Live Trading

 

Beginner traders should begin trading in the broker's real-time demo account to understand their platform better and become more familiar with the cryptocurrency market before moving on to live to trade.

 

Conclusion

 

You have to be patient if you are a new trader because becoming a crypto trader is not an easy task, and it is certainly not a quick one. Before you have mastered the fundamentals of trading, and particularly the foundation for technical and fundamental analysis, it will take you months to complete the course. Take your time to establish solid foundations; this will ensure a more promising future as a trader as well as a more seamless learning curve.