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“A goal without a plan is just a wish.”
If your goal is to make money from Bitcoin trading, you need a clear-cut strategy and a solid plan that complements your overall trading strategy to realize your goal. But devising your very first Bitcoin trading strategy can be difficult, especially if you are not familiar with the market.
Creating Your First Bitcoin Trading Strategy
There are a few steps that can help you ease into Bitcoin trading and create a viable strategy.
1. Find Funds You Are Comfortable Losing
Even the best traders make bad calls and lose a lot of money by making foolish trades. As a beginner, you should get comfortable with the fact that you will lose money, probably half the time. Therefore, the very first step of your Bitcoin strategy should be finding the money you are comfortable losing. It shouldn’t come from your necessary expenses, your retirement funds, or your emergency stash. If the stakes are so high, you won’t be able to make bold, risky, and potentially profitable trades.
2. Learn About The Most Common Bitcoin Trading Strategies
Before you devise your first Bitcoin Trading strategy, you should become familiar with what Bitcoin traders are already doing (and what’s working). HODLing, where you hold Bitcoin for days, weeks, or even months, is probably the most comfortable and relatively safer strategy for a beginner, but it’s more akin to investing than trading. If you have the time to dedicate to Bitcoin trading, look into the most common day-trading and scalp-trading strategies like range-trading, bid-ask spread, arbitrage, and margin trading. Start with the strategy that is most easy for you to understand and execute.
3. Leverage Practical Learning
One problem with Bitcoin trading or even day-trading in the stock market is the research. You have to spend a lot of time poring over relevant resources, watching videos, understanding the technical analysis, etc. While doing this, valuable trading opportunities might be passing you by. One way to expedite this learning curve is by jumping into the deep end of the pool. Do a little bit of research and enter the market with a minimal amount. You can buy fractions of Bitcoin to start with, but we would recommend trading with some other crypto assets (with high volumes) as well, so you get to see different patterns and trends. You will also learn which crypto assets are as vulnerable to social media and mainstream news as Bitcoin is. This will allow you to learn and put that learning to practical use right away; instilling good trading habits are reflexes into you.
4. Choose The Right Tools
The right yuanpaygroup.site doesn’t make all the difference, but it can an important element of your first Bitcoin strategy. The ease of use, news, tools, features, safety, and even the community around a trading platform can be instrumental in helping you become a successful trader.
Final Words
With a basic knowledge of the market, a small number of disposable funds, knowledge of the known strategies and technical analysis of Bitcoin price patterns, and the right trading platform, you can dip your toes in this lucrative and profitable market.
An important thing to remember is that some elements of your first Bitcoin trading strategy should be flexible, while others should be more rigid (like the trading amount). If you start making successful trades, you can put more skin in the game and increase your probability of losing a lot in the hopes of winning big. Your trading amount is one part of the strategy you shouldn’t deviate from. Other elements you can modify as you learn more about Bitcoin trading.
BTC is the future of crypto and the questions traders ask themselves now is if this is right time to invest? Well, before jumping into conclusion i think you should take a look at things first; for the past few months the price of BTC has been fluctuating which means the market is currently unstable and you can’t tell if it is going bearish or bullish. While others still continue to trade without the fear of making lose, others are being patient. It depends strongly on the pattern with which you trade and also the source of your signals. I would say trading has been going smooth for me after accumulating over 6.7BTC in just two weeks, with the trading strategy given to me by Miles Josh Berg, his strategies are top notch and profitable. get this dude on Telegram @Miles62