Aug 31, · If you are willing to trade and donot have the patience to ‘HODL' bitcoin for years, to be profitable in this volatile market, is to be very disciplined and you have to start implementing a short term trading strategy. Apr 14, · Because Bitcoin is more volatile than other tradeable assets, there will be a high number of profitable trading opportunities occurring each day. Like ordinary currencies, using technical indicators will make it easier to tell when price increases are likely to occur/5(48). Dec 01, · No, and in the case of Bitcoin, it almost never was. unless you were one of the very first people to mine Bitcoin, CPU mining has never been profitable. There was a time where one could profitably mine Bitcoin with GPUs, but again today, you really must have an ASIC and a deal witha power company to make any money mining Bitcoin in
Bitcoin trading profitableProfitable Bitcoin Trading | Bitcoin Trader
Nowadays social media is being used particularly by every human being under the age of 40 and to be profitable trading crypto, it is a must to have social media to get the most actual information about the markets.
The best place to go is Twitter, so it is crucial to set up an account there. On a daily bases, a lot of information is being shared by professional traders and it is very easy to start following them. After you have done all this setup, you are ready to enter the world of the crypto traders. In my opinion there are two types of traders: long-term trader swing trader and short-term traders daily. It is up to you to choose which best fits your character.
Whether you choose to trade short-term or long-term you need some extra tools to make good buying decisions. First you need to know how to do technical analysis which is the study of price patterns. A good place to learn this is Investopedia. There are also several tools out there for using daily charts, but the most popular is Tradingview. A proven fact is that retail traders who donot use a trading strategy often just throw their funds away and lose it all in the end.
To start winning trades and be profitable in the end is to use a system and stick to it at all time. This means you should be disciplined and avoid too many risks. See trading as a game where you can win but also lose and I will assure you, every trader has to deal with losses. If you lose a trade, never set up a new trade to cover your loss, it is not a casino!
It is very important to see the bigger picture of the market. If the market is bullish in an uptrend your strategy should be buy-the-dip, if the market is bearish in a downtrend your strategy should be to sell high and buy back lower. Never catch a falling knife! If you want to go short the market, find more info about it and also know the consequences when you are trading this way.
In my opinion you should avoid at any time trading with leverage. When entering a trade the market can turn against you at any moment.
Have a plan and also use targets. If you want to use different strategies, first do some paper trading and do some testing. Resistance can be used as an exit point for a transaction. A level of support can be used to predict where a downward trend can pause or rebound. This can be used as an entry point.
Market orders are the fastest way to enter or exit a trade at the best price available at the time. However, instant execution means that the price becomes secondary. When you place a limit order, it will only be triggered once Bitcoin reaches the price you set. Thus, you may get a better price if you are patient enough. Bear in mind that the price should be profitable for you but still realistic. The limit order will not be executed until there is a seller or sellers willing to accept the price that matches yours.
If the market price is lower, it simply will not execute your order. Here are the benefits of limit orders:. However, some aggressive trading techniques do not suit limit orders. In situations when fast execution is more important than the price difference, you should opt for market orders. When you are day trading, the activity on the exchange occurs very sporadically. Before you commit to any exchange, take your time to fully explore its functionality and thoroughly evaluate the drawbacks.
Here are the best crypto exchanges for Bitcoin day trading:. Many traders shared their experiences about their psychological struggles that have caused them losses. If you want to avoid quietly sabotaging your trading profits, adopt the right mindset:. Trading cryptocurrency for profit is a difficult craft in itself.
As you can see, future Bitcoin day traders have a lot of learning to do — from the technical aspect of this industry to controlling their emotions. Day trading may result in considerable profits as well as equally big losses. It is not for everyone. But if you take the trouble to research properly and utilize the right tools, such as Bitcoin day trading bot by 3commas, there is potential to make a great living. A proven leader, successful at establishing operational excellence and building high-performance teams with a sharp focus on value creation and customer success.
By Mikhail Goryunov. Login , for comment. Read on… ContentsIntroductionChoosing a contract to…. Recently, yield farming has started gaining popularity. This type of income attracts inexperienced investors as it does not require much…. Binance — vast functionality, basic and advanced exchange information, no lagging, on-the-go app. BitMEX — high leverage, no Bitcoin deposit and withdrawal fees, solid security infrastructure, simple interface. Bitfinex — margin trading feature, many order types, customized user interface, reliable security measures.
Kraken — an array of additional tools, suitable for all skill levels, account management services. Having clear entry and exit rules; Treating margin responsibly; Closing all open positions in time; Becoming fluent in technical analysis; Using risk-management tools; Sticking to the trading plan; Continuous learning.
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