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BITCOIN TRADING CAN BE PROFITABLE

Overall, the Bitcoin market is vibrant, and you can make a profit even when the prices are dropping. You just need to make a correct prediction of what the Bitcoin price will be in the next few hours, days, weeks or months. We hope that you found this guide to be informative, and you will take advantage of the current Bitcoin volatility and turn a profit.

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BITCOIN MARGIN TRADING

You may also wish to explore other forms of Bitcoin margin trading, whereby you buy or sell. When you place a buy order, you anticipate that the Bitcoin price will rise. Once they do, you will sell them to close your position, and therefore make a profit. When you place a sell order, you anticipate the Bitcoin price will drop. When it does, you buy back the Bitcoins and the difference is your profit. Your broker lends you the Bitcoins to trade with, hence the term margin trading.

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PLACE A TRADE

The first step to make a trade is to settle on a position, followed by placing a trade on whatever platform you chose. The process of placing a trading includes entering the amount you want to stake, and defining the close conditions. For example, you need to set a close position when the market moves against you. That allows you to stop the losses before they get out of hand.

You also need to set a limit that allows you to close your position when the markets are still moving in your favor. With stops and limits, you can manage your risks with greater control.

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RESEARCH PRICE TRENDS

This might seem obvious but you need to take your research seriously. While past data will not guarantee the future, it is a good indicator of market conditions at different times. Always trust what the data says over your emotions, and make sure that you don’t use it to trade outside your trading plan. Next is the final step, which is to place your Bitcoin trade.

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DEVELOP YOUR TRADING PLAN

You need a trading plan even after you have chosen a trading strategy. A trading plan will help you to make disciplined trades instead of acting out of emotions when stakes are high. That way, you will not let your position stay open for too long or close one too early. In that regard, follow the tips below when creating your trading plan.

  1. Set your short-term and long-term goals that you need to achieve from Bitcoin trading.
  2. Come up with a number of the acceptable financial risk for each trade, as well as an overall number for all your Bitcoins.
  3. Come up with a risk-reward ratio that will justify how much you are willing to risk on each trade.
  4. Choose the type of Bitcoin markets you will trade, such as a binary option Bitcoin versus Dollar pair.
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AUTOMATED TRADING BITCOIN

With this method, you fund your account and sign up for a trading-bot.  A trading-bot is a program that uses algorithms to decide when to buy Bitcoins, and then sell Bitcoins at a profit. Even though you are outsourcing the trading to bots, there is no guarantee that you will make a profit. There are hundreds of such bots on various platforms, although we do not recommend that you trust them with your life-savings. However, you may want to try them with money you are willing to lose.

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SCALPING TRADING BITCOIN

This is where a trade takes small profits by selling when there is a small price change after they have bought their Bitcoins. The trader using thus strategy has to have a solid exit strategy. That is because if a huge but negative price change occurs, their previous small profits will be wiped out. The strategy requires the trader to place many small trades, have a live-feed of market prices, and possibly a direct-access broker, in order to make timely trades.

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SWING TRADING BITCOIN

In this method, you trade for periods ranging from two days to two weeks. You buy your Bitcoins with an anticipation the price will rise in the next few days, at which point you will sell to make a profit. It is same with day trading, except that the trade lasts longer than a day. As with any trade, you may turn a profit or lose, depending on how correct your prediction was. Other times, you will just get your money back after you pay the broker fees or platform fees.

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DAY TRADING BITCOIN

This is where you buy your Bitcoin and sell it within the same day to make a profit. You may buy and sell several times during the day. You buy when you think the price is likely to rise. You then sell later in the day to make a profit, not make a profit or loss, and in some cases, a loss. This strategy is used for short-term movements only.

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OPEN AN ACCOUNT

You will need to open an account with a Bitcoin exchange or a Bitcoin broker. The exchange or broker will connect you with other traders. Their job is therefore to offer a trading platform to Bitcoin traders. Your choice of broker or platform will depend on factors such as trading fees, eligibility of your country of residence, minimum and maximum operating balances of the platform, funding and withdrawal methods available, as well as account verification. Overall, most Bitcoin trading platforms have an easy and simple account opening process.