In a highly competitive marketplace, it is no longer merely enough to follow the news. You will have to look for benefits elsewhere. Use Ethereum trading forums and blogs to guide you as you learn the trading protocols. You can also find a chat website where experienced traders will explain everything.
The virtual currency world is fragile, so you need to catch up with new developments. When shopping during the day with Ethereum, you should do your best to find and maintain the benefits. Here are some of the news resources and discussion forums to help you stay up to date with all the latest information related to Ethereum.
- Business Insider
- Coin Desk
- Coin Telegraph
- Cryptocoin News
- Brave new coin
- Crypto Insider
The price hike associated with Ethereum’s success means that mistakes can be costly. One piece of advice for Ethereum day traders is to keep speed in mind.
Ethereum is gaining momentum quickly, and if it doesn’t react quickly, it can lose more than it loses from rising prices. Timing is everything. You can jump $6 and buy it again for $3 lower, but before you jump $10 it only drops to $4. Then you can’t even drop at the price you sold. So, if you want the next price increase, you’ll have to buy again a few dollars more than what you sold.
Ethereum has flourished as a result of the cryptocurrency boom in recent years. After the massive profits of some of the early users of Bitcoin, cryptocurrency has gained a lot of attention. Ethereum’s market capitalization increased to $4 billion in 18 months after launching Ethereum in the fall of 2015.
Everyone wants a share, and this has created a special market value that some people find difficult to justify. Due to the unpredictable future of Ethereum and other cryptocurrencies, it remains a relatively risky asset to trade.
As venture capitalist, Tim Draper said, “This is very similar to what happened when the Internet was invented. It could be more than we’ve seen. On the other hand, JP Morgan’s CEO, Jamie Morgan, maybe closer to the goal when he said cryptocurrency is more than “fraud” (which led to a 10% drop in bitcoin prices).
Who among these two financial experts is right will be decided in the next few years as governments and businesses try to find a place and regulate cryptocurrency in the modern world. While this makes long-term investments in Ethereum risky, Ethereum’s outstanding trading volatility and volume make it a rich hunting ground for day traders.
Search Ether and open a ticket to make your first trade on the broker’s platform. Choose a trade size, specify a stop or limit, then click on the buy to sell or sell button to open your trading position.
And if you’re trading with a good broker, you’ll get more liquidity when you open a trade, giving you a greater potential to close your position at a price or rate you desire. This equally means higher profit potential. However, you must know how to profitably trade volatile markets.
To close your trading position, you need to move in the opposite direction to when you opened a trade. So, if you opened a trade by buying Ether, you should close the trade by selling. If you sold your ether when you opened a trading position, you can buy ether to close your position.
You are almost ready to open your first trade position. But before that, it’s a good idea to make sure you are fully aware of the latest developments related to Ethereum and Ether. Take a look at the News and Analytics section of the website to see what analysts have to say about cryptocurrency.
You can also do a technical analysis to help you decide when to enter your job. Technical analysis involves studying Ether’s previous price movements on a map and predicting which direction it might go using a variety of tools. On the IG trading platform, you can find a wide range of commodities including Bollinger Band, MACD, RSI, and more.
At this point, you can consider developing a trading plan. The trading system helps alleviate unwanted feelings while working in the marketplace by deciding when to open and close jobs.
Here are some tips to help you plan your first trading:
- Think about what you want to achieve and set daily weekly and monthly goals.
- Decide which markets to trade and study in detail.
- Find out how ready you are for each trading position and how much risk you’re willing to take.
- Use this information to determine your risk/return.
You may also have the opportunity to learn Ethereum trading strategies. Swing trading, for example, is about keeping an open position until the trends are over and identifying ether trends when they pick up. Otherwise, scalping means trading constantly and taking advantage of smaller price movements.
Open a trading account with a broker and move on to the second step below. For opening a trading account you will need your email and password first. The sign up is very easy to do. After that, you get access to the platform in practice mode. It is possible to test every function for free and without risk.
If you want to trade with real money, you should complete the account application. The broker will show you what you have to fulfill. It is important to verify your data and identity because the platforms are regulated. There is a high standard for security and anti-money laundering. Upload the requested documents and fill out the questions. After that, you can start trading.