Research the Market

The only sure-fire way to become a successful bitcoin trader is to do your homework and get to know the market.

This is not a straightforward process as many of the practices used to evaluate other financial markets do not apply to bitcoin. It’s a largely speculative field and the effects of global news and events on bitcoin value are very unpredictable.

That said, there are steps you can take to broaden your understanding.

Technical analysis is a key research skill so take the time to practice reading charts and identifying patterns to inform your trading strategies.

You should also be wary of bitcoin tips from other traders. The nature of the market means many people are waiting to profit from the inexperienced. These same people are all too happy to tell you the ‘right time to buy’ in the hope of pumping value so they can exit on a big win. Never take advice on face value and do your due diligence before entering a trade.

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