If you’re looking to Trade with the crypto coin??Bitcoin (BTC) then we have details on how to do that below, trading is much better than holding (or hodling as some say) as you can increase your investment sum as well as the value of that investment over time. So you can trade??Bitcoin (BTC) and other coins too if you’d like and increase the balance that you have of that coin, all while the value of that coin increases too which means very big profits.
So the best way to trade??Bitcoin (BTC) is to follow these steps, we cover all that you need to know for trading??Bitcoin (BTC) and other alt-coins so that you can make easy profits:
- There are a few different accounts that you are going to need to open those first, the first is Binance as this is where you will be trading your??Bitcoin (BTC). Binance is easily the best crypto trading platform as it has by far the lowest fees, has the best coins and is also very easy to use.
- The second account is Coinbase, this is where you buy the initial Bitcoin (you trade in Bitcoin so use it to buy and sell??Bitcoin (BTC)). We recommend that you start with a small amount while learning to trade but enough to cover several concurrent trades as you need those as you’ll never be 100% successful in all trades so you need a good amount to allow for the occasional one that goes bad (they’re not bad for long though as you just hold these until the price increases so that the bot can sell them), so we recommend $150 to cover this.
- Once you have bought some Bitcoin you simply need to send it to Binance so get your Bitcoin wallet address from Binance and then use that on Coinbase to send all of the Bitcoin to Binance.
- So once the funds have arrived you are ready to start trading, but in order to do that you are going to have to understand indicators as these are what are used to signal that a buy or sell is needed. The best thing to do is to go to TradingView and use the interactive chart for??Bitcoin (BTC),??have a look at the indicators for data like RSI, MACD, SMA, EMA and Bollinger Bands as these can all be used to signal your bot to buy (or sell). So the best thing to do is to simply play with those indicators and try to match them up to the highs and lows of the??Bitcoin (BTC) price, so for example when the RSI is low the price is generally low or you can use crossovers for indicators like MACD, SMA or EMA as they usually indicate a price increase.
- So once you understand the indicators (just experimenting on TradingView is easily the best way to do that although there are lots of guides online) you are going to need a trading bot and by far the best is??Profit Trailer. This is because it’s very fast and effective, most bots are slow and so miss opportunities or sell too late and so can ruin your trading business but Profit Trailer is so fast and effective so is easily the best choice. You will need to download the bot and run it and then set it up, you will need to enter your Binance API keys and then set up your settings (see the Profit Trailer Wiki for great information on that).
- So enter your settings and use the Wiki to understand them, use those that you have used on TradingView and that you can see work for??Bitcoin (BTC) which means a very high chance of success. Even if you are only planning on trading the one coin (Bitcoin (BTC)) you still need to have several Bitcoin (BTC) positions open so be sure to use a percentage of your balance like 10% for each trade as not all will succeed (they will eventually but you will have to wait on the failures for the price to increase enough to sell again, which the bot automatically does), so having lots open means that most will succeed so you keep the trading going at all times which means more profit.
- You then need to have a selling strategy and Profit Trailer can use lots, we find though that a simple Gain amount with the trailing feature turned on is the most successful (so it will sell at likely the highest amount possible before the price falls back down). So if you are only trading??Bitcoin (BTC) it’s much better to trade rather than hold, see??Compound Daily for an idea of how you can grow your investment, at the same time as the price is generally increasing over time too so huge profits!
- To withdraw your profit you are going to have to transfer Bitcoin (or any other altcoin that Coinbase support) back to Coinbase and then transfer the funds to your bank account from Coinbase as Binance don’t allow you to withdraw to a bank account.
- Don’t withdraw all of your funds though, it is better to keep it growing and so withdraw a small amount like 20% per month so that the total investment grows and so do your profits.
- Lastly, don’t fall for any scams as there are so many in the crypto world, the companies mentioned here are 100% safe and that’s easily verifiable online as they are huge companies. If something sounds too good to be true, it is!
So that is how you can Trade with Bitcoin (BTC) and make a lot of money doing so. Holding does just that, as the value of the coin increases you obviously make money, but if you are trading??Bitcoin (BTC) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on??Bitcoin (BTC) Trading
They will be asking the users to provide away the wallet address to send the purchased cryptocurrency.??Not every person is going to in from trading, and it is value remembering that for every person that wins, there is someone that is losing on the other side.Always buy your new crypto coins when they are at their dip to make most out of it and Never ever buy them when they are approaching their peak price. It???s obvious but a lot of people still do this mistake of buying coins at their peak and then end up losing all the money.
Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors.??The first thing you need to do is always analyze the Price Comparison graph of the coin you want to invest in. After that check the trading volume of that coin and only trade in those coins which have high Trading Volume because they are backed up by a large community. Coins with low trading volume are not backed up and thus have risks of falling.??You should be having a complete know how that where your exchange of choice is located. This is for the reason that every single state has with its laws and policies regarding the purchase of cryptocurrency.
The money will be on the whole get separated while you are into the money purchasing modes and you will often be getting the feeling as if you are donating it.??The company will be taking into account with then smart contracts in respect with the idea that to stay complete transparent about who is receiving the donations.
One more factor that you have to keep in mind is to find those coins which have a strong team of veteran users because they know how to correctly market the coin. A coin that is backed up by strong CEO and other members will perform 100 times better than a coin which is not created by veteran users.??If you have enough patience, then you can wait for some time and earn with some of the amount. You can give a look around and check if anyone is ready to provide you with the service which you want to get.
Then comes the step of parameter setting which would help you go about your day while letting your bot do the trading for you. One such important feature is DCA (Dollar Cost Averaging) which you keep up the profit for your coin even though the market price is falling.??This concept and complexity make money making many compounds inside the market world. For the beginners, knowing about the cryptocurrency trading is a hard task for sure.
The best way to reach to a conclusion as to which coin to opt for is, to begin with, researching.??With current evolution and advancement of technology and advent of new form of digital currency named cryptocurrency, new trends are coming into limelight.??The Bitcoin is not backed by a material well and gets its value from the simple faith that people have in it will be accepted by others. Like the common currency, its price fluctuates with demand there is for possession, but unlike the currency, Bitcoin is limited in its production of 21 million units.