If you’re looking to Trade the crypto coin??Monero (XMR) 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??Monero (XMR) 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??Monero (XMR) is to follow these steps, we cover all that you need to know for trading??Monero (XMR) 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??Monero (XMR). 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??Monero (XMR)). 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??Monero (XMR),??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??Monero (XMR) 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??Monero (XMR) which means a very high chance of success. Even if you are only planning on trading the one coin (Monero (XMR)) you still need to have several Monero (XMR) 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??Monero (XMR) 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 Monero (XMR) 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??Monero (XMR) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on??Monero (XMR) Trading
Now that you have selected the coins to invest in, you need to find an entry point for your investment. Technical analysis has forever been the top strategy for finding an entry point when investing in financial assets.??If you are new in the field of crypto currency trading, then you would definitely be having a question in your mind that how much money you can make from crypto currency trading.Cryptocurrencies are highly volatile in nature is the most important of all tips to remember to begin with your course of trading.
The user interface of the exchange should be simple to use and clean to reject confusion. Having the basic indicators at the tip of your fingers and the simplicity of navigating via the platform should make it simple for any person to use the interface.??If you are looking to buy Bitcoin, then in this condition bullish engulfing candlestick pattern on top of the weekly chart that turns out to be the excellent indicator to make your way inside the market.??Although, the major restriction which lies with Profit trailer trading bot is that it is not meant for beginners as the need for setting the rightful automated trading strategies will only comes from experienced traders.
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.??It is focusing on so many payment methods such as bank transfer as well as credit card and debit cards too. It has 5% fees on credit and debit card purchases.
If you want to know that what sort of the what sort of the cryptocurrency you want, you will need to use certain exchanges.??Monero unique thing is that it has a complete anonymous payment system which makes it one of the most reputed coins in the market. A lot of darknet users use it and that???s why its value fluctuates a lot.
If you are beginner then for sure this piece of article will be coming about as much information for you! Here we will be moving on to the complete set of the guide that is all about the crypto trading bot and how it is being used for the beginner's easiness.??This is the most important thing you have to look before investing in any new coins. It will give you direct insight about what???s the future of this coin. Find for coins that are having accelerating growth for both of the factor (Price and volume). It will give you a better idea about the future of that coin than just merely predicting on your instinct.
You can view the image of the trade crypto currency as the electronic email system too. You might do not get to know that how you should make the use of it in a better way. But it can surely be standing as one of the fair means of the communication in the middle of you.??One such form of development in world of Cryptocurrency are the trading bots which are basically computer programmes that recognize trends and execute trades on your behalf.??Always begin with your trading when you are certain of your reason as why you want it which would help develop a definite strategy to go forward with.