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.
Trading Monero (XMR)
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
Try to figure out that whether your selected payment method is accepted at checkout or not. Some of the crucial exchanges accept major credit cards, wire transfers, cash or Paypal. As the number of cryptocurrencies increase and more hard instruments like futures enter the crypto space, making cash in this market is going to get harder.Try to search for the exchange site that uses an HTTPS instead of an HTTP. HTTPS is mentioned to be the immediate indicator that the place is safe and secure.
Don’t get tempted by fast profit wait for the coin to fall and then buy it. This is the basic rule of Trading: Buy low, sell high. It has also garnered many happy customers by providing consistent standard outcomes. The most important aspect to remember for trading is to always be careful not to splurge beyond ones means of income.
Coinmama is also mentioned to be the beginner friendly crypto coin. It put the main focus on the credit and so as the debit card purchases. Before you make the final mind on committing with the business with an exchange, you should be taking into consideration the types of payments that are accepted. For this purpose, you have to spend some course of time on the exchange to look for the payment method.
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. Perhaps the greatest achievement of Satoshi Nakamoto is that of having solved the problem of double spending in a decentralized system, has revealed that both economists and programmers.
Ripple is one of the fastest crypto currency available (it only take 4 seconds for a transaction to get cleared) in the world. They are led by CEO Brad Garlinghouse, who has worked for many top companies and is doing very good work in marketing the coins. In fact they even promoted it on the Ellen Show which shows how good they are marketing the coin. They will be asking the users to provide away the wallet address to send the purchased cryptocurrency.
This is needed for the reason that you do not want to deal with the exchange that is dealing with funds stolen while making the transactions. On the realistic terms, if you will be day trading the $1,000 worth of Ether for at least one week then you can make up to $200 per week. On the last we will be discussing about LocalBitcoins. They step ahead as it offers a peer-to-peer (P2P) exchange. It would let the users in terms to trade among themselves individually.