If you’re looking to Trade the crypto coin??Skycoin (SKY) 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??Skycoin (SKY) 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??Skycoin (SKY) is to follow these steps, we cover all that you need to know for trading??Skycoin (SKY) 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??Skycoin (SKY). 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??Skycoin (SKY)). 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??Skycoin (SKY),??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??Skycoin (SKY) 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??Skycoin (SKY) which means a very high chance of success. Even if you are only planning on trading the one coin (Skycoin (SKY)) you still need to have several Skycoin (SKY) 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??Skycoin (SKY) 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 Skycoin (SKY) 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??Skycoin (SKY) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on??Skycoin (SKY) Trading
Now, what is this currency all about? Cryptocurrency is non-other than the currency that uses cryptography as the way to convert information into uncrackable codes to track transactions.??Even though the present price of the coin is not that an indicative parameter to judge but can still give an insight of the market to assist your decision.With this gain in popularity has brought in the paradigm shift of trend to investing and trading this form of digital currency in the current financial world.
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 basis of technical analysis and sentiment as the set parameters to do the trading for a trader.??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.
If you are considering to make an investment in Crypto, then above mentioned crypto currency coins for trade are best options for you. Which one of them you will experiment first of all???This will let the user or the beginner get some sort of encouragement to donate even more and more. All these processes were developed with the aim as to encourage people to give even much more money and help essential causes in which you much care about.
Various exchanges permit short orders. This permits one to place bets on either side of Bitcoins price movements.??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.
The best way to reach to a conclusion as to which coin to opt for is, to begin with, researching.??It offers the range of lower fees. It make you offer with the resolution system, all along with the rating system for traders.
The fascinating part of this companies trading bot is that it is available 24X7, 365 days a year for traders.??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.??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.