If you’re looking to Trade the crypto coin??Stellar Lumens (XLM) 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??Stellar Lumens (XLM) 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??Stellar Lumens (XLM)
So the best way to trade??Stellar Lumens (XLM) is to follow these steps, we cover all that you need to know for trading??Stellar Lumens (XLM) 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??Stellar Lumens (XLM). 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??Stellar Lumens (XLM)). 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??Stellar Lumens (XLM),??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??Stellar Lumens (XLM) 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??Stellar Lumens (XLM) which means a very high chance of success. Even if you are only planning on trading the one coin (Stellar Lumens (XLM)) you still need to have several Stellar Lumens (XLM) 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??Stellar Lumens (XLM) 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 Stellar Lumens (XLM) 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??Stellar Lumens (XLM) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on??Stellar Lumens (XLM) Trading
There is a wide range of the traditional strategies that can somehow be applied on the cryptocurrencies through which you can make money in a complete volatile manner. Let's discuss some tips to do cryptocurrency trading successfully!??The easiest way to find new coins is to follow Reddit hype. Just join some Reddit Bitcoin subreddits and see what everyone is talking about and going to invest in.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.
There is a higher percentage of people who are getting involved in the crypto investment and are learning some new ways to make money.??They are known as the medium of the cryptocurrency that has been most importantly taken into account as the standard source for giving away the donations. The primary objective mission of this company is all about helping out the people who are in need of using the blockchain technology.??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.
Exchange choosing option
So, these have been few of the significant and essential tips which you need to keep in mind when you are trading in cryptocurrency.??Never talk about how much you invested online and use strong passwords for each account linked to your crypto life. Remember it???s very hard to get your coin back once it gets stolen. Therefore, always secure your coins first.
Problems on your confirmation process, deposits/withdraws, funds evidence and trading orders should be fixed fast by the exchanges, or it could cost compromise you cash, time and well-being.??The easiest way to find new coins is to follow Reddit hype. Just join some Reddit Bitcoin subreddits and see what everyone is talking about and going to invest in.
The market loves those coins which can do something new and are not just ripping off BTC. BTC became famous because it was new at that time but now new coins just copy them which don't impress old users.??Kraken is mentioned to be another better cryptocurrency exchanges. It is stepping ahead in providing with the reliable as well as high-security environment. They do offer high liquidity with low fees and fast setup of funding.
Research and study well from historical charts and trends before trading. As much as study of previous charts is important so is charting your own money course is to make rightful investment decisions. Alongside always make sure to stay updated on current news affair.??The top way to use technical analysis in finding an entry point is to know candle stick patterns. For example, if you are looking to purchase bitcoin, then a bullish engulfing candle pattern on the weekly chart would be a best indicator that it is time to invest in the market.??Here I shall bring into picture the trading bot of company named Profit Trailer. Profit trailer is one such company of Cryptocurrency which alongside selling its own Altcoins is taking the internet with its smart trading bot which would assist in selling and buying already well market established coins.