If you’re looking to Bot Trade the crypto coin Binance Coin (BNB) 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 Binance Coin (BNB) 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 Binance Coin (BNB)
So the best way to trade Binance Coin (BNB) is to follow these steps, we cover all that you need to know for trading Binance Coin (BNB) 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 Binance Coin (BNB). 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 Binance Coin (BNB)). 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 Binance Coin (BNB), 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 Binance Coin (BNB) 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 Binance Coin (BNB) which means a very high chance of success. Even if you are only planning on trading the one coin (Binance Coin (BNB)) you still need to have several Binance Coin (BNB) 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 Binance Coin (BNB) 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 Bot Trade Binance Coin (BNB) 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 Binance Coin (BNB) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on Binance Coin (BNB) Trading
Another essential aspect of the coin is the volume of trade it undergoes on a per day basis. Now the central question is talking about is related to the working of the crypto trading bot! In this category, it would be instead converting the small runs of the money.In the beginning, if you are investing in crypto, then it is essential that you should analyze its trading volumes. By following the rule, you should always be taking yourself towards the crypto that has high daily trading volumes.
A coin which has high per day trading volume has higher tendency of it being effective as well as with high level of trust to invest among people. Hence it short opt for coins with high trading volume in 24 hours basis. 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. 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.
Scrutinize trading volumes
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. As you have identified the coins to bring into investment, you should look for the entry point for your investment.
It is highly essential for one to judge the developing background of the coin one is opting to invest. As you have wholly narrowed down with the list of some of the cryptos, you should look for the one that is considering having the potential to take-off faster than the rest. For this purpose, you should keep yourself up to date with the news.
It is somehow taken to be long term, but not too much of the short term. You will lost around $190 and that $1,000 which you did make the startup is the $810. Looking into the client base of the coin is also a pre-requisite while choosing the crypto-coin.
As one with slight software development knowledge can create cryptocurrency which may be spammed at some cases. “Don’t put all your eggs in one basket”. Especially in crypto trading never invest all your money in one Crypto coin instead keep shuffling them. Crypto is one of the most unpredictable markets where anything can happen. Hence it is quite important to look into the history of the developer of the coin while making the choice.…