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
Putting all of your eggs in single basket, or looking for important market movement is not the way that people make profits. You need to keep your eyes out for the little gains that will add up and accumulate into a large one.??This concept and complexity make money making many compounds inside the market world. For the beginners, knowing about the cryptocurrency trading is a hard task for sure.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.
But, of course, to be a practical currency, it requires the ability to be divided, and Bitcoin is no exception: each unit can be divided into smaller parts called 0.00000001 Satoshis. This ability to split makes it very convenient to buy things or to hire services.??But still for the beginners, they do come up with so many options too. It is ideal for the beginners and there is no doubt about this fact.??I know many of the crypto users don???t know about ONT but it is the only coin in the market which is currently giving huge profit to investors. In 2018, it has increased by 400% and is still increasing. This coin is best for those who want to make some quick profit and don???t believe in holding coin for a year or more.
Search for Entry Point
Another foremost aspect to look out for while trading cryptocurrencies is not to back all the fund on a single form of cryptocurrency as you would not like to be in the unfortunate situation of undergoing losses.??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.
But it is time-consuming in a sense that it would require your maximum time to sit down and do with some of the processing altogether.??Prices also can vary as per according to between exchanges. Along with the checking of the exchange fees and expenses, you should understand the volume requirements. Some of the trade have the condition that you purchase a minimum amount while others do not.
The first thing you need to do is always analyze the Price Comparison graph of the coin you want to invest in. After that check the trading volume of that coin and only trade in those coins which have high Trading Volume because they are backed up by a large community. Coins with low trading volume are not backed up and thus have risks of falling.??Their fees have the higher end at 5.5%. They do not offer their users with the wallet on top of the exchange.
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.??As one with slight software development knowledge can create cryptocurrency which may be spammed at some cases.??Liquidity of the coin is measured from the volume and volume percentage of the coin. Here one needs to be careful of the exchanges which inflate the coin volume to attract traders.…