All you need to know about bitcoin trading revealed here.
How Trade Bitcoin
How to trade Bitcoin: We’ve already discussed what Bitcoin is and how you can make money with it. What we are going to talk about here is, how you can trade and make money with Bitcoin. (Consider this as part 2 of our last post). There are a lot of ways you can trade Bitcoin and other alternative coins (Altcoins), we’ve discussed p2p which will feature Paxful, cos we consider them as one of the largest p2p cryptocurrency platforms.
In this article, we are going to feature Binance because they have all the trades options and features, I mean multiple options on their platform.
Firstly, what is Bitcoin trading? It’s a simple term, an act of buying low and sell high, Bitcoin is not like other stock markets like forex, which has closing days and times. You can trade Bitcoin anywhere, anytime you want, even in the middle night.
Example of Bitcoin trading;
You buy Bitcoin at the rate of $8,000 per Bitcoin, and wait till the price increases to $9,000, then you sell it. You make $1,000 in profits within months or days. Unlike investors, that buy and leave Bitcoin for years in order for the price to increase.
Example of Bitcoin investment; One Bitcoin was $31 in June 2011, if an investor bought then and leave it till now that the price has increased to $9,000 – $10,000 per Bitcoin, then sell, that means he’s going to make $8,969 – $10,969 profits. That’s pretty cool but everyone can not wait for that couple of years, only investors.
This is not trade but investment (I just touched there)
We have 3 types of Bitcoin trading.
- Scalp Trading.
- Swing Trading.
- Peer-peer Trading.
Day trading strategy attempts to make substantial profits on small price changes. We already know that cryptocurrency prices fluctuate, it happens minutely or hourly. Scalpers possibly make their profits within the fluctuation periods. Scalpers can make dozens or hundreds of trades in one day.
Peer – peer / P2P Trading
We discussed it in our last post. Buy from someone’s at a low price and sell to another person at a higher price.
This is becoming more popular. Scalp Trading allows you to understand the right time to enter the market, set your target and, stop loss. For instance; let say analysis shows to us that Bitcoin price is going to fall, so I’m buying anytime it falls to $8,000, I’m going to sell when it rises to $9,500, but if the price fall below $8,000, I’ll sell all my Bitcoin at $7,500. $8,000 is my entry price: $9,500 is my target (Take Profit): $7,500 is my stop loss. (We’re going to learn more about this terms at Binance Academy which I’ll link us to). This type of trade may take up to many weeks or months.
By now, I believe we have understood the important things about the Bitcoin trade, but we still have a lot to learn.
I’ll give some tutorials and how to get started with Binance. Firstly, you need to register and verify your account, (verifying is optional but I recommend it).
Click here to Sign Up, make sure you put my referral code in referral box, you’re not going to be charged for this, however, I may get a commission for referring you.
Fill all the required details, move your mouse to sign up button, and click on the “Sign Up” button.
Verification pin would be sent to your mail inbox, check it, and verify your email.
You’re done with the registration.
Binance allows you to buy Bitcoin with your Credit card, very easy, fast, and safe. The next is to fund your wallet.
For more info on how to sign up click here and read on Binance Academy
Option to buy Bitcoin is on the homepage, enter the amount you’ll like to buy, choose credit card as a payment option, very fast, easy and safe.
For more info about how to fund your wallet, click here to read from the Binance Academy.
I believe by now, you’ve got some BTC into your wallet. Remember: Bitcoin is an act of buying low and sell high, I won’t be able to cover everything about Binance here, however, Binance has covered all you need to know about them. There’s an academy for newbies.
Bitcoin trade is the act of buying low and sell high, but how do you know when to buy low and when to sell high? The truth of the matter is that nobody can predict what Bitcoin would do, however, analysis can get you going and you would almost do it right 70%.
We have 2 types of analysis, Fundamental analysis, and Technical Analysis.
It is a method of evaluating the intrinsic value of an asset and analyzing the factors that could influence its price in the future.
A trading discipline employed to evaluate investments and identify trading opportunities by analyzing statistical trends gathered from trading activities, such as price movement and volume.
I’ll give tutorials on how to make analysis later, both Fundamental and Technical. However, we have some experts that’s making analysis for you and publishing them on the platform, (Tradingview). Not all the analyses are perfect but I’ll recommend 2-3 experts for you at tradingview. Firstly you’ll need to register. Click here to sign up on the Trading view
Follow the Experts below.
With them, you can make successful trades.
You’re capable of trading Bitcoin now but I recommend, I repeat I recommend you go through BINANCE ACADEMY before you start trading.
Facts About Bitcoin Trading
Bitcoin price is volatile The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. … Bitcoin should be seen as a high-risk asset, and you should never store money that you cannot afford to lose with Bitcoin.
You can start with as low as $1, but nobody will sell that lower amount for you, the truth of it is that the higher your capital is, it’s the higher your profits would be.
Join the Binance telegram channel to know more and see what guys are discussing about Bitcoin.
Disclaimer: Bitcoin should be seen as a high-risk asset, and you should never store money that you cannot afford to lose with Bitcoin.
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