Cryptocurrency trading has been making rounds. Everyone has been talking it. But you know what, its not just for ‘millennials’, even granny’s know how to make money buying and selling cryptocurrency.
If you are alive and not trading cryptocurrency, then you are probably still living in the Stone Age. You shouldn’t be left out of trading and making money in cryptocurrency.
Trading cryptocurrencies is a brilliant way to make money online, however, it isn’t as simple as many portray it to be. You must be conversant with crypto sites, crypto products, and know the best crypto trading bot as well as the best strategy to implement.
If you are going to make money in cryptocurrency trading the basics, here are some things you should know.
The history of Bitcoin trading: if you are going to be successful in any business, you need to start with the history. Bitcoin was conceived in August of 2008. A few months later, the whitepaper was published. At that time, bitcoin was trading for $0.06 per coin – many people were not aware of it at this time. As at 2013, Bitcoin was trading for $1000 per coin. The bitcoin hype of 2017 saw bitcoin reach an all-time high of $20000. Everyone, both the novices and experts wanted a fair share of this ‘awesome’ investment. But the ‘awesome’ was short lived as bitcoin started trading for as low as $6000 within just a few months. It has since then, maintained a steady fluctuation on all exchange.
What is Day trading and is day trading crypto worth it? In simple terms, Day trading refers to holding an asset for just a few seconds, to a couple of hours. The idea is that you sell your asset before the end of the day, hoping to make a small, but quick profit. Day trading might be easy (of course that is if you have the right information). But it is not as easy as many make it look. Imagine if you tried your hands on day trading while investing $1000, without putting a stop loss, you can lose everything in just one hour. But with the right information, if you day trade $1,000.00 worth of Ether for a week carefully and get lucky, you may make up to $500.00 per week assuming the price stays stable. So is day trading crypto worth it? Yes, with the right information and access to the best crypto trading bot.
Crypto trading bot: Crypto trading bots are computer programmes and indicators designed to monitor trends, and sometimes place trades on an exchange. The list for the best crypto trading bots is on the rise. There is either an addition or an update added to crypto trading bots every day. There are quite a number of them online. While some are free, others are subscription based. When picking the best trading bot, you will have to consider quality, usability, reviews and profitability.
Establish A Profitable crypto Trading Strategy: if you are ready to make money in cryptocurrency trading the basics, you should know two things – the best crypto trading bot and be prepared for short term losses and gains. Why short term? The best traders are short term/day traders.
The last step is to come up with a strategy that will make the day trading worthwhile. These are some things to know before day trading:
- Perfect knowledge of price patterns.
- How often is the market unstable, the trend and for how long?
- A good internet access to enable you execute exchanges on schedule
- Access to the top crypto sites to stay abreast of the news
- Don’t be greedy. This is the number one reason why many assume day trading is not profitable.
- Ensure you are trading on big and reliable exchanges only.
If you are willing and ready to make money in cryptocurrency trading the basics, you must note this – it is not a walk in the park. You must be ready to invest time and money. Lastly, you should be ready to lose a little too. How little you lose depends on the conscious effort you are willing to put into winning.