With the “great plunge” in the stock market and the one-way spot trading, more and more people are choosing to embrace futures trading. Because the futures market allows traders to go long and short, they have more freedom in the market and the chance to double their wealth.
Besides, Bitcoin (BTC), the risk-averse currency, is also favored by more and more people in the turmoil of the stock market. However, admission is easy. It really is not easy to make money in the cryptocurrency market. To get a share of the market, it is essential to pay for some time to learn.
Today, we interview a senior crypto trader who has been involved in the crypto market for over 20 years. He will give you some helpful guidelines for trading him.
Can I consider myself a trader after several successful trades?
The well-known “beginner’s luck” rule also applies here. You can profit once or several times by opening random trading positions, but unfortunately it works differently. Behind every win there may be the next loss. However, most beginners are not mentally prepared to take losses. There have also been beginners who have been blinded by so-called “beginner’s luck”, investing blindly and avoiding the futures market after being forced to close their positions. In fact, successful and effective cryptocurrency trading must comprise several aspects:
- Current market situation. (Discuss the meaning behind the candlestick.) Keep track of community news, events, and discussions. This information can affect the trend of the market.
- How the trading instruments work (what types of orders are available, etc.). Understand basic technical analysis and how to read charts.
- Read trading signals and understand when to buy and sell. Analyze the trading patterns and movements on the chart to create the right trading strategy.
What should I avoid during trading?
- emotional trading. Trade with discipline. Emotional trading is very common, but if you ignore your own situation and go blind, you will eventually lose your money. Successful traders learn how to control their emotions and stick to their trading strategy.
- forgetigive yourself to set Take-Profit and Stop-Loss. Trading without stop-loss or take-profit is like driving a car without brakes. For all traders, setting take-profit and stop-loss can maximize your profits. As long as there is a position, it is always easy to open the next order.
- Trading too large positions. Newbies tend to invest in positions that exceed their own limits in the hope of making excessive profits, and when the market fluctuates, they are immediately out of the market. The best way is to make sure you keep a clear objective and define your trading risks.
How to choose a platform for crypto trading as a beginner?
There are as many exchanges as there are cryptocurrencies, and some of them are scam or shit. Some bad exchanges may charge unreasonable fees without warning. while the trading rules of others are simply difficult, so it can take a long time for traders to learn.
In fact, if you want to get familiar with the market and trading rules as soon as possible, an exchange with a demo account can be a good help. With a demo account, you can practice trading strategies, get familiar with trading rules and analyze the markets. Successful traders are always the ones who learn to analyze the market, stay on top of market news and keep trying different strategies.
Is there an easy trading method to make money with cryptocurrencies?
Actually, the answer to this question is both “yes” and “no.” The reason is that the market always provides an opportunity to make money for those who follow the market “in the current moment”. In fact, there are some platforms that provide beginner guidance and copy trading strategies, which can help you.
Bexplus is a professional cryptocurrency trading platform that provides a demo account and copy trading. Their copy trading unique gives investors who are just entering the market the opportunity to become veterans. It allows you to copy investment orders from experienced people, as well as customize the copy ratio of your order, set take-profit and stop-loss. You can also rescind the copied order at any time. For veterans, they can also get some benefits from their followers.
Why choose Bexplus?
Accredited by the FinCEN MSB (Money Services Business) from the US, bexplus is a reputable crypto futures trading platform. It offers futures trading with 100x leverage on a variety of trading pairs like BTC, ETH, ADA, DOGE, XRP. Also, it does not need KYC and is popular with 1 million people around the world. It is also known for the following features.
No matter you are a newbie or a veteran, Bexplus is very friendly to both, and you will surely enjoy investing in cryptocurrencies on Bexplus. ¡Click here to register and get your 100% bonus!
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