There is no doubt that 2017 was the year of Bitcoin, and apparently, 2018 will be as well. Its massive explosion in popularity has created a huge buzz among traders, consumers, and investors. Low fees, transaction speed, value increases, and so many other factors have motivated and persuaded people from all over the world to buy Bitcoins and make it one of the best models of exchange.
Because of its popularity, large groups of traders have exploited the boom in Bitcoin trading and other cryptocurrencies. In an environment that can be described as unstable and turbulent, dedication and discipline are two essential factors for success.
If you are interested in Bitcoin trading, you have come to the right place. We are going to share some of the most important considerations you need to keep in mind to turn the volatility of Bitcoin trading in your own personal favor. Let’s take a closer look at all 5 considerations:
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1. Become more experienced in technical analysis
The structure of Bitcoin makes it quite special when compared to other currencies or asset classes. As you probably know, there are no governing body or central bank to influence its nature or valuation. Bitcoin pricing models tend to be unstable and most of them are speculative, ignoring an important deal of common financial theory. Before entering the Bitcoin and crypto markets, understanding the fundamentals of technical analysis is really important. The lack of essential market fundamentals places a stimulant upon applying indicators, analyzing pricing charts, and reading price action. .
2. Adopt and use a sustainable tempo
You need to keep in mind that Bitcoin trading is a marathon and not a fast sprint. One of the essential tasks facing Bitcoin market users is determining a schedule that is viable over a longer period of time. The truth is that no one can trade successfully or effectively 24/7. You need to make your own schedule, according to your needs and preferences, if you want to accomplish great results.
3. Make sure to follow the news items
Today everyone talks about Bitcoin, regardless of whether he has or has not relevant information. You can’t rely your decisions based on the news you hear or read online. There are no valid reports that you can take into consideration, however, you need to be in step with everything that is happening on the market and that means you need to stay aware and follow the news items. These items are totally capable of affecting Bitcoin price. If you want to be a successful trader and start trading Bitcoins like a pro, it is highly recommendable to get an access to a live news feed and keep a close eye on it.
4. Implement stop losses
Consistent unpredictability is a characteristic of Bitcoin markets. Valuations usually fluctuate between 5% and 10% per day and create amazing opportunities for Bitcoin traders with an appetite and desire for risk. Using stop losses is really important when trading Bitcoin and it is important to implement it somewhere in the market.
5. Utilize careful leverage
Leverage is a double-edged sword, so make sure to be careful. Too much promoted unstable money management and tool little can easily hinder performance. You need to find a balance and use careful leverage.
Are you ready now to trade Bitcoins? We hope these 5 tips will help you become a successful Bitcoin trader and trade effectively.
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