There are many ways to trade Bitcoin, but most involve a LOT of work and have little to no payoffs. Today I share my top 10 tips on trading Bitcoin efficiently without too much effort while at bitcode method platform.
*Bonus Info: The easiest way is by using the futures market!
- Make sure you know what you’re buying and selling at all times. With cryptocurrencies, it’s hard enough to understand what they are but possible by researching crypto before entering a trade (or even better, before purchasing).
- DIVERSIFY! Diversifying your funds is a crucial part of trading. Like the stock market, cryptocurrencies can go up and down, so you should cash out quickly. If you have all of your eggs in one basket (no pun intended), it will be easy to hit hard when the price drops steeply.
- If you don’t have time to look at charts every second, don’t trade. If you are willing to do something else, it will only matter if you have a trading bot that could make you almost 100% profit throughout the week.
- Don’t make your trades just because it’s warm outside; this is where greed comes in. While it’s hard to miss out on an opportunity due to high volatility, it’s even worse to miss out on a huge opportunity because of greed. Try bitcode method today!
- Don’t get greedy! If you see an amazing bullish candle and decide to buy it, then make sure to cut your losses quickly. This is how people get into trouble; they get greedy and buy something without enough money to cover their payments.
- When looking for a new coin/token, do your research! Before making a trade, do some easy searches or even ask on Telegram/Bitcointalk or Twitter to learn more about the cryptocurrencies you’re looking at.
- This is more of a tip for those looking to start trading, but it’s important. Even though you may be a big trader, you can only be an expert at some coins/tokens there! It’s impossible.
- Don’t go into every trade blind. While doing research is good, it’s even better to know the facts.
- This can be an important one. Many traders starting will often make their first trades because of panic or FOMO. This is a big mistake.
- Don’t try to trade to profit from small profits; do it because of the pleasure you get from trading cryptocurrencies. Some people think they always need high returns on their investments, but I don’t believe this is true.
This has given you an idea of what it takes to trade with some success. The best traders get their information from something other than the tips above; they get it from experience. I know many people who don’t want to do anything else but trade. That’s great, and we can all strive to do it at bitcode method.