A practical guide to generate profits with Bitcoin and other cryptocurrencies
It is quite easy to trade with Bitcoin, once you have understood the basics. As the first crypto currency, it is pretty simple to buy and sell whenever you want.
Every time the price of Bitcoin increases, new investors or speculators want their share of the profits and earn huge sums of money. So why not you?
This guide will help you make the right decisions
First of all, make sure you are on a serious and safe regulated crypto currency exchange site, as it is the case of Union Btc.
Now, let’s take a look at the trading strategies that we already know work good:
There are several ways of trading Bitcoins and crypto currencies and that depends completely on what you want to win and how much time you are willing to dedicate to trading. Here are three main types of trading:
Intraday :
Traders, who use this technique, buy and sell stocks within the same trading day.
This allows you to take advantage of short term opportunities on the Bitcoin market that could arise as a result of an announcement that promotes the rise of this currency (For example: PayPal announcing that they accept payments in BTC).
Scalping :
If you like accumulating small profits several times a day, instead of waiting for a hypothetical big profit later on, the strategy of scalping is made for you. With this technique, you will make several intra day transactions of minor price movements.
Passive trading :
If you only want to enter the crypto currency market and try your hand, passive trading may be ideal for you. The idea is simple and timeless. Just wait for the prices to drop to a certain level and buy. Wait for the price to rise to a certain level and sell. However, unlike other ways of trading, the time between buying and selling can last several days, weeks even months.
The mistakes you should avoid:
Having an itchy palm
Something you need to understand is that crypto currency trading is a bit like gambling and is not an exact science. Do not overplay your hand, especially if you don’t have enough available resources.
Trading blindly
Negotiating without a strategy is a senseless task. Take your time and do some research. Learn more about digital currencies and discover some trading strategies. Do not hesitate to seek professional advice.
Giving in to emotion
Fear and greed are the two most common emotions among traders. Emotions can keep you from taking the right decisions at the right time. Do not give in to your emotions, stay as rational as possible.
Not learning from your mistakes
It doesn’t matter if you are a beginner or an expert, you will make mistakes. However, what separates professional traders from novices, is their ability to learn and to grow from their mistakes.
Do not hesitate to contact our advisors for more information.
