Bitcoin is becoming more and more popular these days. This virtual currency has been gaining a lot of attention in recent months. For example, the price of a single Bitcoin has grown more than 5x in the past month.
That means that Bitcoin trading has become more accessible than ever before. That also means that more and more people want to get involved. If you’re one of those people, you’ll love this article. It provides a quick overview of the resources you need to become a professional Bitcoin trader in just 5 simple steps. Let’s get started.
Step 1: Find a Bitcoin Exchange.
If you want to start trading Bitcoin, the first thing you need is a Bitcoin exchange. There are many exchanges out there, with varying degrees of reliability and trustworthiness. Some exchanges have been hacked in the past and lost customer funds, while others might be more trustworthy. To help you decide which one to use, you can use sites like Bitcoincharts.com or Blockchain.info to find reviews and ratings for each exchange.
You also want to make sure that your chosen exchange offers services in your country of residence, if possible. This is important because some regions don’t allow Bitcoin trading or only allow it on certain exchanges. For example, China doesn’t allow any trading at all. If that’s the case where you live, then you might have to look elsewhere for an exchange that does offer services in your area.
Step 2: Set Up a Bitcoin Account.
After you’ve decided to become a Bitcoin trader, the next thing you’ll need is a Bitcoin account. Many different providers offer this service. A quick Google search should give you an idea of who to choose.
Some of the most popular Bitcoin exchanges include 1K Daily Profit and Bitstamp (although there are plenty more). The good news is that they are all fairly similar, so you can use the one with the best reputation or lowest fees.
Once you have your account set up, it’s time to link it to a bank account or credit card. This will allow your trading platform to withdraw funds from your bank account automatically after successful trades. This also means that if Bitcoin prices drop, your money will be safe from an expensive mistake.
Step 3: Learn the Lingo.
You have to learn the language of Bitcoin trading. This means understanding terms like “the order book,” “fiat currency,” and “limit buy/sell.” The good news is that every Bitcoin trading platform will have a glossary of terms for you to read through.
Once you become familiar with the terms, start reading about other trading strategies on sites like Investopedia and TradingView. These types of resources are invaluable for helping you understand how the market moves and what you need to do to be successful as a trader.
Step 4: Master Short-Term Trading.
Bitcoin trading is a short-term game. The currency is volatile and the price can fluctuate 10% in a single day.
If you’re going to trade Bitcoin, you want to be able to react quickly to changes in the market. That means that your strategy should revolve around getting in and out of trades quickly.
You’ll want to avoid holding your position for an extended period so that it doesn’t impact your profit margin. You can hold onto it for a few minutes if you have a trade with a low entry point, but anything more than that isn’t worth it.
The best traders know how to manage their risk and exit when necessary. They also know how to enter trades at the most opportune times during volatile periods.
A lot of people who are new to this sort of thing think that they need tons of capital before they start trading Bitcoin, but this isn’t the case at all! You can trade Bitcoin with as little as $100 or less if you know what you are doing. You don’t need to start with large amounts of money; just have patience, learn what works best for you, and stay consistent with your trades!
Step 5: Go Long-Term Trading.
The last step to becoming a professional Bitcoin trader is going long-term trading. If you’re just looking to make a quick trade and turn a profit, this step may not be for you. Going long-term trading means that you’re investing in Bitcoin for the long haul. You’ll need to buy more bitcoins and hold onto them for at least three months – preferably six months or more. This will allow you to profit from the price increase of Bitcoin over time.
You’ve been intrigued by the potential of Bitcoin for a long time. You’ve watched the price of Bitcoin rise and fall, and you’ve finally seen enough. You want in on the action.
Most importantly, you want to invest in Bitcoin and become a professional trader. With the right strategy, you can be on your way to becoming a Bitcoin pro. To be successful in trading, you need to have a solid understanding of short-term trading and long-term trading strategies. Be sure to have a game plan set before investing in Bitcoin or any other cryptocurrency.
Want to know the 5 steps to becoming a professional Bitcoin trader? Just follow these simple steps!