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As a beginner who is looking to delve into the cryptocurrency world it is important to note that it takes time, resourcefulness and knowledge. As the saying goes that nothing good comes easy, it thus requires a great amount of dedication. The bitcoin and the market are key attributes that control demand and supply and must be well understood to thrive well. It must also be noted as well that that the market is as solid as the press it gets.
The integration of bitcoin as a more acceptable standard of payment would be key in the long run for its growth. It is yet to be adopted in the corporate world as a valid means of exchange except for some isolated groups and individuals. In other, to thrive in the trading market you must be able to sense trends before they blow up and hold on to them, cash in on it and move on before it reverses, this is known as swing trading and is a very vital skill in trading. These will serve as pointers on how to go about trading.
There are two ways through which you can start trading, the first is the traditional format which involves using paper currency to purchase the bitcoins which is known as fiats. With these you can purchase the bitcoins directly into your wallet. A wallet is a safe online where your bitcoin are safe. The second way is the contract for difference (CFD) which enables you to speculate on the value(rising and falling) of the bitcoin without actually owning it. This allows you to trade based on predictions. It is basically about leveraging. If your predictions turn out to be true they'd maximize your profit otherwise you lose.
To trade in CFDs you need to have an online trading account which is easy to do, as soon as you've funded your account you're good to go.
For a starter, it is not enough to know some trading strategies like day trading, scaling, swing trading etc. You could additionally have a plan to save you from the volatility of the market. You must know what it is you want to achieve from the start before even launching out trading such as daily, weekly and monthly targets, else you'd get lost in the tide.
It is important you also know the market niche you want to carve out for yourself, some are opened to trading beyond bitcoin. You must note and give yourself a limit.
This lead to the next trading plan of having a risk limit threshold, you must know how much risk is venturable in each trade.
Lastly, create a risk-reward ratio so you'd know how much risk is required to attain some reward, or if the risk is even what the reward in the first place.
This is of utmost importance as the fact that it is a volatile market cannot be overemphasized. The news and media is capable of causing a serious disruption in the market. A good understanding of the market is essential, you must be willing to carry out research, study various markets across different locations as this is the way to maximize profit and snap up opportunities where and when they do exist. This is known as swing trading. You need to understand previous trends, the present in order to be able to effectively predict and analyze where the pendulum will swing.
Finally, the last step is to place a trade. Using the above stated of studying the market you then act on your discretion by buying if you believe the value will rise and sell if you believe it would drop. You can trade bitcoin with trading software. Our user friendly trading bitcoin software has got a demo to get you started.