Jul 12, · A BTC trader is simply an individual who seeks gains from differential changes in the market price of BTCs. The main objective the BTC trader has in mind is buying prices a t low and sell ing when the flagship currency gains higher. BTC trading can thus be very lucrative and has become one of the fastest-growing careers in the financial cryptolabz.de: Olumide Adesina. Before we go through how to become a successful crypto trader it's important to know the different types of crypto traders there are, as the concept of 'success' will differ between them. Essentially, a crypto trader is an individual who speculates on the price direction of a cryptocurrency like Bitcoin. Mar 18, · Proprietary Trading This is one of the simplest ways to earn from the cryptocurrency market. It involves you buying a portion of Bitcoin from a cryptocurrency exchange and selling it off when the price goes up. However, proprietary trading isn't quite as easy as it sounds.
How do i become a bitcoin traderHow to Become a Cryptocurrency Trader - CoinCentral
What even is a Bitcoin? Worry no more. Before even looking at potential cryptocurrencies, you should figure out which strategy you want to pursue. Everyone has their own tactics, but they generally fall into one of the following categories:. Your strategy can be some mixture of these three tactics as well. It may seem obvious, but you need to put some effort into choosing the cryptocurrencies you invest in. Take your time with this.
Did we mention research? The most important step of every investment opportunity is to research the coin you want to buy. Doing this one step will set you notably ahead of many other investors out there. At the very least, you should figure out what problem the coin is solving, why the team is qualified to create it, and what purpose the coin has in the overall ecosystem. The Bitcoin white paper is the perfect starting point for any cryptocurrency novice. Check it out and learn what started the whole blockchain revolution.
There are a seemingly endless amount of exchange options. Each one consists of pros and cons for different traders as well as different lists of available coins. Most exchanges have an easy-to-find page that lists all of the available coins.
Ever so slightly more advanced, GDAX and Gemini offer similar coin selections with lower trading fees. Kraken has similar ease-of-use as the previously mentioned exchanges but consists of a larger list of coins. Connect with us.
Share Tweet. Olumide Adesina. Success okeson July 13, at am. Nelson July 14, at am. Anonymous October 5, at pm. Darlington July 14, at am. Pls sir how can I invest in btc have read and still not find a cure to my hurdles. Anonymous November 8, at am. Chima October 6, at am. Leave a Reply Cancel reply Your email address will not be published.
Comment Name Email Website. Published 9 hours ago on December 25, By Olumide Adesina. Continue Reading. Data retrieved from crypto futures analytic platform, Bybt , shows Grayscale had , Bitcoins as of December 21st, The amount surged to , BTCs a day later, an increase of about 12, Latest Trending. Nevertheless, the main goal is how to become a successful Bitcoin trader?
There are five critical steps to follow during your trading journey. These steps or tips will help you know if you are treading on the right part of success or not. These five steps are;. Set Goals For Your Trade.
This also goes for Bitcoin trading. If you do not set your goals or your strategies, then you are likely heading for failure.
A trader should have a well-written and defined goal; this will help you to be wise and realistic in your dealings. One of the reasons of having a well-defined goal is to prevent you from being emotionally unstable in your trade. If you become emotionally weak then it, will become difficult for you to buy at a low price and sell at a high price. As a trader, you do not need to be too emotional; all you need to do is to remain professional at all times. Remember that Bitcoin is unpredictable and it has certain risks associated with it.
As a trader, do not invest any money that you cannot lose. Money such as your live savings should not be traded or invested in Bitcoin. This is because it is dangerous. Only invest the amount of money that you are comfortable with losing.
At all times, make sure you are prepared for what may be thrown at you Whether profit or loss. As a Bitcoin trader who aims to be successful, learn not to put all your eggs in one basket thus, exploring other ways to make money from Bitcoin could come in handy.
If you rightly know how to make money from Bitcoin, then you will not need to rely on the selling and buying of Bitcoins to make money. One thing that is for sure is the fact that developing technical skill is hard and sometimes it could be discouraging due to its complexity, but despite that, it is vital for new Bitcoin traders to know how to read and understand market charts.
One good chart tool is Bitcoin Wisdom. There are terminologies a trader has to know. They are;. Aside from these terminologies, every Bitcoin trader should know some other things.
As a trader, you may be wondering how this translates to being successful.