With the “big diving” of the stock market and unidirectional of spot trading, more and more people choose to embrace the futures transactions. Because the futures market allows traders to go long and short, traders have more freedom in the market and the possibility of doubling their wealth. At the same time, Bitcoin (BTC), the risk aversion currency, is also favored by more and more people in the turbulence of the stock market. However, admission is easy. It’s not easy to really make money in the cryptocurrency market. To get a share in the market, it is essential to pay for a certain time to learn.
Today, we interviewed a senior crypto trader who has been engaged in the cryptocurrency market for more than 20 years . He is going to give you some useful guidelines for your trading.
Can I Consider Myself as A Trader after Several Successful Trades?
The well-known rule of the “beginner’s luck” applies here as well. You can profit once or even several times from opening trading positions at random, but, unfortunately, it works differently. Behind each profit may be the next loss. However, most beginners are not mentally prepared to take losses. There have also been beginners who have been blinded by the so-called “beginner’s luck”, invested blindly, and avoided the futures market after being forced to close their positions. In fact, for successful and effective cryptocurrency trading, you need to understand several aspects:
1）Current market situation. (Analyze the meaning behind the Candlestick.) Keep track of news, events and community discussion. This information may impact the market trend.
2）How trading instruments work (what types of orders are available, etc.). Understand the basic technical analysis, and how to read charts.
3）Read the trading signals and grasp the timing of buying and selling. Analyze trading patterns and movements on the chart to build the right trading strategy.
What Do I Need to Avoid During Trading?
1）Emotional trading. Trading with discipline. Emotional trading is very common, but if you ignore your own situation and become blind, you will eventually lose your money. Successful traders learn how to control their emotions and stick to their trading strategy.
2）Forget to set take-profit and stop-loss. Trading without a stop-loss or take-profit is like driving a car without breaks. For all traders, setting take-profit and stop-loss can maximize their profits. As long as there is still a position, it is always easy to open the next order.
3）Trading with too large positions. Novices tend to invest positions that exceed their own limits in the hope of making excess profits, and when the market fluctuates, they are immediately out of the market. It is the best way for you to make sure to keep a clear goal and define your risks in trading.
How to Choose A Platform for Crypto Trading as A Beginner?
There are as many exchanges as cryptocurrencies, and some of them are scam or shited ones. Some bad exchanges may charge unreasonable fees without any notice. while others’ trading rules are just difficult, so it may take traders much time to learn.
In fact, if you want to be familiar with the market and trading rules as soon as possible, an exchange with a demo account may be a good help. With a demo account, you can practice trading strategies, familiar with the trading rules, and analyze the markets. Successful traders are always those who learn to analyze the market, keep themselves abreast of market news, and keep trying out different strategies.
Is There An Easy-win Trading Method to Make Money on Cryptocurrencies?
Actually the answer to this question is both “yes” and “no” . The reason is that the market always provides an opportunity to make money for those who follow the market “at the current moment of time”. In fact, there are some platforms that provide beginner’s guiding and copy trading strategies, which may help you.
Bexplus is a professional cryptocurrency trading platform that provides demo account and copy trading. Its unique copy trading gives investors who have just entered the market the opportunity to become a veteran. It allows you to copy investment orders from experienced people, as well as to customize the proportion of your order copy, set take-profit and stop-loss. Also you can terminate the copied order at any time. For veterans, you can also get some benefits from your followers.
Why Choose Bexplus?
Accredited by U.S. FinCEN MSB (Money Services Business) , Bexplus is a reputable crypto futures trading platform. It offers 100x leverage futures trading on a variety of trading pairs such as BTC, ETH, ADA, DOGE, XRP. Meanwhile, It doesn’t need KYC and is popular among one million people worldwide. It is also known for the following features.
No matter if you are a novice or veteran, Bexplus is very friendly to both , and you are sure to enjoy investing in cryptocurrencies at Bexplus. Click Here to register and get your 100% bonus!
Source: https://crypto.news/these-trading-strategies-of-top-traders-may-help-you-from-rookie-to-veteran-in-crypto-market/