Bitcoin is one again on its bullish state and commanding many aspiring traders to the trading exchanges. Are you too planning to join the bandwagon and Geld mit Bitcoin? Well, you may prove to be lucky in near future as BTC is poised to hit the $1 million mark very soon. However, Bitcoin is a complex concept and so is Bitcoin trading. But, don’t fret, the post below offers an expert guide for an easy foray into the BTC market for beginner traders.
- Find a reliable exchange
Your journey in Bitcoin trading starts with a crypto exchange. Look for a highly reputed crypto exchange backed by a long list of happy traders. If you don’t have any crypto coin with you to buy BTC, find an exchange that accepts fiat currency as well. Most importantly, your exchange should be backed by industry-leading security and cold wallet storage. You should also sign up with an offline cold storage where you will store most of your coins.
- Long-term or short-term trading
Long-term trading is a trading policy where you will have to hold the coins for a prolonged period, even up to years. The main advantage here is that you will get to study the price trend of the coin for a prolonged period which will help you to get a comprehensive valuation of the coin. And that really helps to reach an informed trading decision.
However, if you don’t want to wait that long, short-term trading could be the option for you. Such a trading format enables you to cash in on short-term price shifts of the coin.
- Fix your budget
Always proceed with a fixed budget and make sure to stick to it by all means. When you are a beginner, you should start small. Once you learn the ropes of the trade over the course of time, you can try out with bigger amounts.
- Set up “stop loss” and “take profit” orders
Some of the best trading platforms offer this limits in the interest of traders. These limits allow automatic liquidation as well as easy “cashing out” of the trader’s position at pre-set prices.