Bitcoin Trading Explained: 5 Simple Lessons
Buying and selling bitcoins for a living isn’t a child’s game. Digital currencies like Bitcoin can be extremely volatile. New traders can often get cold feet, and sell too early. Or buy too much when everyone’s selling.
Understanding the market is a gradual process which requires time, concentration and effort. Trading is an art that can be honed in time. These are five simple rules to keep in mind:
1. Start trading in demo mode. Don’t use real currency until you understand how the market really works. Try demo at Whale Club.
2. Never put all your eggs in one basket. Break your capital into smaller lots for multiple coins at different price levels.
3. Trade what you can afford to lose. Do not gamble away your life savings.
4. Use research and technology to limit, calculate and maximize profit.
5. Follow the market trends. Know when to cash in.
Bitcoin trading is not for everyone. With high risks come high rewards.
When it comes to trading digital currencies, mindfulness, patience and practice is the only way to get rich.
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