All the things you wanted to know about Bitcoin and the other cryptocurrencies

Best Crypto Trading Tips you Must Know!

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Bitcoin and other such cryptocurrency fluctuations are not random, but actually a blend of many factors and variations. Therein, traders that wish to trade should not do it based on flukes and gut feelings, but much rather need to jump into this market with proven strategies. It’s virtual money that can earn you very real profits, just like how you can look to earn some money at online casino games. Before getting into this line of trading one must make a strategy that suits their needs and hunger for investment. A robust plan is the key to make profit in crypto.

Before investing in this volatile market, you must be aware of these strategies to reduce the risk factor in your investment.

1.   Be Able to Understand the Charts

If you know how to read the charts, you will understand the market trends in a better way. Consequently, your trade would be calculated instead of a fluke. Most of the professional traders begin with price action to be able to read the charts.

The supply and demand of an asset can easily be understood if you have any knowledge of reading statistical trends. It will help you stay updated to the market and predict its future price variations.

The more you master your analysis of these charts and market trends, the more safe your investment bet will be.

2.   Range Trading

An active trading strategy, range trading involves cashing on the crypto market’s volatility. You will set up a range for a cryptocurrency such that the lower threshold is the entry point, and the upper threshold is the exit point. However, traders that use range trading strategies need to have precise market knowledge about how currencies dip, plummet, or fluctuate between trading prices.

While range trading, also keep an eye on the oversold and overbought zones. In overbought zones, there is a high chance of stock selling off so you must sell your asset. On the contrary, the opposite of this stands true for oversold zones. 

3.   Scalp Trading / Scalping

Scalping is a short-term trading strategy you can use to make frequent small trades with the aim of profiting by the end of the day. Scalp traders use charting tools and their analytical skills to make quick decisions, such as using leverage and tight-stop losses to reduce the burden of losses and unfavorable outcomes.

Scalp trading can help you compound nominal gains, stacking them into huge profits in a short amount of time. However, it would help if you use scalping with cryptocurrencies that have good liquidity and high trading volumes.

4.   Moving Averages

Traders at times ignore daily price changes and go after long term trading. In this case small moving averages is the way to go. SMA helps traders read price fluctuations and get a broad idea of its trends. These trends can then be used in comparing short, medium and long term variations when holding or wanting to trade a certain currency.

The small moving averages strategy helps in the technical as well as fundamental analysis of the trends and price analysis.

Crypto Trading Platforms for Beginners

1.    Pionex

On the platform of Pionex, you can have automated trading bots that will automatically do the work for you. Pionex gives you an option of 18 trading bots, designed for their own specific functions. Among these, grid trading and Leverage grid bots are used mostly to trade in a specific price range and gain a leverage of up to 5x.

2.    eToro

eToro gives you the option to follow the lead of some professional traders. If you don’t know a thing about crypto trading, eToro is the best app. You can simply place your bet on any of the platform’s best traders. It will most likely help you gain some benefit. However, these experts are often too safe about their bets, so the profit margin would probably not be that high.

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