Choosing the right asset for crypto trading is a very risky process, as it involves multiple risks. Making an investment without taking one such factor might affect your trade adversely.
Multiple times it can be a reason for the loss of your investment funds. That’s one of the reasons for which crypto trading experts have suggested a few ‘perfect trading strategies’ for every beginners.
Let’s have a view through some of those smart crypto trading strategies:
Going with dollar cost averaging trading strategy
The dollar cost averaging trading strategy is one of those trading plans that’s quite simple. Before investing the whole money that you’re thinking to roll, try dividing it in small amounts.
Use those amounts on multiple occasions to buy those bitcoins. If you’re good planner then you can use those small amount of investments each time to buy a limited number of currencies. With one such investment plan you can hold the limited number of currencies in your wallet and wait for the price of the cryptos to spike up in the market. Once the market price of the crypto currencies spike up, you can choose the different forms of trading strategy to either sell it or use arbitrage BTC trading skills to earn a profitable return from different crypto exchange platforms.
Before doing so, make sure you’re known to the currency value offered by different crypto exchange platforms.
Register and open a Bitcoin trading account
You need to register and open a bitcoin trading account for dealing with cryptos. If you’re doing it for the first time then the following step-by-step guidelines might help you to build your personal crypto trading account, which is:
- Registration process– The registration process is as easy as a piece of cake! Fill up the registration form on the right hand side of the official home page of the trading website. Put your name, email ID and a security password that’s strong and quite difficult to crack. Put the nation of your residence from where you belong along with your phone number. Once that’s done, put the international ISD number before your phone number. One such input will be assisting you to trade in your demo account.
- Creating a demo account – The demo account will help you understand the basic protocols of BTC trading. That’s why, once your account is created, use the platform for testing it with a demo code. One such code is surely going to assist you to use the 1.50 US$ for crypto trading. It’s not that hard as you think, just click on the ‘Go to demo’ button and you can spot it on the left side of the account page that you’ve recently created. The top left side of the page notifies the total balance, total profit and the profitable functionality in your system.
By clicking the ‘auto trade’ option you activate the account to start trading. By clicking the button you’re allowing the AI robot to provide you all sort of trade related information. Once that’s done, you can trade cryptos by using a bot as well.
- Creation of your real account – The real account is the actual account from where you’re going to trade. You’ll be needing this one for depositing the cryptos and for live trading as well. You better instruct the bot to make the settings as per your preferences. Set a daily stop loss, the number of operations you wish to complete on a daily basis. Once that’s done, you can instruct the robot to commence all the operations on your behalf. For that, you might click on ‘Off’ option provided on the right hand side of the page.
Once that’s done, consider yourself ready to go, as the bot will take care of negotiating the deals, helping you to choose the profitable deals on daily basis etc.
RSI divergence crypto trading strategy
With one such crypto trading strategy, you have the option to make your trading process much effective. It helps you to understand the timing trend reversals while the price of the bitcoins starts moving in the opposite direction.
The Relative Strength Index assists you to visualise a chart indicator that helps you to calculate the probable average number of gains or loss that you can make within a 14 day period. One such indicator helps you to analyse the right time to trade the bitcoins you have in your wallet.
These are a few basic things that you must not overlook as a beginner before trading bitcoins in a crypto market. If you’re looking for more such information before beginning a crypto trade as a beginner, you may consult Oil Profit Website to know about in detail.