The process of becoming a cryptocurrency trading expert is not as complicated as people think. Once you get the basics right, you become a pro trader after consistent practice. One of the best things you can do for yourself is to read this article till the end.
The first and most crucial point you need to know is that carrying out daily cryptocurrency trading requires 100% commitment. You need to consider different factors and take precautions to avoid heavy losses. In this article, we’ll list out some processes to follow to become a pro-crypto trader.
The 2 major points you need to know about daily crypto trading
- Trading cryptocurrency simply means trading a digital currency against other digital currencies such as BTC/ETH, BTC/USDT, BTC/BNB, and so on. As such, the goal of every cryptocurrency trader is to make a profit.
- Every trader has different timelines. Some people carry out short term trading, and some people, long term trading. However, as a daily cryptocurrency trader, your timeline should be short term. You shouldn’t expect to take a 50% profit on your investment in just a single day. Be realistic with your goals!
The basics of daily trading
Daily cryptocurrency trading revolves around exploring the crypto market for the quickest opportunity to make a profit. There are different strategies for daily trading. The two major strategies are chart analysis and speculation.
- Chart analysis: This strategy involves monitoring the current price of a particular coin, let’s say Bitcoin, and predicting what the next price movement might be. The market chart will help you with this because it will show you the direction of BTC. From the chart, you’ll know the perfect time to buy bitcoin and sell it too. Make use of tradingview to get real-time chart movement of any particular coin.
- Speculation: This strategy is based on your belief and recent news or updates about your cryptocurrency of choice.
The first step to becoming a trader is to buy bitcoin on relaiable and secure crypto exchanges like Remitano.
Tips on day trading
The tips listed below are some of the most important factors to consider when beginning your journey as a cryptocurrency trader.
Understand the market and set goals to keep you on the right track
Of course before you can set your goals, you have to first unerstand the market. You should be able to carry out the technical analysis (TA) and fundamental analysis (FA) on any coin you of your choosing. Once you understand how the market works, then set goals that will keep you motivated. Do you want to be a full time or part-time cryptocurrency trader? Will you be okay with the short term gains of daily trading? You need to provide honest answers to those questions.
The crypto market is volatile, don’t rush into it
Like conventional forex and options trading, the crypto market is volatile. Infact, the crypto market is more volatile and unpredictable than the other markets. You can become successful, and as well you can easily lose all your funds in no time. Therefore, learn to pace yourself, avoid rushing into trades due to FOMO (Fear Of Missing Out).
Losses are part of the deal, be ready to accept them.
You will not always get it right with daily cryptocurrency trading. Loses will happen, get ready to accept that fact. Avoid chasing your loss as that will only lead to further loss. Trying to cover up for loss is chasing a loss.
Practice with Demo account
Like I said earlier, every master was once a student; there’s no shame in trying and failing. You can start with a demo account to get an idea of what you’re about to begin into. When you’re better and satisfied with the demo account, you can then fund your Remitano account to begin trading. It is important to note that when starting, you shouldn’t rush it. You can start small and then grow bigger.
Knowing when to exit a trade
Take advantage of the stop loss and take profit features on Remitano crypto exchange platform to maximize your profit and minimize your loss.
Sometimes, losses are inevitable but every trader has the power to control their percentage of losses. With Stop loss, whenever you’re on a trade and your loss reaches your set limit, your trade will automatically close. The same goes for take profit, whenever your profit rises to a specified percentage, then your trade will be closed automatically.
You don’t have to wait till your price starts falling before you end your trade. Otherwise, you might end up losing all your profits; remember, the market is unpredictable.
How to get started with daily cryptocurrency trading
source: Remitano.com
Another tip I’ll share with you is about the exchange you’ll be using. The type of platform you’ll be using should make trading available for you 24/7 hours, and you should be familiar with their terms and conditions so they don’t end up locking you out of your account someday.
Remitano is one of the best exchange platforms to start your day trading journey as it offers a robust amount of cryptocurrencies to trade. You can buy bitcoin with your debit or credit card today to begin your journey into crypto trading.
Remitano also makes selling and buying bitcoin in Nigeria very easy. You can always swap from one coin to another whenever you want to take advantage of the bullish trend of the other coin. Opening an account with Remitano is really simple. It allows you to deposit money into your account through bank deposit, credit, and debit card. Once you’ve done that, you can begin to buy cryptocurrencies and trade daily.
Conclusion
This article explained factors you need to consider before trading because it is always easier to trade daily once you understand the do’s and don’t. It is an undisputed fact that losses will happen, and we all know that losses are not a good thing, but if you experience losses during the early days of your trade, don’t be scared; it would teach you to avoid making such mistakes in the future.
