Learning Bitcoin Trading in Easy Steps

You can earn substantial returns from crypto currencies and bitcoin is one of the lucrative options that you have. Crypto does not have any regulations implemented by the government and you can start your investment with a little amount. If you are trading Bitcoin, you might consider using a reputable software like Bitcoin Bank Breaker to help you out in your trading journey.

Like stocks, you can trade crypto currencies and you can use an exchange as a trading platform. There are several online exchanges available where you can open your crypto account by verifying your KYC. Make sure, you must choose an exchange which is legal in your state because these exchanges are banned in some states. 

How to open a trading account? 

You can open a trading account in an exchange for trading crypto currencies like bitcoin and ETH. For that, you will go through an identity (issued by government) verification process. Crypto exchanges are online platforms and you can trade bitcoin 24×7 from any corner of the world. It is not like the traditional stock exchanges which are regulated by the government and have opening and closing hours. 

As you have successfully created the account, you can now link it with your bank account. You can transfer your funds from your bank account to your crypto account to buy bitcoins with fiat currency. The account activation will take some time. To be precise, the time needed highly varies from exchange to exchange. 

Apart from bitcoin, you can find various types of crypto currencies such as Ethereum, Cardano, Binance Coin, Tether, XRP, and Dogecoin. So, you can choose a trading platform where such crypto assets are available. You do not need to open multiple accounts to buy different types of digital tokens, coins and contracts, and you can use your single crypto account to diversify your portfolio. 

Store your coins in a digital wallet: 

It is important to store your coins in a digital wallet because you cannot store bitcoin physically, as it is available in digital mode only. So, you need to use a wallet to trade bitcoin and you can use your wallet to buy and sell your coins. Your wallet will be linked with your crypto account. You can choose a hot or cold wallet. Hot or online wallets are vulnerable to hacking and it is better to choose a cold storage to store your bitcoin. 

Choose the right strategy to trade bitcoin: 

There are different types of strategies available for bitcoin trading, and you can choose Elliott Wave Theory to trade bitcoin. It is a speculative theory where you need to speculate the price of bitcoin and you can decide this price by evaluating the past records of such crypto currencies. Apart from that, you can go for daily trading where you can trade such coins on a daily basis. You need to pay a transaction fee while you sell your coins and you need to pay a hefty fee for daily trading activities. In this case, you can check the price or charges of such exchanges before you choose. 

Apart from that, you can choose a swing trading method for bitcoin trading, which is based on the market movements. In this case, you can hold your coins for a few days or weeks to earn profits. Swing trading is not an easy process because you need to analyse the technical data of the market and you have to monitor some signals such as Fibonacci retracement and moving average convergence divergence (MACDs).

Scalping is a popular trading method of bitcoin where you can hold your coins for a short period. You must decide your exit plan while you choose this method of bitcoin trading. You must check the algorithm data of this market to earn a good amount of profit from your coins because bitcoin is based on blockchain technology, which is run by an algorithm process. 

It is better to hold the coins for a longer period of time because that increases the chance of earning a huge profit from such digital assets if you consider them as a long-term investment option. Bitcoin is considered as a digital gold, and you can store your coins in your wallet to get the best returns.