Hopefully, you are a new trader or trying to decide trading in bitcoin if you have landed on this page. Well, Bitcoin technology skills do not develop on your own or overnight. It needs time and perseverance. If you ask the veteran traders, they will tell you that all you need is practice and patience.
We have noticed that there are multiple courses in the digital market that teach you about bitcoin or cryptocurrency trading or investing; however, they charge you a lot of money which is why we have made up our mind to extend our hand to provide some genuine help without charging money.
Here are our honest suggestions and guidance on the subject because we do not think one should spend any money before the bitcoin investment itself. Therefore, here is a small guide.
A little brief on the history of bitcoin?
2009, when Bitcoin was introduced, nobody knew that it could have a huge impact on the global market. If you do not, it did not matter much back then. However, it does now. It is the new hot cake that everybody wants to have and, honestly, everyone should have. The changes in the market are also impacting the future of Bitcoin.
Keeping track of its price records, it is hard to deny its potential. If bitcoin had no worth, it wouldn’t have reached the summit of USD 65,000 thrice in a year. Businessmen like Elon Musk had taken it back, though, but that is how it is gaining its momentum and coming such a long way.
So, now here are the steps that will take you further in your journey of bitcoin trading.
Choose a secured exchange
The exchange plays a great role when you are investing your money in bitcoin. Imagine you are doing some life insurance, and the scheme is false. What will happen? The same is the case with the bitcoin exchange. When you are on the journey, make sure the exchange you are choosing is safe and has a genuine customer base. You can check the social media in this regard. Social media reviews will help you to some extent to understand whether it is genuine or not.
Centralised and decentralised exchange, you can switch to either of these crypto exchanges for trading. The first one is controlled by a third party or the owner of the exchange, and the second one is controlled or operated by software. A secured example of the first kind of exchange is Profit Maximizer. This platform gives you the leverage to maximize your profit by adding different assets to your portfolio like cryptocurrency, Forex and CFDs. Its ease of use and flawlessness makes it one of the most preferred choice by the traders. It is being appreciated by traders all across the nation.
Have a secured wallet
There are two types in this, too and using them in the right way is all you need. Two options are:
- Cold wallet
- Hot wallet
Cold wallets are offline wallets, and hot wallets are online ones. While in the exchange, you need to use the hot wallet and the exchange wallet, to be specific. Although you need to use a hot wallet for trading purposes, keep your rest of the assets in a cold wallet. This way, everything will be more functional and safer.
Always start small
Remember the turtle? Who started small and won the race? Well, that must be your secret mantra. Never jump-start with a handful of money from your account. Always start small with only five to ten percent of your entire savings. Putting more money will keep you in a very vulnerable situation.
Make your mind
When you are on this journey, you need to have a strong head because the journey is tough. You must keep yourself ready about the fact that you are going to see many ups and downs in the journey. So, if you don’t have a risk appetitive, then you must stay away from trading.
For example, if you see any negative post on social media (which you are going to do on a regular basis), it may shake your core for a second or two. So, keeping up with everyday hassles, make your mind up first.
When you are on this journey, one skill that you need to sharpen is your research skills. Understanding the core of trading will simplify the process for you.