If you read this article, it means that you are interested in cryptocurrency trading and want to get high profits.
Right?
And now I need to tell you that crypto trading is very hard for newcomers that don’t follow the advice of experienced traders and don’t want to get their own experience.
And now it’s time to talk about steps you need to follow to make your trading profitable. Be sure to check out the best bitcoin brokers as well for options.
Step 1
In the beginning, you need to read a bit about cryptocurrency in general.
If you plan to trade with the help of crypto signals made by professional traders, you will need to read about them as well and to understand what is entry price, target price, stop-loss, etc.
As soon as you understand that you can tell your friend some useful and interesting facts about crypto, you can go to the second step.
Step 2
And now it is time to choose the exchange.
When you only start trading, it is better to choose spot trading, so I am ready to recommend you to trade on Binance using the spot account.
As soon as you are ready to use leverage, you can open the margin account.
Step 3
All the cryptocurrency experts advise traders not to store all the assets on the exchange account.
That is why in the beginning you need to find the best Bitcoin wallet for your crypto.
If you don’t want to send and receive crypto very often, you will better buy the hardware wallet – they are the most secure wallets. And because the cost of app development is quite high, you need to pay for such a safe wallet.
Step 4
The last choice you need to make is to trade on your own or use crypto signals or free Forex signals.
Actually, there are different “beginners” – some of them spend a lot of time learning technical analysis and different strategies, indicators, and the bigger amount of them start with nothing.
So, the first type of traders can try to trade on their own and to test their knowledge. If you’re looking to buy bitcoin for you to start trading, xcoins is the best place to buy.
And for the second type of traders, I would advise not to be in a hurry to trade on their own and to start with crypto signals channels on Discord or Telegram.
If you want to use my advice, you will need to check every channel you are going to work with. Scam channels usually have a lot of cross-promotions, inform you about subscriptions firstly and try to give you the discount on the longer period of subscription, etc. So, shortly speaking, they want to take your money and that’s it.
I hope that all the above-mentioned steps will be helpful for you and will help to avoid different mistakes.