CRYPTO TRADING
Trading in cryptocurrencies refers to the buying and selling of digital cryptos like BTC, ETH, ADA and many others with the aim of profiting from changes in the value of the underlying asset. Cryptocurrency trading is as easy and secure as traditional Forex trading.
The two major ways to trade cryptocurrencies online are through specialized brokerages and cryptocurrency exchanges. From there, you have two investment choices: buying the product outright or trading the price using Bitcoin CFDs.
My dear friends, there are two easy ways to buy crypto. The first is comparable to trading in stocks in that it involves using a digital wallet to purchase crypto assets. Once you have the currency, you can make money by selling it for a higher price than you originally paid for it.
Alternatively, you can trade CFDs on crypto assets. This is similar to Forex and commodity trading, in that you trade on price changes rather than owning the real commodity and can make money whether the price is rising or falling.
Leverage is a feature crypto coins trading that enables you to access bigger value trades with a little quantity of cash. For instance, if you have 2,000 PKR in your trading account with a 100:1 leverage, you can open transactions worth up to 100,000 PKR. Leverage can result in big returns, but because no one can forecast the future of cryptocurrency, it also raises the danger.
Friends, did you know that there are many more types of crypto trading which are listed below.
- Scalping
- Investing
- Day Trading
- Swing Trading
- Range Trading
- Intraday Trading
- Position Trading
So these are some other types of crypto trading. But I always try to invest in crypto for the long term.
MY FAVORITE CRYPTO PAIRS AND TIMEFRAMES
Yes I have tested the several time units many times. I have been in a market for 9 to 10 months. I am very intrested in intraday trading and long term investment. I don't like future or margin trading, because these tradings are very risky. so I am satisfied with spot trading and long term investment. Now I would like to tell you about my favorite crypto pairs of the crypto market and the time frame that I use most of the time.
Dear friends as I have told you above that I do two types of trading either I do intraday trading or I do long term investment. If I do intraday trading, I use short time frames for that because the small time frames are very profitable for short-term trading. If I do a intraday trading, I usually use a time frame of one hour, two hours, four hours, or thirty minutes, sometimes I use a time frame of forty-five minutes for short term gain.
And if we talk about long term trading or long term investment, for that mostly I use big time frame because it is much more profitable for that. And for long term investment I also look to see the monthly and weekly time frames because these time frames are very good for long term and also many people use the same time frame for long term investment. So those are some of the time frames that I use in my trading.
Now let me tell you which are the crypto pairs I like the most and I like to trade on them. Well, there are more than one crypto trading in the market but I am mostly like to trade on DOT/USDT and TRX/USDT. Besides these, there are many other crypto pairs in the market but I like trading them because it's quite a lot of strong projects. Also sometimes I like to trade with STEEM/USDT.
MY CRYPTO HISTORY AND RECORDS
Cryptocurrency trading is a complex thing for the new comers who have no knowledge about the analysis of the market and step into the market without any knowledge. But if we talk about the experienced traders then they are mostly satisfied with the profit and experience that the crypto market is providing to them.
To me, if we talk about my trading style then believe me I am not a daily trader. Actually, I have decided to join the market for long term so that I could be able to get good and reasonable profit from those long term trades. In the start of my trading experience, I was a scalper and always remained in search of a good short-term trade that can provide me a good profit. But now am holding a few assets with long term strategy.
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Currently, I am holding some popular and successful cryptocurrencies assets. One of then is DOT. No doubt, DOT coin is one of the most powerful coins of the market as it belongs to to a very strong platform, Polkadot. I have purchased this token after doing complete research work on the coin. Also, I have done complete technical analysis before purchasing this token. Risk management is an important factor in trading so I have also set my TP and SL points.
Yes, I have arranged a proper setup for trading. Whenever, I do trade in the market, I use to place the purchase price on the booklet that I have specially designed for my crypto trading record. After that, whenever I close my position or sell the assets, I note the sell price on the booklet also and at the end of the month, I make a report on the register about my trading experience in that month.
I believe that if we want to become a successful trader then it is very important to keep record of the trades that we have executed in the crypto currency market. Actually, risk management is helped if we keep the record of all the trades that we execute in the market.
Whenever, I have to do a trade, first of all I study about coin in which I am going to trade. Then, I do my own technical analysis of the market that helps me a lot to execute a successful trade. After that, I make my trade and keep the record of that trade on my trading booklet.
ROBOT TRADING
The Bitcoin market or crypto market offers two opportunities to make money. Coins are bought by long-term investors when they are cheap and sold when they are expensive. These traders usually hold their coins for a year or more. A trader needs to use a technique that can generate more income than holding cryptocurrency in order for cryptocurrency bots to be worthwhile (i.e. a long-term investment).
It is impossible to generalize whether trading bots are worthwhile because of these variations. The risk-adjusted returns that traders can make using cryptocurrency bots should be compared to the returns they can make with a long-term strategy to determine whether using bots is worthwhile. My opinion is that bots are useful for quick gain but not for long term success.
MY OPINION ON BOTS TRADING
The question has been asked whether I would like to do bot trading or not so in this case my answer is that I would absolutely like to use it because it is very fast, easy and has a lot of benefits. Bot trading can be very profitable and I have seen many people using it to make profits. Now I will tell you some of its benefits.
Absence of Emotions: Guys, because investors are people, they have feelings about the Bitcoin market. Trading cryptocurrencies is extremely risky when dealing with emotional attachment as the market is very volatile. As a result, one of the advantages of using cryptocurrency trading bots is that they are mechanical and mechanical, lacking emotional attachment. So this is my first cause.
Trade Efficiently: Due to their multitasking capabilities, trading bots have made cryptocurrency trading more efficient. They also provide investors with ample opportunity and data analysis to make wise decisions when it matters. This is my second cause of selecting this.
Simple Investing: For new investors, the BTC or crypto market is particularly difficult to understand. They struggle to understand complex charts, data analysis, price analysis, and many other concepts. However, with automation, cryptocurrency trading bots can reduce the complexity of investing into straightforward investing. As I am also a newbie so this is the best option for me. So these are the reasons for my choice.
Other Details:-
| TOPIC | CRYPTOCURRENCY TRADING |
|---|---|
| COMMUNITY | STEEMIT CRYPTO ACADEMY |
| DATE | 13/08/2022 |
| AURTHOR | @malikusman1 |
| AURTHOR PICTURE |  |
https://steemit.com/hive-172186/@malikusman1/achievement-1-by-introduction-malikusman1
WRITER:
You have done a great job brother and I like the way you have presented the post. Actually, crypto trading is a very risky trading and most of the traders become afraid of the high loss due to volatility. While the others enjoy this volatility to gain higher and higher profit.
Well said brother. It is a fact that many of the wrong decisions that are made in the market are due to the emotional and physiological stress related. So, it is very impressive to use the trading bots so that our trading experience could be improved.
Thank you for your precious post and I wish a very good luck 🤞.
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Thank you my dear brother for your valuable comments and for your precious time. I appriciate your comment. Yes emotional and physiological stress is a common part of crypto trading. At last, again thank you and I hope that you will also take part soon.
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Quite a good breakdown from you, Good job friend, I see that you have choosen to be a long term trader, well this is safer as well as you could just stick to buying low and selling high, you could hold your positions for as long as you needed with no fear of liquidation. good luck!!
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Yes I always love long term trading. because it is less risky. Thank you for visiting my post and for your beautiful comment.Best of luck for this contest also.
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Keeping a record of one's trading outcome helps in tracking one's success or loss, we would be able to know where we got it wrong in trades and learn from it.
You are holding good assets such as DOT and GMT, as they have great potential in the future, I trade GMT frequently. Thank you for sharing.
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It’s very good to have your own trading style and follow it. You’re very right about researching on the coin and doing your own technical analysis.
I’m a long term trader as well and for me I think it helps in getting good profits.
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Time frame of 1 hour , 2 hour or 45 minutes for intraday trading is not bad. When you use this large time frame for your daily trade, you wi be able to see the clear picture of the market before you enter into the trade. With this, you can maximize your profit. I wish you success in this entry my friend.
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