There are many ways to earn cryptocurrency and one of them is by trading . But trading on cryptos are more volatile than foreign exchanges and Stock trading. Trader should rely not much on Technical Analysis only but also in fundamental analysis and seek more precise risk management and focused learning on trading setups. But how to build gains or profits in trading cryptocurrency?
Before Starting your trading Journey
1. Create an account on Cryptocurrency exchanger like You do not have permission to view the full content of this post.
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There are many exchangers of cryptocurrency in the web but
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Log in or register now. are the two platforms that have bigger volume to trade. The larger the volume of trading pair like USDT/BTC the more liquidity and easier to profit.
2. Verify using valid I.D.
Verifying of an account is necessary for anti-fraud and scam. It is better to verify after creation of account. Exchangers that don't have ID verification or KYC- Know Your Costumer- on their web homepage have so called Web 3 wallets like Metamask, Trust Walletconnect or TronLink.
3. Deposit using P2P on You do not have permission to view the full content of this post.
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After full verification, funding is necessary for you to gain profits. Remember that in trading your profit will always base on percentage of amount you trade. P2P or Peer-to-Peer transaction for funding is the most efficient because of lesser fees will be accumulated. Thesame on Bittrex's CC/DC.
4. Deposit using Airdrops like You do not have permission to view the full content of this post.
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You can also fund your exchanger's wallet without depositing any amount from your fiat or bank account. You can do airdrop tasks to get extra capital on your account but remember that many airdrops are fake and some are legit. Use
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5. Start Trading.
Trading is difficult that is why before venturing in this kind of business, know it first, learn it and strategize. It is a continuous learning- everyday you will learn and your trading setups change base on your appetite. Some people trade on daily basis or monthly or every minute.
Knowing the basics of Trading
1. The Candlestick
The red and green bar represents the price movement of the pair. Red bar represents Seller's side and Green bar is for buyer's side. They differ in open/low price where green bar's open is on bottom of the bar while close is on top- opposite of the red bar where close is on bottom and open on top. Green and red bar are the same on High and Low prices. These indicates the possible next move of the chosen pair.
2. Time frame
Price changes in respect to time but they have different time allocation like the 1-minute time frame where it is the fastest chart to change in direction. 1-minute time frames are used by scalper traders who position their trade precisely and take profit in less than seconds or minutes.
3. Channels
It is the line drawn from group of candlestick pattern to convey the possible next outcome. Some channels have parallel lines to indicate the support and resistance.
4. Support and Resistance
The support and resistance is the area where traders know that price may bounce back and forth inside. Support is the level where lowest price is the point to bounce back or breakout will occur. Resistance on the other hand is the level of possible highest price may reach to indicate the bounce back or a breakout may happen.
Strategized your Trades
1. Scalping
Scalp trading organize trades on 1-minute chart to 15-minute chart where position must be open strategically precise to gain better profits while monitoring price action. It is the fastest in Profit and Loss ratio. You can gain or loss a profit in less than a minute in scalp trading. Use Risk management where stop loss is a must.
2. Day Trading
It is the less stress setup on trading where positions are open within 4-hour chart to 1-day chart. You can open a position and leave it for a day. Day trading is good on traders who are busy doing other things. These setup also have stop loss and tip point to gain good income.
3. Hodling
Hodling or holding of crypto is the longest open position in trading setups. It take 4-day to 1-year chart and stop loss is optional. Hodling concentrates on long term investments.
