The Best Way to Begin Learning Bitcoin Trading

Bitcoin trading provides traders the opportunity to make money trading one of the largest financial market in the world. Best way for traders to start learning bitcoin trading is.

First thing is to find an online bitcoin education website like this where you will find all the bitcoin courses that traders need to learn before they begin trading the btcusd market. These lessons are all listed in the learn bitcoin courses section of this web site.

By reading these lessons a btc usd trader will learn more about how the online market works. A trader can also learn about bitcoin trading, how to trade with charts, how to place bitcoin crypto currency trades, the best hours to trade bitcoin when the btcusd market is most active, how to come with a bitcoin strategy as well as a bitcoin plan to trade with.

The next thing to do is to open a Bitcoin demo account, this is a practice account that traders can open practice how to trade the btcusd market using virtual funds. For a demo bitcoin account a bitcoin trader does not need to deposit any money, the money traded on this btcusd account is virtual money.

With a demo bitcoin account a trader can gain more experience of trading the online btcusd cryptocurrency market. On the demo bitcoin account a trader can learn how to navigate the bitcoin software commonly referred to as a platform, a btc/usd trader can also learn how to place orders, how to trade bitcoin using charts, and how to place technical indicators on charts and how to do technical analysis of the btcusd market moves.

After this a bitcoin trader should develop a trading plan. The plan will be a set of trade rules that a btc usd trader will use to organize their trading. If you want to be successful when trading the online market then you must create your own bitcoin plan. The bitcoin plan is one of the lessons covered within our learn bitcoin lessons section.

The bitcoin plan will include rules that will determine when a trader will open and close trades. A trader will only open a buy or sell bitcoin trade when the entry rules of their bitcoin strategy are met and a signal is generated. A trader will then hold onto their trader until the rules of closing the trade are met. A trader can close their trade once their take profit level is reached or a trader can close a trade if the btcusd market moves in the opposite direction of their trade by a given number of pips.

A trader must follow these rules at all times and must not start making trades based on their emotions or based on prevailing market moves after when they open their trades. For example a bitcoin trader must close their trades when the takeprofit is reached, a bitcoin trader should not get greedy and keep wanting more profits from this particular position. A trader should close the trade at the specified take profit level & look for another set-up if they want to open another trade. Likewise if the btcusd market starts to move against the position of the trader, the trader should close the losing trade at their specified stop loss level and not keep holding to the trade hoping that the trade will reverse and thence reversing the loss & hoping that the trade will eventually turn a profit. All these emotional decisions means that a trader is does not have the required discipline when trading bitcoin to follow the rules of their bitcoin plan.

Traders should learn that they can not control market movements but they can control their decisions & therefore the plan will help them to organize their trading & this way they can make trade decisions early enough when the factors are within their control & avoid waiting long enough only to make decision when the btcusd market conditions are not in their favor.

After coming up with a plan a btc/usd trader should continue practice trading with their plan on their demo trading account. Beginners will learn more about how to execute trades using their plan, traders will also gain experience of how to identify bitcoin trends and learn how to trade these trends in a way that will generate profits for them.

A trader should also maintain a trading journal that will record all their trades. Journal will help the trader to review their trades after a while and by reviewing their winning as well as losing traders can learn how to improve their plan and become more profitable when trading bitcoin. After a trader has practiced long enough and the trader is making profits on their trading account the trader should then open a real account and begin trading the real btcusd crypto market.

At this point a bitcoin trader should open a well capitalized account and begin trading bitcoin. For traders who want to trade micro lots they should open a trading account with at least $1,000. For traders who want to trade mini lots they should open an account with at least $10,000 and for the traders who want to trade standard lots they should open a trading account with at least $100,000.

By this time a trader will have learned how to manage the account balance that they are trading with & therefore at this point traders can be able to trade with a well capitalized account and be able to manage the money in their account using the bitcoin money management guidelines that they will have learnt and practiced when they were trading with a practice demo account.

A trader who has learnt bitcoin money management guidelines will know what trades they should open the lot size they should use to open their traders. Traders should never risk more that 2% of their account equity on any one single bitcoin trade. Traders should specify these rules and stick to these rules when trading so that to manage their account balance prudently & so that they can protect the profits that they will make from trading in the long-run.

Traders should also learn not to use a lot of bitcoin leverage when opening trades. Traders should use bitcoin money management guidelines to determine what bitcoin leverage they will be using when opening their trades.

Summary

By using this approach traders will learn how to begin trading bitcoin in an organized manner that will improve their chances of being successful when trading the online btcusd cryptocurrency market. Bitcoin traders will have learnt how to trade the bitcoin market trends and they will have learned how to analyze the btcusd market using trading analysis & how to place trades after generating signals, which crypto charts are best to trade based on their bitcoin strategy & also traders will have learnt how to manage risks and how to avoid emotions such as fear and greed when trading. This approach will prove to be the best approach that traders can follow when they want to start studying how to trade the online bitcoin market.

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The Best Way to Begin Learning Bitcoin Trading