Bitcoin Tips for Successful Bitcoin Trading

To trade bitcoin successfully traders need to learn how to become disciplined, the following tips can help traders to become more successful when trading bitcoin.

Have a Bitcoin Plan and Stick To Your Plan

Once you learn the bitcoin basics you must then come up with a bitcoin plan that you must stick to. Bitcoin plan will define your schedule and the timeframe that you'll be trading. To be successful in trading a trader must come up with a plan & stick to the rules of their plan.

Trade with The Price Trend

A trader should identify the btcusd market bitcoin trend & trade with this price trend. A trader should not trade against the btcusd market trend. Once bitcoin trading starts to move in one direction, the direction will gain momentum and bitcoin prices will move in that particular direction for some time. To be successful as trader it's recommended that a bitcoin trader trades in the general direction of these trends.

Choose your Crypto Broker Carefully

Most new bitcoin traders do not know a lot about crypto brokers but for the new bitcoin trader it's very important to select the right crypto broker before beginning to begin trading bitcoin. A good broker can mean the difference between making profits as a trader or making losses as a bitcoin trader. Choosing an unreliable broker can mean that all your work and effort that you have put into studying bitcoin trading will all go to waste as an unreliable broker will not match your goals and needs. There are many unreliable brokers out there and so new traders need to do due diligence when selecting a crypto broker to trade with.

Begin Trading with a Well Capitalized Trading Account

One of the reasons why traders don't succeed in Bitcoin is that they start with undercapitalized accounts. Opening an account with $100 dollars because this is the minimum amount a btc/usd trader can open a trading account with won't make most traders profitable.

Bitcoin trading requires that a trader starts trading with at least $1,000 if they will be micro lots & $100,000 if they will be standard lots. If as a trader you don't have the required capital it's best to save until you reach the sum of money that will help you open a well capitalized trading account. This will increase your chances of becoming success in trading bitcoin.

do not add to losing positions

When bitcoin trading once a trade starts to make losses traders will start to add on to this losing position in the hopes that once this trade reverses they will then make back their money faster if they open more positions. However, if the btcusd market moves against a trader it may continue moving towards that direction for a while and this means that once a bitcoin trader adds onto a losing position and the trade continues to move against the trader further the trader will now start to make more losses because of the new trades that have been added to the losing positions. Instead it is best to close the losing positions & wait for new trade opportunities and open trade positions from other new set-ups.

Trade Without Emotions

Fear & Greed should have no place when it comes to trading. Traders should make decisions based on their bitcoin plan and not based on their emotions. Bitcoin traders must control fear & greed by learning bitcoin psychology. Traders should not become greedy & open big positions that may make them lose their money. Traders should reduce their risk in trading, & this way they can control their emotions of fear and greed.

Keep a Journal

Traders should keep a journal that will record their winning trade transactions and losing trades. This way a trader can identify what factors in result in winning trades & what factors result in losing trades and traders can then improve their trading by trying to avoid the mistakes that result in losing trades and try to improve on the successful trades.

By scrutinizing mistakes and successes from their trading activity traders can learn what works and what doesn’t and this way improve their trading.

Learn Bitcoin Money Management Rules

To become a successful trader beginners must learn about bitcoin equity management rules, bitcoin money management guidelines helps traders to manage their profits and learn how to protect this profits as well as how to protect the money in their account. Bitcoin equity management rules will specify when one will close trade positions if the transactions make losses and the rules will also specify when one will take profits when his open trade transactions make profits.

Study Fundamental Analysis & Technical Analysis

Traders should learn trading analysis & fundamental analysis: successful market analysis will give you an edge as a bitcoin trader and increases your chances of being profitable when trading the btcusd market.

Finally, you must be persistent & determined & be patient when learning Bitcoin. Learning bitcoin takes time and traders should be ready to put in the time and effort required to learn bitcoin.

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Trade Bitcoin Trading

Bitcoin Tips for Successful Bitcoin Trading