Trade Bitcoin Trading

3 Steps to Improving Your Bitcoin Trading

For new beginner traders wanting to improve their bitcoin education will play a fundamental role to improve their understanding of the btcusd market and this will lead to the trader becoming more successful.

After traders have learned the bitcoin lessons required to start trading and well as the various bitcoin strategies then traders need to follow these three steps below so as to improve their trading. If you have not learnt about the bitcoin lessons needed to start bitcoin trading or you are looking for a bitcoin course that provides these bitcoin lessons then you can find these bitcoin lessons on the learn bitcoin section of this website. You can also find bitcoin strategies from the learn bitcoin trade strategies section of this website. After you have completed reading these guides traders can then follow these steps to improve their trading.

Come Up with a Bitcoin Trading Plan

Traders need to plan their trading & to do this, traders will have to create a bitcoin plan. Bitcoin traders looking for an example bitcoin plan can find one on this website, the lesson of writing a bitcoin plan can be found on the learn bitcoin lessons of this siteesite, this is the last lesson on this learn bitcoin lessons section.

Use a Bitcoin Trading Plan & Stick to the Bitcoin Trading Plan

Traders should always use the bitcoin plan they develop to trade the online bitcoin crypto market. The strategy that a trader selects should be well written down in this bitcoin plan and the trader should always follow the rules of this bitcoin plan when deciding when to open and close trades.

The trading instruments that a trader will be trading will also be specified within this bitcoin plan, the instruments chosen will be the charts that are best suited for trading based on the cryptocurrency trader’s trade strategy.

The bitcoin plan will also specify which chart time frame that the trader will be trading with, whether the trader will use the minute charts or hourly cryptocurrency charts. The chart time frames used will depend on the trading style of a bitcoin trader. A scalper will use the one minute charts, a day trader may use the 15 minute trading charts and the swing trader may use hourly charts.

The bitcoin plan will also set the take profit order targets for each trade as well as the stop loss for each position. Once a trade is open then a btc/usd trader will close their trade position once the take profit order level is reached or once the stop loss level is reached. By sticking to this technique of closing trades at pre decided levels will ensure that traders will be more successful because they will have determined the points to close trades before opening the trade.

The bitcoin plan will also include bitcoin money management guidelines that the trader will follow. For example a bitcoin trader should follow the bitcoin money management rule that specifies that they should not risk more than 2% of their account funds on any one single bitcoin trade. The bitcoin money management guidelines tutorial can also be found on this website on the learn bitcoin lessons section under the bitcoin key concepts tutorials.

If as a trader your chosen strategy is to use automated strategies and Expert Advisors then these automated trade strategy should be specified in your plan. Whatever system you decide to use as a bitcoin trader, write it down in your bitcoin plan and stick to trading with that strategy.

Traders should also avoid emotions of fear and greed when trading in the bitcoin crypto market. The bitcoin plan will help traders plan their trades and this way traders will not make trades based on their emotions. A bitcoin plan will help a trader set clear goals when trading & at same time will help traders to stay organized when trading & thus ensuring bitcoin traders become more successful when trading in the btcusd market.

Trade with The Bitcoin Trend

Traders should always make sure that they open trade positions in direction of the trend. The market bitcoin trend is the general direction of the market bitcoin prices and this direction can be upwards or downwards. Once the btcusd market trends start to move in a particular direction bitcoin price will continue to move in that direction for a while because the trends will have gained momentum that will keep pushing bitcoin prices in direction of the market trend.

This is why traders should always open trades in direction of the market bitcoin trend so as to trade in the direction that has momentum and this way traders can increase their chances of being successful when trading the btcusd market.

Trader always have a saying in the btcusd market - The bitcoin trend is your friend - which means that traders should always trade in direction of bitcoin trend and never open a trade against the btcusd market trend. This is because the most reliable method of trading bitcoin, and not just bitcoin trading even stocks & other financial instruments is to follow the bitcoin trend & only open trades in direction of the trend.

There are different methods of determining the direction of a market bitcoin trend & to do this trader should use bitcoin trendlines or moving averages or Bollinger bands indicator.

Keep a Bitcoin Journal To Track Your Results

Traders should always keep a bitcoin journal and write down all trades that they open in this journal, they should writedown why they opened each trade, when they closed the trade and also the amount of profit or loss generated from that trade transaction.

After a while traders can then review the trades they have made try & look at why the losing trades made a loss & why the winning trades were successful & after that they can then try and do more of what makes them successful & less of what is making them to open losing trades & that way keep on improving on their bitcoin strategy.

As a trader if you don't maintain a trading journal you might continue making same mistakes over and over again without even knowing it, but if you keep a bitcoin journal & keep reviewing this journal from time to time then you give yourself a chance to identify the mistakes you make in trading from reviewing your journal.

Once a trader gains some experience in the btcusd market and start to recognizes the successful patterns from their winning cryptocurrency trades they can then use this information to identify the setups that will have more probability of producing winning trades & this way they can then continue to improve their trading.

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