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There are many ways to make money on cryptocurrency , some of them are simple and do not require special knowledge, others are complex, suitable for experienced market players with certain skills and knowledge. Crypto trading refers to complex methods with increased risks. Therefore, it is important for beginners to learn crypto trading from scratch .
What is crypto trading
Cryptocurrency trading is speculation on the movement of the asset price. Traders speculate through their CFD accounts or through buying and selling coins on an exchange. CFD trading is a derivatives with brokers, with the help of which market participants place bets on changes in the value of Bitcoin , without owning the underlying cryptocurrency .
To earn money, traders need to enter into short, medium or long-term trades. The goal is to earn as much as possible. For example, a trader can open a long-term buy position if he believes that the value of the cryptocurrency will rise, or open a short sell position if, according to his forecast, the price of the crypt will soon fall. You can trade with or without leverage. The use of credit increases both profit and loss, depending on the success of the trade.
How to start crypto trading : registration on the cryptocurrency exchange , creating a wallet
There are many approaches to cryptocurrency trading , but before choosing a strategy, a beginner must master the basic skills and prepare. You can learn crypto trading for free or take a course to get the maximum knowledge you need.
Next, you should choose an exchange for trading and register on it. The mechanism of operation of different exchanges is almost the same, the most popular platforms are Binance , Huobi , Coinbase . They offer users wide functionality, simple and user-friendly interface. To register and open an account on the exchange, you need not only to create an account, but also to pass verification by providing the platform with personal data.
After registering on the exchange, you need to connect a bank account to your account. Most marketplaces work with debit, credit cards and bank transfers.
To start investing and trading , you need to choose a cryptocurrency . Most market players invest in Bitcoin and Ethereum, but apart from them there are many more coins worthy of attention. It is worth studying the current ratings and capitalization of companies, follow the news and reviews. Even though mid- and small-cap cryptocurrencies carry more risks for investors than large-cap cryptocurrencies, they have significant upside potential.
Until a beginner finds a crypto trading strategy that suits him, you can try automated trading using bots. This method allows you to get acquainted with the mechanism of the market, get the first income, diversify your investment portfolio.
It is worth taking the time to choose a wallet for storing crypto. To store keys that provide access to assets, use hardware or software wallets, you can also store the crypt on the exchange itself.
Crypto trading for beginners : what you need to know
Before you come to the exchange and start trading , you need to understand the technologies and assets used for trading. The main cryptocurrency on the market is Bitcoin , but besides it, there are hundreds and even thousands of promising coins.
What should be included in a crypto trading training plan :
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effective trading strategy;
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risk management plan;
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money management plan;
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Ability to work with charts, knowledge of fundamental and technical analysis.
Crypto trading training for beginners should help the beginner understand the structure of the market. It is built on several cycles – accumulation, price increase, distribution and depreciation. As the crypto market moves from one cycle to the next, the trader must adjust his strategy by choosing the best positions.
You can learn useful knowledge and skills on the crypto trading course from Crypto Crew . We have created an effective and affordable crypto trading training program from scratch for those who want to make money on cryptocurrency trading as their main source of income. After a month of training, you will be able to independently close profitable transactions on the stock exchange and see the first positive results.
Author: admin_cryptocrew
