HOW TO BECOME SUCCESSFUL AT CRYPTO TRADING
Hi Crypto Network,
The cryptocurrency market is among the most active markets that still has great promise. In the last couple of years, cryptocurrencies have experienced massive, volatile price swings, which have caused some crypto traders to thrive, and others go through huge losses.
Many traders have shied away from engaging in the market due to the difficulty that comes with trading. However, in this guideline, we are going to show you how easy it is to trade in the space successfully. So how can you set yourself up today to become the best crypto trader you can be? First, let us begin by understanding what crypto trading is all about.
What is Crypto Trading?
Cryptocurrency trading involves making decisions on whether to buy sell or stay flat. In detail, crypto trading involves speculating on price movements through a CFD trading account or buying and selling the underlying coins via an exchange.
Trading vs. Investing
Some traders have found themselves asking what the difference between trading and investing in cryptocurrencies. Trading in cryptocurrencies is slightly different from investing in cryptocurrencies.
Investing in cryptocurrency generally entails creating a long term position in digital assets. This is mainly based on fundamentals and long term trends. On the other hand, investing trading in cryptocurrencies entails short term profit based on technicals and short term trends.
Types of Trading In The Crypto Market
Short Term vs. Long Term Crypto Trading
Short term and long term are both viable forms of crypto trading. Some traders choose to engage in both. The two, however, are quite different.
Long-term traders buy and hold cryptocurrencies over a long period. This could be weeks, months, or even years. They hold the cryptocurrencies intending to sell at a profit or use it later.
They do so believing that the value of a cryptocurrency will grow in the long run. Many of the traders prefer long term trading because they do not have to experience the stress of actively trading. Long term trading is ideal for persons who have the patients to watch as the market unfolds. However, it is essential to conduct compressive research on the market and thoroughly understand the risks involved.
Short-term trading is traders take advantage of short-term cryptocurrency price swings. Traders create and execute a trading strategy that sees them earn profits from price fluctuations. In short term trading, one can faster and huge returns depending on the decisions they make. However, the process involves a lot of stressful activities on the trader. The benefit of short term trading is that traders can manage what losses to suffer.
Currency Pair Attributes to Consider When Trading Cryptos
In trading pairs, traders assume that the price of two assets is connected. This means that a change in the price of one while affects the price of the other. From time-to-time, this spread becomes large enough to present a trading opportunity. A trader can take hold of those opportunities by going short on the over-performing asset and going long the underperforming asset.
Generally, a trading pair can be crypto-to-crypto or crypto to fiat. While many are popular with the BTC/USDT or the BTC/ETH trading pairs, there are currently many others that are worth noting. These include BTC/LTC, ETH/LTC ETH/BTC, XRP/BTC, XRP/LTC, ETH/XRP, and many more.
Common Trader Pain Points
Trading in both crypto and traditional markets is not an easy task. There are many things to consider for there to be a successful trade. Some of the most problems faced by traders include
What trading tools to use
The cryptocurrency market grows with each new day. More innovations keep coming up that claims to better. Tools help traders perform faster and efficient actions. Others are created to perform operations on behalf of traders for easy trading. With so many tools available, it is easy for a trader to find themselves caught between two tools. Choosing the right tool is paramount in ensuring a successful trader. Taking note that many of the tools available do not meet the required standard, traders have to exercise caution.
At times, you will need to gather reviews from friends and family who have used the tools or collect information from online reviews. For new traders, avoid running for innovations since they are not always what they promise to be. While many shy aware of innovations that are are a few that could be a game-changer.
Consistently Able To Execute A Trading Plan
Another pain while trading is the ability to consistently being able to execute a trading plan. The difference between a trader and a great trader is the ability to perform a trading plan faster and consistently. For the plan to work, the trader is obligated to follow each step. At times, this might be difficult because of external factors. Many traders have lost vast sums of money because of a poorly executed plan. Some, the lucky ones escaped unscratched.
Using multiple platforms and not having a central location for all your activity
Many traders use various platforms to ensure they get the most returns from their operations. This is a long, tedious process that entails regularly move form platform to the next. Lack of centralized location makes the work much more cumbersome. It also creates room for mistakes that could lead to huge losses.
There is one innovation that seeks to make eliminates these pains while allowing traders to do what they know best. UpBots is a complete trading market place that offers trading tools, strategies, and trading courses into one single interface.
UpBots Trading Tools Has A Solution For All Level Of Traders
UpBots is a blockchain-based web and mobile platform that is linked to various exchanges. The platform has unique features, including:
Trade all your assets in 1 place: cryptos, forex, commodities
The platform combines all your trading desires under one roof. Whether it is crypto, forex, or commodities, UpBot has it all.
Be on autopilot thanks to automatic algorithms and Copy trading.
UpBots allows traders to create an automatic trading bot by going autopilot. The platform reduces the hours always spent looking at screens and worry. The autopilot feature automatically trades on behalf of the trader on third party exchanges. The bots will trade based on user-defined elements 24/7. Unlike other automated trading bots, UpBots presents its users with a wide range of indicators, tools, and defined trading settings. This makes the work much more straightforward.
Access a complete marketplace with Courses, bots & Signals
The platform has a little something for everyone. For new beginners, UpBots offer a training market place to help them complete with experts. The training involves different guides, such as tips on how to select a crypto trading strategy. New traders can also get all the resources they need for the trade.
The platform also has bots to ease the trading process. Both beginners and experts can use bots. Notably, before using any bot, the platform will allow the trader to back-test and evaluate its performance. UpBots has signals to help its users avoid scam projects. The platform offers an advanced marketplace where traders interact with professional and verified signal providers.
UpBots Founders and Team
UpBots’ team includes Benjamin Duval, the Chief Executive Officer, Julien Quertain, the CFO, and Ramzi Habib, the CTO. Others who worked on the project include Sylvain Kuntz, Angelique Massolo, the COO, Arnaud Deblander, Sally Teo, Michael Mikado, and Jean-Baptiste Dejonghe and Johannes Schoster.
UpBots’ advisers include Hojung Lee, Alexandre Derrien, Philippe De Ridder, and Theodore Galariotis.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.