The most frequent question we see is, “what’s the best crypto trading technique”. There are honestly multiple ways to trade bitcoin, but we have a great way to safely trade crypto effectively. What we want you to do is succeed, because if you succeed by being a part of our bitmex trading signals group, you will stay as a paying subscriber. It’s in our best interest to help you succeed.
This article will cover the following subjects:
Bitcoin Wallet Management
Bitcoin Trading Dos
Crypto Trading Don’ts
The Best Exchanges
Bitcoin Wallet Management
The first 3 rules are about protecting your bitcoin wallet amout. You need to have MORE money in there than you started with, no matter how much or how little.
- Always practice risk management by having most of your trades set-up with no more than 3% of your portfolio/trading amount. That means if all you have is $10,000, then you would trade with no more than $300 at a time in a single trade.
- Continuing from safely trading crypto in rule one…you want to set stop-losses. Our team sets a great stop-loss to protect you from liquidation. It also means that you can recover from a small loss.
- The biggest one. You must always have a take profit level. Doesn’t mean it’s your full position, but you want to be able to have a profit. What goes up can come down, and it would be really bad if an asset went up double and then you still lose money on the drop.
Bitcoin Trading Dos
The next 4 rules are about safely trading crypto.
4. You want to take a break from trading if you don’t understand the market. There are times when you need to protect your bitcoin wallet from losses if you can’t tell if it’s up or down. You don’t want to FOMO invest, ever. That typically doesn’t end well, because when would you stop?
5. You want to lock-in your profits by selling and having that as an actual gain.
6. You want to take your money off the exchange. Traders shouldn’t leave their crypto on the exchange, because we never know if they will go under, or if a hack will occur. Once you go to sleep, take your money off the exchange.
Crypto Trading Don’ts
These are the worst things to practice in crypto trading. With our crypto calls, you don’t have to worry about that anymore.
7. Never FOMO trade (fear of missing out). The difference between the crypto market and all other markets is that there is FOMO, not actual trading techniques just yet. As the market matures, then it will follow a more logical cycle.
8. Don’t trade when you’re tired. You must have a clear mind in order to trade. If you trade while being too tired, you will lose money in your bitcoin wallet.
9. Never trade out of emotions. Similar to FOMOing, but instead, you are trading to make up for a loss. You may have lost 30% on a trade and then get angry or depressed and ready to “make it up”. All that does is increase your likelihood of failing.
10. Do not trade based on youtube videos. They are telling you information that will be old by the time you see them.
The Best Exchanges
Check out the full review here.
The best exchanges so far are BitSeven (our #1, sign-up here), Bybit (#2, join here), and Bitmex (#3, but for experienced traders; join here).
