Millions of people worldwide are trading cryptocurrencies, and the demand for knowledgeable and educated traders is booming. To become an educated and skillful bitcoin trader, visit here to learn how the Bahamas becoming a crypto hub; here, you can get the best bitcoin trading tools.
Most cryptocurrency CFD trading platforms offer a free trial or a low-cost entry-level account. Cryptocurrency traders can earn anywhere from $8 to $1,000 daily when generating volume in their demo trade accounts.
For an in-depth analysis of how much money traders make with different levels of bitcoin trading knowledge, the below-listed information will give you an idea of what beginner traders may earn on their first weeks’ worth of work. The data depicted in the recent reports is the volume in USD daily, meaning a trader would want to keep track of 24 hours’ worth of trading activity.
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Amount Of Money Bitcoin Traders Can Earn:
First, look at how much money traders earn in the 1% retracement zone. The first thing to note is that CFD trading platforms allow traders to buy and sell Bitcoin via the exchange website.
There is no need for a third-party bitcoin broker, as most CFD trading platforms can provide traders with up to 100x leverage, so their broker’s capital covers any margin losses. For new traders to bitcoin, it is recommended to register for an account with a $10,000 per day trading volume to ensure they receive positive results.
So on average, a trader would expect to earn $100 per day when investing USD 1,000 into their 1% retracement zone. To make money with bitcoin, traders only need to buy and sell the coin within the 1% retracement zone and know how cryptocurrencies work. With new traders starting, this can take some time before they build up adequate volume.
In short, bitcoin trading can be great for both passive and active income, and to achieve such profit goals in bitcoin trading, you have to confer some bitcoin trading strategies listed below.
1. Decide How to Trade Bitcoin:
Traders will need to have a trading strategy to maximize their profits. The best course of action new traders should take is to use the bitcoin chart in the form of the 1% retracement zone, which can be achieved by buying when it breaks out from undersold levels and then selling when it breaks back down into oversold levels.
The cycle repeats itself repeatedly, so investors want to ensure they get in on dips when prices are still relatively lower and sell out at higher prices, so their trading strategy maximizes profits.
2. Learn How the Bitcoin Market Works:
The bitcoin market is the largest cryptocurrency market and is constantly evolving. There are many trading myths circulating bitcoin traders, but all the information that is worth knowing has already been documented. For first-time bitcoin investors, it is recommended to subscribe to a popular blog or podcast because this will allow them to understand the cryptocurrency markets better and keep them updated on the latest news and happenings.
3. Do Your Research:
New traders should learn to read technical indicators such as moving averages, volume bars, and other market indicators showing the underlying price trend. The technical analysis explains how movements in prices are affected by specific events and how these events can be interpreted by investors looking for bitcoin trading opportunities.
4. Construct a Full-Proof Trading Plan and Strategy:
Traders new to bitcoin seek a clear strategy and plan based on their trading approach. This way, investors can be sure that they will be able to calculate the correct time to exit positions and take profit targets and maximize gains in their cryptocurrency trading account.
5. Go for a Secure and Advanced Bitcoin Trading Platform:
There are thousands of bitcoin trading apps, websites, and bots available to investors, but the problem is that most of these services are rip-offs and can end up costing you money. A centralized exchange is the best place for investors to find a simple platform offering excellent margin trading deals. Companies like coinbase and binance have been around for years; their bitcoin exchange service is fully regulated and allows traders to generate income in a risk-free environment.
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6. Open, Monitor, and Close Your First Position:
It is difficult for first-time traders to open and close positions in bitcoin, so they should focus on the 1% retracement zone to generate a healthy sum of money in their trading account. Once they have mastered this, they can diversify and open as many positions as they want. Still, before that happens, traders must monitor their BTC positions 24/7 and adjust them accordingly.
Summary:
Cryptocurrency trading is a little volatile because markets can turn within minutes, so traders must learn from their own mistakes and not repeat them.
