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Trading cryptocurrencies has always been a challenging task for new investors. Most of the enthusiastic investors think about Bitcoin as a great opportunity to make money. But they forget the fact that other cryptocurrencies are still available to trade. Eventually, they end up buying the BTC at the worst possible price and lose money.
Trading is not as easy as it seems. It takes years of hard work and patience to execute the perfect trades. Skilled traders are always trying to make big profits by taking advantage of the key pivot points. They have a proven strategy that allows them to understand the crypto trading business. Today, we are going to learn the perfect way to set up the trading platform so that we can also trade cryptocurrencies like a pro trader.
Use a professional broker
Before you think about investing or trading cryptocurrencies, you need to find a professional broker like bigX. If you trade or invest money at the unregulated companies, it won’t take much time to blow up the trading account. So, how can we find the perfect broker for our business needs? The process requires some knowledge about technical and fundamental analysis. For instance, the brokers must provide you access to the premium trading environment where you can do the chart analysis by using the advanced tools. Most importantly, the price feeds need to be very accurate as a few seconds delay might result in big losses.
Use a simple approach
Using a complicated trading strategy has never worked in the trading business. You have to create a unique trading method you can use to find your desired trades in the crypto trading platform without spending a huge amount of time on it. In most cases, traders find it hard to deal with the simple strategy. To rookie trader’s complicated trading method are the best way to improve their win rate. Things can be simple yet profitable. Being a new trader, you can also see the professional’s setup and replicate the same process. But never try to find the trades using a duplicate trading method. If you do so, you will always judge the market sentiment incorrectly and lose a big amount of capital.
Finding the support and resistance
You have to draw the critical support and resistance level in the higher time frame using the horizontal line tools. In most trading platforms, this tool should be available. Learn to use this tool and see whether the price is respecting these levels or not. If it respects these levels, you can be sure that your trading strategy is reliable. But if the market breaks those levels regularly, you have a lot to fix in the trading platform. If possible, switch to a demo account. At times, the problem might with the digital asset. So try trading Etherum, Dash or other popular cryptocurrencies rather than Bitcoin.
Backing testing your trading model
You have to back-test your trading model by using a premium platform. Without back-testing a trading strategy it’s really hard to make some serious profit in this market. If you look at the skilled trades, it won’t take much time to realize why the majority of retail traders are losing money. They start taking the risk in the real crypto industry without knowing the details of their strategy. They just manage to create a simple strategy they can use to make some decent profit.
Conclusion
You must keep your trading platform organized or else it will be tough to make some serious profit from this market. You don’t have to mess up the platform to find the best trading spot for the cryptocurrencies. Before you get involved in this business, take your time and try to realize the nature of this industry. Once you are skilled, you will become a profitable trader.
