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Trading can become time-consuming and tiring. Many traders end up making mistakes because they do not know how to manage their time and sanity while trading. Developing a daily trading routine is important to becoming a successful trader. In this video, I share my step-by-step routine that I have developed over the past 5 years of trading.
I start off by waking up early in the morning. I found that my productivity is best in the morning. The total market cap of the cryptocurrency market is the first statistic that I check. I want to understand what the market is doing as a whole. Next, I go and I check my long-term holdings based on a daily candlestick chart. Looking at these long-term charts gives me a good perspective as to which coins have the best growth potential.
After checking charts, I like to go and read the news for about an hour. Checking the news allows me to get various viewpoints on the market conditions. It also updates me on any important events that are happening. I like to read various news sites to get a broad opinion on the market.
Finally, throughout the entire day, I check the market on an hourly basis. These hourly checks help me pick any short-term trades that I might want to make.
Magnr is a handy cross-platform trading site connected to a few big Bitcoin exchanges. Accounts never require any personal data or identitiy proof. So signup is quick and possible with anonymous data.
Leverage is available at Kraken up to 5x for several cryptocurrency pairs, including bitcoin. The fees are depending on the volume of the margin account.
Bitcoin can be traded on GDAX up to 5x leverage. The margin trading option must be manually turned on the account in order to make sure the users understands and reads the associated risks.
Margin trading is basically borrowing funds to purchase an asset, this allows you to buy more bitcoins that you would normally be able to do normally in the hope of making bigger profits on the price movements.
Advantages of Margin Trading.
The biggest benefit of margin trading is that you can take advantage of the additional funds when the market moves in the direction you expected. The overall profit of the positions once the bitcoins are soled and the loan is repaid is significantly higher compared to an ordinary trade execution.
Disadvantages of Margin Trading.
The disadvantage of margin trading is by nature the amount of risk a margin account can hold. The higher amount of leverage you take the bigger amount of money you can loose in case the market moves in an unfavorable way. Due to the margin call, the margin account must be funded countinuesly that involves significant amount of liquidity. It is only advisable to trade on marking if you have enough experience already on the market. To mitigate the associated risk, many trading platforms only offers limited amount of leverage trading opportunites.