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Trading does not have to be difficult. Too many "trading gurus" make trading seem like it is a complicated process when it does not have to be. I look for a few things:
1. Gain Potential
You need to make sure that there is growth potential in the trades you are making. The easiest way to determine this is through support and resistance lines. I look at the immediate resistance levels to see if there is at least a 5% gain potential. If the potential is less, I move onto the next coin. With that in mind, I will always set my sell order a few percentage points below the resistance level.
2. Indicator Approval
Checking various different indicators is going to help confirm your belief that a coin is going to increase in price. I suggest looking at the RSI, MACD, and the ADX. All of these are going to help you to understand the general direction of the coin. Do not make this overly complicated. These are the most popular indicators for a reason.
The number one thing that you will learn as a trader is that confidence is key. You need to be confident about every trade that you make or else your emotions are going to start to take over. Emotional trading will kill your portfolio value and confident trading helps prevent it.
Taking all of these tips into consideration is going to make you a better trader. Focus on consistency rather than big gains. In the end, you will be the one that comes out on top.
Hey Kyle, does this mean you are not using stop losses? I am in your CryptoSig group and following your signals, but if I place an immediate sell order I am not able to use stop losses. Feel like it is risky not using a stop loss on every trade. Thoughts?
I like it! Making money during a big downtrend. Nicely done.
Your lower indicators are a little too dark to easily see, especially on a phone. Does coinigy allow you to set a brighter color for the lines?
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.