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Picking entrance and exit points is one of the most difficult things to do as a trader. Cryptocurrencies fluctuate every second and it can be difficult to predict the best support and resistance levels. In an ideal world, you are going to want to buy a coin at the support level. Let the coin bounce up near the resistance, and then sell the coin for a nice gain. The issue is that sometimes the lines that you draw for resistance levels are not accurate enough.
If you draw a line that is too high, you end up missing your gain because the coin’s price falls before it hits your sell order. If you draw the line too low, you end up missing out on a part of your gain because the coin ends up going higher than your sell order. Using the order book is one of the best ways to find the exact levels of support and resistance. Additionally, it can be used when there are no support and resistance lines visible.
The order book is a visual representation of all of the orders that are being made for a specific coin. In this video, I use Bitcoin as an example. The green part of the order book shows all of the bids and the red part shows all of the asks. A bid is a buy order at a specific price lower than the market price (it does not technically have to be lower but it should be). An ask is a sell order at a specific price higher than the market price.
Using the visualization of the order book, it is possible to spot buy and sell “walls”. These walls are areas where a large amount of money is trying to be used to buy or sell at that price. For example, Bitcoin currently has a large sell wall at 8100 USDT. With this in mind, it is reasonable to believe that the resistance is near 8100 USDT. As a trader, you are going to want to place your sell order below that price so that you are able to capture the gain you are looking for.
On the flip side, a buy wall is going to show you where the support levels are. In this video, Bitcoin has a trading zone between 7950 USDT and 8100 USDT. This zone was created by simply using the order book. The order book is powerful and can be used to perfect your trading strategy.
Nice work on the video. I also use Bittrex and have been using this same strategy to pull a solid 15-35% daily using this very same method. I never could make consistent gains until i had watched a video on the market depth chart. Once you learn when and where to ( Get In ) and where to ( Get Out ) nearly every trade will become a winner.. Great video on the subject. You learn this tactic the money will consistently roll in. and easily too! Make sure you are also trading High-Volume pairs also, or you'll get stuck in bad trades..
The last 2 months, I have made over $80,000 from trading bitcoin but my success never started that way as I had made substantial losses before my turning point in the Crypto space. I bought 2Btc last year which quickly rose in the bull run but eventually lost most of it and sold off what was left. That was the last I would ever have to do with bitcoins until I was introduced to Brandon Gaston first of, he asked to know my trade experience. He then gave me a quick insight on what to look out for when choosing a platform and a bunch of other things most experienced traders may never tell you. Most importantly, he introduced me to his specially designed layout and provided me with professional advice and accurate trade signals. With his system, trading has become easy and profitable and I just want to spread the word and thereby help as many that are in my previous unfortunate situation. For all questions, you can reach out for his help on *([email protected] Com)*
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.