Getting double or triple your investment never seems bad to anyone. Who doesn’t like easy money? Of course, many do that. Therefore, the urge to get rich with a little investment has increased public interest in Bitcoin. This is also the major reason for the popularity of cryptocurrency trading. Furthermore, several success stories on the internet motivate more and more people to get into cryptocurrency trading. For example, Eddy Zillan, a crypto millionaire.
Only because of the amazingly true success stories, the verified users in the crypto market reached 1 million in 2018. This is proof of the truthfulness of Bitcoin and other digital currencies. But most of the people are not aware of the basics and get into this market with a little knowledge. Thus, gets in trouble and lose all of their money. Therefore, you must get to know about the hacks to get success in Bitcoin trading.
Ventsmagazine.com tells you about the purchase of Bitcoin without much investment. You can go to their Website to learn about the use of Amazon gift cards for the purchase of Bitcoin. Yes, you don’t have to use your own money if you have the gift card from amazon. So use this card to become rich.
But wait, you still have to know some secrets about Bitcoin trading. So here are the hacks that you can use;
1. Plan your Game
You might think that you already have a plan, you will do this and that and finally get success. But ask yourself how many times have you stick to your plan? Having a plan is a different thing and sticking to it is the thing you have to do. Now, to do so, you need strong will power.
The important thing in Bitcoin trading is the time of purchase and selling. If you have bought the currency during the low time, you need to set the criteria to trade. So irrespective of the market performance, stick to your plan. But don’t just casually sit there. Analyze the market and make your move accordingly. After some time you will learn how the market works and when is the best time to sell your coin.
2. Consolidation of your portfolio
As the market goes up and down, so do the different coins. Some coins have long term potential (if you don’t know about it, you will learn that with time). The Crypto market is also like trading in the stock market. The worth of the coins can be determined through the market performance just like companies.
For example, you have shares in a Robotics company and any cinema. So if you have to sell the shares of one of the company what will you do? Of course, the cinema because robotics has a long term benefit. The future is all about technology. Old themed and design based cinemas will no longer be there.
Similar is the case with Bitcoin trading. You have to analyze your coins and get rid of the one that does not have a long term benefit. So when you observe that the market of certain coins won’t be going up in the future, you can sell them. In this way, you will always play safe. Otherwise, the dead weight will only drag you down.
3. Never stay within the crowd
Yes, you have to cut the noise around you and should make your plan. In this way, you will move by your policies. Although it might seem that you have made a loss by staying away from the crowd that will be a short-term loss. If you want long term profitability, you have to remain in your plan.
Either remain ahead of the others behind them. For example, most of the traders are going for a certain market, but you are not sure about its performance. The best solution at such times is to stay behind the crowd and observe the trend. But if you are a trader with high market assessment potential, you will know which coins will go up.
People who work in larger groups fail to make true assessments. This is because, with more chefs, the dish will definitely get spoiled. Gossips began to start and people make wrong decisions only based upon the gossip. Therefore, keep this thing in your mind. Never follow the crowd blindly. Make your plan, your assessment and your criteria to manage investments in the business.
4. Make your own team
As mentioned above, the more the team members the gossipy it will become. But that doesn’t mean to work alone. Building a team and working along well can be a better choice. The only thing that needs accuracy is team selection. Therefore, the best way is to start with a short team, a team of 2 to 5 members.
Next is your game plan. You must ensure that all the team members get and provide information from authentic sources. Therefore, it is essential that all the team members have at least 2 or 3 subscriptions to primary authentic sources. In this way, you will be able to stay away from gossips and get the right information.
5. The need for Tools
You can provide someone with food, but it will only feed him for some time. On the other hand, if you teach someone skills to earn, he will be able to get food for a lifetime. Therefore, the need for tools is inevitable. The digital world isn’t that different from the real world. That is why you will need tools to work there.
So here we have a list of the best tools used for Bitcoin trading;
- Trading view (Pro)
Trading isn’t child play. Although it seems like easy money, but it is not. This market is stressful. Therefore, prepare yourself to work hard. But without the right tools and knowledge, you might face failure. So equip yourself with the best tools and make your strategic game plan and there won’t be anything stopping you.