Since about 2016, another kind of “invisible” money has firmly entered your life – cryptocurrencies, which at first were represented by the main variety – bitcoins. As the popularity of this revolutionary large-scale project with the expansion of the line of “alternative money”, cryptocurrency trading developed. And today, trading in,altcoins, and ethers is of interest to many professional traders and investors.
Key features of cryptocurrency trading
Exchange contracts of this category are technically not much different from working with familiar currency pairs or securities.
The cryptocurrency market is characterized by high and chaotic mobility, which creates the risk of large losses and the possibility of no less large earnings.
After the deafening “collapse” that occurred at the beginning of 2018, the constancy of the bulls strategy in this sector no longer works.
The so-called “signals” or recommendations that numerous pumping channels sell today are often a fiction and a way to make money on the trust of beginners.
This segment of the stock market is heavily influenced by news markers. Any quickly distributed news about the purchase or sale of a large batch of cryptocurrency almost instantly reflects on the course.
Due to the fact that such money is a relatively young asset, the analysis of exchange rate fluctuations is greatly complicated by the lack of data for the last 3-5 years. And the data that are available do not have analytical value, reflecting only the evolution of the initial “bubble” that burst in 2018.
How to start trading cryptocurrencies
Acquaintance with market terminology, varieties, history of leading cryptocurrencies
Choosing a platform for trading. It is advisable to register at several large sites that have a positive reputation for responsible brokers. One can easily do it by Duxa Capital and do the needful.
Studying the trading terminal of brokerage platforms with an assessment of the possibilities provided by various options and functionalities
The choice of specific cryptocurrencies for working with a preliminary analysis of the dynamics of the exchange rate of each of the leading assets of this category
Determination of the optimal moment to enter the market with the opening of an order and the mandatory setting of, stop loss limiting loss.
Tracking the movement of the course with the expectation of the right moment to complete the transaction
Closing a position at a profitable point