Trading can be highly lucrative when the best approach is taken. Experts’ reports indicate that more than 40% of investors make money through online trading.
Online trading and trading on Bitcode Prime involves placing bets on the ups and downs of asset prices. Highly volatile assets such as crypto and forex tend to generate the best returns. Online trading shouldn’t be confused with online investment.
Trading involves placing bets on short-term asset movements. The higher the asset price swings, the more money you can make. On the other hand, investment is for the long term and capitalizes on long term asset price gain.
Highly volatile assets such as crypto and forex are best suited for trading. Below are some of the tips to observe to trade crypto successfully.
Learn the trading basics
Trading tools such as those provided through this platform make the trading process easy. However, this doesn’t mean that you ignore the trading basics. Understanding the basic trading language will help you master such tools fast. This will result to trading success.
Trade with what you can afford to lose
Do not put all your savings in crypto since this will cause anxiety. Anxiety is likely to cloud decision-making. Putting all your savings into crypto trading is foolhardy given the high volatility and the unpredictability of the markets.
Trade the US or London time zone
Asset volatility differs with time zones. The crypto markets are more volatile when live trading is happening on NYSE and LSE. You should trade the crypto volatility during these time zones. Trading should begin when the market opens and end when the market closes. Consequently, you should trade between 8:00 AM and 4:00 PM EDT.