XWork – Before doing How Trade Crypto Daily, it’s a good idea to consider the right and suitable exchange platform to start trading. It aims to minimize the risk of failure.
You can use several exchanges or exchanges that are currently available, including Indodax, TokoCrypto, Pintu, My Account, Luno, and others. You can download the application on your phone.
Trading is ainvestationby buying and selling an asset with the aim of making a profit. While day trading is a transaction when trading financial instruments every day.
Crypto Currency Day Trading or Trading Cryptocurrency Daily life is not something that suits everyone and there are many things to consider before deciding to start this job.
In fact as much as 95% of all traders, day trading ends in failure due to overestimating the market situation. Such as not keeping a trade journal, making excessive trades, investing in the wrong broker, not using a stop loss so that there is nothing to help when you fall into the brink of failure.
Safe Trade Crypto Tips
Even if you are a beginner, you can still Trade Crypto Daily. Here are five safe Daily Trade Crypto tips to know.
- Be selective in choosing an online broker by looking for trusted, official sites, and doing research to avoid fraud.
- Have a demo account to get used to and have experience whether the platform is working properly or not to know the real risks.
- Choose to trade with a broker that allows a minimum deposit. For starters, the exchange allows a minimum deposit of $5-$10 and the amount per transaction is only $1.
- Choose assets that are traded in the form of stocks, indices, forex, commodities and cryptocurrencies.
- Choose the right date and time for expiration starting from short term in seconds and minutes, normal in hours, and long term in days.
How to Trade Crypto Daily for Beginners
Here’s how you can do daily trade crypto that is suitable for beginners.
1. Create an Account with a Trusted Broker
For beginners who do not have an account, you can choose a trusted crypto broker or exchange. Then do the account registration according to the procedure above or follow the instructions.
2. Prepare Daily Portfolio
Portfolio is the most important thing that a trader must fill in every transaction, especially crypto money trading. Day traders will usually record all incoming or outgoing trade transactions every day whether they will make a profit or experience a loss. The daily trading portfolio would be better if only taking 1% of the cryptocurrency assets owned and converting it into multiples (2-10%) to get a larger percentage.
3. Paper Trading
If you want to try day traders, you should use fake money or paper trading. It is intended that traders can analyze transactions and develop strategies before engaging in actual day trading. In other words, it is best to start day trading with a demo account or paper trading.
4. Analysis with Risk Meter
Analyze the chart first before trading to maximize analysis and profit. The Risk Meter shows an analysis of bitcoin’s risk of trading prices. The analysis is done by calculating the logarithm in a certain time cycle. Usually the analysis metrics will show blue for buying and red indicating the exact time change when selling the asset.
5. Choose The Best Crypto Asset
Day trae crypto is best done on coins with high volatility and liquidity, such as bitcoin. The reason is, the selection of top-ranked cryptos is considered more profitable. Despite the high risk, crypto prices can go up as fast as they go down.
6. Planning and Discipline
The key to successful trade crypto daily is risk management so a trader must have good and careful planning. Therefore, don’t be lazy and disciplined to record every transaction in the portfolio, OK?
7. Monitor Crypto Price Movements
After having an account and buying a certain amount of value, be diligent in monitoring Crypto price fluctuations.
A few tips if you want to be a day trader, don’t trade on weekends. Because on holidays usually will experience a significant decrease. Crypto prices always change over time, so pay attention to the right time when transacting.