Ethereum ETH, Monero XMR, Factom FCT, DASH, are all leading coins and traded the most volume daily. You should follow the coin’s chart and identify low and stable periods. Such periods are likely to be a consolidation period by the whales, and when the right time comes, accompanied by a good press release of the project, the pump will start and they will sell in profit.
If you are doing any active trading, set stop losses. For any coins not in your medium or long-term holds, always set stop losses. This is important for several reasons — the most obvious is mitigating your losses. But more importantly, you force yourself to decide on a point of acceptable loss, and because you now have a reference point, you are able to measure your effectiveness to keep or adjust for future trades. Sometimes, during a market dip, altcoins can plummet, and stop losses can lead to profitability by automatically selling for fiat that you can use to re-enter at lower prices.
So, whilst bots can help increase your end of day cryptocurrency profit, there are no free rides in life and you need to be aware of the risks. Perhaps then, they are the best asset when you already have an established and effective strategy, that can simply be automated.
Once you’ve decided on a broker, got familiar with your platform and funded your account, it’s time to start trading. You’ll need to utilise an effective strategy in line with an efficient money management system to make a profit. Below is an example of a straightforward cryptocurrency strategy.
DayTrading with cryptos is almost identical to trading like stocks. And a lot of benefits like, we can trade it on 7 days a week and the commissions are almost non existent. You easily pay over $15,000 a year in commissions with your regular broker, $5 in and $5 out per trade. But not with cryptos, the commissions are so small that you probably wont even notice them.
Bitcoin can spent just like other fiat currencies. While some people keep them for future investments, others prefer using them in making international money transfers. The most important thing is that your portfolio is completely under your control; there is no interference from the government. Its use across borders and its flawless digital transfers as well as its censorship resistance make it invaluable.
I have built my cryptocurrency portfolio using a risk-reward formula that is acceptable to me. You’ll have to decide how much risk you want to take on and that should influence which coins you invest in.
Cryptocurrencies are encrypted digital currencies which are transferred between peers. They are decentralized, meaning not governed by any bank or government institution. They are a sequence of encrypted codes transmitted and stored over a network. All transactions are confirmed and stored on a public ledger. The system uses other complex techniques to certify and validate the record keeping process. Lack of regulation for cryptocurrencies mean that they are highly volatile by nature, and an investment with this can make a lot of money fast, and at the same time it can turn and one can lose money fast. The reason it is not yet accepted by a lot of businesses is partly due to the lack of regulation. There is a set amount of digital coins that can be created and which was outlined from the beginning, after that number is reached no further coins can be produced. The reality is such, that Bitcoin and digital currencies prices rise and drop for various reasons such as media and bad press, news events, and government statements, more people are using it and for this reason the price is rising. Their unpredictability makes it exciting for most traders. Moving forward there are discussions on how to manage the currencies and that in itself can swing the price.
Unocoin is India’s most popular Bitcoin wallet. It has a built in exchange that allows users to exchange Bitcoin for Indian Rupees (INR). Unocoin charges a 1% fee to buy or sell bitcoins. Over an extended period of usage (minimum 60 days) and a significant transaction volume on your account, there will be an upgrade to “Gold Membership” and the trading fee will drop to 0.7% and the transaction limit per day will increase.
I believe that the window to enter cryptocurrency trading in rapidly closing – soon, most of the bluechip coins will be extremely expensive and unable to double in value as easily as they can right now.