If you’re intrigued by the potential in trading bitcoin then you’re not alone. Recent media exposure has sent Bitcoin, along with several other prominent cryptos skyrocketing with no end in sight. Whether you’re a buy and hold investor or intraday trader fed up with being ripped of in forex then cryptos and altcoins may well be your dream market.
In this article we’re going to look at how to go about:
- Purchasing your bitcoin to begin trading
- Moving your bitcoin into a reputable exchange
- How to place a market or limit oder.
The below video comes from Fred Yen and is in my opinion one of the quickest, simplest guides to getting set up to trade. Note: In his guide, Fred uses coinabse to buy his bitcoin and bittrex to trade. For more options, check out our resources
Ok, so now you’re set up and ready to roll. You’ve got your hands on some bitcoin and have a trading account set-up. This next video by BTCKyle – another great youtuber, gives you a no nonsense overview of the Bittrex trading platform including layout and navigation, reading the order book and placing trades.
By this point you’re trigger finger is probably twitching over the buy button and you’re eager to go. If your plan is to buy and hold then fair play, get stuck in. However if you’re drawn toward the excitement of intraday trading then at this point it’s time to start learning trading strategies. Never forget, retail traders (you and me) are on average 90%+ losers with an average loss of $2000 per year. I’d recommend checking out our post on price cycles, these are cycles which apply almost universally in trade-able markets and will form an invaluable foundation to your trading mentality.