If you feel ready right now to invest in bitcoin, then joining an investment site would benefit you. Nevertheless, it should be noted that the trading market is quite large. You must therefore be careful to choose a trusted platform that can allow you to browse online, with suitable tools. However, after selecting a site, what techniques can you follow to make your business profitable? This article gives you some advice for this purpose.
3 methods that work
A few years ago, cryptocurrencies were perceived as virtual investments essentially reserved for individuals or experts. Nowadays, on the other hand, crypto-trading is an activity more and more coveted by a large number of people. If you are a beginner or even a professional, bitcoin 360 ai could help you improve your analytics. Indeed, there are several tools that can be useful to you, but it should be noted that without a good strategy, it will be very difficult for you to benefit from the advantages of these instruments. For it :
Define a trading strategy
If you want to succeed in trading by investing in bitcoin, you must first train in bitcoin trading strategies. Your strategy should be able to guide you in three main areas: entering a trade properly, being able to monitor it, and achieving a successful exit. To achieve your goals, you have three different options for investing in bitcoin. It’s about :
- Day trading;
- Swing trading;
- And bitcoin scalping.
Day trading is an investment strategy consisting of taking several positions and closing them in the same day. Swing trading, unlike day trading, is part of a fairly short-term approach. It requires less time in a day and focuses much more on variables. As for bitcoin scalping, it should be noted that this technique compared to day trading is also more short-term. It consists in carrying out different round trips between the purchase and the sale of the same day.
Analyze the markets available to you
Once you manage to define an investment method, you must open an account, authenticate it and credit it. Then you can start the analyzes before making the investment choice. Here, you have the possibility of favoring technical analysis methods or those related to fundamental analysis. Also, if you know how to go about it, you can combine the two well at the same time.
More specifically, remember that technical analysis is based on the study of charts and its purpose is to determine the ideal time to make purchases or sales. Its users seek in part to establish trends using lines of resistance or support.
On the other hand, fundamental analysis takes into account the external environment and helps to understand the assets concerned in their environments. If, for example, you decide to invest in the dollar after an intervention by the European Central Bank, you absolutely must opt for fundamental analysis, because it allows you to consider external variables.
Try bitcoin in “demo mode”
This method is essential if you want to familiarize yourself with bitcoin. There are a large number of dedicated platforms that offer the possibility of learning online trading at no cost. They will help you learn about the easiest and safest ways to buy, store, resell, exchange, send and/or receive bitcoins. All you need to do is open a free demo account to receive nearly 100,000 dummy USD.
This amount will allow you to virtually buy your very first cryptoassets. You will only have to test different strategies afterwards in order to choose the one that suits you the most and adapts to your needs. This technique works for the majority, because it allows beginners to apply themselves over several days before actually trying it out for the first time. Do not hesitate, put this method into practice, in order to assess what to expect in real life!