Bitcoin

How To Be Successful In Crypto Trading

By Ashutosh Jha → Monday, October 25, 2021

The world of cryptocurrency can be fun, fast-paced, and profitable, but it is easy to get overwhelmed when you are first getting started. There is a lot to learn when getting into this digital world, and beginners need to take a step back and learn everything they can to prevent mistakes. 

Making mistakes when trading cryptocurrency can be expensive, and it may be difficult for you to recover from, which is why taking the time to educate yourself is vital.

The following are some crypto mistakes to avoid to ensure success every time.

Not Doing Your Research

As a beginner, the crypto market can seem overwhelming because there is a lot to understand. There are over 10,000 forms of cryptocurrency, which can seem like an incredible amount to someone who is just getting started.

While you do not need to know what every single cryptocurrency is and what its purpose is, research is still something you should take your time doing.

If there is a cryptocurrency that you are interested in, make sure that you do some research on your own to determine the best steps to take. This means reading more than comments or forums from other traders and looking into market trends that might affect your decision.

There are some great resources out there when it comes to trading cryptocurrency, and many of them are accessible to beginners.

Jumping Into Decisions

In any kind of trading, it is recommended for investors to leave their emotions at the door before they start working.

Feeling emotional about trading can lead to impulsive decisions, which can be very detrimental to your progress. This is why it is recommended for new traders to take their time before making any decisions and start their research early to ensure they understand clearly what they are doing.

Crypto trading is something that should be done based on logic and knowledge, rather than a snap decision based on greed, anxiety, or excitement.

Not Knowing Where To Start

Crypto trading is something that can be done on a range of platforms, and it is this decision that can slow down the progress of beginner traders.

Although there are several platforms that you can use for crypto buying, selling, and trading, not all of them are made to the same standards. For beginners, the currency exchange platform that they need to rely on has a lot of resources as well as a welcoming community that can help you on your journey.

Swyftx is one of the best currency exchange platforms out there as it supports over 250 digital assets, as well as global currencies.

This is an exchange platform that has a lot of resources that can help beginners get started.

As well as articles, community posts, and how-to guides Swyftx also has a crypto trading demo mode that allows beginners to become familiar with the global market without risking capital.

To get started in crypto trading, register with Swyftx today.

Bitcoin

Taking Profit, Stop Loss, and Trailing Stop - Everything You Should Know

By Ashutosh Jha → Tuesday, December 29, 2020

Are you already familiar with cryptocurrencies, trading, maybe you are even registered on several exchanges? Great. Now it’s time to learn all the intricacies of cryptocurrency trading and answer the question: "How to trade cryptocurrency?"

In this article, we`ll tell you about such advanced orders as Stop Loss, Take Profit, and Trailing Stop. You will master the theory (yes, boring terms will be here too), learn about their advantages and disadvantages, and also be able to decide what to add to your trading arsenal.

Some boring terms

Stop Loss

An order that minimizes losses in case the price starts moving against your position. This order execution leads to the position closing with a loss. Stop Loss is always associated with an already open position in the market or with a pending order. It is used to minimize risks and manage an open position.

Take Profit

An order that locks the profit when the asset price reaches a certain level. Take Profit execution leads to the position closing with a profit. This order is also always associated with an open position in the market or with pending orders.

Trailing Stop

Trailing Stop is often used by traders instead of a traditional Stop Loss order. It is set at the distance from the current price required by the trader. If the price moves towards increasing profit, the trailing stop order automatically changes the Stop Loss level, following the price at a distance set by you. If the profit decreases, the trailing stop order remains in place and upon reaching its level, the profit (or loss) is fixed automatically.

On the one hand, a trailing stop order fixes the maximum loss amount you've determined for a position, and on the other hand, it doesn't limit its possible profits. Trailing Stop mechanics sounds a bit complicated - because it is. However, you can use paper trading, available on multiple exchanges, to get a hold of this concept and become a better crypto trader.

Stop Loss in detail

When we`re dealing with a volatile cryptocurrency market, the biggest challenge is limiting losses. Unfortunately, many investors have learned about this from their own experience. For example, Bitcoin tries to rise to at least $10,000 but still falls below $9,000. Fortunately, there is a solution - automatic selling when it falls to a certain price.

Stop Loss is intended to limit the investor's losses. Although most investors have a long position in mind when talking about a stop loss, it can also help protect a short position - in this case, the asset is bought back when its price rises to a certain level.

Stop Losses will help you save your money or avoid getting from a bad situation to a worse one. You choose a level that is comfortable for you, and thus you get some wiggle room when the asset will rise back in price. Regularly using stop losses will help you preserve your trading profits.

Even if you expect the green candle to get even higher, but you want to guarantee you won’t lose all your trading profit to some enormous red candle. A beginner just buys an asset and hopes that it`ll cost more tomorrow, but we assume that you`re ready to learn something.

There are several types of stop-loss orders: fixed, dynamic, and trailing stop loss.

Fixed stop loss is the simplest method. For example, you have 1 Bitcoin, but you`re worried that its price will fall below the $9 thousand overnight. You place a stop loss, thus placing an order on the exchange so that when the price falls below 9 thousand, your Bitcoin is immediately sold.

However, a situation may arise when overnight the price may both fall and rise relative to the declared level. Then the loss cannot be avoided if you want to keep bitcoin on your balance.

The solution to his problem will be using the dynamic stop loss. In this case, if the BTC value falls below 9 thousand, half of the existing position will be sold. If the price falls further, half of the bitcoin can be bought again at a low price. If the price reverses, half of the position will still be there to profit from.

Some words about Taking Profit

Take Profit order plays a key role in the strategies of many traders and is used with different assets. When prices start to rise, orders serve as an upper limit and ensure that assets are sold before prices start falling again. Imagine a poker player that knows exactly when to leave the table.

A trader usually chooses an activation price for his take profit order based on technical analysis. Typically, these orders are used for short-term trades as they can significantly reduce profits when a trader chooses a long-term strategy. Take Profit order helps to avoid emotions during the trading process.

When opening a trade, you can safely choose the price at which you will be ready to exit, instead of succumbing to emotions and selling assets too soon or too late. They also eliminate the need for traders to manually sell their assets and monitor prices throughout the day.

Although take profit guarantees a profit, it is possible that the order will be executed and prices will continue to rise. Accordingly, you may be missing out on more substantial profits. There is also a possibility of a human error, so always check that the settings are correct to avoid costly mistakes.

Trailing Stop in action

A trailing stop order allows investors to automatically adjust the price at which they`re ready to sell an asset in accordance with changes in its price. Such orders are very popular with the stock market traders and guarantee that the investor doesn’t forego profit possibility in the sudden volatility event.

Trailing Stop orders track market movements. If the prices rise or fall, the limit at which a trader will sell increases or decreases with them. The challenge for traders who use a trailing stop order is to find a middle ground between too small and too large a limit.

If the limit is set too close to the current price, it`s possible that normal market fluctuations could cause unwanted selling. A trailing stop order that is placed too far from the current market price creates the same problem as a fixed stop loss: it cannot fix profits.

Instead of an afterword

We hope that you became a better trader and are ready for the real work now. And if you value your time and comfort, then you`ll like the professional app for cryptocurrency trading - GoodCrypto. Use this knowledge and send stop loss and take profit orders to Binance and any of 20+ exchanges.

Bitcoin

Guide to Trading CFDs on Cryptocurrencies

By Ashutosh Jha → Tuesday, January 21, 2020

If you have been following up on cryptocurrencies, then you know that they are, in a nutshell, digital currency. This means you will not find it in a folded bill in your wallet as you would a dollar. Also, cryptocurrency is not monitored by banks or financial authorities like fiat money is.

Digital currency was introduced to the public in 2009 when Bitcoin was launched. Other started making an appearance as many as two years later encouraged by Bitcoin’s success. Some of the major cryptos you will come across in CFD trading include the following:

• Ethereum (Ether)
• Bitcoin Cash
• Litecoin
• Ripple

Ethereum is the closest rival to Bitcoin. In the market, cryptocurrencies are quoted against the US Dollar and the Euro (USD and EUR respectively. Their codes against the two major currencies look like this:

• Bitcoin vs the Dollar: BTC/USD
• Bitcoin vs the Euro: BTC/EUR
• Ethereum vs the Dollar: ETH/USD
• Ethereum vs the Euro: ETH/EUR
• Litecoin vs the Dollar: LTC/USD
• Litecoin vs the Euro: LTC/ EUR
• Ripple vs the Dollar: XRP/USD
• Ripple vs the Euro: XRP/EUR

Reasons to Trade CFDs on Cryptocurrencies

With the blockchain technology, it is possible to access cryptos. Blockchain is the public register that contains a record of all undertaking.

Investors have started considering cryptocurrencies as a viable investment. Their interest is mostly as a result of headlines and articles detailing Bitcoin’s rise in value. In 2017, Bitcoin was valued under $1,000 at the beginning of the year. This value rose expeditiously to over $14,000 by the end of the same year.

When entities such as CBOE and CME started launching their future contracts in Bitcoin, investors sat up and took notice. Many people who have dabbled in cryptocurrencies simply buy the actual digital currency. The drawbacks to this include the following:

• They are not regulated
• Processing times are slow
• There have been documented concerns about the cryptos being compromised

To avoid these drawbacks, it is more advisable to trade cryptocurrencies via CFDs. These offer you fast processing times. The time factor is crucial in a market as erratic as the CFD market.

Trading Bitcoin in CFDs

Being the first and most recognized cryptocurrency, it comes as no surprise that is the most talked about. There are two ways you can trade Bitcoin in CFDs:

1. Buy the crypto and store it in a Bitcoin wallet. Later, when its value has risen, you can sell it for a profit.
2. Trade BTC/USD via CFDs. This only requires you to open a live trading account with a trusted and reputable platform such as Saxo Markets. You can then trade easily from a chart.

It is important to note that the Bitcoin market is one of the most erratic. It can be triggered by an announcement in financial news and either shoot sky-high or plummet to the doldrums. Different traders will view this in a variety of ways depending on a wide variety of factors.

Also Read: 3 Top BitCoin Trading Software

Some will tread with caution. Others will see the volatility as the perfect chance to short the price and await further falls. Yet another group of traders will see this as an excellent trading opportunity. Naturally, the ball is in your court.

Trading in the other cryptocurrencies will more or less follow the same trend. You must do your homework with regard to any of the cryptos you want to trade. The results of your research will inform your decision in picking one currency over the other.

Conclusion

Ultimately, trading cryptocurrency is yet another currency; only that this one is digital. Many investors view it as the future of currency. An HK-based CFD trader can trade in this as effectively as safely as the one in Australia can.

Nevertheless, as with any form of trading, it is important to learn the ways and arm yourself with sufficient information. Also, keep a keen eye on the movements in your account to take full advantage of the markets.

Bitcoin

Best Options For Buying Bitcoin In Australia

By Ashutosh Jha → Thursday, April 4, 2019

A cryptocurrency such as Bitcoin is really just another way to pay for goods and services, which has been formally recognized by some governments, and operates at the end of the day the same way as cash, gold, or any other acceptable payment would.

There have been questions about whether its use is legal, or ethical given its anonymous way of conducting a transaction, though if you declare it and pay your taxes on it, as you would with all other income, you are on pretty safe ground.

Benefits

Its adoption is most definitely growing and there is little doubt that at some point in the future, its acceptance will be pretty much all encompassing. Companies accepting crypto payments firstly at this moment of time, enable themselves to appeal to a broader audience than those who do not.

Transaction fees are very significantly lower than traditional ways of sending money, adding to bottom line profitability, with transactions conducted considerably faster. Setting up a smart contract, you can be paid for your goods or services at a pre-specified agreed upon point, ensuring much faster incoming payments, which previously would have had to then be invoiced for.

Security

If you make the decision to use cryptocurrency in your business or personal dealings, you can be assured of the secure nature of the financial transaction, which is totally controlled by block chain technology. It must be remembered though, that a transaction once completed, is like handing over cash, and the deal is final, very useful if you have customers sometimes disputing transactions.

This can of course work in the opposite way, so it is worth knowing who you are buying from, especially given the totally anonymous nature of the currency once it has left your hands.

Buying Bitcoin

Many people want to know how to buy Bitcoin in Australia and the good news is that while options were at one point limited, they are becoming more widely available to trade. Bitcoin is booming in Australia involving ever growing amounts of money. The easiest way of buying any cryptocurrencies is to use an exchange, which does exactly what you would expect: change your local currency into whichever crypto you require.

There are a range of cryptocurrencies out there and many exchanges do not work with them all, while others may have financial limits on the allowed value of daily or weekly transactions, possibly limiting you in your required use.

Choosing An Exchange

It’s really worth doing your homework before choosing which exchange to use. Aside from varying fees, some exchanges do not offer perfect security measures, may have different payment methods, and differing options for conversion into fiat currencies.

An Internet search will quickly help you to identify the leading and popular service providers, which you can then check out in greater detail to find who is best suited to your transnational needs.

It is difficult to say with any precision exactly how fast the global adoption of using Bitcoin and other crypto is going to be, but if its rate of adoption continues in its current trend, it is likely that in time we will view it no differently from the cash we have in the bank or at our access with credit cards right now, making now a very good time to learn more.

Digital Currency

Profitable Use of Bitcoins

By Ashutosh Jha → Monday, December 17, 2018

Bitcoin helped introduce new opportunities for bitcoin traders and investors. For instance, the vast availability of the cryptocurrency across the online space allowed a lot of online and offline transactions happen. It has also allowed peer-to-peer bitcoin trades to happen. Visit this site to know more.

Imagine being able to buy a cup of coffee using bitcoin? Or buying more bitcoins from other traders and sell them for profit? Or sell gift cards such as Amazon, Steam, and Walmart for more bitcoins? Most of the bitcoin users around the world are looking for profit. With your imagination and a few trading skills, the profitability of bitcoin can easily be utilized for any bitcoin users’ and traders’ benefit.

The Profitable Use of Bitcoins

The profitability of bitcoin trading is something that can be quite easy to achieve, though with some limitations to consider. It’s like reaching for something with a lot of hard challenges up ahead. The thing is, when it comes to making a profit with bitcoin, one must know how to use it in different ways.

Bitcoin is actually one of the most versatile forms of currency since you can buy a lot of different things online using it. Buying basic goods with bitcoin is already one thing, but what about making a profit out of it?

Also Read:

• These 3 Bitcoing Software Trading FAQ You should Know
• 3 Reasons why Online trading is an smart decision

What Makes Bitcoin Profitable?

There are many things that can make bitcoin profitable. As stated earlier, bitcoin trading is one of the most profitable uses of bitcoin. Why? Because the volatility of bitcoin’s price is a factor. Say you bought $10 worth of bitcoin today, and then several days later, the price goes up. Now, you end up with more profit than before! Now that’s one easy way to make a profit out of bitcoin!

Ways that Bitcoin Can be Profitable

Here are some of the best and profitable use of Bitcoins. Bitcoins are becoming the universal profitable digital currency and will be growing further as well. The prediction is even bright for this digital currency.

Most Business Establishments Accept Bitcoin as a Payment Method

This is one of the most common and more profitable uses of bitcoin. In this case, many business establishments allow bitcoin to be a part of their daily stream of income. As of October 2018, there is already an estimate of 100 companies that accept bitcoin as part of their payment methods, with well-known companies such as Subway, OKCupid, and Reddit known for accepting the bitcoins for business.

Many of these business establishments also make use of bitcoin to help their business earn money with bitcoin. For instance, bitcoin-run design company Bitcoinshirt.co makes use of bitcoins as the best mode of payment should customers buy something online.

How this ensures profit with bitcoin is the volatility in its price. When the price goes up, this can also increase the profit made by businesses with bitcoin as a payment method.

Increases in Value Can Be Expected

Not only can businesses profit from the volatility of bitcoin’s price, but bitcoin traders and users can also reap the benefit from the volatility of bitcoin’s price. Bitcoin’s price can either increase or decrease depending on the standing market price, which can be helpful for many bitcoin users and traders everywhere.

Another way that bitcoin do for profit is a term known as HODL, or Holding on for Dear Life. This has the users hold on to their bitcoins and wait for the value to increase. Though this can be considered a gamble as the volatility of bitcoin’s price is rather unpredictable.

Bitcoin Mining is a Good Way for Miners to Profit

Another way that bitcoin is profitable is the process that gives its head start: Bitcoin Mining. Bitcoin mining is the process that mines bitcoins by solving complicated mathematical equations. This involves the work of ‘bitcoin miners’ working to solve the algorithm at the same time and be compensated bitcoins for their efforts.

The thing about bitcoin mining is that it involves more capital, which is needed to purchase specific hardware for mining. If you can’t afford to buy computers for bitcoin mining, you can always apply to different ‘mining pools’.

Mining pools are groups of miners working together to mine bitcoins. Usually, a mining pool will have their own equipment for mining and all you’ll have to do is join. Mining pools provide bitcoin exchanges the bitcoins they sell, and whenever bitcoins are purchased from bitcoin exchanges, they’ll profit, therefore, you’ll profit! The more miners and the more advanced hardware, the less time it takes for mining bitcoins!

The Presence of Peer-to-Peer Marketplaces

A lot of bitcoin users use peer-to-peer marketplaces to earn more. For instance, a trader will use the marketplace to connect with other traders and start a trade with them through a variety of payment methods available, such as gift cards and bank transfers.

P2P Marketplaces

One of the best things to consider when it comes to this is that many of these platforms offer different ways to handle bitcoins. Many of these peer-to-peer marketplaces offer different payment options, local, domestic, and international trades, and escrow service for their trader’s safety.

Always Remember!

Making use of bitcoins for profit can be one of the best things to do on a more convenient note. The vast availability of the cryptocurrency can prove helpful for many traders, while at the same time provide as many opportunities as other forms of currency. Yet, while the profitability of bitcoins can be guaranteed on most occasions, caution is to be exercised at all costs.

For one, bitcoin is known for its volatility in price as a whole, which can either guarantee an increase or a decrease. Another problem seen in this aspect is that not everyone accepts bitcoin. There is still some speculation as to what bitcoin’s value really is, as well as the fear that people have in using bitcoin and its potential to the fullest.

Being aware of where bitcoin stands and how it works as a whole in the market can be a good first step to take. Doing your own research can help you utilize bitcoin for profit.

Profit Through Bitcoin Made Possible Than Ever!

All in all, making a profit with bitcoin can be possible! Not only can you buy bitcoins from an exchange and HODL it in hopes that the price will increase, but you can also create an account for an online peer-to-peer marketplace, buy bitcoin, and use it to actively trade with other users worldwide, and buy gift cards and use those codes to buy bitcoins for less! This is only the surface, there are more ways to make a profit with bitcoin.