Unless you’ve been living under a rock, you must have heard about Bitcoin. Enthusiasts call it a “disruptor” that financial markets have never experienced in a long time. Others say it is the “best thing to happen in the history of mankind.” The point; Bitcoin is BIIG, and that has caught the attention of many investors. However, with the excitement comes a great deal of confusion. That said, if you’ve never traded in Bitcoin before, these tips will come in handy.
Invest What You Can Afford to Lose
Just like any financial investment, you can lose money with Bitcoin. You see, Bitcoin is highly speculative which means that you can lose (or win) big time. It, therefore, makes perfect sense to invest an amount you can lose comfortably. In other words, spend with the worst eventuality mentality. That way, you can make the right decision especially when the market declines. By extension this means that you can hold onto your Bitcoin as long as you want. Plus, you don’t have to do what is known as “panic selling” for fear of losing your money.
Set Your Goals Early On
You have to determine what you expect within a specified period. The idea is to help you remain level headed when the market is unpredictable. When you place a trade, have a benchmark as to what price you can take profits or cut loses. Consider using the services of a spot trading exchange company so you can understand the exchange rates and when to sell your Bitcoin. However, be sure to use a reputable service, with in-depth knowledge of the market. Keep off services with few or no review such as Bistane. On that note, visit https://www.selectedbest.info/bitsane-user-reviews/ to read about Bistane a full-featured spot trading exchange that is yet to gather the reputation to earn the trust of potential crypto currencies traders.
Learn to Read the Charts
Okay, the technical aspect of Bitcoin can be challenging to comprehend. However, at the very least, you should know how to read and interpret trends. You should familiarize yourself with a charting tool called Bitcoin Wisdom. Learn about terms such as opening and closing price. And then there is price discretion and highest price as well as the trading exchange to mention but a few.
In conclusion, these aren’t the only things you need to know about Bitcoin but will go a long way in getting you started. It’s a learning curve from then on.