How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

Published on: 19 March 2020 Last Updated on: 02 August 2021

In the last few years, cryptocurrency trading has picked up in a major way. The rise of cryptocurrency exchanges and trading platforms has meant that normal people, like you and me, can earn handsomely from cryptocurrency trading.

The first cryptocurrency, Bitcoin emerged into the scene in 2009. Over the last decade, the cryptocurrency has traded to record highs of $20000 USD to lows of $4000 USD. However, investors and traders have been able to make millions by doing the right kind of trade.

In this article, we look at 5 easy steps that can help you become a successful cryptocurrency trader.

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

cryptocurrency

1. Choose the right Trading Platform:

The first step toward success is also the toughest one. If you want to be successful, you need to work on the best crypto trading platform. This is because successful trading is all about the cryptocurrency software, which platforms use.

The best trading platforms use the most sophisticated and advanced software. This software helps you see trends, show future projections, and make informed decisions. It is essential that you do your research and evaluates how good a platform really is.

2. Make Low-Risk Trades initially on the trading platform-

Most people who are too eager to get into the cryptocurrency trading game create one cardinal mistake. They make high volume and high-risk trades very early on. If you are able to pull off a high-risk trade, you stand to make greater profits.

However, this is a strategy, which should usually be followed when you are experienced as a trader. When you are starting out, it is best to go slow when it comes to making trades. This will help you get an idea about the dynamics of the trading platform and gain experience.

3. Let the Trading Software do the bulk of the work for you-

The best cryptocurrency trading platforms invest millions of dollars in securing the right tech for their platform. This software uses complex algorithms Artificial Intelligence and Machine Learning to bring you the best trades.

If you want to be successful in this trading ecosystem, it is best to make informed decisions. The software is powerful, user-friendly, and will guide you at all times. Yes, the final decision rests with you. However, inexperienced traders should pay attention to what the software suggests.

4. Be informed of Global Happenings and keep yourself updated:

While you do not need to spend more than a couple of hours every day on the trading platform, you can always keep yourself updated. This means reading up credible journals on cryptocurrency and doing your own research.

Many global happenings alter the valuations of cryptocurrencies. For example, if countries start legalizing Bitcoins and other cryptos, it usually leads to a massive hike in valuation. (When Xi Jinping took a favorable stance on Bitcoin and Blockchain, the valuation soared by over 30%).

5. Be Safe, Secure, and Protected at all times:

The world of cryptocurrency attracts cybercriminals. This means that you have to ensure security on two levels- on the trading platform, as well as your own system. Choose a trading platform, which has a strong firewall, great encryption, and password protection.

On your end, you can choose an industry-leading antivirus solution to help you protect yourself from phishing, malware, spam, and other dangers.

Conclusion

For a very long time, the general population could not take part in earning from cryptocurrencies. Mining is very expensive and requires strong technical knowledge. However, trading platforms are a great way to earn from cryptocurrencies.

By following all the above-mentioned steps, you can rest assured that you are well on your way to become a successful cryptocurrency trader.

Read Also:

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

How To Choose The Best Auto Insurance Company?

The auto instance is something, which one can be devoid of, and if someone is doing the same then you are putting your automobile at risk. Whether it is a home or whether it is a matter of life or whether it is the matter of automobile, one should have the insurance cover. For having the best insurance cover, it is important to have the best insurance company. If you have purchased any insurance cover in past times then you must be having the idea of how to buy it but if you are buying it for the first time then you should consider some important things, which are mentioned below So, basically here are the important things to consider before choosing the apt insurance company for you. Experience: If an auto insurance company is in any business then it is important to have the experience. Experience does not mean that having the experience of six months is enough. In fact, an auto insurance company is considered as experienced only if the company has the experience of three to four years or more than that. Although the experience may vary from company to company, so it is you who can decide the company on the basis of experience. Mouth recommendations: Mouth recommendation means that your friend or family or any other person is suggesting the insurance company to you. Although it is good to choose the company on the basis of mouth recommendation it does not mean that you have to completely rely on the mouth recommendation. Along with this, you should do the research on your own. Try to know more about the company: Getting the general insurance quote should not be the only necessity. People get the insurance quotes from the different companies and after comparing the quotes, they select the one. Although knowing about the insurance is good but it does not mean that it is more than enough. Try to know about the present, past, and future of the company. If any company is holding its place in the market for the past several years then it is good to go with the same company. Reputation: The reputation and status of the company amongst the people are almost interrelated. If any company is having a good reputation in the market and in the customers then it is always good to go with the same company. Always try to get in touch with the prior customers of the insurance company and such customers can guide you in the best possible way. If any company is having a good place in the people’s hearts then it means that the company has done something good for the customers. Online existence: Nowadays, people believe in online businesses as compared to offline businesses. The online existence of the company is helpful for the customers also because there is no need to go to the different insurance companies for having the insurance cover. In addition to this, either the people get the costly insurance cover or the people get stuck into the traps. So that is why it is advised to get the insurance cover from the companies which are having an online existence. Reviews: If any company is having an online existence then it is for sure that the company will have the reviews. The reviews of the companies vary from their status to status. The better reviews of the company suggest the better qualities of the company and the poor reviews of the companies have the poorer quality. In short, people can make their search accordingly. Affordability: There are several companies, which offer different insurance coverage to their customers, but the price of the insurance cover varies from the company to company. So, always try to find the company, which offers the best insurance cover at the affordable prices. Si, in this way you can make your search in the way of finding the best auto insurance company. Read Also: Your Simple Guide To GAP Insurance Is Telecommunications Equipment A Good Career Path In 2021?

What Is NFT Art And How Does It Work

At its core, an NFT (Non-Fungible Token) is a digital asset that represents ownership or proof of authenticity of a unique item or piece of content, often an artwork, using blockchain technology. Unlike cryptocurrencies such as Bitcoin, NFTs are not interchangeable; each NFT has a distinct digital signature, making it unique and non-fungible. NFT art refers to digital artworks bought, sold, and traded as NFTs. These can range from digital paintings, animations, music, videos, and more. The art is usually digital, but the NFTs can also represent ownership of physical artwork. How Does NFT Art Work? Creation and Minting: Artists create digital art and then "mint" these works as NFTs on various platforms or blockchains like Ethereum. Minting involves creating a new block, validating information, and recording the art as a transaction in the blockchain. Ownership and Authenticity: Once minted, the NFT's metadata (including the artist's signature, the artwork's details, and ownership history) is securely stored in the blockchain. This ensures the authenticity and provenance of the artwork, making it easy to verify its originality and ownership. Buying and Selling: NFT art can be purchased on numerous online marketplaces. Transactions are usually made using cryptocurrencies. When an NFT is bought, the ownership is transferred to the buyer, and this transaction is recorded on the blockchain, providing a permanent record of the sale. Royalties: One of the revolutionary aspects of NFTs is the ability for artists to receive royalties automatically. Artists can program in a royalty system to receive a percentage of sales whenever their art is sold to a new owner. Benefits of NFT Art Provenance and Authenticity: NFTs provide a secure and transparent way to prove the authenticity and ownership of artwork. Global Market Access: Artists can reach a global audience, and buyers can purchase from anywhere. Royalties: Artists can benefit financially from secondary sales of their work. Innovative Art Forms: NFTs have encouraged new digital art and creativity forms. Criticisms and Challenges Environmental Concerns: The energy consumption of blockchain technology and NFT transactions has raised environmental concerns. Market Volatility: The NFT market can be volatile, with prices fluctuating dramatically. Copyright and Plagiarism Issues: There have been instances of art being tokenized without the creator's permission. Future of NFT Art The world of NFT art is still in its infancy, and its potential is vast. As technology evolves and more artists and collectors embrace NFTs, we may see new forms of art, innovative uses, and solutions to current challenges. Despite the controversies and growing pains, NFT art is paving the way for a new digital creativity and ownership era. NFT art represents a significant shift in how we perceive and handle digital ownership and art. By leveraging blockchain technology, NFTs provide a secure and transparent method to buy, sell, and collect digital art. While there are challenges to address, the NFT space's potential for growth and innovation is immense, making it an exciting frontier in the art world. As with any emerging technology, artists, collectors, and enthusiasts need to stay informed and engaged with the evolving landscape of NFT art. Read Also: How The NFT Market Is Developing In 2021 Is there a Place for Bitcoin in the Fashion World? Creating Successful Mobile Games: What You Need to Know

Most Common Merchant Account Issues Explained

Whether you are just considering the prospect of setting up an online store or looking for ways to enhance your efficiency as an existing business on the web, knowing what problems you are likely to come across as a merchant account owner will help your decision-making on the way. This article will be useful for anyone daunted by the possibility of creating and running a high-risk merchant account. Here, we explore four frequently occurring problems with bank accounts for credit card payment and how to avoid and/or fix them. What Is Considered High-Risk? The degree of risk associated with your merchant account is largely determined by what kind of goods and services you offer. This is part of a common classification used by banks and other financial institutions to work out the most fitting approach for their corporate customers. Traditionally, businesses in agriculture and gardening, education, drop shipping, SMM, babysitting, and other similar areas are labeled relatively safe and enjoy favorable treatment by banks. However, this doesn’t mean they won’t suffer from fraudulent transactions, chargebacks, and more documentation that they can manage when they go online. Contrary to these activities, the following areas are believed to be high-risk: betting forex brokerage booking online dating adult goods and services food sales pharmaceutical sales. If your prospective or existing business belongs to one of the categories on the above list, it means you have a greater than average chance of facing fraudulent activity and other risks that are typical of online payments. Fortunately, though, there are solutions to relieve the hazards for both you and your customers. High Fees and Restrictions on the Part of the Bank As mentioned above, financial institutions seem reluctant to partner with companies in high-risk sectors such as forex brokers. This is not to say that such a partnership is impossible. Instead, you are more likely than not to be charged high fees for the cooperation, which might drain your revenue and are often combined with further restrictive practices. For instance, banks often limit the total transaction amount per unit of time, causing many startup owners to either switch to costlier plans or start multiple accounts. Credit Card Fraud One of the merchant’s biggest fears, fraudsters have many opportunities to rob your business of its honest earnings. Payment card fraud comes in numerous forms, with new practices being developed every moment. This applies to low- and high-risk businesses, although the latter might need more serious measures to protect themselves and their clients from online scams. Common solutions include layered user authentication and payment verification systems as well as dynamic restrictions to exclude certain countries, banks, or partner companies from potential transactions. Overwhelming Documentation Financial institutions will most probably ask you for extensive reports to prove your credibility as a partner. This is especially true if your business has been classified as high-risk. In this case, it is vital to keep a clear and complete record of your activities under the specific requirements of the banks and/or payment providers that you are willing to work with. Too Many Chargebacks Frequent requests for chargebacks, or refunds, can damage your reputation as a business, undermining customer trust and the banks’ willingness to cooperate. The disputes that often arise in such cases tend to be costly to process, too. One way to minimize chargebacks is to provide accurate and clear descriptions of your goods and services, always meet your delivery deadlines, and ensure your overall customer service is decent. However, it is also advisable to incorporate automatic chargeback prevention tools that will identify high-risk transactions and deal with the problem before a dispute is initiated. An All-Round Solution to Manage All the Risks at Once While navigating the difficult landscape can be confusing, especially with little experience in the field, business owners do have a choice. Intelligent payment gateways such as Maxpay offer automation as well as flexibility. Consider investing in an online payment product that will enhance your payment security and prevent overwhelming chargeback numbers without taking too much time to set up and manage. What you are likely to get is a smooth, trouble-free merchant account. Read Also: How New POS Technology is Advancing Merchant Processing How To Know If Your Health Insurance Covers Visits To The Chiropractor

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

Everything You Must Know About Bitcoin Circuit: Legal or Scam

No Credit Rating Check Lendings Online split Second Authorization

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Technologies For Creating A Startup Idea

How to Download Facebook Videos on Android?

7 Rules of Effective Ecommerce Web Design

The 10 WordPress Plugins Every Sucessful Blogger Uses

Follow Us

Recent

The Craft Of Wine Bottle Design: All That You Need To Know

Caribbean CBI and Does India Allow Dual Citizenship?

Self-Driving Cars And Pedestrian Safety: Who’s Responsible When Tech Fails?

Ryan McCorvie on Helping Kids Develop a Global Perspective

Related

How To Choose The Best Auto Insurance Company?

What Is NFT Art And How Does It Work

Most Common Merchant Account Issues Explained

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

Share this Article

Everything You Must Know About Bitcoin Circuit: Legal or Scam

No Credit Rating Check Lendings Online split Second Authorization

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related