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:

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.

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3 Types of Businesses That Can Greatly Benefit From OTC Trading

Over-the-counter trading refers to buying and selling securities outside the official stock exchange. It includes penny stocks, bonds, derivatives, and currencies. Over-the-counter trading allows two parties to trade on an electronic network using a dealer broker as a middleman. Unlike other stock markets, over-the-counter trading is not regulated by any government institution; the equities are subject to rules and regulations imposed by the parties involved. Additionally, otc trading is also considered public but not listed, which means their stocks can be openly bought and sold, not listed in major stock exchanges such as the New York stock exchange. Below are three types of businesses that can significantly benefit from otc trading using an electronic network such as Zerocap. The Private Clients They allow free trade of securities between parties without outside interference. Traders can set their prices while the brokers deal on their own. A private client would prefer trading on over counter market groups because they are less regulated, and it assures a higher level of privacy than exchanges. Over-the-counter trading will enable a private client to buy or sell securities even if they do not reach the qualifications of exchanges. Since the markets change with the atmosphere, a private client can also change the prices of the securities accordingly. Benefits of OTC to Banks Over-the-counter market groups are vital aspects of global finance; they possess essential derivatives. Its flexibility allows the banks to adjust derivatives contracts to match their risk exposure. Since over-the-counter trading will enable companies that do not qualify for listing to trade, financial institutions benefit from increased liquidity in the financial market. Generally, the risk of speculation and unexpected events can hurt the market's stability. Lack of transparency and weak liquidity can also be destructive during a financial crisis. It is also vital to note that OTC trading has its share of risks, such as the counter risk, where one party defaults before fulfilling the agreement. Benefits of OTC to Institutions Several benefits are associated with over-the-counter trading, a significant attraction to institutions. First, there is a high degree of flexibility regarding the agreement terms that the parties can negotiate. The limited transparency in over-the-counter trading enables the traders to hide their trading intentions from the other users and know who is on the other side of the trade. It is also crucial to note that, over the counter, trading comes with numerous risks too. For example, if you are looking to buy an asset, the price of the assets will depend on the seller's bargaining power since there are no set pricing standards. In such cases, it is possible to prevent beneficial mutual trade. The lack of transparency can also make identical assets trade at different prices simultaneously; if there could be even the slightest transparency, such risks could be avoided. Surprisingly, there are cases of price dispersion in centralized over-the-counter markets. Bottom Line If you are new to the stock exchange, it would be helpful to choose an appropriate market tier in the otc markets groups; it will help you gain more experience on how the otc works. Supposing you are ready to learn a new thing, it would be a brilliant idea to try otc trading. Read Also: The Best Stocks to Buy Now That Will Pay Big Later Rumors About Trading – True or False? Investments 101: How to Choose a Smart Stock How To Open A Forex Account and Start Trading Forex Stock

Lining up for a Loan – How to Secure a Good Loan

Obtaining credit in its various forms is not a difficult feat. In fact, the online platform has laid the groundwork for many consumers to get the funding they need for any project. While online funding sources and traditional institutions have streamlined the application process, applying for a loan is a process requiring prospective borrowers organise their materials way before obtaining credit. Whether you apply for a loan online or in a traditional bank, the institution requires applicants to submit information regarding your ability to pay the loan back. While you can find lenders who require no credit check and a quick process, these lenders increase the interest rate of the loan, in addition to other surprises that lurk in the details of the contract. To obtain the best loan, prospective borrowers should plan to submit an application, prove income, and have a good credit history. Continue reading to learn more about what is involved in applying for a loan so you can secure the best loan possible. The Application Process: When applying for a loan, the first step is the application. While the easiest part of applying for a loan, the document asks you for all of the relevant information needed to determine risk. The document usually asks you for information related to your employment, assets, and debts. Furthermore, few applications ask you for a list of references. Whether applying online or in the institution itself, you essentially should be prepared to give the lending institution much of the information related to your current finances. The Credit Report: Of the documents to be submitted, your credit report is an account of all of the debts you have incurred as an adult. Before applying for any loan, the easiest way to secure funding is to make sure your credit report is in the best shape by obtaining a copy months before applying for the loan. Obtaining a copy beforehand gives you a chance to address any inaccuracies that appear on the file, and more importantly, any derogatory remarks that show up on the file. Cleaning up your credit report is important for a few reasons. For one, your credit score directly affects your interest rate, but more significantly, it can affect the type of loan you are approved for and whether you are approved at all. Furthermore, those with derogatory remarks and delinquencies are required to have some type of collateral to qualify for a loan, in this case, a secured loan. Proof Of Income And Assets: Lenders want to know how you are going to pay the loan off if you, for some unforeseeable reason, cannot fulfill the obligation. Before applying for a loan, figure out what your assets are and how much income you have to pay down the loan. Prospective borrowers with savings and other assets stand a greater chance of being approved for loans that can offer them competitive rates. Furthermore, the lender can also determine your ability to pay by figuring out your debt-to-income ratio (DTI). This figure simply is the percentage of money that you spend on debt every month. Low DTIs are favourable because it means that you have more than enough to cover the loan and high DTIs mean the opposite. Each lender has a percentage that qualifies a person for a loan, and much of the time it depends on the type of loan. For example, the percentage might be higher for a home loan than a car loan. Gaining The Advantage When Borrowing: Much of what determines whether you get a great loan is in the preparation. If you have addressed many of the common ailments that plague the credit report, you increase the chance of getting a lower rate. Ultimately, it is the entire financial picture that determines whether or not you can actually afford to carry the loan. Read Also: Title Loan Requirements: What You Do And Don’t Need How To Get A Loan On A Day With Bad Credit? Image Source: apnapaisa.com

There is A Way To Save Yourself From Student Loans in 2021

Student loans can be helpful. You take out a loan to enroll in higher education, which can land you in better job opportunities, increasing your income. But of course, it can be a bit tough to save while you repay your student loans. Regardless, there are ways to save yourself from student loans, especially if you can manage the interest loans and pay more than the minimum. Here are effective ways to save yourself from student loans and pursue your dream job. 1. Pay Off Your Student Debt Faster The easiest way to get rid of your student loans is to pay faster. If you can, send massive payments to your loan servicer every month and do so ahead of schedule. Another method is to make half payments every two weeks instead of the full monthly payment. When that happens, you send the equivalent of an additional payment every year. Of course, you may not have the discretionary income to make the extra payments. However, you can get a side job and earn extra income on the side to increase your income. You have the power to do so. Here’s a little bit of motivation: consider how increasing your monthly or weekly payments can help you become debt-free faster. You can even save interest costs on top of that. You can use a student loan repayment calculator to show you how the smallest payments affect your student loans. 2. Find Out The Type Of Student Loans You Have It's essential to know the type of student loans you have and develop a repayment plan that helps you. If you have federal student loans, visit the National Student Loan Data System. You can check your student loans there. There are four broad categories of student loans: graduated, standard, extended, or income-driven repayment. Let’s go through them. Standard plan: Your loan servicer will divide the total amount of money you owe with the standard plan and spread it over ten years. If you pay the same amount for the next ten years, you'll finish paying your student loans. Graduated plan: Just like the standard plan, this plan lasts for ten years. However, you start your monthly payments by paying less. Your payment for each month increases every two years. This option is ideal for borrowers who are sure that their income will increase in the future. Extended plan: With this plan, you pay a lower amount over a long period. Income-driven repayment (IDR) plan: The IDR plan lets you pay off your student loans for the next 20 or 25 years, depending on your chosen plan. But the payments will always be what you can manage every month. After 20 or 25 years, any amount you haven't paid yet will be forgiven. If you choose this plan, you'll have to certify your income annually. There are limited private student loan forgiveness options available for student loans. You’ll have to call your loan servicer to find out any available options for you. 3. Make Extra Payments, But Do It The Right Way There's no penalty whatsoever when you pay more than the minimum or pay your student loans early. However, the prepayment comes with a caveat: loan lenders may apply the additional amount to the next month's payment. When the student loan servicers do that, it pushes your due date forward, but it won't help pay off your student loans faster. What you need to do is to instruct your lender, either through the mail, phone, or online, to apply any extra payments to your current balance. In addition, remind them to keep next month's due date the same. You can make additional payments any time in the month. Another way is to make a lump-sum loan payment on the due date. Whichever you choose, you can save lots of money. 4. Refinance If You Have Good Credit And A Good Job Refinancing your student loans can help you get rid of your loan debts faster, and you don’t have to make additional payments. When you refinance, it replaces several student loans with one private loan, usually at a lower interest rate. If you want to make faster repayments, choose a new loan term that’s less compared to what you have left in your current student loans. Going in for a shorter loan term may increase your payments each month. However, it’ll help you clear off your student loans faster and save money on interest. Final Thoughts The strategies explained above can help you pay back your student loans and save money. But not all the repayment methods can help you do that. Some repayments are designed to help you manage your debts, such as income-based repayment plans. These plans can help you clear off your debt on time and in full. Now, even though it can help you today, you'll end up paying more money in interest charges over your loan life. It is worth mentioning, some educational institutes like Navient were forced to close due to fraudulent activities. These institutions are to compensate students who are affected. Check to see if you apply to these compensations If you don’t have a clear solution, you may need to talk to a student loan expert. Read Also: Understanding the Steps in Debt Collection How to Reduce the Cost of College Textbooks How To Impress A Recruiter If You Are Still A Student

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

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3 Types of Businesses That Can Greatly Benefit From OTC Trading

Lining up for a Loan – How to Secure a Good Loan

There is A Way To Save Yourself From Student Loans in 2021

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

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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.

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Follow Us

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