How to Become a Professional Cryptotrader in a Month?

Discovering new income opportunities, newcomers to cryptocurrency exchanges plunge headfirst into trading without understanding its details. The result of this approach is the same – they go broke, disappointed in cryptocurrency as a profit-making mechanism. And often they also fall victim to fraudsters.

Of course, the basic rule of trading can be reduced to the banal: “Buy low, sell high,” but the question is how to know when the value of cryptocurrency is falling and when it is rising. You will need to learn the basics of trading, because one of the main rules of investing says, “Don’t get involved in what you don’t know. And trading cryptocurrencies can to some extent be called an investment, in the short term.To become a cryptocurrency trader, you need to do the following:

  • Choose an exchange that you are going to use for trading
  • Choose cryptocurrency pairs that you are going to trade
  • Analyse the selected cryptocurrencies, study the charts of growth and decline in their value, as well as examine the current situation in the market
  • Get more insight into trading tools and strategies to increase your trading efficiency


Exchange

When choosing an exchange, you should pay attention to the following criteria:

  • Reliability of the cryptocurrency exchange
  • The simplicity of the interface
  • The need for verification
  • Features of deposit and withdrawal of funds
  • Supported cryptocurrency pairs

For example, the cryptocurrency exchange Binance is at the top of the Coinmarketcap ranking in terms of daily trading volumes. Binance has a user-friendly interface and the exchange does not require verification if you do not plan to trade large volumes. For beginners it is a good solution, considering that it’s quite simple to register and more than 200 currency pairs are offered for trading. 

The choice of a cryptocurrency exchange is an individual choice, because it all depends on how user-friendly the interface and features of work for the trader personally.


Cryptocurrency Pairs

Beginners should choose pairs that include cryptocurrency and fiat currency or stablecoin (stablecoins are cryptocurrencies whose value is supported by fiat, precious metals, etc.). Accordingly, the rate of fiat currency or stablecoin is more or less stable, so it is easier to conduct analytics. Popular options for beginners are BTC/USD, ETH/USDT, etc.

 

Cryptocurrency Analysis

It is impossible to accurately predict when a specific cryptocurrency falls and when it grows, but it is necessary to study the general dynamics of the market to understand what events can cause a fall or, conversely, the growth of cryptocurrencies. The first category includes all sorts of legislative prohibitions and restrictions, stock market collapse, and Bitcoin falling, which can be followed by other cryptocurrencies. The rise in value can be caused, on the contrary, by legislative approval, various agreements, platform upgrades, etc.


Conclusion

It is hard to become a professional in a month but definitely possible. If you invest enough time and effort into trading your portfolio is likely to be profitable.

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