Profitable Bitcoin Trading Strategy for Beginners
With the hype around bitcoin only getting stronger, more and more people are looking to get into the crypto market and make a profit. Because of the ease of access to exchanges, many people who have never traded before are opening their first trades in the cryptocurrency space. Due to their lack of experience these novice traders will almost certainly lose money to the more experienced traders. There is a saying that goes:
A novice trader comes with money and no experience and leaves with experience and no money. A seasoned trader comes with experience and leaves with money.
Keeping this in mind, you will almost certainly lose money until you can develop a market intuition when it comes to reading indicators and price sentiment. That's why we have developed a beginner’s strategy guide to minimize these loses until you gain the knowledge and discipline to trade the markets for profit.
There a plenty of crypto exchanges out there now and all of them support Bitcoin (BTC). If you want to trade alt-coins, then support among exchanges is not universal. You will have to do some research on what exchanges support what coin and plan appropriately. You can use Coin Market Cap to find a list of all top cryptocurrencies. Clicking on a coin will take you to that coin's stats page that lists what exchanges you can trade that coin on. Many exchanges have Know Your Customer (KYC) laws to prevent money laundering. This requires you to provide your identity. While I don't agree to handing over your ID to random companies, there is things you can do to safeguard yourself. You should place a clear piece of plastic over your ID with the date and the name of the website written on it. What this does is makes it so that any hackers or malicious employees of the exchange that steal images of your ID cannot use it for ID theft. It will be too much effort to remove the date and exchange name from the image so they will just discard your image and move on. You can take your chances with exchanges that do not have KYC regulations, such as binance however it is risky. The US government has taken down unregulated sites before and everyone who had funds on these sites lost them. Liberty Reserve is the prime example of this. I recommend opening an account on a crypto exchange that is within your country if the laws there protect consumers.
