Trade Bitcoin Trading

Best Way to Learn Bitcoin Trading

Best way to learn bitcoin trading is to learn how to create a Bitcoin Trading plan. The plan is the btcusd tool that every trader will use to figure out when to open cryptocurrency trades and when to close cryptocurrency trades and what strategy will be used to figure out when to open and close cryptocurrency trades.

In order to come up with the best bitcoin trading plan a trader must learn how to go about doing the following.

A Bitcoin Trader Should Find the Best Strategy for Their Trade Style

To become successful in cryptocurrency - traders need to come up with a bitcoin plan that is suited for their style method & trading personality.

One should look to find a bitcoin trading method that can identify the btcusd trading market trends early and allow the trader to open trades in the direction of the price trend. In btcusd trading the most reliable method that's proven to make profits most of the time is by following the general market trend.

In bitcoin trading once bitcoin trading prices start to move in a particular direction, the bitcoin prices will move in that direction for some time because the btcusd trading market trends have momentum and this bitcoin trend momentum will mean a bitcoin trend will continue to move in direction of the bitcoin trend for some time.

Once one selects a bitcoin strategy that will help them to identify bitcoin trends and open cryptocurrency trades in direction of the market bitcoin trend a trader can then use this bitcoin strategy & write it down on their bitcoin trading Plan.

Creating a Bitcoin Trading Plan

A btcusd plan is a set of btcusd trading rules and guidelines that help cryptocurrency traders to organize and structure their trading in a particular way that's easy for a trader to follow when trading the online bitcoin market.

The bitcoin plan will have different sections that will specify different aspects of trading that the trader will follow when trading the btcusd trading market. The different sections of a trading plan are:

Chart Time-frame the Trader Will Be Using

The bitcoin plan should specify which chart time-frame a trader will be trading with. If one is a scalper then the trading plan will specify the 1 minute trading chart time frame, for the day traders the chart time-frame will specify the 5 minutes chart time frame or 15 minutes chart time-frame & for swing traders the 1 hour bitcoin chart timeframe.

Crypto Charts Traded

A bitcoin trading plan should specify which trading instruments you as a trader will be trading.

BTCUSD System Rules

This trading system rules section will specify when a trader will open a buy or sell bitcoin trade and when a trader will close a btcusd trade.

This bitcoin trading rules section will determine the rules of the entry & exit based on the system which the BTCUSD trader is using. If a bitcoin trader is using a technical indicator based trade system, then the bitcoin rules will specify when to open a trade when the trade rules of an entry trade setup are met & when to close-out a trade position when the trade rules of an exit setup are met.

Money Management Rules

A bitcoin trading plan should specify the money management rules that a trader will follow when trading bitcoin. The btcusd money management guidelines will specify what percentage of btcusd account balance a trader will risk on each crypto trade. One may decide to only risk up to 2% maximum on any one single btcusd trade.

Practice Bitcoin Trading with Your Bitcoin Trading Plan on a Practice Account

After coming up with your bitcoin trading plan you should then test it on a practice account before trading with it on a real cryptocurrency account. By using the btcusd trading plan on a demo bitcoin trading account a trader can learn how to trade with the bitcoin trading plan on a practice environment and learn the required discipline that is needed to trade bitcoin using this plan on the real btcusd market.

Once one has tested the bitcoin plan on a demo cryptocurrency trading account and bitcoin trading plan is profitable on the demo cryptocurrency account - a trader can then open a real cryptocurrency account & trade on this real bitcoin trading account with this bitcoin plan.

Keep a Bitcoin Journal of All Trades Opened

A trader should keep a bitcoin trading journal of all cryptocurrency trade transactions that are generated by this bitcoin trading plan. As a trader it's always good to keep a bitcoin trading journal and write all the cryptocurrency trade positions that you open in this cryptocurrency trading journal, write why you opened each bitcoin transaction, when you closed the bitcoin trade & also the amount of profit or loss generated from that btcusd trade.

After a while you as a bitcoin trader can then review all the cryptocurrency trades you have opened - try and look at why the losing trades made losses & why the winning trades were successful and after which you as a trader can then try & do more of what makes you successful & less of what is making you to open losing trades and that way keep on improving on your bitcoin trade strategy.

As a trader if you do not keep a bitcoin trading journal you may continue making same mistakes over & over again without even knowing it, but if you kept a bitcoin journal & keep reviewing this bitcoin trading journal from now and again that way then you give yourself the chance to identify the mistakes you make in bitcoin trading from reviewing your bitcoin trading journal periodically.

This way you then can increase the percent of your winning trade transactions positions by using this method. If you use this method effectively then You can increase your trading profits and at the same reduce your risk per trade because when you increase the percentage of your winning trades and reducing your percentage of losing trades - your bitcoin trading strategy can then make more money because you will have improved your risk:reward ratio using this method and this can help you to become more successful in crypto currency trading.

More Guides & Topics:

Forex Seminar Gala

Forex Seminar

Bitcoin Broker