8 Steps & Tips To Become A Successful Trader

Step 1: Get yourself a Bitcoin e course or training guide

Begin with a training tutorial first so that as you as a trader can understand the basics of trading & also how the btcusd market works.

Step 2: Open a FREE PRACTICE DEMO account with a online broker.

This is a practice trade account with which you can place paper trades and test out your strategies before implementing them on a live account.

Step 3: Get a Bitcoin plan

After you've gone through the training tutorial you will probably know how a bitcoin system works & how to come up with a trading plan. This plan you should continue trading with it in your practice account. Practice it on the demo practice, Practice practice makes better.

Step 4: Demo practice for about a month until you get used to your system.

If you have not mastered your plan on demo practicing then you can open a live account and begin trading the real market. Keep practicing until you have mastered your trading plan.

Step 5: Implement bitcoin money management an Bitcoin psychology

This is an important step & make sure you read Bitcoin psychology tips and bitcoin money management guidelines and implement these proper bitcoin equity management rules.

Step 6: Open a LIVE account

You should already be quite consistent in your demo when you reach this step. Move on to a standard account and open a well capitalized trading account so as to increase your chances of profitability.

Step 7: Increase your Profits

Increase your trading lot size slowly as your skills improve. You might want to increase it when you have 30 % returns on investment on your account. Refer to the bitcoin money management guidelines & learn how you can keep increasing your trading lot size.

Step 8: At this point in time you're a successful trader if you are making consistent profits every month.

You don't have to necessarily be an institutional trader to be successful. And then you can start planning & considering to be a full time Bitcoin trader from here onwards.

The above steps may sound easy but they aren't easy at all. So you really have to focus on the learning, discipline, psychology, & bitcoin money management sectors before you as a trader can be successful.

5 Steps to Starting

Previously online bitcoin trading used to only be available to big corporations and the very rich individuals. It is in the online market that investors & other participants buy & sell bitcoin over an interbank network. The goal being to make money from the bitcoin price movements.

The btcusd rate floated in the online bitcoin trading keeps shifting every now and then. Prices keep rising & falling. It's a complex way of placing trade transactions for beginners, but for those who have learned & have experience in Bitcoin Trading, it's a great way to earn money.

You might want to start bitcoin trading because you also want to earn and make profits from these market movements while you do other regular things that you do. You might be envious of your friends who are making money even though they do not seem to work for it. Understand that you can also begin to take advantage of this opportunity, but you've to follow these simple and very important steps to pave your way to success.

1. Research about Bitcoin.

Find tutorials & web sites to learn how the btcusd market works. Do some research and exploration - get tips from those who have had their success. Learn from their experiences and adopt their bitcoin strategies.

2. Begin with a Practice Account.

Starting with a demo bitcoin account will help you to learn the working of the btcusd market without risking any money. With a demo you'll be able to plan & test out your trading strategies for free.

3. Plan your bitcoin strategy.

Just like a soldier, you can't fight a war without a weapon. Your weapon in trading is your plan that you are going to make. Creating a plan which will ensure you begin to make profit using your bitcoin strategy.

4. Follow your plan.

Do not go against your bitcoin strategy. You have already picked the trading tools in your plan. Stick to your plan & do not deviate and stray from this trading plan as it will not work to your favor if you do not follow it. Be patient and follow your plan.

5. Keep doing what works.

If you are satisfied with how your trading develops and begin making a profit, then you should keep things the way they're without changing anything. You might be tempted to try another strategy but if the one you have is giving you profit keep it and follow it. Do not forget to keep a journal to track your progress.

Top 5 Strategies

The 5 strategies that are key to your successful & can turn your trading around within no time, & if you really want to be successful you need to start implementing them.

If you have spent a long time learning, then you may know some of these tips, these 3 tips if you stick to them can improve your trading results but most beginner traders will lack the discipline to follow them.

These are the trade rules that you must master - the rules below when combined with a good bitcoin system will yield good trading results.

Bitcoin Trade Money Management - bitcoin money management is about controlling your risk, so that after several transactions you are earning profits because you have applied the correct bitcoin equity management rules.

Good Risk to Reward Ratio - a good risk:reward is about 3:1 or 2:1, if it isn't, then the rules of statistics will put you at low odds of ever making and earning money, stack the odds in your favor for every dollar you risk ensure you've the potential of making three times so that as you as a trader your net is a profit & not a loss.

Capital - Begin with enough trading capital, if you are going to be standard lots make sure you've got at least $50,000 to begin with, but don't start with 5K dollars and open 1 contract and lot the math will not add to your favor.

Discipline - Have the discipline to wait for your system to generate the trade signals, don't open a position because you see that the bitcoin price is going up or down wait out for a signal from your system. Even if it's tough to wait around for a good trade set up, but not having the discipline needed to wait out for a signal will eventually make you as a trader not profitable, so learn to sit & wait for trading signals from your system

Strategy Planning - You must plan your bitcoin strategy in advance, this is the time when the most objective market analysis is made. What most investors get wrong is the fact that even though they planned their strategy when in the btcusd market they don't follow this. This tip alone can improve your trading Profits.

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