Trade Bitcoin Trading

BTCUSD Trading Practice Account

For any Bitcoin trader who wants to start trading Bitcoins online, the best way to start is by using a practice account. This way a new Bitcoin trader will learn about how to open and close Bitcoin trades, how to open Bitcoin charts and place indicators on the Bitcoin charts and also get to know and learn about the leverage & margin used to trade Bitcoin Crypto Currency ==22==and how to use money management so that to manage trading with leverage.

The first thing a btcusd trader should learn from their practice account is how to figure out the direction of the Bitcoin prices so that they can know which side of the Bitcoin trade to take - whether buy or sell trade.

There are two market directions up or down - when prices are moving upwards a trader will buy Bitcoin and when the prices are moving down a btc/usd trader will sell Bitcoin. The example illustration revealed below indicates to you how to figure out an upwards market direction & a downwards market direction.

How to Open Buy Bitcoin Trade

A trader will determine when to open a buy trade by using the BTCUSD price chart and placing indicators on this Bitcoin chart. Indicators are tools that calculate the market direction and the force of this market direction.

For illustration the BTCUSD trade below is a buy Bitcoin trade - we shall explain how you can determine this for yourself when trading.

Learn How to Open Bitcoin Buy Trade Using Bitcoin Trading Demo Account - BTCUSD Practice Demo Account

Bitcoin Buy Trade - Upward Trending Market

The first thing that can be interpreted from this trading chart is that the direction of the prices is upwards. As a trader you also need to use a few indicators so as to get more information about this upwards trend.

The two indicators placed on this Bitcoin chart are the Moving Averages and RSI.

The two moving averages form a Bitcoin system that is known as the Moving Average Cross over Strategy. A signal is generated once the two MAs Moving Averages crossover each other and both MAs Moving Averages start to move in the same direction. There is a shorter period moving average and a longer period moving average MA like the 5 day moving average and 7 day moving average that has been used above.

  • When both moving averages are moving upwards the Bitcoin price trend direction is upwards
  • When both moving averages are moving downwards the Bitcoin price trend direction is downwards

The second indicator is the RSI; RSI is used by Bitcoin traders to confirm the Bitcoin market price direction. When RSI is above the 50 center line like is shown above it means Bitcoin prices a generally closing higher than where they open.

In the above example because RSI is above 50 center mark then the upwards Bitcoin price trend is confirmed by the RSI indicator. As long as the RSI is above 50 it means prices of Bitcoin will continue going upwards.

A trader will use these two indicators to come up with trading rules for opening a BTC USD Crypto trade. These rules will form what is known as a "trading system".

The system rules are:Buy Bitcoin when both moving averages are moving upwards and RSI is above the 50 center mark as is shown above.

How to Open Sell Bitcoin Trade

To open a Bitcoin sell trade like in the example below:

Learn How to Open Sell Bitcoin Trade Using Bitcoin Trading Demo Account - BTCUSD Practice Demo Account

Bitcoin Sell Trade - Downward Trending Market

A trader would open a sell trade once both moving averages are moving downwards and RSI is below 50 center mark.When RSI is below 50 it means prices are closing lower than where they open and ==22==thereforehence the Bitcoin price trend is downward.

Once a trader knows how to figure out which trade to place using the Bitcoin charts the next thing to learn is how to open a Bitcoin chart on the Bitcoin platform and how to open a new BTC USD Crypto trade.

Opening a Bitcoin Chart

A trader can open a new Bitcoin chart from the "file" menu on their ==22==MetaTrader--5 platform as shown below.

Learn How Do I Open Bitcoin Chart Using Bitcoin Trading Demo Account? - Learn Demo Bitcoin Trading Practice Account

Opening a New Bitcoin Chart

Placing Technical Indicators on a Bitcoin Chart

A trader can also place technical chart indicators from the "navigator" menu on the MetaTrader 5 platform. To go to the"navigator" menu that is shown below - a trader can click the "view" menu at the top-left corner of MT5 Bitcoin platform next to the "file" menu and then select & choose the "navigator" sub menu - short cut keyboard keys are pressing keyboard keys CTRL+N to show this "navigator" window.

Learn How to Place Bitcoin Indicators on Bitcoin Charts Using Bitcoin Trading Practice Account

Placing Technical Indicators on a Bitcoin Price Chart

A trader will also use this Bitcoin demo account to learn about the MetaTrader 5 platform like is shown below.

Learn Bitcoin Trading MetaTrader 5 Platform Using Bitcoin Trading Practice Account

MT5 Bitcoin Software

One can use the demo account to learn how to navigate the above MetaTrader 5 platform and learn how to check their account balance like is shown above.

This demo account will provide traders with a good method of studying about Bitcoin trading & the various tools used when trading Bitcoins. Traders can practice with this practice demo practice account without depositing money: the money used in this account is virtual. Traders can learn & practice trading with this practice demo account until such a time when they get enough knowledge & understanding to help them to start trading Bitcoin profitably and then after that they can open a live BTCUSD account and begin trading Bitcoins with real cash.

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