Five tips for successful trading in bitcoin
1.do not invest more then you can afford to lose.
Any financial investment can produce loss rather then profit.crypto currency is a highly speculative investment,such as bit coin,there is a high chance that you can see very large profit or loss, by trading bit coin,there is also further scope to lose money from poor dicision making.one should investment such an amount that they feel comfortable with losing completely.be ready for the rust conditions.there are two reason for this.A.succesful investors diversify their portfolio.Allocation too many funds to an assets class increases risk exposure.this makes it harder for gains in other assets to cover lossin another assets.you can not lose more than you can afford to lose and you will be all right even in the most negative rolls of bitcoin trading. B.investing more than one can afford to lose reduce an investor's ability to make good dicision.in particular trading there is a risk of panic selling when the market down trend,one who is over invested may panic and sell off their holding coins at lowest prices attempting to cut their loss.this tends to loading more money when the market recovers and the traders buy back at the higher price.
2.Don't set stoploss at too low. Stoploss is an automatic to sell our assets at a fix price it save us to highest loss.there are a good tools to take advantage of.
3.Learn about technical analysis of trading chart.
Although technical analysis is z difficult skills to develop,new traders at a minimum should know the basics of trading chart reading to identify market trends.the most widely used bitcoin chart is trading view.com
4.Set fix target for each trade.
Set a fix target it helps traders remain level headed during period of extremely voiletility.this is very important for bitcoin trading.when placing a trade, determine what price to take profit or cut loses in advance.
5.Close unprofitable and leveraged position with in twenty four hours.