How much time do I need to spend on trading with cryptocurrencies?
This is one of the most popular questions for newbies who want to start earning extra money by trading or make it their main income, along with questions about how to buy bitcoin or how to trade cryptocurrencies. To answer this question, it is necessary to understand and adopt certain laws of such a highly profitable, but high-risk type of activity like trading.
Like any other profession, speculative trading in financial markets requires certain knowledge, skills and resistance to stress.
Regardless of which type of financial markets you choose, forex, stock market or cryptocurrency, you need to learn how to conduct technical and fundamental analysis, learn the basics of money management and risk hedging. The knowledge gained will help you understand how the market is organized, its psychology, why the course is growing or falling, how to make money on it and most importantly, how not to lose your money.
After you get the necessary knowledge, it is equally important to learn how to plan. How much do you plan to earn from a single transaction, per day, per week or per month? How many are willing to incur a loss? Set realistic goals and stick to them strictly. Why is it important? To preserve composure. You must exit the transaction at a strictly planned time. Do not try to earn more than the goal or to wait out a losing trade. Everyone who tried to wait out the drawdown on the cryptocurrency market in 2018 was left with nothing.
Tilt is a strong emotional disorder that can be caused by a series of losses incurred or a series of winnings. You probably know the situation when a person loses a lot, but does not end up playing, mistakenly believing that he is about to win. Conversely, when a person has won several times in a row and believes that today is his day and must be continued. Do not tilt, quit the game if something goes wrong or the profit plan is fulfilled.
At first, while you gain invaluable experience by applying this knowledge in practice, you will doubt the accuracy of the analysis and be nervous after opening a deal. This is an absolutely normal situation that eventually passes. Do not be afraid to make mistakes. The one who does nothing is not mistaken. Fix errors, in the future it will help you not to step on the same rake.
What is the result? Do you need to spend all your time, money and nerves on trading?
Yes and no!
"The more sweat will be spilled in training, the less blood will be shed in battle."
The more time you spend on learning and trading at the beginning, the less you'll have to spend on it in the future. Over time, you will learn to “read” the market in fact at first glance, you will need only an hour to analyze and open a deal.
Modern trading platforms, for example, PrimeXBT, have a wide functionality and a diverse set of tools for conducting trade in the cryptocurrency market. Pending orders, automatic fixation of profits and losses (Take Profit and Stop Loss), will help to reduce the time "on the market" to a minimum. You only need to analyze, place pending orders to open a trade at a certain point in time or when the asset reaches a certain price, put Take Profit and Stop Loss, and go about doing other things. Trade for today is over.
And all?
Simply put - yes. Moreover, we strongly advise not to sit in the terminal after placing orders, and not to watch how market events develop, because at the moment of opening a deal, for example, for sale, the market can go up first and, after a slight rise, slide to your take profit and make a profit. However, observing such an upturn can make you nervous or interfere with your own analysis and open another, but not the right deal. That is why we advise you not to watch the deal, but to do other things. The PrimeXBT trading terminal will independently close all positions and remove the excess even if you have closed it.
Why PrimeXBT?
PrimeXBT trading platform provides traders with not only a multifunctional terminal, but also a number of other advantages.
- Registration on the platform and opening an account is free of charge. Some cryptocurrency exchanges limit the registration and opening of an account to a mandatory deposit of at least $ 10,000. The minimum deposit on PrimeXBT is 0.001 BTC, about $ 40 at the current exchange rate. Great opportunity for those who are just planning to try their hand at trading.
- There is no identity verification procedure (KYC). We respect our clients' right to anonymity. The average registration time on the platform takes less than 1 minute. After that, you can replenish your account and start trading. Other trading platforms and cryptocurrency exchanges require mandatory KYC procedure, which takes about 1 week or even more.
- PrimeXBT trading terminal is customized to the needs of any trader, experienced or beginner, supports multiple monitors and has many handy widgets for monitoring and tracking transactions.
- Leverage from 1: 1 to 1: 100, allows beginners to operate with volumes much larger than the amount of the initial deposit. For example, you have made a $ 100 initial deposit, but you can’t count on a large profit with such capital. Another thing, when using leverage, you manage the amount of $ 10,000.
- The possibility of placing orders for sale using leverage. On cryptocurrency exchanges this possibility is absent. Just imagine, the whole 2018 year traders on cryptocurrency exchanges could only fix a loss and withdraw the remaining funds. They were not able to earn in a falling market for a year. With PrimeXBT, you can earn both in a falling and in a growing market with or without leverage.
- Risk hedging. Sometimes there are situations when the market went against you, stop loss is not set, and it’s a pity to close a minus or you are sure of the correctness of your decision, but it is worth being reinsured. You can open an opposite order by hedging the risk and close it at the time of the reversal by earning additional money. This feature is not available on cryptocurrency exchanges.
- Aggregated liquidity from 12 suppliers, thanks to which you always get the best price on the market, without slippage and regardless of the volume with which you operate. On other trading floors, when placing large orders or at the time of high volatility, the opening of the transaction either does not occur or is delayed, preventing you from extracting the planned profit.
- The 24-hour support service, which functions without breaks and weekends, answers all your questions as quickly as possible and solves the problems that arise.
- Mobile applications for iOS and Android operating systems allow you to monitor the market situation at any place and at any time.
- PrimeXBT security system is one of the most modern and reliable on the market. Clients' funds are stored in “cold” wallets, two-factor authentication and cryptographic password hashing are used, and much more.
Considering all of the above, the longest process that can take months or even years is learning to trade. Trading itself takes no more than a couple of hours:
- Registration on the PrimeXBT platform - 1 minute;
- Analysis for 2 cryptocurrency pairs - 1-1.5 hours;
- Placing automatically executed orders on PrimeXBT - 2 minutes.
- Total, no more than 2 hours a day.
Complete free registration on the official website of the trading platform PrimeXBT, start earning paying only a couple of hours a day to trading and don’t forget to share your platform with friends on social networks.
