How to be a Crypto trader?


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WHAT IS CRYPTOCURRENCY?


Let’s not go into details about complicated technical matters and try to figure out what a cryptocurrency is and how it works.

A cryptocurrency is digital or virtual money which is an alternative to fiat money. A striking feature of a cryptocurrency is its decentralized nature that makes it resistant to government interference or manipulation.

In contrast with conventional money, the amount of virtual money is strictly limited. It is impossible to issue an infinite number of digital tokens. For this reason, a cryptocurrency is mostly compared with precious metals but not with the US dollar or euro

Benefits of cryptocurrency trading

  • 24-hour trading. As opposed to the stock market that opens and closes at specified times, there is no closing of the cryptocurrency market. You can trade cryptocurrencies 24/7/365 or even use trading bots and let your trades run all the time.
  • Market volatility. This may be seen as both a negative and a positive feature. In the previous section, we focused on the negative, but let’s talk about the positive. Traders (not investors) live off market volatility. The crypto market has this in troves, and this means that as a trader, you will get better trading opportunities with the cryptocurrency market as opposed to the stock market.
  • Privacy and anonymity. If you’re big on your right to privacy, then you will love cryptocurrency trading. With crypto trading, you have access to decentralized cryptocurrency exchanges. These allow you to trade with self-custody assets (when only you have possession of your digital money) without the need to submit your identity online. Of course, there are centralized trading platforms if you don’t mind sharing your particulars and having another party storing your digital assets.
  • The multitude of assets. Despite its relatively young age, the crypto market has advanced so much so fast that traders now have access to similar stock market products, including futures, options, leveraged tokens, swaps, CFDs (contracts for difference). Whether you want to go long or short, ‘call’ it or ‘put’ it, look no further. Every kind of derivative currently available on the stock market has already been ported over. If not, it’s coming soon.
  • Easy account opening. In crypto, there is a shallow barrier to entry. You can easily create an account in an exchange and start trading in a matter of minutes. That’s how fast it is to jump on board.

RISK DISCLAIMER  ( Never trade with funds you need to live on. Only trade with money you can afford to lose.) Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold Elomgroup members/traders and any authorized distributors of this information harmless in any and all ways.

t’s hard to talk about crypto trading without talking about risk management in cryptocurrency trading. It is another essential part of your success journey. Risk in crypto trading refers to the chance of an undesirable outcome happening. 

You may have heard that trading cryptocurrency is risky, and that is true, but so is trading all other financial instruments, including stocks and bonds. What differs is the level of risk.

There are different kinds of risk, and in this section, we will discuss those related to cryptocurrency trading.

  • Market risk. Perhaps the most widespread of all is the risk that a given asset’s market price or the overall crypto market will swing unexpectedly and negatively affect your market position.
  • Liquidity risk. Refers to a situation where you are unable to exit a position. Typically happens when you can’t find a buyer for your asset.
  • Legal risk. Refers to a situation where a government regulation or policy negatively impacts an asset or a trading platform. This could lead to liquidity problems if buyers for your asset are barred from purchasing it. Also, if a trading platform is banned from your jurisdiction, you could end up losing your funds stored with the exchange.
  • Operational risk. It is the risk inherent if a trader cannot perform a trading activity such as exiting or opening a position. It could be caused by the failure of a trading platform or malfunction of a trading application etc.
  • Systemic risk. Refers to a loss incurred due to a failure in the entire trading system. Closely related to the market risk, but this one is much direr given that it is caused not just by the market downturn but also the collapse of crucial systems within the marketplace. Think of the 2008 financial crisis. That was a systemic failure that led to a market meltdown.

Now that you understand the kind of risks you are most likely going to encounter, you should factor them every time you are about to make a trading decision.

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ADVANTAGES OF TRADING BTC WITH INSTAFOREX


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They offer:

  • An opportunity to practise on a demo account
  • Convenient leverage
  • Trading CFDs on Bitcoin (#Bitcoin) without actual delivery
  • Fresh news, analytical reviews, and useful materials on cryptocurrencies

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Conclusion

Hopefully, you have learned a lot and you are now more informed and knowledgeable about cryptocurrency trading and investing than you were at the beginning.

Now it’s your turn. We enjoyed researching and writing the guide with you in mind. Good luck!

Currently we focused in the following crypto coins: ADA, DOGE,TRX,BTC, LTC,ETH,CAKE,XRP & XMR...