5 Ways to Trade Bitcoin for Beginners for Maximum Money
5 Ways to Trade Bitcoin for Beginners for Maximum Money - For those who want to invest in the digital world, Bitcoin investing on the rise may be an option. In just a short time, the Bitcoin trend has attracted a lot of people abroad and in Indonesia.
Unfortunately, many beginners are still confused about getting started with bitcoin trading. This is a safe way to get money from Bitcoin, even if you are still new to the world of trading, as quoted from The Times.
1. Understand the risks
Before deciding to invest in Bitcoin or any other cryptocurrency, it is important to study and understand the risks of each. For starters, Bitcoin assets are more suitable because they have a large and more established market capitalization.
Although it is somewhat volatile, the regulatory framework is clearer than other digital money assets. This definitely helps reduce future risks. Furthermore, Bitcoin is the most liquid crypto asset, so it is easy to trade it. However, you should still set limits, lest the value of the investment be more than you can handle.
2. Only buy when the price is low
Many believe that in order to successfully trade Bitcoin, you must apply the principle of buying low and selling high. This is so that you can profit, and you can also make a lot of money. But this is not always the case.
There are times when the price of bitcoin goes down due to certain reasons related to market conditions. For the money, you can start trading bitcoin with a small token number. Then gradually increase the nominal amount of trading money when the profit increases.
3. See the long-term prospects
For those who are still beginners, you should not trade bitcoin daily. Due to the volatile nature of bitcoin, its price can go up and down significantly in just a few days.
Of course, seeing this situation, novice traders often fall into the trap of “panic buying” and “panic selling”. Especially if the price of bitcoin suddenly drops. So, for starters, you can try to invest in Bitcoin for the long term.
4. Activate the automatic purchase feature
For beginners, it can be difficult to read market movements. Including those who may not know which direction Bitcoin will move and are confused about determining the entry level. However, now you don't have to worry anymore. Because some exchange platforms offer auto-recurring purchase feature.
Call it Luno Indonesia, which now makes it easy for you to set up bitcoin purchases automatically just by activating the Repeat Buy feature. With this feature, you can get a larger amount when the value of Bitcoin drops so that you can earn more profits.
5. Risk management with crypto asset diversification
When it comes to investing, you must have heard the term don't put your eggs in the same basket. This also applies to crypto assets. Instead of putting all of your money in one asset, you should diversify your portfolio.
Wallet diversification means that you put your money into different crypto assets, not just bitcoin. Not only does it have the ability to generate maximum profit, this strategy is capable of minimizing risk so that you have reserves if there is one asset whose performance is declining.
In addition to the above methods, it is also important that you choose a secure cryptocurrency trading platform. Like Luno Indonesia, a buying, selling, storing and trading platform that offers many digital financial assets, ranging from Bitcoin, Ethereum, Ripple, and others.
Bitcoin trading in Luno Indonesia is guaranteed because it has two-factor authentication to provide additional protection for your account. In addition, passwords are also stored in hashes, so that only you can access your passwords.
Luno Indonesia also has a Wallet feature so that digital currency buying and selling transactions can be done quickly and instantly. Investing in Bitcoin in Luno Indonesia also does not require a large capital because Bitcoin can be purchased starting from IDR 25 thousand. There are also several payment options to make it easy to make deposits and withdrawals quickly.