5 Ways to Trade Bitcoin for Beginners for Maximum Money
5 Ways to Trade Bitcoin for Beginners for Maximum Money - For those looking to invest in the digital world, investing in bitcoin can be an option. In a short time, the Bitcoin trend has attracted many people both overseas and in Indonesia.
Unfortunately, many newbies still don't know how to get started with Bitcoin trading. It is a safe way to get money from Bitcoin even if you are still new to the world of trading, as quoted by 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 of them. For starters, bitcoin assets are more suitable because they have a larger and more established market capitalization.
While the regulatory framework is somewhat volatile, it is clearer than for other digital money assets. This definitely helps to mitigate future risks. Moreover, Bitcoin is the most liquid crypto asset, so it is easy for them to trade. However, you should still set limits so that the value of the investment does not exceed your capabilities.
2. Buy only at a low price
Many believe that buying low and selling high is essential to successfully trading bitcoin. This is so that you can make a profit as well as make a lot of money.
There are times when the price of bitcoin goes down for specific reasons related to market conditions. For money, you can start trading bitcoins with a small token number. Then gradually increase the nominal amount of money in circulation as the profits increase.
3. See long-term prospects.
For those who are still new, it is not a good idea to trade bitcoin on a daily basis. Due to the volatile nature of Bitcoin, its price can rise and fall 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 bitcoin price suddenly drops. So, for starters, you can try investing in bitcoin for the long term.
4. Activate the auto purchase function.
It can be difficult for beginners to read market movements. Including those who may not know which direction Bitcoin is going to move and do not understand how to determine the starting level. However, now you have nothing to worry about anymore. Because some exchange platforms offer an auto-repeat purchase feature.
Call it Luno Indonesia, which now makes it easy to set up Bitcoin purchases automatically by simply activating the re-purchase feature. With this feature, you can get a large amount when the value of bitcoins drops so that you can make more profit.
5. Risk management with diversification of crypto assets.
When it comes to investing, you must have heard the term "don't put your eggs in one basket." This also applies to crypto assets. Instead of investing all your money in one asset, you should diversify your portfolio.
Wallet diversification means that you are investing your money in different cryptoassets, not just bitcoins. This strategy is not only able to maximize profit, but it also minimizes 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 to choose a secure cryptocurrency trading platform. Like Luno Indonesia, it is a buy, buy, store and trade platform that offers a variety of digital financial assets ranging from Bitcoin, Ethereum, Ripple, and more.
Bitcoin trading in Luno Indonesia is guaranteed because it has two-factor authentication to further protect your account. In addition, passwords are also stored in hashes so that only you can access your passwords.
Luno Indonesia also has a wallet function so that cryptocurrency buy and sell transactions can be done quickly and instantly. Investing in bitcoin in Luno Indonesia also does not require a lot of capital, because bitcoin can be bought from Rs 25,000. There are also several payment methods available to allow you to make and withdraw deposits quickly.