Bitcoin Trading Is | How to Trade Bitcoin Indonesia 2021
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Currently, many residents of the country directly decide to plunge into the world of bitcoin trading without having sufficient knowledge, reliable strategies and good money management skills. As a result, they are predictable and will suffer huge losses because this business is often marred by the risks that will arise in the future.
Before we go any further on the stages of bitcoin trading, it is a good idea to clarify this bitcoin ahead of time.
What is Bitcoin?
Bitcoin is a digital currency and part of a cryptocurrency developed by someone under the pseudonym Satoshi Nakamoto in 2009, where the cryptocurrency itself can be interpreted as a digital currency that is processed using cryptographic cryptography. In fact, cryptocurrency contains many types of digital currencies, not just bitcoin, as there are over 900 types of coins according to research, such as Ethereum, Cardano, Dash, Monero, and so on.
Among these different types of currencies, Bitcoin is the most popular not only in the world, but also in Indonesia, because it is considered the first type of digital currency and even today has the most promising price compared to other types of digital currencies. Bitcoin is said to be trading up to $ 15 trillion globally on a daily basis, and its value is expected to rise with more requests from enthusiasts of this type of virtual money. You should also be aware that bitcoins can be obtained by buying and mining.
Bitcoin trading methods
Here are 4 (four) steps and how to trade Bitcoin correctly as shown below:
1. Open an account.
When trading bitcoin, you must first create an account with a trusted broker of your choice. The process is very simple and only takes a few minutes, so you are also allowed to trade bitcoins if you deposit your initial funds. The broker of your choice will usually offer quotes from various suitable exchanges that will be profitable. In addition, it is recommended that you choose a broker that charges a small commission on every transaction.
Lest you get confused as to which broker is the best, here are 3 (three) bitcoin trading brokers you can rely on when trading bitcoin.
AvaTrade. com - create an exchange account
AvaTrade will keep your digital money safe as it is regulated in a number of countries such as Australia, Japan and South Africa. Here, in addition to bitcoins, you can also trade other types of digital currencies. AvaTrade does not charge commissions or bank fees for trading operations. Not only that, this broker offers a fairly large leverage of up to 20: 1. Even here, you can set the profit and loss level using the stop loss or profit limiting function when trading. As a broker with extensive experience in its field, AvaTrade will serve you 24 hours a day with support in 14 international languages. The confidence of bitcoin investors around the world in the reputation of this company grew even more when AvaTrade.com decided to start a partnership with the world's favorite football club, which has a large fan base and a fan base in Indonesia, namely Manchester City.
2. Capital. com - create an exchange account
Like AvaTrade.com, the Capital.com broker also provides security when trading Bitcoin. Thanks to CySEC and FCA licenses, this platform complies with all regulations and does everything possible to ensure the safety of its customers' data. Capital.com also provides market updates and various chart formats that can be accessed and viewed directly from your desktop / PC, smartphones and tablets wherever you are. This broker also recommends various articles, videos or news that will improve the quality of your investment strategy in this bitcoin trading, in addition to providing trading with up to 1: 2 margin. You must be aware of world class clubs from Spain like Valencia , Yes. In fact, it is known that Capital.com is opening an investment partnership with this beloved club.
3.eToro - Create a Stock Account
There are many reasons why many Bitcoin traders around the world choose eToro. The reason is that this platform is considered one of the best in the world of bitcoin trading after AvaTrade.com and Capital.com. Available in almost every country and chosen by millions of loyal traders, this regulated broker offers a range of tools and services for traders, both beginners and experienced ones. Interestingly, not only Bitcoin, but eToro will also help you trade other types of digital currencies like Ethereum. Thanks to its cutting-edge technology, you can access eToro from your desktop / PC, smartphone and tablet wherever you are. Oh yes, we need to inform you that eToro is fully regulated and subject to CySEC, FCA and ASIC directives. It is also recommended to use a VPN if you want to access the eToro platform.
Prepare to trade Bitcoin
For those newbies looking to get into bitcoin trading, you must first have a clear understanding of the existence of this digital currency. This means that you must have faith in the future of Bitcoin, which will bring you promising profits in the future.
Not only that, but you also have to prepare your mind and psyche, because the price of bitcoin can fall far from what is expected, so it hurts your money, you are completely committed to this activity. That's right, not all people are suitable for this bitcoin trading business as this activity will require patience and wisdom in every decision.
As explained above, trading bitcoin will require sufficient capital from potential traders when they start trading bitcoin. Unfortunately, wanting to make his business profitable as quickly as possible, he dared to borrow money from other people as capital to buy bitcoins.
This is why it is highly recommended here to think about the budget for Bitcoin trading as wisely as possible. A small amount of capital is likely to double the profit in the future because the price of bitcoins is difficult to predict accurately.
Bitcoin trading itself can be defined as an attempt to sell our Bitcoin assets at a higher selling price than when they were bought in order to make a profit. The price can drop significantly and can also rise significantly depending on various factors, including supply and demand factors in the market. Therefore, before delving into bitcoin trading, it is highly recommended to continue studying various strategies, monitor all events in the global market, and so on.
2. The second step is to try to build a trading plan.
You have already chosen a bitcoin trading strategy, but if you are new to the bitcoin market, you might also want to consider a trading plan. A trading plan can help you make the right decisions even with high risks so that you don't leave trades open for too long and close them too early.
Think about what you want to achieve from bitcoin trading, which can be divided into short-term and long-term goals.
Determine a reasonable risk of loss for each trade and determine the amount of losses that may arise in the future.
Choose your risk / reward ratio so you know the potential reward you need to justify your potential loss.
Select the market in which you will trade. Do you want to start with Bitcoin or try something else?
3. The third step is to conduct research
Before you start trading, you need to make sure you have the latest bitcoin news so you know more about what's going to happen with cryptocurrency news. To explain the behavior of bitcoin, the presence of charts will be helpful. Past information and data can help you gain insight into how the bitcoin market is moving, while comparing the past and present will give you a deeper understanding of trends and patterns that will emerge in the future.
4. The last step is to place a trade.
You will need to trade bitcoin using our platforms, in which case it is highly recommended to use AvaTrade.com, Capital.com and eToro as described above.
You must deposit the amount of funds that you want to use for trading. You can also set the closing conditions: place a stop order to close your position when the market moves against you, or set a limit if it moves in your favor. Here we can say that stops and limits are very important for proper risk management.
If you expect the price of bitcoin to rise, you will “buy”, and vice versa, if you think that the price will fall, you will “sell”.
Oh yeah, I must also tell you that you can buy any bitcoin you want. For example, you have 8,000,000 rupees in cash and you want to spend all of it to buy bitcoin, then when the price of bitcoin is 1,000,000 rupees, you will receive 12.5 bitcoins. Here, you are also allowed to buy bitcoins for a lower amount.
Bitcoin trading types
As additional information, it turns out for you that when trading bitcoin, traders use several methods to make a profit. These techniques can be summarized in three areas, namely:
Day Trading: This means that a Bitcoin trader will buy and sell in just one day. When using this method, the trader must constantly pay attention to the computer / mobile / tablet screen in order to monitor the development of the bitcoin price.
Scalping: It only takes a few minutes for a bitcoin trader to complete a trade. In general, this scalping method is aimed at making small profits, but it happens frequently.
Swing trading is the most popular method used by bitcoin traders around the world. They will try to track major charts or market trends without tracking them every day through a computer / mobile / desktop screen. Traders of this type usually continue to sell their bitcoins for weeks, even months, until they reach the expected profit.
Trading bitcoin is fun, although the risk of loss is also great. There are a number of things to prepare for potential traders who want to enter the world of bitcoin trading so that their trading activity is not counterproductive to those who might ruin their financial plans. Before plunging into this unique world, a very thorough preparation is required.
One of the things that both novice traders and seasoned traders can do is choose a brokerage firm that will help make their dreams come true, which is a must. Where a real broker professionally helps them trade this type of digital currency accurately and accurately. As shown above, the 3 (three) most trusted brokers in 2020, namely AvaTrade.com, Capital.com and eToro, have proven to help many of their clients maximize profits.