Cryptocurrency Day Trading: Where to Start With?
One must hear that cryptocurrency day trading is a way to financial freedom. Hardly anyone says how hard it is to earn day trading cryptocurrency. That requires a lot of work and effort to make a consistent profit during cryptocurrency market fluctuations. So before projecting future day trading salary, one should become a successful crypto trader. Understanding cryptocurrency is one of the keys. In this article, we’d like to introduce the sources where you can study the basics of cryptocurrency trading.
How to make money with cryptocurrency?
There are plenty of ways to make money with a cryptocurrency. Depending on the skills and effort, ways to make money with crypto vary from becoming a cryptocurrency trader (day trader/swing trader/investor) to launching your own cryptocurrency by developing an idea (product) and gathering investments through various funding programs.
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Where to learn cryptocurrency trading?
There are many free resources to learn the basics of trading cryptocurrency. Through a thorough study, you will get a lot of basic knowledge about trading, trading methods, and all the theoretical aspects of trading.
Gather as much knowledge as possible. Develop a day trading cryptocurrency strategy which will fit your goal or program automated cryptocurrency trading system. There are unlimited opportunities in this sphere. Keep in mind that the study varies from practice, and attention is required in all stages to get a better view of what fits you. Therefore, the following are some of the most useful resources we have found useful to understand the market.
Two main books we recommend for beginners in cryptocurrency trading are Mark Douglas’s “Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude” and John J. Murphy’s “Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications.” These books cover all basic and advanced techniques on how to buy, sell, and trade any asset. Information in these books is easily accessible. Your first cryptocurrency trading strategies are on the pages of those books. From market background and history to strategy and chart patterns, this is a good place to start building an understanding of the cryptocurrency market. These books fit everyone from an entry-level to an advanced reader.
Of course, YouTube is the number one platform with lots of great channels dedicated to trading. The channels and top traders we used to follow are Tone Vays, Willy Woo, No Nonsense Forex, Andreas M. Antonopoulos, Chico Crypto, and many others.
All of them explained the confusing and complicated subject well. They follow different formats and use different assistive tools, so you can see which is best for you. Video is a great help, especially if you are a visual learner. You can write notes and study at your own pace.
You can also find a complete playlist designed as a complete forex course on YouTube for free, or you can search by topic.
Finally, if you want a well-planned cryptocurrency trading course and willing to spend some money, then you can consider Udemy. There are some good courses there, some of which also show real-time trading. Only by starting trading you can understand is day trading worth it, or mid-term and long-term investments fit better to you. Usually, most cryptocurrency exchanges provide a demo-trading account. To know more about the best cryptocurrency trading platform, visit our article.
Free courses and blogs
The Internet is full of great educational blogs to start with. TradeCryptoPro covers various topics and provides something for each type of learner. Whether you are looking for things about buying cryptocurrency and choosing a crypto exchange, or want some strategic tips on risk management and trading, you can find a lot interesting on our website. There are also some discourses on the philosophy of trading and the thinking of successful traders as well. And special for our readers, we provide unique discounts on quality cryptocurrency trading bots and signal services.
To practice, you can view a demo account, but even then, don’t expect the real thing to be the same as simulated trading. That’s because it won’t. When your own money is online, a person becomes emotional and tends to make irrational decisions. Cause of such an emotional aspect, we prefer day trading crypto through bots.
As a risk management measure, start trading with smaller sums of money then the actual investment you would like to make. First of all, just try to understand the market and find the best technique that fits you. By finding the strategy which helps you make consistent gains and by getting confidence, you can think of increasing the account.