Cryptocurrencies have been used for online transactions and as a trading instrument for the past few years. As the demand has been increasing unstoppably we also find a lot of new trading bots like Bitcoin Trader and the lines. Is it a safe option to rely on the bots? If you choose a genuine crypto trading bot then your funds are safe. But there are scams in the market that you should be warned about.
If you have chosen a great crypto trading bot and if you have been gaining steady profits then there is one more thing that you should do- get into the details about crypto trading.
Hone your crypto trading skills and watch what your crypto bot does. This would give you valuable lessons to learn from. And in no time you would find yourself understanding the market better and thus become a better trader.
Start with a good exchange
You would have to choose the crypto currency exchange wisely. Each exchange might be recommended for a particular crypto currency. Take bitcoin, for example, Coinbase is one of the most popular and the most trusted source of purchasing bitcoins. The fees might be high but the reliability is what draws people. So remember that when you start your journey you would be paying not just for the currency you buy but also the attached fees.
Do not ignore your instincts
Fundamental and technical analyses would have to be done to make trading decisions. But do not fully ignore your instincts. Sometimes when you watch the market get yourself updated with the latest news and when you see a pattern develop you should also consider listening to your instincts.
Market’s tops should not be feared
The top crypto currencies at any given point might be expensive compared with the low cap ones. But these are the ones that might also give you steady profits. No matter how much growth a particular coin has seen so far, if the market has a strong belief in that currency then it is likely to keep growing. This is what happened with Bitcoin and other such popular coins.
Watch out for the sought after ICOs
Not all ICOs are profitable. But there might be some that the market is looking forward to eagerly. Read the predictions by experts and the crypto traders across the world. After all the growth in value depends a lot on the investor opinions.