How much time to spend on trading currencies?
This is one of the most popular questions from newbies who want to start extra income through trading or make it your main income, along with questions of how to buy bitcoins or how to trade cryptocurrency. To answer this question, we must understand and accept certain laws such high-yielding but high-risk activities like trading.
Like any other profession, speculative trading in financial markets requires specific knowledge, skills and stress resistance.
Regardless of what type of financial markets you choose, forex, stock market or cryptocurrency, you need to learn the technical and fundamental analysis, to learn the basics of money management (money management) and risk hedging. The obtained knowledge will help you to understand how the market, his psychology, why is rising or falling rate how to make money and most importantly, how not to lose your money.
Once you get the required knowledge, it is equally important to learn to plan. How much you expect to earn from one transaction, per day, per week or per month? How many are willing to incur a loss? Set realistic goals and strictly adhere to them. Why is it important? To save self-control. You should exit the trade in a strictly scheduled time. Don’t try to make more goals or to wait out the losing trade. All who tried to wait out the drawdown on the cryptocurrency market in 2018, was left with nothing.
Tilt is a severe emotional disorder that can be caused by as a succession of losses and a string of wins. You’re probably familiar with the situation when a person loses a lot, but does not finish playing in the mistaken belief that that’s going to win. Conversely, when a man has won multiple times in a row and believes that today is his day and we need to continue. Not cheltuite out if something goes wrong or the plan of profit is made.
At first, until you get the invaluable experience of applying the acquired knowledge in practice, you will doubt the faithfulness of the analysis and nervous after opening a trade. This is a normal situation that eventually passes. Don’t be afraid to make mistakes. Do not mistake the one who does nothing. Fix errors in the future, this will help you not to step on the same rake.
What would it be? Trader need to spend all your time, money and nerves?
Yes and no!
“The more sweat shed in training, the less blood spilled in battle.”
The more time you dedicate to training and trade at the beginning, the less you will have to pay it in the future. Over time, you learn to “read” the market is actually at first glance, you will only need about an hour to analyze and open the trade.
Modern trading platforms, for example, PrimeXBT, have wide functionality and a diverse set of tools for trading on crypto market. Pending orders, automatic profit and loss (Take Profit and Stop Loss), will help to reduce the time spent “on the market” to a minimum. You only need to conduct an analysis to place pending orders for opening transactions in a particular time or upon reaching certain asset prices, set Take Profit and Stop Loss and go to do other things. Trade for today is over.
Simply put – Yes. Moreover, we highly suggest after issuing orders not to sit in the terminal and not watching to see how events develop in the market because at the time of opening of the transaction, for example selling, the market could go up first and after a short climb up to slide down to your take profit and make a profit. However, the observation of such a lift can make you feel nervous or interfere with your own analysis and open another, but not the right deal. That is why we advise you not to watch the transaction, and to do other things. The terminal PrimeXBT alone will close all positions and delete unnecessary even if you closed it.
Trading platform PrimeXBT provides traders not only a multifunctional terminal, but a number of other advantages.
- Registration on the platform and account opening – free of charge. Some cryptocurrency exchanges to restrict the registration and account opening mandatory Deposit of at least $10 000. The minimum Deposit on PrimeXBT – 0.001 BTC, about $40 at the current rate. A great opportunity for those who are just planning to try their hand at trading.
- Missing identity verification (KYC). We respect our clients ‘ right to anonymity. Average time of registration on the platform is less than 1 minute. Then you can Fund your account and start trading. Other trading platform and cryptocurrency exchanges require KYC procedure, which takes about 1 week or even more.
- The terminal PrimeXBT is customized for the needs of every trader, experienced or beginner, supports multiple monitors and has many convenient widgets for monitoring and tracking of transactions.
- Leverage from 1:1 to 1:100, gives the newcomers the opportunity to handle volumes much larger than the amount of the initial Deposit. For example, you made an initial Deposit of $100, but for greater profit with the same capital not count. Another thing, when using leverage you control $10,000.
- The possibility of placing sell orders with the use of leverage. On crypto-currency exchanges this is not possible. Just imagine, all the year 2018, the trading on cryptocurrency exchanges could only fix the damage and withdraw the remaining funds. They were not able to earn money in a falling market a year. On PrimeXBT you can earn on the falling and growing market with or without the use of leverage.
- Hedging risks. Sometimes there are situations when the market went against you, stop loss is not exposed and the minus sign to close sorry or you sure about your decision, but to err is. You can open opposite order, Hejira risk and at the turn to close it, earning additional. This feature is not available on cryptocurrency exchanges.
- Aggregated liquidity from 12 suppliers, so you always get the best price on the market with no slippage and regardless of the volume that you are operating on. On other trading venues when placing large orders or at the time of high volatility the opening of the transaction either does not occur or is delayed, not allowing you to make the planned profit.
- Round the clock customer support, which operates without breaks and days off, as quickly as possible answering all your questions and solve the problems.
- Mobile apps for iOS and Android allow you to monitor the situation on the market in any place and at any time.
- Security system PrimeXBT one of the most modern and reliable in the market. Keeping money on cold wallets, two-factor authentication is used and cryptographic hashing of passwords and more.
Given all of the above, the most lengthy process that can take months and even years of trading. The trading takes not more than couple of hours:
- Registration on the platform PrimeXBT – 1 minute;
- Analysis 2 cryptocurrency pairs – 1-1. 5 hours;
- Setting automatically executing orders on PrimeXBT – 2 minutes.
Total, no more than 2 hours a day.
Register for free on the official website of the trading platform https://primexbt.comand start earning money with trading a few hours a day and don’t forget to share the platform, friends in social networks.