It shall be well appreciated if you do an article with winning strategy of day trade.
Before registering at a Bitcoin trading platform it worth checking first what kind of personal details are needed in order to sign up for the services. Popular trading platforms require an ID card with photo for withdrawals, but there are also options to trade anonymously for example at BitMex or at Magnr.
An email address is always needed for the sign up process. To stay anonymous, you could create an e-mail address only for the usage on the broker sites. This verification process is generally required, as soon as you want to exchange your BTC into cashor the other way round.
So if you want to link your bank account or credit card to your trading account, you have to show who you are, of course. In the age of smartphones, most Bitcoin trading platforms already have an application for Android or iOS which enables customers to use the services on the go and manage finances from anywhere at any time. If there is no app, the platforms are usually mobile friendly at least. Or you can mostly use a general trading App such as MetaTrader to manage your trades at a certain Bitcoin Broker platform.
Generally speaking a broker must pay attention to the usability as client do not want to spend to much time just exploring the features, all of them should be self-explanatory. The available exchange rates are usually depending on the country where the platform operates. Beside Bitcoin, currently more than a thousand of alternative cryptocurrencies, so called altcoins exists on the market. As the underlying program behind Bitcoin is open source, anyone can create a new coin on the market.
Each altcoin is a different version of the original Bitcoin with some additional or alternative features included in the algorithm. Some trading platform has the option to trade altcoins on the site, like Simple FX and FX Open, however most platforms only offers the option to trade Bitcoin against fiat currencies at this point. As altcoins are becoming more popular in the recent years, more and more platforms started to offer alternative cryptocurrencies.
However even if altcoins are on the menu, the prices are in most cases expressed in terms of Bitcoin, so the users cannot buy or sell directly altcoins in exchange for example US Dollar. Couple of sites also offers the possibility to execute derivatives, like options and futures on the platform.
These financial products enables the users to trade on the future price of the cryptocurrency. The trading fees are calculated based on the transaction volume just like in the case of ordinary FX trading. Higher volume means lower percentage fees per trade. The average trading fee varies between 0. Anything outside of this range should warn the procpective traders about possible scams. If margin trading is offered, that is always available for an extra fee.
Trading on margin means borrowing money to increase the amount of the exposure. This leverage can increase significantly the profit at the closure of the trade, but also means higher risk to the users.
If yes, how to do that? In reality, there are many factors that influence trading and being a successful trader is a result of a clear understanding of how markets function, what makes them move, market psychology, technical and fundamental analysis, plus many other things.
A forex trader should take advantage of all the trading tools available and technical indicators are being widely used. Therefore, some traders find a specific theory to work best for their personalities and expectations, while other traders find comfort in another approach. To give you an example, there are traders that trade only based on technical indicators, while others are using concrete and exact levels for entering and exiting markets.
Here we listed the most important trading theories that exist and are mandatory for any serious trader to know, starting with a fascinating one, Elliott Waves theory.
Elliott Waves is the only theory that allows such a thing, and for this reason, it is so well represented in this trading academy. The theory is so wonderful in its simplicity that exactly this is making it so complex. Besides Elliott, trading theories like the ones of W. Any forex trading academy should explain what a pitchfork is and how to trade markets with it, and this one is no different.
While everything discussed above is part of the Western approach to technical analysis, in recent years the Japanese approach became more and more interesting as traders discovered new and interesting ways to interpret market moves based on candlestick formations. When it comes to technical analysis, patterns are very well represented in the sense that one can forecast a price based on them.
How about fundamental analysis? What are the most important things to consider? This academy explains the economic calendar, what events to watch and how to interpret them, as well as why currency pairs are in fact mirroring an economy.
Economic events as being presented in the economic calendar are in fact depending on one and one thing only: All of the technical and fundamental aspects, while mandatory when trading forex markets, are of no good if proper and solid money management rules are not followed strictly.
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