Blog

Jul 31

2020

A Look at the Best Trading Strategies Available on Bitfxt Exchange

With last week’s price move we've compiled this article to make sure you take advantage of the price action. In the world of trading and investing, there are two different methods for speculating across all asset classes. Speculators are divided into the following categories: fundamental analysis or technical analysis. We will discuss this in details in a later article. There are tons of cryptocurrency trading strategies that promise to make you rich.  Knowing what strategy to adopt is not a difficult task but knowing when to hit sell or buy. Before then, let's get you started with the various trading strategies available on Bitfxt. Keep reading…. 

How to start trading with the best strategy:

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Crypto traders are actively seeking the best possible strategy for trading and investing in cryptocurrency. We have some of the best methods explained right here in this article. We have learned this trade wisdom by trial and error (experience is the best teacher) and we are going to show you what is working right now. The methods we teach are not dependent on the price of any cryptocurrency. They can be used whether bitcoin or alts are going up or going down. 

Keep in mind that it is possible to lose money. Your capital is at risk while trading cryptocurrency so be advised to use your spare money. 

Pay Attention to Volume

Volume can provide several clues to the underlying strength or weakness of the market. It can give early warning signs concerning a possible change in trend. Many traders don’t pay attention to volume when developing their crypto trading strategies. However, this is a mistake. Why? Because volume provides a “snapshot” picture of how many traders are actually establishing positions at various price levels. Therefore, pay very close attention to volume. 

Market order 

Market order is simply buying from the existing price. If the price of bitcoin for instance, is currently at 470/$, and you buy BTC using this strategy, it will immediately execute the order and the coin will be sent to your wallet based on the current market price of 470/$. 

Proper use of the Limit Order 

The limit order is an automated method of setting your own price for a buy or a sell. To perform this strategy go through the existing orders and choose a price that best suits you. Fill that order and hit the Buy or Sell button. 

Alternatively, if you have faith in the project and are satisfied with the information you got during your research, you can manually place an order to buy at a certain price and wait for the market to move in the direction of your chosen price. This requires you to wait longer than usual. 

When you place a limit order, you're simply telling other traders that you don't want the market price (the current price at which a coin is trading); instead, you want your order to be executed when the coin price moves in a certain direction. 

Another noticeable feature is the percentage below the limit order. It simply means selling or buying at a particular percentage of your capital. For instance, if you have 1 Ethereum at the time of trading and you want to buy BTC with 50% of your 1 ETH, all you have to do is select 50% and automatically, 50% of your ETH will be filled in the order book. It saves you the stress of calculating the percentage of your capital. It gives you options to trade with either 25%, 50%, 75% or 100% of your coin. 

That's all for the best trading strategies you can utilize to help you in the course of trading on an exchange. There are many more even technical strategies available but we will focus on these for now. You will learn the rest in time. Don't forget to join our Anyone Can Trade webinar. A platform for you to learn how to trade from the basics to intermediate. Join our Nigerian community to participate: Telegram.

 

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