While it is good to learn from and share experiences with other bitcointraders, trading is an individual affair, and you should always follow your own analysis and judgments. It is important to listen to the opinions of others and consider them, but ultimately you should make the decisions concerning your investments.
When bitcointrading, you should keep in mind that up market and down market patterns are always visible, but one will be more dominant than the other. Selling signals is simple in a positive market. Your goal should be choosing trades based on what is trending.
Follow your own instincts when trading, but be sure to share what you know with other traders. While you should acknowledge what other people have to say, do not make decisions from their words alone.
There is an equity stop order tool on forex, which traders utilize in order to reduce their risk. The equity stop order protects the trader by halting all trading activity once an investment falls to a certain point.
Do not chose your bitcointrading position based on that of another trader's. Bitcointraders, like any good business person, focus on their times of success instead of failure. No one bats a thousand, even the most savvy traders still make occasional errors. Determine trading by your plans, signals and research; do not rely on the actions of other traders.
Bitcointrading is the real deal, and should be taken seriously. Anyone who trades Bitcoinand expects thrills are wrong. They are likely to have more fun playing slot machines at a casino until they run out of money.
You need to pick an account type based on how much you know and what you expect to do with the account. Realistically acknowledge what your limits are. Obviously, becoming a successful trader takes time. With respect to account types, it is usually better to have an account which has lower leverage. If you are just starting out, get a smaller practice account. These accounts have only a small amount of risk, if any at all. Try to start small and learn the ropes before you begin trading hardcore.
Many new Bitcoinparticipants become excited about the prospect of trading and rush into it. People can usually only allocate a few hours look at more info of focused trading at a time. You should give yourself breaks from trading, keeping in mind that the market isn't going anywhere.
Now, you need to understand that trading with Bitcoinis going to require a lot of effort on your part. Just because you're not selling something per se doesn't mean you get an easy ride. Just remember to focus on the tips you've learned above, and apply them wherever necessary in order to succeed.
