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How to Become a Bitcoin Day Trader?
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:
1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?
2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.
3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.
4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.
5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.
6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.
7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:
1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?
2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.
3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.
4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.
5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.
6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.
7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.