How To Make Money Trading Bitcoin | Day 1 Of 5 : Bitcoinmarkets
Word to the wise, do not put more Bitcoins than you're willing to lose in any exchange! Once you have created and funded an account in one or more of the exchanges, you need to learn when to buy and sell.
This is where it gets complicated for newcomers, but don't fret, we'll help you every step of the way. To know when you need to buy or sell you have to have an idea of what is happening in the market. Whether the price is rising or falling, if we are in a bearish market (down trend) or a bullish market (up trend), etc.
To find out this information you have to look at market data or charts as their called in the investment world. Here are a few: After you click, you are probably thinking, ......ughhhhh......I'm lost.
When To Sell Cryptocurrency - 3 Simple Steps (Taking Profit)
Don't worry, we'll walk you through it. First thing you need to know is that there are generally three types of charts when trading.
Line charts (simplest, but don't tell you much)Bar charts (good, but they all become a blur after a while)Candlestick charts (most traders preferred chart and the one we'll be talking about)On bitcoinwisdom.com, click Settings then CandleStickHLC under chart style. Candlestick charts, I bet you can guess why they are called that... Candlestick charts provide the most information possible in the smallest amount of space.
Let's take a look at one and I'll show you how they work. The individual candlesticks generally tell you 4 things. What the price was when it opened and closed.
Also, how high the price became during the time frame, as well as, how low the price dropped too. If the candlestick is green, the open is on the bottom of the body and the close is on the top, showing that the price closed higher than when it opened.
If the candlestick is red, the open is on top of the body and the close is on the bottom, showing that Continue reading >>