If you want to get into day trading bitcoin, there are some necessary steps you need to take to kick start the process.
Apr 28, 2019
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Bitcoin is one of the most discussed developments in 2019. People from diverse backgrounds and financial situations are gaining interest in trading and purchasing bitcoin—some are even considering day trading bitcoin. Start with these 5 steps to become a bitcoin day trader.
Understand the basics of blockchain
The first step in day trading bitcoin is understanding the inner-workings of blockchain. Nobody knows the entirety of how bitcoin works, but you will need a basic understanding to move forward in trading.
Open a brokerage account
Coinbase is your easiest bet when looking to create a brokerage account. You can use this exchange to trade your bitcoin. Coinbase does charge a small processing fee when funding your account, but it’ll be worth it once you succeed at trading bitcoin.
After funding your account, buy some bitcoin
Now that you have Coinbase set up and funded, you can start purchasing cryptocurrencies. Bitcoin and Litecoin are the most popular, so starting with those is a good plan. You can get more risky as you learn more about the currencies.
Look for trends and act on them
Looking for trends every day is a way to get ahead of day trading Bitcoin. This takes having knowledge in economics, different markets and where to find information. You really can’t do enough studying and digging for trends!
Keep up-to-date on crypto news
Crypto news is a no-brainer when looking to be a day trader. This is where you can find any news that might directly affect you and your investments. Keep up-to-date and conscious of even the most miniscule shifts in the industry.
Thinking about day trading bitcoin? Use these steps to fuel your knowledge and journey.