So you have heard all about Bitcoin, you have seen it on the news, and read the stories about people getting rich from investing in and trading in this exciting new cryptocurrency.
But have you ever considered giving it a go yourself?
Bitcoin, like any other cryptocurrency trading, can be a little difficult to you get your head around, particularly if you don’t have any experience with fiat currency, but do not worry there is help at hand.
There are plenty of online resources where you can learn the market and hone your skills and there are even lots of courses and webinars you can partake in.
Keep on reading to get to know the best places to learn Bitcoin trading:
- What Is Bitcoin Trading?
- Bitcoin Trading Tips In a Nutshell
- How Is Bitcoin Trading Different To Forex Trading?
- The Best Cryptocurrency Trading Courses
- Bitcoin Trading Strategies
- Why Should You Give It a Go?
What Is Bitcoin Trading?
I will assume that because you are reading this, you would have a rough understanding of what Bitcoin is and what it is used for. But trading them, and successfully trading them is a completely different story.
Bitcoin is a notoriously volatile cryptocurrency and that means it is a particularly good coin to trade with, as if you get it right, you can expect big profits dependent on what you trade against.
There are, however, no guarantees that you will make a profit so you should always exercise caution when trading and never trade more than you can afford to lose.
First up you need to purchase some Bitcoins, you can do this with credit cards, bank transfers, or various other methods, depending on which exchange or brokerage platform you go for.
Once you have purchased your coins, you need to choose a platform to trade them on.
When we say trade, we mean the exchange of cryptocurrencies for other cryptocurrencies or fiat currencies.
The idea is that you trade against the rising and falling values of other crypto and fiat currencies with the intention of making a profit on the exchange rate.
In volatile markets such as the crypto-market, this can be very lucrative as the rise and fall in value can be much higher than in the normal fiat currency marketplace.
Bitcoin was created in 2009, and it is the most popular cryptocurrency in the world when it comes to both investing, and trading.
Read more in our Guide To Profitable Cryptocurrency Trading.
Bitcoin Trading Tips In a Nutshell
When it comes to trading in Bitcoin, whilst unfortunately we cannot give you the winning formula, we can give you a few tips to help you along the way.
#1 Have a Clear Purpose
Only ever start a trade when you know why you are placing it and what you will do after you have placed it.
Remember that not all traders are going to have a gain every time they trade as for every winning trade, there is someone losing on the other side.
Even if you want to trade every day, it is better to not earn and do nothing at all rather than just jumping in and trading for the sake of it and exposing your precious coins to losses.
#2 Set Target Level
For every trade you make you need to set a clear and definite target level for taking profit and also a stop-loss level for cutting your losses.
A stop-loss level is the level of loss you reach before the trade gets closed.
#3 Get Over FOMO (Fear Of Missing Out)
Whilst you might feel like you are missing out and the frustration at just watching from the outside might kill you, sometimes it is better to just sit back and watch.
There will be other opportunities and jumping in at the last minute, could spell disaster.
How Is Bitcoin Trading Different To Forex Trading?
When it comes to the trading of cryptocurrencies or fiat currencies, there are a couple of obvious, and not so obvious differences.
The concept is the same with both – traders try to gauge the health of a currency and then attempt to exploit its volatility in exchange rates with other currencies with the aim of making a profit.
The more the value of a currency varies, the bigger the profit is.
The main difference between the two types of trading is the fact that Bitcoin is much more volatile and is prone to influential price-driving factors which make it totally divergent from Forex.
Supply is another factor which differentiates between the two. With fiat currency, the amount of currency in circulation is determined by the applicable central banks and the government of that jurisdiction.
When it comes to cryptocurrencies, most of them have a cap which means that once all of them have been mined, that is it and no more can be produced.
Another difference is the matter of inflation – many Bitcoin fans believe that Bitcoin is immune to inflation.
Forex currencies, however, are subject to price-level inflation such as public debt, interest rates, political stability, and economic health. These factors can result in steep derivatives which impact the industry.
The Best Cryptocurrency Trading Courses
If you want to learn how to trade well, then there are a couple of options available to you.
You can sign up to an exchange that offers a live demo account so you can practice executing trades without having to actually part with any cash.
You can also find out lots of useful information online in forums, communities and message boards, not to mention platforms such as YouTube.
For those that want to take their trading education a little more seriously, there are lots of courses out there that you can get involved with that will give you a comprehensive overview of the Bitcoin trading world.
Here are some of the best out there for 2018!
1. Cryptocurrency Investment: Fund Your Retirement
If you are looking for a comprehensive book with all the info on trading Bitcoin and cryptocurrency, then this is the book for you.
Created by a self-styled Superhero Instructor who has taught over 120,000 students, it is not hard to see why this training is a big bestseller.
It will give you the lowdown on different exchanges, getting started, and how to pick out the best stocks available.
You can purchase the course via Udemy.
2. The Complete Bitcoin Course: Get Free Bitcoin In Your Wallet
With over 10k students already having completed the course, it enjoys an impressive 4.4 stars out of 5.
This is a six-hour on-demand video based course that will help you understand how Bitcoin works as a global currency, and it also helps dispel some of the myths around the theory of cryptocurrency trading.
It will teach you to mine Bitcoin and the author is also kind enough to give you 0.001 BTC just for signing up!
You can purchase the course via Udemy.
3. Blockchain and Bitcoin Fundamentals
For those of you that are after an effective, detailed, and simple explanation to the world of Bitcoin and Blockchain, then this could be exactly the course you are looking for.
Not only does it provide you with the basics but it also gives you the full in-depth lowdown on smart contracts, digital tokens, and more.
The instructor is a fully certified, and award-winning instructor and he helps developers and executives understand how to develop and apply the technology of blockchain.
You can purchase the course via Udemy.
4. Cryptocurrency Trading Course 2018: Make Profits Daily
This course is designed by a champion instructor known as Suppoman and it gives you the tools and tricks that you need to make a part or full time living out of cryptocurrency trading.
The best part about this course is the fact that it helps you to fully understand cryptocurrency trading without being too complicated.
It gives you the full lowdown on set up and strategies as well as how to avoid getting burnt.
It takes around 3.5 hours to complete and has really high ratings and reviews from previous students.
You can purchase the course via Udemy.
5. Cryptocurrency Trading Course: Complete Guide To Trading Altcoins
With this training, you will have the chance to learn all about the Cryptocurrency Ecosystem as well as how to avoid getting hacked.
You can watch live trading examples and find out how to involve yourself in ICOs.
The course is 5.5 hours long and was created by Ravinder Deol who is a Certified Bitcoin Professional who has mentored and taught over 75,000 students.
You can purchase the course via Udemy.
6. Cryptocurrency: Complete Bitcoin Ethereum and Altcoins
This course is put together by Steve Ballinger who is an MBA and a millionaire investor in stocks and cryptocurrencies.
He has taught an impressive 96k+ students with an average rating of 4.4 out of 5. He has over25 years of experience in trading and he really knows the ins and outs of the industry.
He drills down into how to set up your crypto wallet to hold your digital portfolio, how to choose the right exchange for you, and how to apply a technical analysis when you are deciding which coins you would like to invest in.
You can purchase the course via Udemy.
7. Cryptocurrency Wallets Course: Secure Your Cryptos Safely!
Suppoman also presents this course but this time with the aim of helping you to keep your coins safe.
He explains how to use hardware wallets and how to download specific wallets for specific coins.
It will give you the full overview of mobile wallets, hardware wallets, and desktop cryptocurrency wallets as well as giving you some insight into the future of the wallet industry.
You can purchase the course via Udemy.
Bitcoin Trading Strategies
When it comes to strategy, we have the same problem as we did in the tips section. It is difficult to give you a winning strategy for success, but there are a few things you can pay attention to.
1. Buy and Hold Strategy
This is known as a passive investment strategy and it is where the investor purchases stocks/coins and then holds them for a long period of time.
This requires immense discipline and resistance to the fear of missing out in order to remain unaffected fro the fluctuations that the market experiences.
Also known as “hodling” in the Bitcoin community, these investors are committed to holding onto the currency regardless of the market going up or down.
2. Day Trading
A day trader seeks to make their money by exploiting the up and down movement of investment prices during one day.
They will buy and sell coins throughout the day in the hope that prices keep going up in the time they own the investment so that they can make a quick profit.
3. Hedging
This is not the most popular of the strategies, but hedgers do account for a good segment of Bitcoin owners.
What it means is that they will split their Bitcoins 50/50 and hold half, and day trade the other half.
This way they are hedging their bets meaning they are hoping to increase their chance of getting a profit, regardless of what might happen to the value of the coin.
Why Should You Give It a Go?
Bitcoin trading is great fun – the thrill of owning a bit of cutting-edge technology, the excitement of buying your first coin, and the trepidation involved in deciding how to invest or trade, when to hold, or how much to put on the line.
It really is exhilarating and even if you don’t have the first clue what you are doing, there are plenty of online resources and courses that will help you find your best place to learn Bitcoin trading.
So why not give it a go for yourself? Do your research, do some training, and get involved!
And if you want to understand cryptocurrency investment in-depth, download our free e-book that explains Investing In Altcoins and ICOs, but also covers the basics!
