- Day-Trading cryptocurrencies for beginners in 2023
Cryptocurrency is becoming very interesting to invest in, and attention to it continues to grow in 2018. Digital currencies can also be a very attractive choice for newcomers to the world of exchange trading. However, before you dive headfirst into the world of intraday trading (Day-Trading), you might want to know a few important things about cryptocurrency trading.
- Day-Trading In 2023
Here are a few key things you need to know to start day-trading cryptocurrencies in 2023, even if you've never done it before.
- Keep an eye on bitcoin
Bitcoin is the most recognized cryptocurrency and also the most valuable of all digital currencies at the moment. However, it is far from the only digital coin available for trading. There are currently 30 different cryptocurrencies whose market capitalization has surpassed $1 billion. So out of all this set, why track bitcoin's movements in the first place?
It's all about the fact that by now bitcoin holds about 30% of the entire cryptocurrency market, so by focusing on the behavior of the leading cryptocurrency, you can say you are watching the behavior of the entire market. Another important beacon whose quotes are worth paying attention to is ether, with a market share of about 10%. If the movement of ether coincides with the movement of bitcoin, then with a probability of close to 100% the entire cryptocurrency market moves in the same direction.
Consider Day-Trading cryptocurrencies as diversification
Day trading, whether in cryptocurrency or any other assets, does not guarantee that you will instantly become a millionaire. While such success is achievable, and not beyond the realm of possibility, there are many factors and issues to consider when determining the real income of crypto traders who trade intraday.
Intraday traders are more likely to have a comfortable to large additional income from Day-Trading than they are to have an incredibly huge payday. When you're trading cryptocurrency, it's much more realistic to think of it as a form of diversification of your assets rather than a way to get rich quick. By maintaining the right mindset, you will be able to make much more practical and potentially successful trades.
- Learn how to read crypto news.
Understanding how the market will react to a particular bitcoin and other cryptocurrency news can give you a significant advantage in your trading decisions. This is especially true when it comes to regulatory issues. Because blockchain-based digital currencies remain a relatively new type of asset in financial markets, many national regulators have not yet decided what they will allow or prohibit regarding them. Moreover, those regulators who have allowed cryptocurrency trading in one way or another are constantly developing and changing the rules.
Find for yourself and constantly visit sites that are high-quality sources that will keep you up-to-date on the latest and most relevant cryptocurrency news. This will help you find the information you need quickly and efficiently before making intraday trades.
- Apply the same indicators and technical analysis as you would for regular currencies
When you want to make a trade in the cryptocurrency market, it is important to apply the same indicators and analysis techniques that you would normally use for traditional (fiat) currencies. They can also help you predict market behavior and you can make educated guesses on which to base your trading decisions.
And while some of the patterns you're used to might not work in the crypto market, others will steer you in the right direction for Day-Trading cryptocurrencies in 2023. So while charts and analyses can inform you, you will need other cryptocurrency tricks and techniques to help you as well. But remember, even the best indicators can't tell you what will happen next, guaranteed.
- Keep track of companies that have switched to blockchain or are creating their own cryptocurrency
Since cryptocurrency is the hottest revenue opportunity at the moment, and blockchain technology is opening many doors (especially for large corporations, including insurance agencies), many companies are making moves toward blockchain or even creating their own cryptocurrencies. So watching these blockchain companies and new digital currencies has become a common practice among many successful crypto traders. Observe them too, this way you will always know which new cryptocurrency is at the peak of popularity today. This will enable you to make the right decision to make deals here and now with it, because that's what matters in Day-Trading cryptocurrencies for beginners in 2023 - knowing what you can buy profitably and sell expensively today
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