You should never trade solely on emotions. Being consumed by greed will get you nowhere fast, just as having your head clouded by euphoria or panic will prove to be unhealthy motivators in the decision making process. While human emotions will play a small part in any trading decision, making them your primary motivator will increase risk and pull you away from your long term goals.
You should pick your positions based on your own research and insight. You may think that some Bitcointraders are infallible. However, this is because many of them discuss only their profitable trades, failing to mention their losses. Regardless of someone's track record for successful trades, they could still give out faulty information or advice to others. Come up with your own strategies and signals, and do not just mimic other traders.
You should be very cautious about utilizing robots in Forex, as they are often detrimental to buyers. It makes money for the people that sell these things, but does nothing for your returns. Do your research, get comfortable with the markets and make your own trading decisions.
You should pick your positions based on your own research and insight. You may think that some Bitcointraders are infallible. However, this is because many of them discuss only their profitable trades, failing to mention their losses. Even if a trader is an expert, he can still make mistakes. Do not follow the lead of other traders, follow your plan.
Expert Bitcointraders know how to use equity stop orders to prevent undue exposure. A stop order can automatically cease trading activity before losses become too great.
Don't try to be an island when you're trading on forex. It has taken some people many years to become experts at bitcointrading because it is an extremely complicated system. It is highly unlikely that you will suddenly hit upon an all-new, successful Bitcointrading strategy. In fact, the odds grow smaller by the minute. Therefore, you should stick to the methods that work.
You need to pick an account type based on how much you know and what you expect to do with the account. Realistically acknowledge what your limits are. bitcoin wealth Obviously, becoming a successful trader takes time. With respect to account types, it is usually better to have an account which has lower leverage. If you are just starting out, get a smaller practice account. These accounts have only a small amount of risk, if any at all. Try to start small and learn the ropes before you begin trading hardcore.
Products such as BitcoineBooks or robots that promise to imbue you with wealth are only a waste of your money. These products offer you little success, packed as they are with dodgy and untested trading concepts. Remember that these things are designed to make money for their creators, not their buyers. Avoid these scams, and spend your money for some one on one lessons with an established bitcointrader.
Now, you need to understand that trading with Bitcoinis going to require a lot of effort on your part. Just because you're not selling something per se doesn't mean you get an easy ride. Just remember to focus on the tips you've learned above, and apply them wherever necessary in order to succeed.
