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Trading with Bitcoins
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Trading with Bitcoins Trading Bitcoin is similar to trading other assets like stocks, but with some unique features. Here’s a step-by-step guide on how to trade Bitcoin: 1. Get a Bitcoin Wallet To store and trade Bitcoin, you need a Bitcoin wallet. There are several types of wallets: Hot Wallets (online wallets): These are connected to the internet and are more convenient but less secure than cold wallets. Examples: Exodus, Electrum, and mobile wallets. Cold Wallets (offline wallets): These are physical devices or paper wallets, more secure but less convenient for frequent trading. Examples: Ledger Nano S, Trezor. Exchange Wallets: When you sign up on a cryptocurrency exchange (e.g., Coinbase, Binance), you’ll get a wallet provided by the exchange. 2. Choose a Bitcoin Exchange To trade Bitcoin, you need to sign up on a cryptocurrency exchange, which is a platform where you can buy, sell, and trade Bitcoin and other cryptocurrencies. Some of the popular Bitcoin exchanges are: Binan...
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STOPS IN CRYPTOCURRENCY TRADING
STOPS IN CRYPTOCURRENCY TRADING What is a Stop? A stop (or stop-loss order) is a type of order you place with your exchange that automatically sells (or buys, in case of shorting) your cryptocurrency when it reaches a certain price. It acts as a safety net to prevent large losses. ✅ Types of Stop Orders Stop-Loss Order Triggers a market order when the asset hits a specified price. Example: You buy Bitcoin at $30,000 and set a stop-loss at $28,000. If the price drops to $28,000, your Bitcoin is automatically sold to limit further loss. Stop-Limit Order More precise: it sets both a stop price and a limit price. Example: Stop at $28,000, limit at $27,900. When BTC hits $28,000, a limit order is placed to sell at $27,900 or better. Trailing Stop A dynamic stop that moves with the market price. Example: You set a trailing stop 5% below the highest price. If BTC rises to $35,000, the stop adjusts to $33,250. If the price then drops by 5%, the order is triggered. 🧠Why Use Stops?...