Being right is what makes you rich in trading. Starting small and building up your fortune is better then to mortgage your house and your grandmother to play the game. High leverage trading with real-time market-data is very easy when you get it right, it is hard when you get it wrong and with high leverage the rewards can be astronomical – when you are right.
Once your account is open you can either trade with $100,000 on your demo-account to get familiar with the interface. You can deposit multiple currencies including Bitcoin and be trading with real money in just a matter of minutes. If you need any help, see the bottom of the article to connect with other traders on Stakepool Teamspeak or click the banner in the top of the sidebar.
Some guidelines to make you succeed in the market
Do not lose money – wait for the price to come to you.
Losing money is not part of the game, if for example you see the S&P500 struggle to get past 2150, shorting it is a great way to make quick money as every asset on the market will turn the other way when it can no longer continue in one direction. However, if it breaks upward because a large bank suddenly pumps it, set a stop-loss at 2150.10 for example, and re-short when the big bank that suddenly came into the picture is done pumping. That way you get a better position and you don´t lose more then a few single dollars when you should have been margin-called looking for a tall building to jump from.
Don´t SHORT in the middle of a bull-run, wait until the price has maxed out in the top
Lets say Bitcoin is trading at 450 and a group of miners decide to push Bitcoin to 650 with a rest-zone at 500-550, don´t get caught in the middle with a short at 500, wait until the miners are done pumping the price up to their target and then put in a short with a stop-loss right above the highest price so that you can save yourself from getting wrecked when another group of miners decide to join the first group and the target change to 700. Always use stop-loss.
Don´t catch the falling knife in mid air, wait for it to land before going LONG.
Lets say you are short in EURO/USD and it has been going down for an hour with no sign of the downtrend to stop anytime soon. Just move your stop-loss behind you, but not so close that you get stopped out on irrational spikes along the slippery slope, after all – closing a short-position should be carefully planned out so that you can take out a profitable LONG position in the real bottom. Let the winners ride with profit right into your pockets.
Always set stop-loss and stop-profit – Religiously!
You never want to be wrong, not even a little wrong, so as you patiently wait for the price to come to your target-zones, make sure you set your stop-loss. Don´t play around with “maybe it will correct itself” – keep your ego out of the game, it is not about you – it is about the market. Make sure you get in when the getting in is good, and get out when the getting out is good. The only way you can learn how to win is by winning – so be smart about your money and don´t give them away too quickly – wait for the right time and then get quickly into position. Nobody can stop you out of a right position.
Always bring Profits home to your wallet – Learn when to walk away!
Lets say you started with $5000 worth of Bitcoin to trade with and after a very long day you have pocket $18,000 worth of Bitcoin – make sure you withdraw everything to your home-wallet or cold-storage or your favorite Bitcoin-place on the Internet. Because you are tired, you need sleep, a bath and you need to reward yourself. Tomorrow or the next day is a totally different day, and again – you must be careful and get into right positions and do everything accurate with stop-losses and take-profit. Too many people after they make a lot of money become careless and destroy themselves by not sticking to the rules of the winners.
Stay connected with other traders on Stakepool & Tradingview
Stakepool Teamspeak is a great hangout with people talking, chatting or listening to music 24/7 while trading the markets. Click here to go to the connect-page. Tradingview has the best chart-solutions in the world and a vibrant community of “everybodies” and “nobodies”, it is always good to listen to what others are up to, and maybe trade against them (since 95% of all traders are wrong 95 % of the time) Click here to get to Tradingview
Market Jun 21, 2016