Ever since the coronavirus became a global pandemic, trading volumes for both traditional fiat currencies and for cryptocurrencies have been through the roof.
Why has volumes skyrocketed? because uncertainty brings volatility and volatility in turn brings profit opportunities.
For the less more inexperienced traders, investing in bitcoin in such volatile times, with wild unpredictable charts, may seem more than a little daunting.
However, with such volatility, for those with the right skills, tools and attitude, there can be some big profits to be made whilst staying home under the coronavirus lockdown.
How to Start Profiting From Bitcoin Under Lockdown
Making the first step and deciding to invest in bitcoin begins with choosing an exchange to trade with. It is important at this stage to do the research in platforms and exchanges and choose a platform that you can trust and feel comfortable with.
After doing due diligence on the platform choice – making sure that it is safe, regulated and contactable, it is time to actually make a btc investment. Decide how much you want to invest – this should be based on how much money you can afford to lose. Always factor in the worst scenario,
After you’ve chosen your platform and decided how much you want to invest, it is time to get down to it and start investing.
Follow these tips to give yourself the best possible chance to profit from bitcoin:
- Read the news – Bitcoin has become a safe haven asset which means that in turbulent times, people turn to bitcoin for security – as demand increases, so does price
- Be brave – when it comes to trading crypto and other crypto – volatility is more extreme than stocks and currencies – so the swings are more extreme, requiring more patience and discipline than in traditional forex trading
- Get Help – don’t be afraid to try professional trading services or education resource centres to learn new strategies, analyse your trades and provide general assistance.
- Use Demos – most platforms offer a free demo. Use it. A free trial is a great way to learn a platform, try a new strategy and at the same get to familiarise yourself with the platform
- Stick With It – investing in bitcoin isnt for everyone. Volatility can be very off-putting, but if you invest in yourself by way of learning, education and practice, you stand a better chance of investing in bitcoin with more success
In these lockdown times, staying at home doesnt have to be all negative. Time wise, it could be the ideal opportunity to invest in bitcoin!
Latest posts by Elias (see all)
- Technical Aspects to You Need Know Before Getting into Forex Trading - September 29, 2020
- How COVID-19 Is Going To Increase Demand For Debt Help & Loans - July 15, 2020
- Investing in Bitcoin in Corona Lockdown Times - April 27, 2020