Tips and tutorials

Cryptocurrencies are highly volatile tradable assets. This makes them highly lucrative to trade. However, they are also super risky to trade. This is expected given the strong positive correlation between risk and reward.

The higher the risk you are willing to take, the higher the potential reward. Crypto assets are largely unregulated and this adds to the trading risk and BitProfit is here to help. However, the industry may soon be regulated in all major economies. Leading global economies such as the US and the UK are in the final stages of developing a regulatory framework for crypto.

 A lot is happening in the crypto markets today hence making the industry the best bet for speculators. We have highlighted some important tips to follow to get superb results out of this trading platform.

Start small and reinvest for growth

You should never put all your savings in crypto. This is because the markets are super volatile, and your investment could be wiped out within minutes. Investing in what you can afford to lose is a prudent investment decision. Trading tools such as BitProfit come with tools to help you reinvest the profits for fast growth. Apply these tools.

Take risk management seriously

You are planning to fail if you don’t have a risk management plan. The risk management plan should align with your risk appetite and trading goals. Your risk appetite is defined by your trading psychology and financial status. The financial brokers working with us provide the tools to help you measure your risk appetite. They also provide risk control functions such as the Stop Loss and the Take Profit.

Choose a trading time zone

Crypto volatility differs with time zones. The EDT and LST time zones bring the most volatility. Crypto trading is more lucrative during high volatility. Select either the EDT or the LST time zones and trade from 8:00 AM to 4:00 PM on each of the time zones.