Learn Crypto Price Action Strategies
A trader must create a bitcoin trading strategy which they stick to when trading the online btcusd market. A trader must have the discipline to follow the rules of their bitcoin strategy at all times. That's why it is better to come up with trading strategies which are profitable - profitable bitcoin trading systems will be much easier to follow & stick to. This is because a trader knows that by following the rules of their bitcoin system they will be successful.
A carefully designed strategy which has been back tested & proven to produce profitable trading results is one of the keys to becoming successful when trading the btcusd trading market. This type of strategy will make it easier for the trader to follow the rules of their bitcoin strategy because they already know that the trading strategy is profitable, therefore maintaining the discipline to continue following the bitcoin trading system will be much easier.
Successful bitcoin trade strategies will also include:
1. Bitcoin trading money management guidelines
2.Bitcoin Trading Psychology Mindset
These two will greatly improve the success of any cryptocurrency trading system.
However, Let us look at bitcoin trading price action strategy before explaining more about bitcoin money management & bitcoin trading psychology.
Bitcoin Price Action Trading Strategies
Bitcoin Price action is the use of bitcoin trading price movements to determine when to buy or close trades. Bitcoin price action will use the study of cryptocurrency chart patterns that form time and time again and these cryptocurrency chart patterns can be interpreted in different ways. The trader will use this cryptocurrency chart pattern to determine the likely market direction that the btcusd trading market is likely to take next based on the bitcoin trading price cryptocurrency chart patterns that have been formed on the charts.
In bitcoin trading price action traders may use different methods to generate bitcoin signals from the chart setups. Some of these techniques are:
Candles bitcoin trading patterns - a trader may use the study of Japanese candlestick cryptocurrency chart formations which is the study of various candlestick formations along with how to interpret these candlesticks formations. A candlestick pattern may consist of only one crypto candlestick or a multiple of crypto candlesticks. To learn and know more about cryptocurrency candlesticks patterns traders can find these candlestick cryptocurrency chart patterns tutorials on the learn bitcoin lessons of this web-site under the cryptocurrency trading technical analysis concepts.
Support and Resistance Levels - traders can use bitcoin trading price action and combine this bitcoin trading price action with support and resistance levels. A trader will wait for bitcoin trading price to hit the support level to open a buy bitcoin trade and wait for the bitcoin trading price to touch the resistance level to open a sell bitcoin trade. The concept of trading major support and resistance levels is a very popular method in bitcoin. For example in a crypto upward bitcoin trend a trader may wait and only open buy bitcoin traders when bitcoin trading prices hit support levels - at the same time a trader will take profit once the bitcoin trading price hits a resistance level and then wait for another pullback to open a buy bitcoin trade again.
To learn & know more about support and resistance levels traders can find these tutorials on the learn bitcoin lessons of this web-site under the cryptocurrency trading technical analysis concepts.
Bitcoin Trend lines - traders can also use bitcoin trend lines to determine bitcoin trading price action direction or the btcusd trading market trend. For an upward bitcoin trend line that shows the btcusd trading market is trending up a trader will open buy cryptocurrency trades once bitcoin trading price touches the upwards bitcoin trend line. For a downward bitcoin trend that shows the general market direction is downwards a trader will open sell cryptocurrency trades once the bitcoin price touches the downward bitcoin trend line.
To learn & know more about how to trade with bitcoin trend lines traders can find these tutorials on the learn bitcoin lessons of this web-site under the cryptocurrency trading technical analysis concepts.
Crypto Chart Patterns -bitcoin-currency chart patterns is different from candlestick patterns, these are two different methods of technical analysis, and traders should learn more about cryptocurrency chart patterns in the bitcoin trading lessons section of this web-site under the technical analysis concepts.
Chart patterns is the study of a formation of several candlesticks over a period of time. These patterns are consolidation patterns, bitcoin trend continuation patterns and market reversal bitcoin patterns. Traders can use the study of these cryptocurrency chart patterns to determine the next likely market move.
Bitcoin Trading Strategy Tips
Once a trader has come up with their bitcoin strategy, they should also include the following so that to make their bitcoin trading strategy more successful.
1.Bitcoin Trading Money Management Rules
2.Bitcoin Trading Psychology
BTCUSD Trading Money Management Rules
Bitcoin trading money management guidelines should be part of your bitcoin strategy - these rules will help you as a trader to manage risk. This means that you'll use the 2 rules of bitcoin trading money management - these are risk : reward ratio and drawdown reducing method when placing your cryptocurrency trades to determine the lot size that you will open in the btcusd trading market. The most popular bitcoin trading money management rule use in cryptocurrency trading & the one that you should also add to your trading plan is the rule that says a trader should never risk more than 2% of their account balance on any one single bitcoin trade.
To learn & know more about these 2 bitcoin money management guidelines, traders should read the bitcoin trading money management tutorial that is on the learn bitcoin trading lessons section of this web-site under the bitcoin trading key concepts lessons.
Bitcoin Trading Psychology Mindset
In order to become successful when trading the btcusd trading market a trader has to learn about bitcoin trading psychology. The bitcoin psychology or mindset that is required to become successful in bitcoin trading is one that avoids the emotions of fear & greed while trading the btcusd trading market and is a mindset of total discipline that a trader will follow all their rules and their bitcoin strategy & only trade with signals which are generated by their bitcoin trading strategy. With discipline a trader will not trade unless their bitcoin strategy gives a trading signal. A trader will have the mindset of only following their bitcoin system 100% all the time without second guessing the cryptocurrency system. A disciplined trader will also not place trades in btcusd trading market just because the btcusd trading market has started to move upwards or down, instead a trader will wait for a signal to trade to be generated by their bitcoin trading strategy.
In order to study more about bitcoin psychology & how to manage emotions while trading the online cryptocurrency market a trader can read the bitcoin trading psychology tutorials from the learn bitcoin trading lessons section of this web-site under the bitcoin key concepts courses.
