Identify what kind of trading you should be doing and Understand contracts/lot sizes and MT4/futures platforms

Trading 

What is Trading?

Where do I start learning?!

Along your journey, you will learn to identify what kind of trading suits you, your personality, and your desired lifestyle best.

Let’s take a look at the possibilities!

*But also the size of your trading account!

TRADING (leverage)

• Intraday:

• Scalping - numerous trades per day, catching quick movements best suited for those who can devote time to the markets, stay focused, and act swiftly. It’s usually said that impatient people make good scalpers as they tend to exit from trade as soon as it becomes profitable. Scalping is for those who can handle stress, make quick decisions, and act accordingly

• Day Trader - couple trades per day, hold trade couple hours within the day. Must develop the patience to wait for the price to reach major decision spots on the charts, which offer the most profit potential.

• Swing - catching larger movements in the market over days/week

*What tools do I need for this?

MT4 and/or Crypto Exchange (w/ leverage/futures trading)

Always #DYOR

• Spot (Exchange): purchasing cryptocurrencies and holding until the value increases to the target price

• We do this with Strategy and Risk Management (not sporadic!)

*What tools do I need for this?

Crypto Wallets, Crypto Exchanges

Always #DYOR

Some terminology 

• Pip: measurement of movement in price

• E.g. BTC $1 movement = 1 pip | ETH $1 movement = 10 pips

• Contract: represents the amount of coin used in leverage trade

• E.g. 1 contract = 1 BTC

• Lot size: how much of full amount of contract/s offered by broker

So which do I use / trade?

Things to consider:

• Your account size

• Risk Management

• The Spread

Example: $100 account 

Trade no more than risking 1-3% of account means $1-3max.

BTC trade 0.01 lot size on the example of Broker 1: 100 - 300 pip max SL ($100 - $300 movement in BTC)

ETH trade 0.01 lot size on the example of Broker 1: 1000 - 3000 pip max SL ($100 - $300 movement in ETH)

Example on MT4 demo account:

Spread: the difference in price between the bid and the asking price.

This difference will represent the number of pips you need to attain before being in profit.

Example: BTC 57 pip spread; ETH 14 pip spread

*There is NO spread on futures contract trading on exchange platforms (#DYOR!)

Take Action!

Practice Practice Practice!