Last year, our entire district was on lockdown due to COVID-19 infections. I did not go to work for a month and smartly used my time sharpening my trading skills and knowledge. I recall my mentor trying to pique my mind away from only trading a single asset – Gold.
He refers to it as diversifying – trading on not less than five assets to kill risks. Also, I was keen on mastering trading with Harmonic patterns. And out of nowhere, Cryptocurrencies came into the picture.
Trading Forex and Cryptocurrencies are rewarding, and it’s way far more than simply opening and closing trades.
It’s more about analyzing and understanding markets. I made it my trading rule to read news from Myfxbook.com and attempt to grasp the movement of prices from sentiments by articles written by strategic commentators.
Bitcoin had already started skyrocketing- and sentiments were – it’s the new Gold.
BTCC Crypto futures exchange allows you to speculate on the price of Bitcoin. You must not own Bitcoin to take part in Bitcoin futures. It’s a new trend emerging with every other credible digital asset rolling out future contract products aligning to their digital assets.
Apart from speculating on Bitcoin futures on the BTCC platform, you can also take on futures relating to Ethereum, Ripple, Litecoin, Dash, and BitcoinCash.
Post Covid-19 Bitcoin and Gold Relationship
Gold is the longest leading asset that stands as a yardstick for measuring economic performances.
Gold prices go low when economies are stable, and prices get high when economies are unstable.
Through Quarter 1 of 2021, Bitcoin has picked in the traction of being a safe haven.
To mention just a few:
- Tesla and Elon Musk buys $1.5 Billion worth of Bitcoin
- MicroStrategy buys Bitcoin worth $2.19 billion
- Square also purchases $220 million
From Another point of view, Cryptocurrencies are gaining acceptance as a mode of payment. Those include MasterCard, PayPal, Xbox, and Burger Kings.
My Winning Trade – Raking in $700 within a Day.
My winning trade took place on 26th March 2021. Bitcoin was inching higher, having previously hit the highest high of $40,111 as of January 2021
On most occasions, I do not go past the lot size 0.01 for risk management reasons.
My bet for my lucky move was twice the lot size (0.02)
The point of entry was exactly when BTC exactly hit $ 52,000. While my actual speculation was to hold that position for around a week, this went differently. At the close of the same day, Bitcoin climbs upwards towards the $55,000 mark.
It was like a miracle to wake up and find a trade commitment of $100, having an astounding $700 on top of it.
Honestly, I had an opportunity to rake in more.
Why? In my slumber, Becton’s rally gave me the 350 pips I targeted.
Did not I need all the rest towards the $55,000 mark?
The critical point here is, shrewd speculators do not chase the market, and instead, they wait for it to come to them. Chasing a trend accounts for a considerable portion of speculators losing their capital in the place of making gains.
BTCC – Leveraging Opportunity
Leverage allows you to multiply your speculative opportunity upwards. BTCC allows you up to 150X your capital commitment. Looking at my scenario, committing a portion of $100 means an opportunity to rake in 150X of it. Or $100*150=$15,000.00
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Caution for New Traders
Online trading and speculation is a goldmine. And here’s the catch: Statistics show that not more than 10 % of onboarding traders get to be successful traders.
Before trading online:
- Scan the markets for not less than three months
- Practice hardest on demo accounts
- Work with credible mentors and or do not shy away from taking free or paid-for courses.
Crypto Asset Sentiments into the Future
Things are brightening up towards the unknown future for crypto-assets. Developer and entrepreneurial teams are making every effort to push ideas into reality.
One significant move recorded in quarter one regards Uniswap’s shift to among the top ten digital assets by market capitation.
Influencers are also playing significant roles in influencing investments. Notably, Elon Musk comes strongly to trigger a bull rally in the value of Dogecoin in Q1 of 2021.
Crypto assets are ever-increasing in appeal and total capital investments therein. According to Cointelegraph.com, DeFi in Q1 of 2021 recorded a value locked amounting to $40 Billion.
As time goes by, access to the internet and knowledge of the blockchain and its opportunities will increase magnification. Could we be staring at the blink of a revolutionary technology? Clear sentiments quality blockchain into that enigma. And time will make everything more straightforward.
Final Thoughts
Speculative markets will increase into the future. They present an opportunity to gain even without holding the actual Bitcoin or any other crypto asset.
Market volatility is a double edge sword. It’s an opportunity to gain or lose on your speculative positions. Yet, for an intelligent speculator, you master to make the horse run in your direction. In a better sense, it’s learning to speculate smartly.
When leverage comes into the picture, the effect of volatility only amplifies the folds you’ve chosen.
Hitting a fantastic gain is a reality with BTCC crypto futures. Also, it can be a teeth-gnashing experience if you do it every wrong way. And doing it right calls for patience, analysis, and hitting the right cords at just the right moments.
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