The price of bitcoin is rising at an exponential rate. Many people have changed their life just by investing a small amount of money in this crypto industry. But things have changed a lot as bitcoin is trading at a very high value. So, if you want to invest a decent amount of money in bitcoin, it will become a very big challenge. That’s why people are getting more interest in trading bitcoins. You might be thinking that trading bitcoin is easy but in reality, it is a very complex task. However, if you follow some core rules, you might be able to make a decent profit in the bitcoin industry without going through the significant hassle.

Learn technical analysis

The majority of novice traders start trading without doing the technical analysis. They think without doing the proper technical analysis they can make a big profit. But to find the perfect trading opportunity in bitcoin, you should learn to draw the support and resistance level at the important level. And the only way to do so is to follow the strategic method. While learning the technical analysis, you may use the demo account. Some of you might think that you won’t learn anything new with a demo trading account. But every successful trader in Australia has mastered the art of trading with the help of a demo account. So, pay attention while learning the basics in the paper trading account.

Trade with the top brokers

The price of bitcoin is extremely volatile. If you are good at data analysis, you are going to make a consistent profit most of the time. But without using a robust platform, you won’t be able to make a regular profit. That’s why the professional loves to trade bitcoins with the high-end brokers Saxo. Never think the low-end brokers are offering the best tools to do the data analysis. They are always making things difficult for novice traders. Being a rookie trader, you might think you know a lot about the broker. But before you chose your prime broker, we strongly recommend seeing the amazing features at Saxo.

Trade with low risk

Making a big profit is the ultimate goal for novice traders. But if you set unrealistic goals, you are going to lose money most of the time. To protect your trading capital from big losses, you must learn to trade with low risk. You might think you know everything about risk management policy and trade management techniques. Thus you might have the urge to trade with higher risk. Since the outcome of the trades is completely unpredictable, you should never take the trade with high risk. Keep your risk factor below 1% of your account balance and only then you should be able to make a big profit from this market.

Trade with the key trend

Trend trading methods can be very effective when it comes to bitcoin trading. Sadly, inexperienced traders always prefer to trade against the trend. Eventually, they make things overly complex and loses a big portion of their capital. But to protect your capital from the big losses, you must learn to take the trades with the key trend. At times, you might think a counter-trend trading strategy is the best but if you use the demo account, you will get your answer. Try to evaluate the data in a higher time frame so that you can analyze the direction of the trend with high accuracy. And always have strong faith in your trading system.

Analyze the news factors

The price of bitcoin can change without any prior notice. But most of the time, news factors act as the prime catalyst. So, to protect yourself from the sudden change in the trend, you should learn to evaluate the news data. Once you master fundamental analysis properly, you should be able to execute high-quality trades most of the time.a