Hundreds of brokers are now embracing Bitcoin and other digital assets as their trading instrument. Due to the high volatility in the price movement, professionals often say that trading Bitcoin is much riskier. To make a consistent profit, you need to choose a stable asset that will allow you to make a profit most of the time. Luckily, choosing such an asset in the crypto industry is that tough. If you analyze the price movement of the few popular assets, like Dash, Lite coin, Ripple, etc. you will be able to choose the perfect asset. Today, we are going to discuss trading XRP or Ripple like a professional trader.
Use a robust trading platform
To ensure the safety of your trading environment, you must choose a brokers like bigX. Those who want to trade crypto with an unregulated broker might lose a big amount of money due to price spikes and slippage. But if you take the trades in a professional trading platform, you will be able to take high-quality trades with more precision. Most importantly, it won’t be tough to make the right decision at the most difficult time. If you look at the professional traders, you will never find that they are taking trades with a low-end broker.
Learn to find the critical support
As most crypto is in an uptrend, we must learn how to find the critical support levels. Though it will be a tough task if you take a look at the market dynamics in a higher time frame, you will know the proper way to buy XRP at the desired price. Things might be tough for the rookies but a demo account can be used to master the skills. Instead of taking high risk in the real market, use the practice account to learn the dynamics of this market. Once you become skilled at analyzing the complicated support level, you will be able to take trades with a high level of precision.
Focus on the raw price
Instead of thinking about the complicated price movement, you need to focus on the raw price. By using the raw price movement you will be able to execute high-quality trades without having any trouble. Things might be tough at the initial stage but once you know the basics of the price action confirmation signal, you will be able to take the trades just like the professionals. Never try to memorize the Japanese candlestick pattern, instead, focus on its anatomy. By knowing about the anatomy of the price movement you will be able to take high-quality trades with more precision.
Use the protective stops
Some rookies don’t use protective stops. If you ever get the chance to study the portfolio of a successful trader, you will realize the importance of protective stops. Without using a perfect stop it is nearly impossible to make consistent profit from this market. Rookies might think trading is all about taking too much risk in the trades. But if you look at the professional traders, you will realize it is all about taking small risks.
Analyze the news
Analyzing the news is a key element of trading crypto. Since regulation is still a big factor for the crypto market, you must learn more about the news factors. Though the technical analysis process might be easier for some you, without using the fundamental news, you can take the good trades. Start reading about the news articles on crypto or access the bigX website regularly. You know the key fact about this market and this will allow you to scale the trade just like professionals. Never get confused about the news. If you do, you can take a break and ignore the trade. Trade with a clear vision to become a profitable trader.