This is a free guide to Trade with BitcoinX (BCX) using a crypto trading bot so that you can make easy and good profits.
We will show you how to set up the bot so that it buys BitcoinX (BCX) when the price is low and sells when it is high, so doing this makes it very easy to Trade with BitcoinX (BCX) while you do nothing (although if you like you can watch the bot do it’s work). Even with a small initial investment and a small daily percentage gain you can make very large profits, see Compund Daily which is great for calculating these gains so put in a small amount like $150 and a small daily gain like 3% and see what that turns into over six months…What is the top cryptocurrency to invest in?
Many people choose to hold (or hodl as it’s also known) crypto currency as it’s a sure bet that their value will increase a lot over a long amount of time. But if you trade that coin like BitcoinX (BCX) over that same time you will end up with much more of that coin, if you gain 2-5% per day then over a few years you will have multiplied your balance a huge amount and still had those gains in the BitcoinX (BCX) price so you will end up with a much, much larger profit so trading is much better than holding.If you are considering to make an investment in Crypto, then above mentioned crypto currency coins for trade are best options for you. Which one of them you will experiment first of all?
So here are our steps for trading BitcoinX (BCX) or any other altcoin:
- The first thing that you need is some Bitcoin as this will likely be your base currency, it’s the best choice for the base currency because it’s the main coin and so most likely to increase in value over time. You get Bitcoin from Coinbase as you can’t buy it directly on the exchange, so you need to buy it from Coinbase and send it to your exchange. You can of course though trade your chosen coins like BitcoinX (BCX) all of the time so hold them all of the time, you will still want Bitcoin (BTC) as your base currency though as there will be times when you don’t want to hold BitcoinX (BCX) so when the price is falling so you can hold BTC then and then buy BitcoinX (BCX) when the price is low and ride the price up again and sell near the top. So, you are constantly exchanging coins based on their value and the bot does all of this for you. You need to start with a small amount until you get used to trading (the bot can also run in test mode so that you’r not risking your capital at the start so you can see that it works first) but you also need enough to have several positions open at the same time (more on that later) so we suggest an initial investment of around $150 and then adding to that later if you’d like to (although when you get a good daily percentage increase you most likely won’t need to add more as it accumulates very quickly).
- So the next thing that you need is an account on a crypto trading exchange and by far the best to use for trading like this is Binance as they have very low fees, all of the best crypto coins and it’s also a great site to use (although the bot will do all of the work, you may still sometimes want to use the exchange). So, once you have your Binance account you need to send your Bitcoin there, you need to get your Bitcoin wallet address and then on Coinbase there is a send option in your Bitcoin wallet so simply use that with your Binance Bitcoin address to send it to Binance so that you can use it for your trading.
- So once you have your BTC on the exchange you need your bot which will do all of the trading and by far the best is Profit Trailer as it’s very fast, has great features and just works very well. They have a Wiki so have a good look through that as it covers all of the settings and set up instructions, it may seem complicated at the moment but you’ll easily get used to it very quickly.
- So you now have your BTC, your Binance exchange account and your trading bot, so now you just need to know how to use them all. The way that the bot makes trades is by using indicators, these are events in the price of the altcoin like BitcoinX (BCX) so you need to study these carefully and the best way to do that is to use TradingView. It’s a free chart analysis tool so you can see the price over time and how it goes up and down for BitcoinX (BCX) or any other altcoin, you can also add indicators though so add some like RSI, MACD, EMA, SMA, Bollinger Bands or any others that you’d like to use. The important thing to do is to experiment with the settings of the indicator and also the time frame being used for the candles (longer candle times like one hour are more reliable with less noise), you want the indicator to match up with the low and high points of the price so that you can use that for the bot to buy and sell. So learn all about those indicators on Youtube and other web sites and experiment with them on TradingView until you feel you have a good system, an easy example is RSI so when the RSI is low the price is usually low and when the RSI is high the price is usually high so you can easily set up the bot to buy and sell with that, have a good look at the recent history of BitcoinX (BCX) to see where the RSI is for the low prices and high prices and use safe settings for that in the trading bot (so if for example the low prices are when the RSI is below 40 you can use something safer like 35 to be sure that you always buy the coin when the price is definitely very low). Then you can choose how Profit Trailer sells, you can either use the indicator so for example a high RSI like 60 which will return a good profit, or you can use a percentage gain and so sell when you have a 2% profit for example (Profit Trailer can also trailing sell and so track the price up and only sell when it falls which means excellent profit so that’s a very good choice too).
- So now you know how to trade BitcoinX (BCX) well, there are also some other considerations and one is the number of positions that you have open. In trading like this you are never going to be successful 100% of the time so there will sometimes be times when the price drops unexpectedly, and you end up with quite a big loss on that trade, you can of course just wait for the price to increase again but this can take some time. So, it’s better to have your balance split into several positions (ten is good so using 10% each) so if one does tank like that you will still have nine others trading so you are still making good profit even with that bad trade (which will eventually come back into profit too).
- Then also consider coin selection, you are looking to trade BitcoinX (BCX) but there are also lots of other great altcoins that you can trade and it’s good to have some variety as they are all moving prices at different times, so it makes for better trading having several coins. So, you can choose the best coins so those that have the highest price and largest volume, you can set those in the settings of Profit trailer so minimum price and volume, those coins are very good as they have strength and so are not as likely to tank as the other coins and also more likely to see long term gains.
- Then another important part of crypto trading is DCA, this stands for Dollar Cost Averaging and is a great way of buying. It works by watching the price and it it goes down by the setting that you give the bot, the bot will buy some more of the coin so that the average price of all of your coin will be a lot lower than if you had not bought some more. So, doing that means that you then don’t have to see as much of an increase in the price to get into profit so it’s a very effective way to trade and very much worth looking into.
- So that covers all that you need to know before you start the bot, Profit Trailer has a test mode, so we also suggest that you run that first just to get used to the bot and all of your settings right. It will buy and sell in test mode and so simulate real buying and selling so you can see exactly what the results will be of your settings so it’s great to run this for a while first to make sure your settings are effective and producing a good profit. It’s easy to use as it runs from your browser and you can change the settings and watch all of your trades from there so once you get used to it it’s very easy to use.
- Then the last consideration is withdrawing your profits, it is of course best to leave them trading for a while so that the balance increases more and more (the increases when your balance is large are vast). But you will of course want to take some out eventually and you can’t do that on Binance so you need to send some back to Coinbase and then from there send it to your bank account.
So, you can see from this that you can make a lot of money from trading crypto currency coins like BitcoinX (BCX) and once it’s set up you can leave it trading so no work is needed on your part. Read the Wikis and watch videos on Youtube to get a good understanding of the indicators to get the best settings and produce large profits.
We have produced this guide for free for you so that people can trade and make money so if you appreciate that and have made a lot of money from trading with our system then you can send a donation to the Bitcoin address:
Further Tips on Trade with BitcoinX (BCX)
On the last we will be discussing about LocalBitcoins. They step ahead as it offers a peer-to-peer (P2P) exchange. It would let the users in terms to trade among themselves individually. If looking to invest effectively in cryptocurrency than always choose exchanges over brokers.
This is one such kind of the money that would be left over as in from the side of the spending into the Gift coins which you can readily avail to donate out. This would bring about with some of the difference without adding any effect to the money spending. The type and level of security mechanisms employed by an exchange is important in ensuring that your coins are safe.
Profit trailer boasts many amazing specs and a stellar record of consistently producing big returns. It is not uncommon for users to report an occasion five hundred percent monthly ROI, but what is abundantly clear is that profit trailer is remarkable at making consistently clever decisions, providing top monthly returns. This would make the donations giving much more comfortable and effortless for some of the beginners. With current evolution and advancement of technology and advent of new form of digital currency named cryptocurrency, new trends are coming into limelight. Coinmama is also mentioned to be the beginner friendly crypto coin. It put the main focus on the credit and so as the debit card purchases.
Got an insight about Profit trailer trading bot, now confused how to go ahead with it? Worry not!! Here I shall be briefing you how to use the trading bot of Profit trailer? Hence it is quite important to look into the history of the developer of the coin while making the choice.