Ter this day and age, a loterijlot of people would like to attempt their forearm at trading Bitcoin. Whether through day trading, scalping, or long-term holding, there are many different strategies to pursue. Unluckily, without decent skill, people will lose a fine overeenkomst of money. The Bitcoin Trading Simulator may be of superb help ter this regard, even tho’ it can’t exactly mimic the practice of actually trading cryptocurrency.
The Bitcoin Trading Simulator is a Valuable Device
Te most cases, one would not even consider trading Bitcoin without very first understanding the basics. Technical analysis can be of good value ter any sector, even tho’ it does require people to believe ter such predictions adequately to make them come true. Not everyone wants to get the dangle of MACD movements, Bollinger bands, head-and-shoulders patterns, et cetera. It’s not necessarily the clever treatment to Bitcoin trading, but it can still work out just fine.
Even so, it is still advised not to start trading Bitcoin directly without some practice. That is much lighter said than done, tho’, spil there have not bot many free contraptions permitting people to do exactly that. With the Bitcoin Trading Simulator , that’s beginning to switch. It is a third-party contraption developed by Reddit user theonlyalt2. The objective of this instrument is to let people practice the thrill of trading Bitcoin without taking a chance any money until they know what they are doing.
Spil one would expect, this is not a live trading chart. What it does provide, however, is a historical graph of Bitcoin price movements which permits users to recognize patterns. It also shows that selling for lil’ profits is not the only viable strategy whatsoever. After spending a few seconds with this simulator, it becomes overduidelijk that holding Bitcoin for a few days or weeks also leads to big profits. A golden rule ter trading is to always take petite to medium-size profits rather than hold out for major gains – or major losses.
Moreover, the Bitcoin Trading Simulator presents all necessary information ter a format that is effortless to comprehend. One can see when they bought BTC, how many units they are holding, the current price, and one’s proceeds. Ter our very first “trade”, wij netted a profit of Ten.83% by holding onto our Bitcoins for just overheen a month. Albeit this is no ensure of expected comebacks ter 2018 and beyond, it is still interesting to take into account.
For the more technical analysis-oriented individuals out there, this toneel won’t offerande much value. It is still a work ter progress and the developer may determine to add some extra features overheen time. When that happens, it may become a viable competitor to TradingView, albeit that will still remain the go-to verhoging for most people who want to build up a better understanding of how cryptocurrency trading works.
Te the end, having the Bitcoin Trading Simulator available at one’s disposition is always handy. It gives valuable insights spil to how the Bitcoin price has evolved ter the past and how people should calculate their options, losses, profits, et cetera. That being said, such a simulator can’t replicate the real-world emotions affecting all cryptocurrency traders, however. Fear, greed, and sleep deprivation from looking at charts all night will all play their role ter the decision-making process.
About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living ter Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect ter the FinTech sector.