How You Can Become A Successful Bitcoin Trader In 2020

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Becoming a successful bitcoin trader requires some work because although we’ve had many crypto traders in the past, not all have been successful over the years. To stand out from the crowd and become more successful than your counterparts, there are certain things you need to do and put in place. Being successful as a bitcoin trader is quite relative, as what others might measure as success might not be the same for you. Regardless, here are a few easy steps to help you become a successful bitcoin trader in 2020.

Choose Your Preferred Trading Method
Traders practice different trading methods to reach their goals and the most popular ones include Day trading, Scalping, and Swing trading.

Day trading

Day trading is the most well-known trading style and it involves starting and ending multiple trades throughout the day. The idea is to close the trades that same day and begin afresh the following day. This is mostly done by professional traders who understand how the market works and will likely benefit from the short-term buying and selling of securities. Day traders spend the entire day staring at their screens.


Scalping involves exploiting various price gaps to make substantial profits on the little price changes. It is also a form of short-term trading where the trader takes advantage of the small moves in the market which they believe helps limit trading risks.

Swing trading

Swing trading involves taking advantage of the price volatility in the market; traders buy or sell as the price volatility sets based on trends. Compared to other forms of trades, swing trades can be held for more than a day but usually for a shorter time than trend trades. They work with trading rules or algorithms that identify the best time to buy or sell without them sitting in front of their screens all day. Software such as the official ‘bitcoin trader’ site makes it easier for swing traders to take advantage of the price volatility at the right time.

Do Your Research and Analysis

Before getting started on any trading journey, you must do proper research and analysis of the market. However, it doesn’t stop at the initial stages but it is rather a continuous process of researching and analyzing to ensure you make the best trades in the long run.

Focus on Risk Relative to Reward
The best bitcoin traders do not rely on their emotions to trade but rather on the risk to reward ratio of the market. Study the trends and understand how the market moves to make informed decisions and limit your risks.

The Bottom Line

Successful bitcoin traders today follow these basic steps and more to thrive. Have your unique trading style, do your research, and don’t let your emotions overshadow your decisions. You can also learn some of the best and proven ways to boost your cryptocurrency SEO. SEO works effectively in this digital age and by learning the best practices, you will be a step forward compared to other traders who do not maximize SEO.

Credit: TheNation