Trade Bitcoin Like a Pro
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#607: Trade Bitcoin Like a Pro
In this video:
00:26 – Do you want to know how to trade Cryptos?
00:45 – I want to buy Bitcoin.
01:50 – What’s your local exchange rate against the USD?
02:28 – Trade Crypto using my proven FX strategy.
02:55 – Wait for a pullback first.
03:22 – Trade only the bullish patterns.
03:49 – Trade a different crypto that is a better buy.
04:54 – Check out my new 30 minutes Masterclass.
05:18 – Book a call to talk with us.
05:22 – Blueberry Markets as a Forex Broker.
05:48 – Like, Share and Subscribe
Today, I wanted to share with you how you can invest in the crypto market wisely, using a proven trading strategy. So let’s talk about that and more. Right now.
Hey there, Forex Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 607.
Do you want to know how to trade Cryptos?
So today we’re actually not talking about forex. We’re going to be talking about cryptos. You see this so many people out there jumping on the bandwagon of buying cryptos. And unfortunately most people don’t really know what they’re doing. The trouble is that just buying cryptos or coins because of that whole FOMO, the fear of missing out.
I want to buy Bitcoin.
And a classic example of that is just a few weeks ago, I was talking to a friend of mine and she said, look, Andrew, I’ve gone and bought some Bitcoin. I said, fantastic, but why did you buy a Bitcoin when it was an almost like it’s an all time high. So far it was up close to $124,000 USD.
And you know that so far has been the highest it’s ever got to. And she said oh well, I’ve just got some money through the sale of a property and I thought I’d buy some bitcoin. You know, I don’t want to miss out and I think it’s going to go higher and higher. I said, well, okay, look if you’re willing to hold it for, you know, months, years, it could still well be an okay decision.
But the here’s the issue that I find with so many people is they are not buying a crypto for a particular reason. They buy Bitcoin because they know Bitcoin. And everybody says it’s going to go to 200,000. And so you’re buying it thinking it’s going to go up. Probably not a great way of doing it. And there’s probably other things you can do to make that decision better.
What’s your local exchange rate against the USD?
Now added on top of this, if you don’t live in the US and you’re buying it in equivalent of another currency, like for me and my friend who is New Zealand dollars right now, the New Zealand US dollar rate is really, really terrible for us because the US is strong and then New Zealand is weak. And therefore if you’re buying an equivalent in US dollars, you’ve got a double whammy.
You’ve got the let’s say Bitcoin that almost an all time high. And you’ve got the NZD/USD rate at very low rate. So you’re getting smashed on both sides. It’s costing you a lot of money in your local currency to go and buy already a high value product such as Bitcoin.
Trade Crypto using my proven FX strategy.
Now take this back to how we trade and how we can help you. There’s a few things you can do because we trade cryptos using my proven forex strategy in exactly the same way as we would trade, let’s say the EUR/USD. And what we’re using is technical analysis. And you can apply some very simple basic. Once you know what you’re doing technical analysis to make your crypto decisions better. So let’s stick with our example of buying Bitcoin.
Wait for a pullback first.
Instead of just randomly buying Bitcoin at today’s price. You could instead use some good technical knowledge and wait for a pullback and then a bullish opportunity to go long again and buy it at a lower and better price. Wouldn’t that be a simple and good idea? Why would you not want to buy something at a lower and better price than it is like today, when it potentially could be quite high?
Trade only the bullish patterns.
So you could do that if your long term perspective is Bitcoin is going to be heading up and you see that on longer term charts such as like let’s say monthly charts. You just simply wait for pullbacks and then you could potentially buy again or the other thing you can do is it heads up towards these all time highs or breaks them and starts pulling back.
What’s to say you couldn’t just sell some and wait for it to pull back some profit on those moves, wait for it to pull back and then look for bullish action and then buy again. So that’s bitcoin covered.
Trade a different crypto that is a better buy.
And of course the other thing you could do is avoid Bitcoin altogether. Why don’t you use your skills and your technical knowledge and your chart skills to look at other cryptos, other coins that may be at historical lows and they’ve pulled back from some highs and they’re a great oversold, chart.
And there’s a great opportunity to see them reverse again. And you could be like buying them in the sense, let’s say instead of the hundreds of thousands of dollars like you would with Bitcoin. So don’t just stick to Bitcoin or Ethereum because they’re the ones that everybody knows. Why don’t you look at something that’s pull back. And it might be as an example $0.10 and its historical price is a dollar.
Well if it’s at $0.10 and it rises to $0.20, well, haven’t you done quite well out of that. You know, and you could do these, look at these other charts. You don’t just have to stick to the main ones. And so I would use a combination of those skills. And the beauty is of what we do, it can be traded on any market.
Of course cryptos as we just mentioned and of course forex. But other markets as well. So if you’d like to find out how we do this and how we can help you to invest in cryptos if that’s what you want to do, but with a little bit more skill and probability behind you, rather than just randomly buying something.
Check out my new 30 minutes Masterclass.
So have a look at my new 30 minute on demand masterclass to set 30 minutes aside. Jump onto it. Watch it, and you’re going to learn a lot about how we trade, including on the cryptos, and how you can do exactly the same.
Book a call to talk with us.
If you’d like to book a call with the team or myself, there’s a link here as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good broker to trade the cryptos on, and forex and metals and commodities and indices, I’ll put a link here to Blueberry Markets. Select the MT5 trading platform, and you’ll have a huge array of cryptos available for you to trade as well. And you can use their charts, of course, to make your trading decisions. And to look for those pullbacks or those oversold, cryptos that we’ve just talked about. So I’ll put a link to Blueberry Markets here.
Like, Share and Subscribe
And any questions you have please send me an email Andrew@TheForexTradingCoach.com or leave a comment if you’re watching. And I’ll see you this time next week. Bye for now.
Episode Title: #607: Trade Bitcoin Like a Pro
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
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