How to Trade Crypto’s Safely
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Join my webinar for new traders
Join my webinar for the more experienced trader
#491: How to Trade Crypto’s Safely
In this video:
00:32 – How we made +2% on Bitcoin
00:49 – Most people are losing money buying Cryptos
01:59 – Here’s my trade on the daily chart and why
04:16 – Litecoin also hits the profit target for 1.5% gain
04:48 – Making money from crypto safely
05:50 – Consider Blueberry Markets if you’re looking for a good broker
07:03 – Get onto one of my webinars and find out about our coaching course
I’m going to share with you how we trade cryptos using a very low risk safe way, and also how yesterday I made over a 2% gain on my account just trading Bitcoin on one trade. Let’s get into that and more right now.
Hey there, forex traders! Andrew Mitchem here at the Forex Trading Couch with video and podcast number 491.
How we made +2% on Bitcoin
And I’m going to explain today on this video podcast how we trade cryptos and how just yesterday on one trade on Bitcoin, I made over a 2% gain with only a half percent risk on my account. So let’s get started.
Most people are losing money buying Cryptos
Well, Bitcoin, cryptos in general. Well, look, probably like yourself. I know a lot of people who have invested in them over the years and I know a lot of people, the vast majority who have either lost money or currently losing money by trading cryptos kind of more the traditional, if you could call it that on such a new market, but more the traditional approach.
Now, a lot of people that I know are still massively in loss because they got into cryptos like about a year ago, so that early to mid 2022, the price had come down a bit. It was a sort of 40 odd thousand dollars for Bitcoin. And and everybody said it’s going to head up to 100,000 and beyond.
So a lot of people kind of got into it. And those people have been absolutely stunning because, you know, it’s come all the way down to around that sort of 15, 16,000 level and now it’s starting to head back up again. But all of that in using the way that we trade, it’s kind of irrelevant because, of course, as traders, we can go long and short so we can buy and sell. So that becomes your first advantage.
Here’s my trade on the daily chart and why
But I want to give you a specific trade that I took just yesterday. So if you go and have a look at Tuesday, the 14th of February 2023, Daily Candle on Bitcoin. Have a look at that. And it was taken Wednesday the 15th and I’m recording this on Thursday the 16th. So go and have a look at the trade that we took yesterday based on the Tuesday’s close on the daily chart Bitcoin BTC/USD.
Have a look at that. You will see on your charts there. That there was a perfect bounce off the swing high from the 5th of November 2022. So back on the 5th of November the market went up, it formed a high and it dropped again. The market is then gone over that level and come back to that level and then using the Tuesdays candle, which is our closed candle with the confirmation of the bullish set up. It’s come back and use that high from the 5th of November 2022 as the low of the candle that we’re looking at trading which just the 14th all February 2023.
So we now have a candle pattern in the right part of the chart. Bouncing off a very strong major support or resistance now becomes support level so that we’ve got a confirmation candle with a reason to trade it. We have our trendline break and everything else that we’re looking for and we had room to move for the profit target was no obvious barrier in the way.
Guess what we did? We took the trade. Guess what happened? It worked. It retraced beautifully to a retracement level. So we took two positions on the one trade. I split my risk personally. I’d go half percent maximum per trade, so went quarter percent risk at the market with a market order that made a massive 5.2 to 1 reward to risk and my retracement order filled absolutely beautifully, perfectly and quarter percent risk on there.
That made a 3 to 1 reward to risk put the two together half percent total risk gave me a 4.1% sorry a 4.1 reward to risk half percent over that gives me a 2.05% account gain on just Bitcoin with a half percent risk total.
Litecoin also hits the profit target for 1.5% gain
We also took Litecoin LTC/USD and that’s still going really nicely. It’s almost at it’s profit target as I’m recording this right now.
I that could well be another set of one and a half. It’s not quite such a high reward to risk, but it could be about another one and a half percent account gain. Let’s assume it gets there. I risk 1% total on those two trades and I’ve made a three and a half percent account gain by trading crypto. But the way that we trade the forex market. So get back to the original topic for today.
Making money from crypto safely
It’s about how do we trade crypto safely? To me that is a far safer way because what I might find next week is I might look at selling Bitcoin or Litecoin or whichever crypto setting up. I don’t need a massive amount of money in the market.
I don’t need to go out there and spend 40,000 USD to buy this one Bitcoin. You know, I can just trade it in exactly the same way and profit from those moves in exactly the same way you can. The forex markets, the indices, the metals, the commodities and of course the cryptos. So really different way of trading it, but a very safe and effective way of trading.
More than that, you actually not only profiting, you’re learning this skill for yourself. It’s not all someone out there said that Bitcoin was going to go to 100 grand. It’s 40 or better bison. That’s a zero skill and that’s gambling. What we’re doing is with skill, with accuracy, with probability, and we’re getting the rewards from it.
Consider Blueberry Markets if you’re looking for a good broker
And if you’re looking for a really good broker to trade some cryptos, or any other forex or metals, etc..
Have a look at Blueberry Markets. Their based over in Australia, but pretty much wherever you live in the world, apart from a couple of countries, including the US, you can trade through blueberry markets. I’ve been there, I’ve met them, I know them, I speak to them probably every couple of weeks. I’m probably in contact by email a few times a week with them.
The feedback that we get from our clients at the Forex Trading Coach that we say, Go and have a look at blueberry and people who choose to go to blueberry.
The feedback is always outstanding. You cannot get better than that. You’ve got safety of funds, segregated accounts, fantastic people to deal with. Good portal MT4/MT5, a good variety of markets, good tight low spreads and yep just a highly recommended company to trust your funds with and to try to reach those blueberry markets again.
I’ll put a link to them here on this page. So that’s it for this week. Consider how we trade. It’s probably differently from just going out there and spending a fortune and hoping that things go up.
Get onto one of my webinars and find out about our coaching course
If you like more information, jump onto one of my free webinars if you’ve not been on them. I held two different sorts of webinars each week, one for new traders, one for experienced traders.
If you like to jump on the full coaching course, have a look up a link on here. Also just to find out about it, this from research. We’ve been on Fox Peace Army since 2009. Not too many people can say that. And we love doing what we’re doing and we love trading just exactly like we did yesterday. That literally that trade took me about a minute to look for and it took about 30 seconds to place.
And I ended up with potentially if the Lite Coin gets there with three and a half percent account gain for a minute or 2 hours worth of work. So try doing that elsewhere. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now
Episode Title: #492: How to Trade Crypto’s Safely
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Join my webinar for new traders
Join my webinar for the more experienced trader
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS