Tips For Beginner Traders Using Bybit In 2022
Once someone has dipped their toes in the cryptocurrency world, the next logical step is to improve their trading strategy and maximise their profits. There are many cryptocurrency exchanges out there, but Bybit is one of our favourites for beginners and experienced traders alike, thanks to its streamlined functions and easy-to-use interface.
Bybit is not only simple to use for beginners, it also is one of the speediest exchanges, has great liquidity, supports a wide range of different cryptocurrencies, and allows for leveraged derivatives trading – allowing traders to multiply their gains (or losses!). Also don’t forget to claim a $1500 bonus by signing up through our referral link.
We’ve compiled a list of some of our top tips for beginner traders using Bybit in 2021:
Familiarise Yourself With The Registration, Deposit And Withdrawal Processes
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Before you start your trading journey with Bybit, you should first understand the registration, deposit and withdrawal processes. Being able to navigate these processes seamlessly is vital to ensure a smooth, hassle-free trading experience.
The registration process couldn’t be simpler, but make sure you familiarise yourself with the navigation bars and the site’s other essential features. To sign up, just fill in the form with your personal information. Link it to an email address, choose your password and after receiving a confirmation code in your inbox, you’ll be all set up.
Once you’re registered, the next step is figuring out how to make a deposit. Bybit caters for a range of deposits for any of the top cryptocurrencies, just copy the wallet address from the deposit function and you’re good to send over the relevant cryptocurrency.
Finally, take the time to familiarise yourself with the withdrawal process – you’ll want to have access to your profits to enjoy them! Withdrawing profits from Bybit is simple – just click the withdraw button, choose how you would like to withdraw, and you’re good to go. For added safety, get your withdrawals verified using two-factor authentication.
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Selecting The Right Order Type
One of Bybit’s many wonderful features is its futures platform. This allows you to go long on an asset if you believe price will increase, or short if you believe price will decrease. There are a few different order types to consider, depending on what type of trade you wish to carry out:
- Limit order: this means you can choose the price at which you wish your order to be executed. For example, if Bitcoin is currently trading at $40,000 but you think that price is a bit high, you can place a limit order to buy bitcoin at $30,000, which will be executed when the price dips that low.
- Market order: this is the most simple order type – you just choose how much of your given cryptocurrency you want to buy or sell and the order is executed immediately, at whatever market price is at the time.
- Conditional order: this is a slightly more advanced order, for more experienced traders. You set a trigger price as well as a limit price. Once price hits your trigger price, the limit order is delivered to the market.
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Learn About The Stop-Loss And Take-Profit Functions
Using stop-losses and take-profits should be a vital part of your trade plan, and when entering a trade you should have planned your take-profit and stop-loss prices. A stop loss will exit you promptly from a losing trade, minimising your losses. Using a stop loss is important to prevent you from being liquidated. A take profit works the same, but promptly exits your trade at the level you choose to take your profits at. This means you don’t need to be at the screen waiting to take your position off.
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Invest In Technical Analysis And Risk Management Tools
Knowing how the platform works isn’t the only aspect of being a successful trader – you must also learn how to trade. Technical analysis is a great tool for predicting price action, so learning how to analyse data from the charts and from the media is a crucial aspect of being a good trader.
Risk management makes sure you are trading safely and are never risking too much of your account on a single trade. Risk management is vital for all traders, and will determine the longevity of a beginner trader. As a beginner trader, we would recommend starting with a small amount of money you can afford to lose, and once you’ve mastered all aspects of risk management and technical analysis and have become a consistently Technical analysis, you can start trading with bigger amounts.
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Conclusion
Bybit is a great cryptocurrency exchange for beginners, one must just make sure to master some key aspects to become a successful crypto trader.
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