Derivative day trading is one of the lucrative online businesses with unlimited possibilities. However, becoming an experienced and successful one takes a lot than most YouTube video throws to newbies.
It takes dedication, focus and a lot of patience to have consistent gains in the derivative market.
Most might argue that a huge account is the answer to becoming a successful trader. Actually, don’t get it twisted, a huge account balance in your derivative trading with no skill will render it useless.
You should consider trading like hunting skills, never waste your bullets on every moving animal. High chances you might never catch any. However, if you kelp calm, watch the market behavior. You are in higher chances of getting into an awesome trade.
Most derivative traders tend to begin with demo accounts to gain desired exposure to trade on live accounts. However, I am sure most will agree with me it’s one feeling trading a demo account and another trading on a live account.
A lot of times demo accounts are very successful but reciprocating it on live accounts becomes the challenge.
A quick remedy that might save most of interested day traders might lie within the cryptocurrency industry.
By purchasing and holding either Bitcoin or most promising altcoins, a lot of lessons can be learned before taking the desired profits.
Since most traders fail by getting out of good trades early and staying in bad trades in pursuit being right. Those bad choices could be learnt during crypto investing.
First, lets take you invest in Bitcoin for longterm and the instrument is trading slightly above $10k. There exists hundreds of currency combinations with Bitcoin in different crypto exchanges and also FX markets.
Next, lets pick one combination, BTCUSD. It is a very common derivative that is traded by most crypto traders.
If you are an investors and holding your BTC safely presumably in a cold wallet. You can then follow Bitcoin derivative on the US dollar mostly on the higher timeframe, only now your in a longterm buy trade.
With the BTCUSD pair offering among the highest volatility in the market. Then you can get to feel what shots you could be taking to win without losing your money, if you had invested by day trading instead of asset holding.
As you get to see the moves in the chart, you can then incorporate your initial technical analysis skills to improve on your derivative trading.
With time, I am sure you will identify certain patterns that are repetitive on the charts and high chances you will become sharp to trade them without fear or greed.
