So if you are looking to trade the crypto coin Loom Network (LOOM) and make some good profit we have a free guide here to help you do that. The price of altcoins like Loom Network (LOOM) are very volatile and so go up and down a great deal and you can set up a bot to buy at the lows and sell near the highs so you can make a lot of money trading Loom Network (LOOM).
Trade with Loom Network (LOOM)
So below we will run through the guide to trading Loom Network (LOOM) or other crypto altcoins so that you can make good daily profits and grow your investment very well (much better than simply holding as this does not grow your investment, it just relies on the coin value increasing so with trading you get both so much bigger profits).
- The first thing that you are going to need to trade Loom Network (LOOM) is some Bitcoin as that is usually your base currency for crypto trading. You can get that from Coinbase and we recommend starting with a small amount but an amount big enough to trade properly with so around $150 is good for that as it’s also usually affordable and you can add more later when you are making good profit so you know it works well.
- You then need a Binance account which is the crypto exchange, you can’t buy Bitcoin directly there and so you have to buy it from Coinbase and then send it over to Binance. So in Binance find your Bitcoin wallet address and use that on Coinbase to send your Bitcoin to your Binance account, make sure you get that address right.
- So once you have the funds in your Binance account you need to learn how to trade and indicators are what bots use to make decisions and so they are what you should study first. By far the best way of doing this is to go to TradingView and play around with the indicators (look at the chart for Loom Network (LOOM)) as doing this you can see first hand what is going on, use indicators like RSI, MACD, SMA, EMA, Bollinger Bands and any others that you like and just experiment with the settings of each so that you can see the effects that your changes have and very importantly try to match up the lows and highs of the price with your indicator. So for example RSI is a nice simple one as when the RSI is low the price is usually low and when it’s high the price is usually high, so setting the bot to buy when the RSI is low is likely to be successful and you can set the bot to sell when the RSI is higher or when a set profit percentage has been made. It’s very important that you understand these indicators as they will drive your bot so put aside a lot of time to study them and use Youtube to learn more about them or the TradingView Wiki.
- So once you understand your indicators and have a good idea of the settings you want to use, you just need your crypto trading bot and by far the best is Profit Trailer. It’s the best because it’s so fast and feature packed, most other bots are slow and so miss trades which can leave you in a mess so it’s worth having the best bot and it’s also good value for money too which is great. It runs on your local computer (it can also run on a VPS server) so you just need to install it and enter your settings like the Binance API details and your other settings, have a very good read through the Profit Trailer Wiki and then read it again so that you are very familiar with all of the settings as that is very important.
- So once you have all of the settings set the bot will then run (it can run in test mode if you’d like so that you can see how it would work) and so make buys and sales using the settings that you have given it. From within the software (it runs in your web browser) you can see lots of useful information like the current status of your open positions and stats like the percentage of profit you have made (you can use that to forecast future gains if you are getting a similar gain per day using a site like Compound Daily to get some quite shocking future predictions).
- So by now you are making good daily gains so you will want to withdraw at some point and you can’t do that directly from Binance and so you will need to send some of your Bitcoin back to Coinbase and then from there into your local currency and to your bank account.
So you can see how easy it is to trade altcoins like Loom Network (LOOM) and make a great deal of money, if you are getting just two percent per day or more you will be making a great deal of money over time.
There are also a lot of scams in crypto so be sure not to fall for any of them, all of the companies listed here are 100% safe and very big companies and you can verify that very easily online.
More Tips on Loom Network (LOOM) Trading
Perhaps the greatest achievement of Satoshi Nakamoto is that of having solved the problem of double spending in a decentralized system, has revealed that both economists and programmers. As the number of cryptocurrencies increase and more hard instruments like futures enter the crypto space, making cash in this market is going to get harder.
If you have planned that you want to jump into this quickly growing market, then there are very vital things that you need to understand. From analysing the already users of the coin to scrutinizing feedbacks on internet forums as what better way to decide that a good recommendation. One more factor that you have to keep in mind is to find those coins which have a strong team of veteran users because they know how to correctly market the coin. A coin that is backed up by strong CEO and other members will perform 100 times better than a coin which is not created by veteran users.
Another foremost aspect to look out for while trading cryptocurrencies is not to back all the fund on a single form of cryptocurrency as you would not like to be in the unfortunate situation of undergoing losses. Always begin with your trading when you are certain of your reason as why you want it which would help develop a definite strategy to go forward with.
So this is obviously all about Loom Network (LOOM) trading but there are also other altcoins that you can trade so see our other pages about Trade with crypto. So choose the altcoin that you’d like to trade and you can trade and many as you would like.
If the money is already right inside your exchange account and again you buy in with the amount of around $1,000 in order to get 3 ether. Hence the price of ether drops to the range of $270. Having a reason why you want to begin trading is a vital place to begin. Ensure you know why you are getting involved and make sure you have a perfect strategy laid out for afterwards.Even though this whole concept is still in its initial phases of developments, can be sometimes misleading as whether to block your money on it or not. Today’s market has hundreds of these form of currency with famous ones being Bitcoin, Ethereum, Altcoins etc that it makes becomes difficult among newbies to make the right choice among it.