So if you are looking to trade the crypto coin Skycoin (SKY) and make some good profit we have a free guide here to help you do that. The price of altcoins like Skycoin (SKY) 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 Skycoin (SKY).
Trade with Skycoin (SKY)
So below we will run through the guide to trading Skycoin (SKY) 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 Skycoin (SKY) 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 Skycoin (SKY)) 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 Skycoin (SKY) 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 Skycoin (SKY) Trading
These coins have a very good reputation and won’t bleed too fast. Other coins can make you broke if you don’t keep close track on them. On the last we will be discussing about LocalBitcoins. They step ahead as it offers a peer-to-peer (P2P) exchange. It would let the users in terms to trade among themselves individually.
This dramatic reduction of time and operating costs is explained simply. Unlike big banks that require huge skyscrapers , employees , computers and expensive servers , Bitcoin harnesses the power of the Internet for each of the computers on your network are responsible for processing information. The type and level of security mechanisms employed by an exchange is important in ensuring that your coins are safe. On the realistic terms, if you will be day trading the $1,000 worth of Ether for at least one week then you can make up to $200 per week.
Have a game plan
This returns to the criptodivisa a finite, quantifiable and impossible either increase or decrease its flow, as some governments to control the price of its currency. Every 4 years, obtaining Bitcoins halved. Checking for the liquidity of the coin is another such deciding parameter for selection of crypto-coin.
So this is obviously all about Skycoin (SKY) trading but there are also other altcoins that you can trade so see our other pages about Make Money from crypto. So choose the altcoin that you’d like to trade and you can trade and many as you would like.
You would be getting as profited $20.31 in the medium of the intent to buy back as it gets drop below in the range of $333 again. Bitpanda is defined as the medium of the European based exchange. They do sell the Bitcoin, BCash, Dash, Ethereum, Litecoin, and Ripple for US Dollars, as well as Euros, and so as the Swiss Francs.As a trader, you must have most of the money involved in BTC but still, keep trading them for Altcoins which can make you fast profit and then shuffle it again before it starts going down again.