Understand the Simple Trading Method
The first step for beginners to understand trading Bitcoin and other crypto assets is to understand a simple trading method. You need to get rid of all the complicated thoughts about how to trade crypto assets on Indodax.
The trading method is very easy. You just have to buy Bitcoin. Then, after the price goes up, you sell it.
For example, with a capital of IDR 100.000, you buy Bitcoin. When Bitcoin goes up to IDR 120 thousand, all you have to do is sell it. Then your profit is IDR 20 thousand or 20%.
If Bitcoin has not gone up or has fallen, just wait for it to rise again. If you sell in a down state, then you will lose.
You don’t have to worry if you don’t have enough capital. Because only Rp.10 thousand is enough, you can trade on Indodax.
Become an Indodax Member and Make a Deposit
The next step to become a trader is that you must become an Indodax member. You need to create an account to trade on Indodax.
You can register at this link to become a member of Indodax. Follow all steps properly and correctly. Make sure there is nothing wrong when filling in the data so that your account can be verified quickly.
After your account is verified, you put money into your Indodax account. This is known as a deposit. Meanwhile, on the contrary, Withdraw is to put money into your account from your Indodax balance.
You can follow the steps on this link to make a deposit.
Start with a nominal balance that is sufficient for you. You don’t need to force a large nominal to trade Bitcoin and altcoins. Although there is nothing wrong with you trying it.
However, what you need to remember is that you cannot use emergency funds and other necessary funds. Save your monthly money or spending money after you pay for all your needs.
Buy and Sell Bitcoin
After your balance goes to your Indodax account, it’s time for you to buy Bitcoin. Buy Bitcoin for the first time. Don’t be tempted by assets that have high price increases.
Why? Because Bitcoin is the most favorite crypto asset and is considered the most secure crypto asset. Because the decline in price is not too drastic.
You just have to buy it on the marketplace. Choose bitcoin. Buy it at the current price, or you can buy it instantly. Enter your cash balance.
After a few days. You see your balance increase. This is the time for you to sell Bitcoin. You look for the sell column and click sell. You can use the instant method or at what price you want to sell it.
After that, your balance will no longer follow the Bitcoin price. If you want to make a withdrawal to your account or withdraw, you can follow the steps on this link.
Learn Fundamentals and basics about Bitcoin, Altcoin and Blockchain
After making a profit on your first trade, the next thing you do is learn the fundamentals about Bitcoin, other crypto assets or altcoins and blockchain.
This is certainly an important thing. Because you need to know the basics about Bitcoin, Ethereum, and other crypto assets and what is blockchain.
If you study it, you can understand why the price goes up and down, why the rise and fall are so drastic and fast and when it goes up and down.
Of course, learn all of it so that you are more optimal in getting profits when trading. Because if not, you’re not trading or investing, but playing gambling.
You only bet your money on crypto assets that you don’t know how the price will move forward.
Try Other Crypto’s
Once you have learned what Bitcoin, altcoin and blockchain are, the next step is to try to buy another crypto asset.
Indodax is the largest selling cryptocurrency exchange platform in Indonesia. Of course all of them are good to have. Because every crypto asset has different fundamentals and utility.
You can buy Ethereum and other crypto assets that you think have good fundamentals and utility. Perform the buy and sell method as you apply when trading Bitcoin.
Determine the Trading Plan
The next step is a trading plan. This is actually a key step for those of you who want to get consistent profits.
You have learned what is the difference between Bitcoin and altcoins. You may have guessed when crypto assets rise and fall. However, if you don’t have a trading plan, the profits will not be consistent.
Trading plan is a trading plan. You need to determine all the planning and do it well.
You have to determine from the start which crypto asset to buy, and sell it at what price. Then when to withdraw and when to deposit again.
If you don’t have a planning or trading plan, then you will often experience FOMO or panic buy and panic sell. Seeing a rising crypto asset, you panic about wanting to sell or regret not buying it yesterday.
Seeing the price drop, you want to buy. If panic like this happened, then the next steps would not be wisely decided either.
For example, when Bitcoin goes up, you immediately want to sell. After you sell, Bitcoin is still going up.
That’s why you need to determine at what price you buy and sell a crypto asset so you don’t panic. It also trains you to get consistent profits.
Active in Communities and Seminars
In order to increase your knowledge and experience, you certainly need friends to share or exchange ideas. You can also get a mentor or someone who guides you when trading.
You can be active in chat forums such as on Telegram and others. But, you need to be careful too to avoid spammers and scammers. You can also invite your friends to invest in crypto assets so that you can learn together.
You need to take part in seminars held by crypto asset developers. Indodax conducts seminars almost every week which you can follow for free. You can get all of this information on the official Indodax social media.
There’s also nothing wrong with paying when you attend a seminar. Because you will get a lot of knowledge and trade maximally.
Continue to Explore Crypto Asset Science
Blockchain and crypto assets continue to experience rapid development. There are so many new sciences that will never run out to be studied in the world of crypto assets.
Never stop learning and keep trying. If you fail, don’t give up. Because all traders must have experienced losses.
So, you need to love this world of crypto assets so that you continue to explore it. So that you can continue to benefit and broaden your horizons in trading, especially crypto assets like Bitcoin.