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DAY TRADING AND LONG-TERM POSITION TRADING

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Let’s focus on the schedule of your work on the cryptocurrency exchange.
Before you start to trade, you need to decide on a very important point, namely
how much time you are ready to dedicate to trading. Of course, the best option is
to sit at the computer for 5-6 hours every day, constantly closing positions and
monitoring the situation. However, most people now choose another option
because of the lack of time. They trade once a week. On a particular day, such
traders look through all the news for the week as well as any charts and then
decide what positions they should open or close.
A lot of people go with this option so here are some tips:
Choose one specific day of the week which you will
consistently devote to trading
On this day, look through your portfolio – what currency
has grown in value and what has fallen?
Monitor the news
Make decisions depending the news and composition of your portfolio. If some
asset has not grown or has even fallen in value, then close the position. If you
have noticed something promising or falling in price, buy it. You should carry
through these operations every day of the week you have chosen for trading. By
the way, I recommend using Blockfolio to make tracking your positions more
convenient.
To recap, I advise choosing between two types of trading: daily monitoring with
limit sell orders or monitoring once a week.
At the same time, some cryptocurrency exchanges, for example, Bitfinex, offer
OTC trading. The abbreviation OTC stands for Over The Counter, which means
over-the-counter transaction. This is a decentralized market without a central
physical location where market participants trade assets through the dealers’
network.
For example, if you have no time to follow the market and be fully engaged in
trading by placing orders, you can use the services of this market. Your
cooperation will be carried out via mobile phone or e-mail. So you tell a dealer
that you, for example, want to buy 250 bitcoins. Having looked through the
market, the dealer answers how much you should pay for this amount of
bitcoins. A dealer will charge fees for this service.

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