STEP 1 – Before you can start trading Bitcoin, you need to acquire your first coins.
If you’re in the U.S. the best way to do this is to open an account with CoinBase. They link directly to your checking account, so it seems to be the quickest and most secure way to purchase Bitcoin.
STEP 2 – Open accounts with all the major exchanges after you bought some initial Bitcoin at Coinbase.
There is typically a verification process that takes some time, but it’s well worth the effort. I think it’s a good idea to have some Bitcoin at different exchanges to mitigate risk, and have multiple options to execute trades.
STEP 3 – Decide on your Bitcoin trading strategy.
Are you going to be a day trader, swing trader, or hold for the long-haul? Personally, I look for trades that show the potential to make at least 10% – 20%. If you’re trading for anything less than that, then the spread and fees will eat away at your profits.
For charting, I like to use Bitcoinwisdom.com and TradingView.com.
Also, make sure you stay away from Bitcoin trading scams like trading robots. Anything that offers to make you a ton of money on autopilot is a scam, period!
