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Successful sales of Bitcoins: recommendations for cryptomarket novices

12/02/2018 00:00
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You can sell your bitcoins in various ways. But from the onset, let me point out that selling bitcoin is not as easy as buying. It requires the seller be a little bit more aware of the surrounding than what a buyer would likely be expected to know.

There are actually a number of ways you can use to sell your precious bitcoins. Each of them has pros and cons, so, it is always prudent for a seller to be more cautious and consider several things before finally settling on a sale.

When you decide to sell your bitcoins, you can use a bitcoin exchange website where you can get cash for your bitcoins or swap them for other cryptocurrencies. Alternatively, you can sell directly to buyers on websites like Localbitcoins or where possible, sell to friends and family.

Well, with that in mind, what you should consider for you to sell successfully and at a profit because that is all a trader needs from an asset. These considerations constitute what we call tips. Here are 5 top tips for you.

Know the Bitcoin market and how it works

There are various ways through which you may have earned your bitcoins. Maybe you bought them, mined or worked and got paid in bitcoin. That’s fine because all you needed to do was receive the bitcoins and store them safely.

But to succeed at selling the crypto, you must know the market. The cryptocurrency market is unlike the stock market: it is largely unregulated and no one controls it. Prices can be determined or affected by rumors or hype; some investors engage in pump and dump that plummets prices within minutes.

So as a seller, do thorough research on the bitcoin market. You have to know the technology behind cryptocurrency and how Bitcoin works. Seek advice on the nuances of bitcoin selling and how to do it safely. While doing so, you will definitely learn about market volatility and how that can greatly impact your selling price with the blink of an eye.

Even though you may not be an expert, you should get to know basic market fundamentals like price charts, trading volumes, stop-loss, short selling and margin trading.

Keep in touch with events surrounding cryptocurrency like forking, releases of new protocols and so forth. These always do have a direct effect on the prices.

Determine and set your objectives before you start selling

There is no business that will succeed if the trader doesn’t have clear targets and objectives for their business. The same is true of Bitcoin selling. If you are a one-time seller, then you may not need to. But if you have a stash you wish to bleed slowly, or are interested in buying then selling, it is paramount that you have a goal.

Having a clear objective will help you remain focused and most importantly, you will pay attention to market fundamentals that can affect Bitcoin prices. For instance, a seller targets a certain profit percentage for the day. Once that target is reached, they close for the day. Bitcoin can be tempting when it comes to prices. If you aren’t careful, there is a risk of getting carried away and that can be the beginning of horror for you.

Another thing is that having a goal for trading will allow you to target buying low and then selling high. You can also easily be able to anticipate market shifts by re-examining your targets. Bitcoin can be lucrative, but if you want to get value for your coins, then set goals before you start selling.

Implement reasonable stop losses

What is a stop loss? This is an automatic trigger that you affect as a bitcoin seller so that your position gets liquidated once your losses hit a certain level. A stop loss will actually help to prevent further losses on your part.

Though it gives you advantages in those tough times, it is unwise to set the stop loss too low. Setting your stop loss too low affects the leverage level and can actually be counteractive in moments of minor fluctuations.

Beware that bitcoin markets are highly speculative and seasoned sellers often thrive on it. They like the volatility and the associated risks because most of them are market experts. However, if you are a beginner, reasonable stop losses will help you cut your losses when they do occur.

Significantly, you should note that having a lower leverage results in a sizable stop which experts consider to be safe for someone off to their first sale.

Security and safety concerns

The nature of bitcoin has made it ripe for all sorts of threats, chief among them being scammers and hackers. You should have the following measures in place as you look to sell your bitcoin successfully.

Find as much as you can about the exchange website you will be using to sell your bitcoins. Use parameters such as site rating, security, and reputation. You can easily lose your bitcoins if you choose a site that is not legit.

Store your bitcoins safely in a secure wallet. Do not trust anyone with information about your bitcoin storage. It is advisable never to leave your crypto coins at an online exchange for long.

If you are selling directly to a buyer, especially total strangers, then take precautions about the meeting place and payment method agreed upon. It’s good to verify their identity and if possible, have a friend with you. Learn more about selling security here.

Get to know the art of reading price charts

Getting to know how to read and interpret bitcoin charts is one more way to guarantee yourself a successful sale. You do not have to be an expert at technical analysis, but developing the basics will help you learn about trends and actual price variations.

You should acquaint yourself with Bitcoin charting tools like the popular BitcoinWisdom.

In order to succeed at selling your bitcoin, ensure you are familiar with these terms that are essential for any seller to have:opening price, closing price, price direction, highest price, lowest price, and trading range. Knowledge of these terms will help you be better prepared to sell your bitcoins.

Another important item to be familiar with is the order book. The order book lists the prices and particular quantities which bitcoin traders place when buying or selling.

The cryptocurrency world is inherent with risks even though the digital coins can be a source of real wealth. Many people have success stories that fuel even more people to get into bitcoin investment. Remember, the greatest responsibility lies with you.

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