If you're interested in the world of cryptocurrencies but don't know how to start, here's a simple guide to take your first steps on Binance!
1. Deposit funds🪙:
Now that your account is ready, it's time to add funds. You can deposit money using your bank card, transfers, or even deposit cryptocurrencies from other wallets. For example, if you already have Bitcoin (BTC) or Ethereum (ETH), you can transfer them directly to your Binance account.
2. Learn about the market📈:
Before making your first trade, take time to understand the market. Binance has charts and tools that help you analyze prices and trends. For example, if you see that the price of Bitcoin has been falling in recent days but seems to be stabilizing, it might be a good time to buy.
3. Make your first trade🛒:
Trading consists of buying low and selling high (or vice versa if you are short selling). For example:
-Buy 0.1 BTC when the price is $30,000 (you pay $3,000).
-A week later, the price rises to $32,000, you decide to sell it and you make a $200 profit.
Another option is to trade with pairs like ETH/USDT, where you buy Ethereum using a stablecoin like Tether (USDT).
4. Use the 2% rule🔎:
What is the 2% rule?
The rule states that you should never risk more than 2% of your total capital in a single trade. This means that, even if things don't go as you expect, your losses will be controlled and you won't jeopardize your account.
-Here's a practical example:
Suppose you have $10,000 available for trading. If you apply the 2% rule, the maximum you would be willing to lose in a trade would be $200.
1. You decide to trade with Bitcoin (BTC) and buy 0.01 BTC for $30,000.
2. Calculate your Stop Loss in case the price drops. If BTC falls by 5% (to $28,500), you would sell automatically to avoid losing more than those $200.
So, even if the market goes against you, you know that the loss is within acceptable limits according to your strategy.
5. Learn and practice💰:
Trading is a continuous learning process. Binance has a demo account called Binance Academy where you can practice with fake money and improve your skills before trading with real money.
💡 Final tip: Start with small amounts while you gain experience. You don't need to be an expert from the beginning, but patience and analysis are key to growing as a trader.
If this information has been helpful, don't forget to like and follow me!
