Cryptocurrency trading provides a great opportunity to make a sustainable income if you develop the skills and experience necessary to become a successful trader.
Behind every successful trader is an honest and trustworthy broker, which provides the trader with the necessary tools required to achieve success, one of which is high-quality education.
With this purpose in mind, enon has designed this course - to assist aspiring traders like you in getting the necessary skills to become successful.
This course is composed of four e-books, providing essential knowledge of Bitcoin trading:
1. A Step-by-step Guide about Bitcoin Trading
2. Building a Profitable Trading Strategy
3. Technical Analysis for Bitcoin Trading
4. Fundamental Analysis for Bitcoin Trading
This course is designed for cryptocurrency traders and investors and is suitable both for beginners, as well as more advanced market participants.
Enjoy studying this course and good luck!
P.S. If you want to join our community of successful Bitcoin traders, we invite you to visit enon.com
A Step-by-step Quick-start Guide to Bitcoin Trading
Congratulations and welcome to enon! You are now one step closer to achieving your Bitcoin dream! By the end of this tutorial, you’ll understand exactly how to use the enon trading platform and be ready to place orders and make trades. With that being said, let’s get started.
1. First, you need to create a trading account.
2. After you create an account, you will see the main window of the trading platform.
On the left, you will notice all the 12 cryptocurrencies that are available to trade, in the center you will see a live chart of the selected cryptocurrency you are watching. Want to add more charts to keep an eye on movement? It’s easy, click the “plus” sign, find the cryptocurrency, and the chart will pop up on the screen. Feel free to toggle between the charts to stay up to date on your favorite cryptocurrencies.
3. In order to start trading, you must decide which cryptocurrency you would like your account to be based in.
The most popular by far is Bitcoin, but we also offer accounts denominated in Ethereum and USDT (also called Tether). It is also possible to switch your account between the different currencies whenever you want. After you decide that, it’s time to deposit funds into your account.
4. Click the “Deposit BTC” button on the top right of the screen. If you already have Bitcoin and want to send it to your enon account, copy this deposit address and paste it as a recipient of the transfer from your personal Bitcoin wallet.
5. In addition, you’ve got a free demo account pre-funded with 1 Bitcoin. If you are new to trading and not sure where to start, then try trading on your FREE demo account. A demo account is an ideal way to familiarize yourself with the enon trading platform, develop your own trading strategy and practice without risking your money.
6. Once you deposit your funds you will see your account balance, available balance, and open P&L.
The account balance is how much money you have in your account prior to placing an order. The available balance shows your account balance plus the floating profit or loss. P&L, as indicated in the platform, stands for profit and loss. If you are profiting from your current position, the number will be positive indicating how much you have profited. If the number of P&L is negative and is listed in red, this means you currently at a loss for the specified amount listed there.
7. On the left of the trading platform, you will find the Market Watch tab.
Here it shows all the currencies that are available to trade. You can make purchases of any of these currencies by clicking the green buy button. The numbers listed on each of these currencies are the current market prices, at which you can buy and sell.
8. In the center of the trading platform you will find the price chart. It has several customizable settings located on the top right.
1. Time interval. The time interval chosen reflects the time duration of each of the bars shown on the charts. This is extremely helpful when identifying trends.
2. Bar-style. Choose between candles, bars, line, area, and Heiken Ashi. For this tutorial video, I will be using candles.
3. Draw-line button, if you want to customize your chart using any of these tools, you are capable of doing that.
4. Indicators. If you want to add any of the indicators such as moving averages, oscillators or volatility and others to your chart, simply click them and they will be added.
5. Chart settings. Click on the chart settings button, click the boxes or the settings you want to change, and then click apply.
9. If you want more information on our trading instruments, click your profile icon on the top right, and scroll down and click on instrument details.
1. The symbol is the abbreviation of a financial instrument tradeable on the enon trading platform. For example, BTC/USD stands for Bitcoin vs. US Dollar.
2. Leverage is used to magnify returns and offers the possibility of high payoffs from small investments. Leverage is a mechanism allowing you to buy Bitcoin by borrowing some of the purchase prices. The borrowed money is provided by enon and is called the margin loan. Hence the term to buy on margin. The standard amount of leverage on the enon platform is 20x. Buying Bitcoin with leverage can greatly increase potential gains for a given amount of equity in a position because you can buy more on margin than you could otherwise. A leverage of 20x indicates that you can buy 1 Bitcoin worth approx. $10,000 by depositing only $500 in equity. Thus, if the price of Bitcoin increases by 10%, you will make a 200% return on your capital, which is 10% times 20x leverage.
3. The minimum trade size is the minimum amount you are able to buy or sell on the platform.
4. The financing rate is the interest rate that traders have to pay when holding a leveraged position overnight.
5. The commission is the fee charged whenever you enter the market by opening a new position.
10. Now that you are acquainted with the enon trading platform, it is time to learn how to enter the market by placing an order. There are two types of market orders: sell orders and buy orders.
1. A buy order or long position should be placed if you believe the price is going to rise. When you buy an asset at a low price and then sell it at a higher price you are making a profit from the price appreciation.
2. A sell order or short position should be placed if you believe the price is going to decline. When you sell an asset at a high price and then buy it at a lower price you are making a profit from the price depreciation.
The price listed next to the buy and sell buttons are the current market price at which an order will be executed once you press the buttons.
3. We also have advanced order settings. If you want to buy or sell at a specified price in the future, check the “only open when the price is” box, and then specify the price.
1.If there is a certain price you would like to take profit, click the close at profit checkbox and specify the price there. This is also known as a take-profit order.
2.If there is a maximum loss price where you would like to set a stop loss, click the close at loss checkbox and list the price. This is also known as a stop-loss order.
11. You can monitor existing Positions, Orders, Activity log and Account history by viewing the following tabs:
1. Once you open a position, you will have all the information about open positions on the Positions tab. Click the Positions tab and it will show you all of your open positions and other useful information. If you want to take profits or close your position, click the close button under the positions tab.
2. The next tab is the Orders tab, which shows the orders you have placed that haven't been actualized yet.
3. The next tab is the Activity log tab, it lists every action that was made regarding buying and selling.
4. The next tab is the Account history tab, it shows all the details of your recently closed positions.
That was a step-by-step quick-start guide to Bitcoin trading on the enon trading platform! We hope you found it informative!
If you’d like to read more tutorials and educational articles about trading, go to the enon tutorials section at enon.com
Thanks for reading and happy trading from all of us at enon!