Since I started trading cryptocurrencies trading anything else seems like a waste of time. Cryptocurrencies trade 24/7 and you don't have to ever convert your funds back to fiat which is another huge factor for me. There are a couple of reasons why this is so important for me. First is that I want to make and save Bitcoin instead of fiat. I am not going to list more details here, maybe in another post as why I think this is very important. Second reason is that the stock markets are so manipulated and the next day the stock you bough could open at any level not giving you a chance to get out.

I use a couple of different platforms to trade crypto currencies. I am mostly focused on futures trading and CFDs so I rarely trade spot. The first platform is in my opinion the best in the space by far:

Bitmex - You can open an account here: https://goo.gl/jTn4Va

Bitmex allows you to trade futures for Bitcoin and other crypto currencies. The biggest reason I like this platform is that all my trading is done in BTC and I do not have to convert my funds to fiat or any other crypto currency ever. I am a big believer in BTC and will not hold any other crypto currency in the long term. Well at least in the current environment. Things can always change in the future.

The second platform:

SimpleFX - You can open an account here: https://goo.gl/145uUq

On this platform I trade Forex as well as Gold, Oil, S&P 500 and sometimes CFDs for single stocks. Again the biggest reason I picked this platform is that my funds are in BTC and stay that way so I don't have to convert to any other currency.

Here is a short version of my trading rules after 20 years of experience trading stocks, options, futures and crypto. In another post I will go into more details about why each one of the rules is important and how they relate to each other.

Place trades only in the direction of the current trend.

This can be tricky sometimes as the short term trend can be opposite to the medium or long term trends. If that is the case you need to pick entry and stops carefully. Trading counter to the trend is very hard and has a very low rate of success. If you got stoped out of your trade do not open a new one in the same direction as you might be wrong on the current trend. Wait for a better opportunity to open a new trade.

Always use stop orders.

Enter the stop order immediately after your order is filled. I know this one is not going to be popular with many, but this is my rule after 20 years experience trading stocks, options, futures, forex and crypto. I will describe in more details each one of the rules, but there are two simple rules I use on how to pick the stop price. Needs to be a little under/over support/resistance if possible and it should have a good risk/reward ratio. If you are planing to make 100 units from your trade and put your stop at 100 or more your risk/reward is not good. I usually try to be over 3 on my risk/reward ratio. Meaning that if my target is 300 units I will put my stop at 100 or less.

Once you are at a profit move your stop to break even.

Make sure to not rush with this one as if the price is still close to your break even you will get stopped out very often and then the price can still continue in the direction of your trade. It is very frustrating. However this is a very good rule for preserving capital. Preserving capital is what will make you a successful trader. If you do not lose money eventually you will start making some.

If you don’t have a good reason to close your trade when in a profit let it run

The goal is to make a lot more from your profitable trades than from your stop order loses. If you are not sure when to close simply move your stop higher, but make sure you are not moving it to close to the current price as it will get taken out.

Position size

The general rule is 2% of your trading capital per trade, but this can vary depending on a lot of different factors. I mostly trade crypto futures and a position can be up to 5 or even 10% of my trading capital. That said many times I will start with 2.5% and add to my trade once it is profitable. When you add to your trade the stop will move to the break even price of the first entry. You can keep doing this until you have a full position.

Let me know in the comments if this is helpful and I will add more information in future posts.