Bitcoin $11,000 Breakout and Copy Trading- Crypto Catch Up
Everyone knows that the crypto market is not a static structure. It doesn’t have an imprint of specific prices. From time to time the changes in the value of other fiat currencies in the foreign exchange market affects the value of bitcoin and other cryptocurrencies. Sometimes this results in an appreciation of the value of bitcoin and some other times, the reverse is the case.
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July 28th, 2020 brought glad tidings to the hearts of many bitcoin investors. We saw a rapid increase in the overall worth of bitcoin. Some people opined that the increase was as a result of the earlier predicted bull run that was said to be set for the year 2020. Others felt that the rise was due to normal market fluctuations and that the price will fall back again. Whatever the opinions, the fact still remains that the price of bitcoin had skyrocketed above the marginal threshold.
The increase accounted for lots of profits for bitcoin merchants; especially those who had just bought a lot of bitcoin before the breakout. Although a bull run had been predicted, the breakout was unexpected. It happened in a matter of seconds. Many traders who were on the winning side saw as much as a seventy-five percent increase in capital. As always, some traders were on the losing side.
Talking about losses and profits, there are many styles of trading generally practiced today in the world of forex. Two are leveraging and copy-trading. These two styles are very profitable. Although one is slightly more profitable than the other, they both have their downsides. Also, both can be combined and used simultaneously.
The concept of leveraging in trading simply implies staking what you have with higher odds. For instance, if you have $10,000 and you’re sure that a trend will play out in a certain way, you could stake your $10,000 in a leverage ratio of 1:50. This way, every $1 in your $10,000 becomes $50. As such, the market sees your $10,000 as $500,000. What this means is that if your predicted outcome plays out and the profit margin is 40% for instance, you would not get 40% of $10,000 but 40% of $500,000. Hence instead of making $4,000 profit, you would be $200,000. Crazy right? Yeah, I totally agree with you. Now, the downside to this is that you could blow up your account. If the above trade went in the opposite reaction, with and made a loss of 40%, you would have also made a loss of $200,000. What this means is that the trade would have exhausted your $10,000 and lock in your account on $0. This is the short and simple gist of leveraging. I tried it for the first time a couple of days ago and it hit a tremendous amount of profit at first. Later on, I lost almost all the money I had made and prayed to God promising that if I recovered my money I would never try it again. Thankfully, my prayers were answered. This is not to dissuade you in any way. If you must do it, just be careful.
As the name suggests, it is a system of copying the trades of professional traders. Not every mind is built for trading in the forex or crypto market. Some people have a keen interest and are very well educated on all that there is to know about crypto; yet, they still can’t find their way around trading. For such persons, I’d recommend copy-trading. Copy-trading allows you to take the same trades with professional traders and recover similar profits. But be warned, you could also make similar losses.
A lot of traders worldwide made it big in the crypto market applying leveraging and copy-trading to capitalize on the $11,000 breakout. Many of them are smiling now. This breakout could be the dawn of a new era in the value of bitcoin and the crypto market at large. We only hope for the best.
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