Get to grips with the basics of how to trade bitcoin with our step-by-step guide.
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Take a position based on anticipated short-term movements, and close it out at the end of the trading day.
The strategy for you if: you want to respond to short-term opportunities in the bitcoin market, in light of developing news or emerging patterns.
To trade CFDs, you’ll first need an IG trading account. It only takes a few minutes to get set up, and you can take your first position as soon as you’ve added funds.
You’ve chosen a trading strategy, but if you’re new to the markets you might want to consider a trading plan as well. A trading plan can help you make objective decisions even when the stake are high, so that you don’t leave trades open too long – or close them too early.
Here are a few tips for creating a plan:
Before you start trading, you need to make sure you’re up to speed with the latest bitcoin news, in order to best understand what’s next for the cryptocurrency’s price.
When it comes to interpreting bitcoin’s behaviour, charts can also be an invaluable tool. Past data can help you make sense of how the market is moving, while comparing timeframes may provide a closer insight into emerging trends and patterns.
Once you’ve settled on your position, you’ll need to place a trade using our web trading platform.
You’ll enter the amount you want to stake on your trade in the deal ticket. You can also define your close conditions: set a stop to close your position when the market moves against you by a certain amount, or a limit for when it moves in your favour. Stops and limits are central to good risk management.
If you expect bitcoin to rise in value, you'll then ‘buy’ the market. If you think it will fall, you'll ‘sell.’
To close your position, you simply place the reverse of your original trade. So if you bought in the first instance, you’ll sell the same amount; if you sold, you’ll now buy. We’ll automatically fill your deal ticket with the position size, meaning you simply need to click ‘buy’ or ‘sell’ to close your trade.
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