Coronavirus has had a severe economic impact worldwide, and has left many people in difficult financial situations. Physical labour, tourism and traditional hospitality work has taken a major hit. People are increasingly looking towards online and remote work as a way to not only survive, but to profit. Since the advent of the internet and the move from intense trading on the stock floor to the ease of trading online, those without any prior trading knowledge have access to new and improved trading services. The rise of cryptocurrencies has only added to this interest in trading.
Nowadays, it is easier than ever to earn money from the comfort of your own home. Whether your interest lies in forex trading, investments in stocks or cryptocurrency, there are a number of ways to incorporate online platforms into your daily earnings. Cryptocurrencies are one of the most popular avenues which people tend to take, as they offer minimal risk and simplicity.
Bitcoin is the original cryptocurrency. Created in 2009, Bitcoin exploded following the global recession. Unlike ordinary currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system, otherwise known as a blockchain. Bitcoin, and the other cryptocurrencies it has inspired, has become a popular method for those who want to engage in trading online.
As traditional jobs are becoming more automated and the global pandemic has left many strapped for cash, people want a convenient and quick way to earn money. Bitcoin is often favoured over forex trading as it requires less research, less study and less knowledge to begin trading. Without any trading experience, you can register with a Bitcoin broker, purchase some Bitcoin and start immediately. Therefore, It makes sense that mobile phones would start to become an increasingly popular tool for cryptocurrency trading. Mobile phones are seriously convenient, increasingly advanced and are used by the majority of people all over the world.
Some critical Thoughts on Trading Apps
A trading app allows people to trade anywhere at any time. Traders can get instant updates on exchange rates and market fluctuations. Traditionally, trading is completed on not just one large computer screen, but multiple. So how could anyone possibly trade on a tiny phone screen?
Even though phone screens have become larger and larger in recent years, visibility is definitely one issue still associated with trading on a mobile phone. It would be impossible to juggle multiple technical analysis chart windows, such as Candlesticks and Hollow Candles, or technical analysis indicators, such as Moving Average or On-Balance Volume, on one small phone screen.
Even if you attempted to work around these limitations, bitcoin trading apps often don’t support any of these essential tools anyway. The awkwardness and lack of technical capability on a mobile phone just don’t add up to a successful trading experience. However, if you are interested in checking out the potential of bitcoin trading via app, have a look at this trading app comparison to get you started.
You might think that trading on the go is a good thing, in that people are instantly updated and they can make quick decisions that can pay off. However, you are likely to be distracted if you are trying to trade while out and about. Trying to get on and off public transport, eating and talking while trading could lead to a major mistake or a simple error, and therefore prompt a decision which could lead to serious financial consequences. If you keep all of your trading details and account information on your mobile, you could potentially face major setbacks or even lose all of your progress if you lose your phone or if it is stolen.
The Importance of a reasonable Working Environment
A more sustainable alternative to trading on the go is trading from home. By setting up a designated space to focus on trading, you will be able to focus on the best moves you can make, from the comfort of your own home. Routine and stability will infinitely benefit your practice. Peace and quiet will help you to focus on the multiple charts that you need to keep track of while trading Bitcoin. A clean and organised desk space is the key to a productive work day. Print off important information and coordinate your charts with colours such as yellow, green and orange, which encourage productivity!
You can slowly build up your tech tools at your home office. Acquiring multiple screens and altering your gear to suit trading will take years, but if you are serious about trading, it will all be worth it in the end! Bitcoin is a great cryptocurrency to trade for beginners. Once you begin to get a feel for the ins and outs of trading, you can explore other trading options such as forex or stocks. Risk increases with more complex platforms and markets, however experienced and cautious traders will be able to weather the unpredictable storms of market fluctuations and maximise successful trades while minimising losses.
In summary, consider all of your options before you jump straight into trading. Take into account the limitations of your gadgets, and do some research on the best platforms and apps before making any decisions. With some dedication and commitment, your chosen trading path could lead to major achievements!