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Ways to Enhance Bitcoin Day Trading Strategy

While bitcoin day trading does have some risks, there are many ways these risks can be reduced. Here are some of the top ways to enhance your Bitcoin trading strategy.

Remember to:

Diversify your trades.
Combining Bitcoin, Ripple, Litecoin, Ethereum, and other cryptocurrencies will help reduce the daily risk associated with a specific coin.

Minimize trading costs.
Opening multiple positions every day affects your daily ROI. To minimize the cost of trading, choose a trustworthy exchange that has low fees.

Watch Trading times.
Plan out trading times that are compatible with your schedule. Bitcoin trades 24 hours a day. It's different from the 9-5 NYSE.

Follow Bitcoin News.
Pay attention to cryptocurrency news stories to stay ahead of the market. Set up alerts and other types of notifications.

Use technical analysis.
Use strong technical indicators like OBV. This will help you justify each of your trades.

Use stop losses.
Set stop-loss orders on every trade. Start with a profit loss ratio of 2:1.