Cryptocurrency trading can be an incredibly lucrative endeavor since many cryptocurrencies have displayed a long-term bullish trend, but still experience significant day-to-day volatility — leading to a huge number of profitable trading opportunities.
Despite this, the majority of cryptocurrency traders still lose money in their early days of trading, while a large proportion of these never returns to profitability. Why? Because very few traders take the time to learn the ropes before diving into a market that is more complex than it might first appear.
To help tackle this problem and ensure budding traders can quickly get to grips with crypto markets without risking their capital, NewsCrypto — a platform is best known for its NWC token and market analysis tools — just launched the latest version of its Trading Simulator tool.
Risk Free Practice
Trial and error is often overlooked as a problem-solving system. Too often, people want instant results and don’t want to put in the effort that it takes to truly succeed, leading to less than stellar results. With trading, jumping in too soon without understanding the fundamentals of market structure and strategy can have devastating consequences, since cryptocurrencies are extremely volatile and can suffer sudden significant losses.
With NewsCrypto’s Trading Simulator 2.0 platform, traders are now able to trade using demo money, on a wide variety of different cryptocurrency trading pairs, including BTC/USDT, ETH/USDT, BTC/ETH, NWC/USDT, and over a dozen others. Each of these trading pairs features live market data pulled in from a variety of platforms to give demo traders the most accurate information possible.
Once a trader has placed a demo market or limit order, it will then be executed based on the prevailing market conditions using live data, and the trader will be free to enter and exit positions as and when needed based on their strategy. Just like with real trading, the trader’s demo account balance is affected by the outcome of their trades, helping users quickly find out what works and what doesn’t to develop winning strategies without incurring any risk.
By using NewsCrypto’s simulated trading feature to familize themselves with the market, traders can quickly learn how to trade, without needing suffer any losses along the way. Once the trader is ready, they can then simply move on to trading real assets, using the strategies developed throughout the learning process.
As for exactly when the trader should make the switch from simulated to real traders, this should be once they are comfortable with the risks of cryptocurrency trading and can turn a regular profit using their demo trading balance.
Though simple experimentation can drastically improve a trader’s performance, it isn’t the fastest way to improve. For this reason, NewsCrypto has also launched its own trading education solution, known simply as NewsCrypto Academy — an initiative supported by KuCoin.
Through NewsCrypto’s trading education platform, beginner traders can learn about a wide range of trading related topics, starting from the very basics, right up to more advanced trading strategies and market theory. They’ll also be able to get to grips with the myriad different indicators and market analysis tools offered by the platform — which can prove instrumental in spotting profitable trading options ahead of time.
By completing all of the NewsCrypto Academy courses, NewsCrypto users can unlock a week of free premium membership on the platform, allowing them to access the numerous tools reserved for paid members — including the arbitrage tracker, sentiment indicators, and whale alerts tools.
Taken together, the tools, educational materials, and demo trading features offered by NewsCrypto makes the platform an excellent starting resource for those looking to try their hand at cryptocurrency trading the right way.