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How to Make Millions Spot Trading Bitcoin: A Comprehensive Step-by-Step Guide

Renos MasterClass
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Step-by-Step Guide to Spot Trading Bitcoin

Thank you for joining my masterclass! Today, we’re going to discuss a step-by-step guide to spot trading Bitcoin. Many of you have expressed interest in learning how to spot trade Bitcoin after watching my video on making money from the Bitcoin crash and rally. So, let’s dive into it and learn how to spot trade Bitcoin effectively.

Understanding the Spot Market

Before we get into the details of spot trading Bitcoin, it’s important to understand what a spot market is. A spot market is a market that is open to the general public, where people can buy and sell financial instruments, commodities, or futures. Unlike stock exchanges that require a stockbroker license, spot markets are accessible to anyone.

In the case of Bitcoin, the spot price refers to the price of the cryptocurrency at the exact time it is being sold. Due to the volatility of Bitcoin and other cryptocurrencies, the spot price can change rapidly, sometimes even within minutes.

Choosing the Right Exchange

While many people in Nigeria and Ghana are familiar with the binance exchange, there are other exchanges that offer a more user-friendly experience. coinbase, for example, is known for its user-friendly interface and is widely used by traders. Other exchanges like kraken also provide a good trading experience. It’s essential to choose an exchange that suits your needs and preferences.

Creating an Account on Coinbase

To start spot trading Bitcoin, you’ll need to create an account on Coinbase. You can do this by visiting their website or downloading their app from your app store. Once you’ve created an account, you’ll need to verify it by providing a photo ID and other necessary information. After verification, you can connect your account to your bank account or a debit/credit card.

Buying Bitcoin on Coinbase

Now that your account is set up, you can start buying Bitcoin. On the Coinbase dashboard, you’ll find a “Buy/Sell” button or tab. Click on it and choose the “Buy” option. Select your preferred funding method (bank account or card) and the amount of Bitcoin you want to buy. Review the summary and confirm the purchase. If you have sufficient funds, the transaction will be processed instantly.

Understanding the Market with Chart Patterns

To effectively spot trade Bitcoin, it’s crucial to understand the market and identify patterns. Chart pattern apps like Chart Pattern can help you analyze the price behavior of Bitcoin. Input the price data every 15 minutes to track patterns and trends. Look for patterns that indicate potential price increases or decreases.

Selling Bitcoin at the Right Time

Once you’ve identified a favorable pattern and the Bitcoin price has increased, it’s time to sell. On Coinbase, click on the “Sell” option and enter the amount of Bitcoin you want to sell. Review the details and confirm the sale. Given the high trading volume on Coinbase, you’ll likely find a buyer quickly. After selling, you can transfer the funds to your bank account or keep them in your Coinbase USD wallet.

Tips for Successful Spot Trading

– Start with money you can afford to lose: Spot trading involves risks, so it’s important to only invest funds you can afford to lose.
– Avoid being greedy: Set realistic profit targets and don’t hold onto Bitcoin for too long if the price has already increased significantly.
– Buy low, sell high: Look for opportunities to buy Bitcoin when the price is low and sell when it reaches a favorable level.
– Avoid social media hype: Be cautious of coins hyped on social media, as they may be manipulated by scammers. Stick to reputable cryptocurrencies like Bitcoin and ethereum.

Frequently Asked Questions

1. Can I spot trade Bitcoin on exchanges other than Coinbase?

Yes, there are several exchanges where you can spot trade Bitcoin, such as Binance, Kraken, and others. However, Coinbase is known for its user-friendly interface and is a popular choice among traders.

2. How often should I update the price data on the chart pattern app?

To get a comprehensive understanding of the market, it’s recommended to update the price data every 15 minutes. This will help you identify patterns and trends more effectively.

3. Is spot trading Bitcoin risky?

Like any form of trading, spot trading Bitcoin involves risks. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. It’s important to do thorough research, set realistic expectations, and only invest funds you can afford to lose.

4. Should I use a hardware wallet to store my Bitcoin?

While Coinbase offers a hosted wallet, some traders prefer to have more control over their coins. If you’re concerned about the security of your Bitcoin, you can consider using a hardware wallet like Ledger Nano. This allows you to store your cryptocurrency offline and provides an extra layer of protection.

5. How do I avoid falling for scams in the cryptocurrency market?

Be cautious of scammers who may approach you in the comment section of videos or through social media. Avoid sharing personal information or sending funds to unknown individuals. Stick to reputable exchanges and do thorough research before making any investment decisions.

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43 Comments

  1. Thank you Daddy I just joined your YouTube channel for this wonderful teaching, sir I downloaded my Coinbase app but I couldn't add my payment account, please help me

  2. Please sir, I'm about to complete my Coinbase registration from Nigeria but I'm having problem adding card postal code…I don't know why postal code is required… please can you help

  4. Sir i really appreciate your effort but since the coinbase isn't allowed here in Nigeria … What's the possibility of roqqu being an idea means to substitute for Coinbase

  7. Binance gives me relative anonymity via their P2P platform. I would never trade crypto in Nigeria, linking it to any bank account home or abroad.

  21. My name is Fona from Canada. May God bless you for the information you are giving to people. Why because you said, you don’t want people to been poor. So with that your mindset God will continue to bless you all days of your life🙏🙏🙏🙏

  26. Thank you so much Pastore Reno for this valuable insight on spot training.
    Please can you tell me the name of the chart pattern you make use of?

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  31. Hello Sir Reno. Considering the crackdown by Nigerian government concerning bit coin,, is it not risky to open the coinbase account with a bank account or credit card? Ones bank account can be frozen by the government if they discover he's using his bank account to trade bit coin. Please I need ur answer ASAP

  33. Also can I do the long run investment where by I can leave the money I invested for a year while adding more money to it on monthly or weekly bases and also do day trading??

  34. Thanks for this video explains so many things. I use Yellow card and Binance for my BTC transactions. And they both explain so many things about the market which is helpful.

  35. I count myself successful in trading with the help of my broker who manage and handle my trading account and get me awesome profits. I can unequivocally say that crypto or forex trading is one of the most profitable and lucrative business for every investors investing with the right expert.

  37. I have learnt in recent months is to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in panic when everything goes down and not to buy in euphoria when everything goes up. I will advise you all to forget predications and start making a good profits now because feature valuations are all speculations and guesses. The market is very unstable and you can not tell if it’s going bearish or bullish. While myself and others are being patient for the prove to skyrocket, I would say trading with Johnson Demidov, has been going smoothly for me. I have accumulated over 3.6BTC , with he's masterclass trading strategy…Stick with BTC,ETH,ATOM,ALGO,APE,SAND.

  42. Despite the economic downturn, I'm having the best time of my life financially. Earning over $83k in the last 2months with an investment of $19,000. Money can be made even in a bear market. Make the most of it.

  43. This method of buying or selling of crytpos is definitely not trading. You expect us to buy, hold it a little but not for dear life. No stop loss to be set? Or do you give coinbase instruction to sell at a particular limit price. please help with the answer. Thanks

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