PrimeXBT is a world renowned trading platform with a plethora of industry awards that recognize the brand’s advanced trading tools. The trading community itself also considered the platform’s toolset as among the best of the best, but these tools only matter if they’re put to good use.
The feature set and diverse range of trading instruments topping over 50 on the one platform speak for themselves, so this guide instead focuses on how to take advantage of the available tools to profit from markets, protect against risk, and much more.
Technical Analysis And Other Due Diligence And Research
The best and most consistently successful strategies are devised from the ground up and in a methodical way. Anyone jumping right into positions without studying price action or considering the trend itself is asking for substantial losses and a hard lesson learned.
To give yourself the highest probability for success, be certain to dedicate time to performing technical analysis using PrimeXBT’s built-in trading software integration from industry standard TradingView. Rather than having to leave the platform to visit TradingView for analysis, PrimeXBT traders can do it right from their account dashboard.
Drawing tools allow traders to find support and resistance levels, and review a wide variety of technical indicators and oscillators – such as the MACD, RSI, Ichimoku, and more – to gauge what might happen next. Using these same tools, take profit targets can be estimated and it can help to understand where best to place stop loss orders for success.
Stop Loss, Risk Management, And Long And Short Positions
Stop-loss orders deserve a section in this article all themselves as among the most critical tools in trading. Stop loss orders trigger when a certain price is reached, closing an order at a loss. The reason for doing so is to protect against much more significant losses if the order wasn’t closed.
For example, Bitcoin recently crashed 50% from April to June 2021. Anyone still holding their positions are now down more than half their previous PnL, but had a stop loss triggered at just 5% down, losses would be realized but would be nowhere near as extreme. Weighing out the risk to reward ratio of each trade and understanding how much to risk in accordance with a stop loss is key to long term results.
When you do have a grasp on which direction the market might head next, you can begin to build or open a position with long and shorts using the CFDs offered on PrimeXBT. CFDs are contracts for difference and unlike other derivatives products, aren’t tied to an expiry or any other requirements. This allows traders to not only have more flexibility in trading aside from just buying and selling, but both long and short positions can be open at the same time for hedge trades.
More Value Offered Via Miscellaneous Market Innovations
PrimeXBT positions itself as a one stop shop and given the diversity in trading instruments alone, the statement is proven true. However, there’s much more to be found under the hood once registered to the platform.
For example, thee’s a unique way to get positioned in the market – especially during boring sideways phases – called PrimeXBT Turbo, as well as a massive peer to peer copy trading ecosystem called Covesting.
The Covesting copy trading module connects followers with strategy managers to allow them to copy their trades and skip the learning curve and losses associated with getting started in markets.
There’s also an extensive help center, a blog with trading tips and other information, and a 24/7 live customer service support chat for when any issues arise. Issues are rare, thanks to the platform’s reputation for safety and security – never once experiencing a hack or extended downtime.
The icing on the cake is the potential for building a diverse portfolio across forex, crypto, stock indices, commodities, metals, and more. Users can even manage their positions while on the go using the free smartphone app for iPhone and Android – yet another helpful tool for traders to take advantage of.
All of this and more is available as part of a free margin trading account at PrimeXBT. With no minimum deposits, the risk involved with getting started is low, yet as the tools above reveal, the reward is also high.