NewsBTC’s Live Trading Room, as the name implies, will be a cryptocurrency live trading room that will include a webinar platform that will be used to execute live cryptocurrency trades. We will trade Bitcoin for Fiat; trade altcoins for BTC (altcoin flipping); trade some Forex crypto pairs and we will even go further to trade some stock on Wall Street and NASDAQ using cryptocurrencies.
We will hold 3-5 live hourly webinars per week, throughout which we will execute live trades and discuss some technical analysis techniques of Forex pairs and crypto charts including candlestick chart patterns, oscillators and indicators . All webinar attendants will be able to participate in the discussion and ask any questions via the IRC chat channel that will be part of the webinar platform we will be using. We will have a message board that will include all trading positions opened and closed on the live trading room. Moreover, we will do a weekly blog post on NewsBTC that will include all the trades opened and closed during a proceeding week.
Trading Forex pairs in Bitcoin is a rather new trend and is somehow risky given that you should calculate your trade risks according to 2 parameters; the BTC/fiat price and the price oscillation of the Forex pair you are trading, so I decided to start “heating up” for NewsBTC’s Live Trading Room, by picking a Bitcoin Forex pair and enter a trade that has a high reward/risk ratio, so after looking through the Eur/USD, GBP/USD and USD/JPY charts, I decided to open a short (USD/JPY) position at 122.497 with 0.2 BTC (around $65) with a 50:1 leverage, so if (USD/JPY) goes down by 1%, I will profit 0.2 BTC and vice versa.
By examining the 1 day (USD/JPY) charts from FXCM (look at the below chart), we can justify our short entry position by the following; Since the 15th of October, (USD/JPY) has been rising following the 2 green trend lines plotted on the below chart, yet yesterday, the price has just broken out of that pattern.There are other signs that can justify entering a (USD/JPY) short trade now, but I am not going to get into the details of this here.
NewsBTC’s Live Trading Room will be the world’s first live trading room that helps its visitors make money online via trading bitcoin; flipping altcoins and trading bitcoin Forex pairs.
I can’t wait to meet you all there!!
Charts from FCXM, hosted by Tradingview.com