Converting cryptocurrencies into fiat currency can be a complex process, especially when the markets are fluctuating. The value of one bitcoin can change drastically from one day to the next, making it crucial to stay informed about real-time exchanges.
Say the current price of one bitcoin is $45,000. The total value of 30 bitcoins would be $1,350,000. This is a significant amount and underscores why keeping an eye on market movements is essential for any investor holding large sums in cryptocurrency.
If the price drops to $40,000 due to market volatility, your holdings would decrease to $1,200,000. Conversely, if it rises to $55,000, your holdings would increase to $1,650,000. These fluctuations highlight the importance of staying informed and flexible with your investment strategies.
How often should I check the exchange rate for my bitcoins?
A good practice is to check at least once a week or whenever there are significant news events that might impact cryptocurrency markets. Regular monitoring helps you stay prepared for any changes in value.
Account $10,000, risk 1% → $100 risk per trade. Entry $50, stop $48 → $2 risk/share → 50 shares. Target $54 (2R). If stopped, −$100; if target hits, +$200 (before costs).
Use an amount you can afford to lose while learning a repeatable process.
Decide a fixed risk % per trade, then divide by the price distance to your stop.
Match your timeframe: DAIly/weekly for swing; weekly/monthly for long-term.
Thesis, entry/exit, risk (R), emotions, result, next improvement.