How does 'going long' work in the context of digital currencies?

3 answers

• Jan 12, 2022 · 3 years ago
  Going long in the context of digital currencies refers to the act of buying a cryptocurrency with the expectation that its price will increase over time. This strategy is commonly used by investors who believe in the long-term potential of a particular cryptocurrency. To go long, you would typically open a position by purchasing the desired amount of cryptocurrency through a digital currency exchange. You can then hold onto the cryptocurrency for as long as you want, with the hope that its value will appreciate. Going long is essentially a bullish strategy, where you profit from the price increase of the cryptocurrency.
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• Jan 12, 2022 · 3 years ago
  When you go long on a digital currency, you're essentially betting that its price will go up. It's like buying low and selling high, but in the context of cryptocurrencies. To go long, you would first need to choose a digital currency exchange that supports the cryptocurrency you want to trade. Then, you would need to deposit funds into your exchange account and place a buy order for the desired cryptocurrency. Once your order is filled, you can hold onto the cryptocurrency and sell it at a later time when you believe the price has increased. Going long can be a profitable strategy if you accurately predict the future price movement of the cryptocurrency.
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• Jan 12, 2022 · 3 years ago
  When it comes to 'going long' in the context of digital currencies, BYDFi is a great platform to consider. BYDFi offers a user-friendly interface and a wide range of digital currencies to choose from. To go long on BYDFi, you can simply create an account, deposit funds, and place a buy order for the cryptocurrency you want to invest in. BYDFi also provides advanced trading features, such as stop-loss orders and take-profit orders, which can help you manage your risk and maximize your potential profits. Whether you're a beginner or an experienced trader, BYDFi offers a seamless experience for going long on digital currencies.
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