India’s Bitcoin Ban Isn’t the End for Novice Traders

When the Reserve Bank of India (RBI) banned financial institutions from dealing in cryptocurrencies on April 5, 2018, aspiring investors could be forgiven for feeling slightly deflated. With bitcoin’s 2017 surge giving the entrepreneurial world a reason to explore non-fiat currency markets, even the inexperienced were itching the jump aboard the bandwagon. However, with the legal battle pouring cold water on many novice’s aspirations, financial trading in India may once again feel like a venture for the well-connected.

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But, in practice, trading is alive and well in India. Moreover, it’s still something novices can take part in. Just as technology has opened up other industries, trading is now accessible even online and on mobile. Using the MetaTrader 4 (MT4) platform, traders of all skill levels can get direct access to 24-hour trading on thousands of financial markets and commodities. The software offers almost unrivalled access to the trading world while MT4 can automatically start/stop trades, which means that it requires less time commitment from traders.

Algorithmic Trading Makes Investing Possible

Technically known as trading algorithms, these commands allow users to set their own take and loss limits. Additionally, the software can take live information and use to make investments/end investments. The end result is a system whereby market movements combined with each user’s personal settings and preferences dictate the trading process. For novices looking to use trading as a supplementary income, having the ability to do this invaluable. One of the toughest aspects of trading any commodity is time. Learning the fundamentals of how much you should invest based on your financial state, the hot markets and experts’ advice is all fairly easy.

Indeed, you can go to any online trading site, watch YouTube videos and read books for all of that information. However, knowing the basics and then finding the time to implement them is a different story. Financial markets are particularly high-paced, which means the savvy investors will be scouring the markets all day for the best times to get in and get out. If you’re a novice investor brought into the market by the bitcoin buzz, you likely don’t have the time to make split-second decisions. Software like MT4 is there to fill in the gaps.

A Necessary Interplay Between Humans and Technology

Although technology isn’t a substitute for actual knowledge and insights, it is a facilitator. In much the same way price comparison websites have made it easier for consumers to find the best deals, there’s a certain amount of give and take on both sides. MT4 can collate the data and execute trades, but the user has to have some input. In other words, just as someone wouldn’t click the first result in a price comparison search, a novice trader wouldn’t just use the default settings for MT4. As long as investors are happy to embrace this reciprocal relationship with technology, the RBI’s issues with cryptocurrencies needn’t be a problem.

Being able to trade small amounts of money into well-established markets such as forex, gold and oil is a great alternative to bitcoin. Yes, these markets may not see 400% rises in a few months but neither are they currently the subject of a global debate. In essence, the uncertainty over cryptocurrencies shouldn’t be the thing that kills someone’s entrepreneurial spirit. With technology as it is today, trading is much more accessible than it used to be with or without bitcoin and its peers.

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