Discover the Power of Trading Crypto Kraken

28.03.2024 17:10 33 times read Reading time: 18 minutes 0 Comments

Topic in short form

  • Kraken offers a secure platform for trading a wide range of cryptocurrencies with advanced features for experienced traders.
  • Users can benefit from low fees, 24/7 customer support, and a comprehensive range of educational resources.
  • With Kraken's robust API and high liquidity, traders can execute trades quickly and efficiently.

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Introduction to Kraken: A Premier Crypto Trading Platform

If you are starting your journey into the world of cryptocurrency, it's crucial to choose a trading platform that is reliable, secure, and user-friendly. Kraken stands out as one of the premier options for individuals looking to delve into trading crypto. Renowned for its robust security measures and a diverse selection of digital currencies, Kraken provides an ideal environment for both beginners and seasoned traders to navigate the cryptocurrency market.

Established in 2011, Kraken has consistently ranked among the top trading platforms in the industry. Its commitment to compliance and regulatory adherence ensures that users can trade with confidence. By prioritizing user experience, Kraken has developed a platform that offers easy navigation and a gamut of features tailored to cater to various trading styles and strategies.

Whether you aim to trade on a casual basis or you're gearing up for high-volume trading, this introduction to Kraken will give you insights into the power of trading crypto on a world-class exchange. Discover how Kraken's suite of tools and services can empower your trades and help you achieve your investment goals.

Understanding the Basics of Crypto Trading on Kraken

Embarking on the journey of cryptocurrency trading on Kraken requires an understanding of the fundamental elements of the trading environment. First and foremost, traders must familiarize themselves with the key terminologies such as ask (the price a seller is willing to accept for a crypto coin), bid (the price a buyer is willing to pay for a crypto coin), and spread (the difference between the ask and bid prices).

On Kraken, you can engage in spot trading, where cryptocurrencies are bought and sold for immediate delivery, or explore more advanced methods like margin trading, which allows you to trade with leverage. Understanding the order book, which displays all buy and sell orders currently available on the platform, is essential for making informed decisions.

It's also crucial for traders to become adept at analyzing price charts and recognizing trends. Kraken offers a range of charting tools to aid in technical analysis, enabling traders to identify potential entry and exit points for their trades. Additionally, grasping the concept of trading volume on Kraken helps in assessing the liquidity of a particular cryptocurrency at any given time.

Lastly, risk management cannot be overstated. Kraken provides various options like stop-loss orders and take-profit orders to help manage your trades and protect your investments from significant market swings. Learning to employ these tools will add a vital layer of security to your trading strategy.

Assessing the Advantages and Challenges of Crypto Trading with Kraken

Pros of Trading on Kraken Cons of Trading on Kraken
Robust security measures Can be complex for beginners
Wide range of cryptocurrencies Customer service can be slow
Low transaction fees Limited payment options in some countries
Advanced trading features Platform can be intimidating
Fiat currency support Occasional technical issues

Setting Up Your Kraken Account for Success

To begin trading on Kraken, setting up your account properly is a pivotal step towards ensuring success. Start by registering an account on the Kraken website, which involves providing some basic personal information and setting a strong, unique password to protect your account. After email verification, you’ll be required to complete identity verification, a process intended to enhance security and comply with regulatory requirements.

Upon verification, you will want to secure your account using two-factor authentication (2FA). This adds an extra layer of security by requiring not just a password but also a code from your mobile device when logging in or performing transactions.

  • Funding your account is the next crucial step. You can do so by depositing fiat currency such as USD or EUR, or by transferring cryptocurrency from an external wallet to your Kraken account.
  • It's important to acquaint yourself with Kraken’s interface and explore the dashboard where you can monitor your balances, access markets, and start your trading journey.
  • Understanding the fee structure on Kraken is also essential for effective cost management. Familiarize yourself with the different fee tiers and the requirements to potentially lower your fees through higher trading volumes.
  • Lastly, set up any preferred user interface settings, such as market selection and display preferences, to tailor the platform to your unique trading style and requirements.

Constructing a solid foundation by configuring your Kraken account correctly will instill confidence and streamline your trading activities. It’s not just about getting started, but also about setting yourself up for long-term success in the crypto trading sphere.

The user interface of Kraken is designed with both the novice and experienced trader in mind, facilitating a straightforward and efficient trading experience. Once you log into your account, you’ll be presented with a clean and intuitive dashboard. Here, seamless navigation is key, allowing you to access various aspects of your account and the trading platform with ease.

At the heart of the interface is the Trading Panel, where you can execute trades, view open orders, and manage your positions seamlessly. The simplistic design ensures that you can easily switch between different trading pairs and markets without feeling overwhelmed.

  • For in-depth analysis, the Markets section provides comprehensive data. You can examine current price movements, trading volumes, and historical data effectively.
  • The Trade tab gives you access to the order forms where you can place market, limit, and other types of orders.
  • The Funding tab is your go-to for managing deposits and withdrawals, showing a clear view of your ready-to-use funds and transaction history.

Kraken's interface also includes easy-to-read charts and indicators, crucial for those relying on technical analysis to inform their trade decisions. In addition to real-time data feed, these charts are highly customizable, and traders can adjust settings like the time frame and indicator overlays according to their analysis needs.

The platform's layout and features are geared towards helping you make informed trading decisions swiftly and efficiently. With Kraken’s interface, you can monitor the market’s pulse and execute trades with precision and ease, leading to a more empowered trading experience.

The Advantages of Trading Crypto on Kraken

Kraken offers numerous advantages that cater to the diverse needs of its users. Whether you are just stepping into the world of cryptocurrencies or you are an experienced trader, the platform aligns with multiple trading goals and strategies.

  • The platform's variety of supported cryptocurrencies is impressive, providing traders with the opportunity to diversify their portfolios across established and emerging digital assets.
  • Low fees are a standout feature, with Kraken offering some of the most competitive rates in the industry, helping traders keep more of their profits.
  • For those looking to amplify their trades, margin trading with leverage is available, giving traders the opportunity to increase their buying power.
  • Kraken is highly regarded for its exceptional security measures, including comprehensive encryption and funds held in cold storage, giving traders peace of mind when it comes to the safety of their investments.
  • The platform's commitment to regulatory compliance ensures it stays ahead of the curve in terms of following legal guidelines, which adds a layer of reliability for its users.
  • Kraken also places significant emphasis on user education, providing a wealth of resources to help traders make informed decisions and improve their trading skills.
  • Its global reach means that Kraken's services are available to a vast audience, facilitating international trading partnerships and access.

With these advantages and more, Kraken has established itself as a leading force in the cryptocurrency trading arena. The platform’s continuous innovation and dedication to user satisfaction make it an excellent choice for anyone looking to trade crypto assets effectively and securely.

Security Measures: Safeguarding Your Investments on Kraken

When it comes to online trading, the security of your investments cannot be taken lightly. Kraken’s robust security infrastructure is a cornerstone of its service, giving traders the assurance they need to trade confidently. This focus on security is evident across several fronts.

  1. Upon account creation, two-factor authentication (2FA) is advocated to protect access to your account, providing an extra check beyond just the password.
  2. Encryption technology is employed to secure personal and financial information both in transit and at rest.
  3. For asset protection, Kraken holds the majority of deposits in cold storage, meaning they are kept offline and away from potential online vulnerabilities.
  4. Regular audits and penetration tests are conducted to proactively identify and fix any security weaknesses.
  5. A robust monitoring system is in place, which provides continuous surveillance of platform activity to detect and prevent any unauthorized actions.
  6. For added financial security, Kraken also provides account-ledger lockdowns, making it possible for users to freeze their account in the case of a suspected security threat.

Kraken’s multifaceted approach to security ensures that every trader’s account and investments are shielded against external threats. Consequently, traders can focus more on their trading strategies and less on the safety of their funds, knowing that Kraken prioritizes their assets’ security with state-of-the-art measures.

Kraken's Trading Tools and Features to Enhance Your Strategy

Kraken equips traders with a comprehensive set of tools and features to refine and enhance trading strategies. These tools are tailored to assist traders in making educated, strategic decisions, maximizing their potential for success.

  • A powerful trading engine allows for rapid order execution, reducing the risk of slippage and ensuring that you can enter or exit trades at your intended prices.
  • Advanced order types give traders control over their trades by allowing for conditions such as stop-losses, take-profit levels, and trailing stops to manage risk effectively.
  • Kraken’s charting tools offer real-time insights with an array of indicators, drawing tools, and customizable options, paving the road for in-depth technical analysis.
  • The staking feature enables users to earn rewards on their cryptocurrency holdings, adding an additional revenue stream or discounts on trading fees.
  • For those looking to automate their trades, Kraken supports the use of APIs, which allow for the integration of third-party trading bots and software.
  • Its margin trading and futures trading platforms cater to those looking for higher leverage and sophisticated trading opportunities.

By coupling its simplistic user interface with these powerful trading tools and features, Kraken provides a trading environment that can be customized to fit the unique preferences and strategies of any trader. The platform empowers its users to navigate the cryptocurrency markets with efficiency, precision, and confidence.

Funding Your Kraken Account: A Step-by-Step Guide

Before you can start trading, your Kraken account needs to be funded. This process is streamlined to ensure you can begin as quickly and efficiently as possible. Follow this step-by-step guide to deposit funds into your account:

  1. Log in to your Kraken account and navigate to the Funding section, where you can view options for depositing both fiat currency and cryptocurrency.
  2. To add fiat currency, select your preferred currency and choose from a list of compatible funding methods, such as bank transfer or wire payment.
  3. For a cryptocurrency deposit, go to the Deposit section, select the specific digital asset you wish to fund your account with, and follow the on-screen instructions to obtain your unique Kraken deposit address.
  4. Enter the required details and specify the amount you wish to deposit. Make sure all information is correct to avoid delays or errors in the funding process.
  5. Confirm the transaction. For fiat deposits, this may involve confirming payment through your bank. For crypto deposits, you'll send the funds to the provided deposit address.

Once the deposit is initiated, there will be a processing period, the length of which may vary depending on the chosen funding method and the type of currency. Once confirmed and cleared, your funds will be available in your Kraken account, and you can commence trading.

It's essential to note that Kraken maintains high security standards for all transactions. You might be required to go through additional verification checks, especially for significant fiat deposits, to comply with anti-money laundering regulations and to protect your account.

Executing Your First Trade on Kraken: Tips and Tricks

Executing your first trade on Kraken is an exciting moment. Here are some tips and tricks to help ensure that this inaugural trade sets a positive tone for your future trading endeavors.

  • Before you make your first trade, spend time becoming familiar with the markets. Observe the price movements and patterns for the cryptocurrencies you are interested in.
  • Experiment with the practice trading feature, if available, to simulate trading without using real funds. This is a risk-free way to get comfortable with order execution and the platform's trading tools.
  • Start by planning your trade. Determine the entry and exit points, and decide whether to place a market order, which buys or sells at the current price, or a limit order, which sets the maximum or minimum price at which you are willing to buy or sell.
  • Understand the fee structure on Kraken to ensure that you take all potential costs into consideration.
  • Use risk management techniques, such as setting stop-loss orders, to help mitigate potential losses.
  • Once you're ready, go to the Trade tab, fill out the order form carefully with your desired trade details, and double-check everything before you click to confirm the transaction.

Remember, there’s no need to rush your first trade. Take the time to review all the information, ensure that you're making a decision based on sound research and strategy, and only trade with funds that you are prepared to risk. A well-executed first trade on Kraken can be the beginning of a rewarding trading journey.

Leveraging Kraken's Advanced Trading Options

For traders looking to take their strategy to the next level, Kraken provides a suite of advanced trading options that can be leveraged to potentially increase profits and manage risks in a more sophisticated manner.

  • Delve into margin trading, which allows traders to borrow funds to increase their buying power. By employing leverage, traders can amplify their trades, aiming for larger gains while understanding the increased risks involved.
  • Futures trading is another advanced feature available on Kraken, enabling traders to speculate on the future price of cryptocurrencies without the need to own them directly.
  • For automation enthusiasts, Kraken's support of APIs facilitates the use of algorithmic trading strategies, allowing for more precise and time-efficient execution.
  • Kraken also offers OTC (Over-The-Counter) services for high-net-worth individuals and institutions looking to execute large volume trades with direct service and enhanced privacy.

While utilizing these advanced trading options, it's imperative to do so with a clear understanding of the increased complexities and risks. Traders should educate themselves thoroughly and possibly start with small-scale tests to familiarize themselves with the features before committing significant capital.

With these enhanced capabilities, Kraken provides the tools necessary for experienced traders to explore dynamic trading strategies, all while maintaining the platform's renowned security and integrity.

Kraken Fees: Understanding the Cost of Trading

One of the important elements of trading on Kraken is being well-informed about the fee structure. Understanding these costs is crucial as they affect your trading profit and loss. Kraken structures its fees to be competitive while also providing users with the chance to reduce costs based on volume and activity.

  • Trading fees on Kraken are calculated as a percentage of the trade's quote currency volume. They vary for makers (who add liquidity to the market by placing limit orders) and takers (who remove liquidity by placing market orders).
  • The fee schedule is tier-based, meaning the more you trade, the lower your fees can become. It is designed to incentivize increased trading activity with cost savings.
  • Deposit and Withdrawal fees also apply and differ depending on the method and currency used. Some deposits may be free, while certain withdrawal methods may incur a cost.
  • If engaging in margin trading, there will be additional fees based on the amount borrowed and the duration of the loan. Similar fees may apply to futures trading.

It is highly recommended that traders review the complete, up-to-date fee schedule directly on Kraken’s website to avoid any surprises. Developing an awareness of these costs will be integral to your overall trading plan, as it enables you to calculate net returns accurately.

By keeping these fees in mind and planning accordingly, you can optimize your trading decisions to ensure that they are cost-effective and align with your financial goals.

An essential asset for any trader is the ability to analyze and interpret market trends. Kraken's platform offers comprehensive charting tools that provide invaluable insights into market dynamics, helping users to make informed trading decisions.

  • Access real-time charts that track price movements across various time frames, from minutes to days, to gain perspective on short-term fluctuations and long-term trends.
  • Utilize a range of technical indicators, such as moving averages, Bollinger Bands, and MACD, to perform technical analysis that can aid in predicting future price movements.
  • Customizable chart features allow you to tailor the display to your preferences, including the ability to draw trend lines and patterns manually, helping you visualize market sentiment.
  • Volume indicators on the charts provide clues about the strength of a price move, which can be pivotal in assessing the potential for continuation or reversal of a trend.

The versatility of Kraken's charting tools means that both novice and advanced traders can apply various analytical techniques to develop their strategies. Whether you're a fan of candlestick patterns, prefer complex Fibonacci retracements, or rely on simple price action, Kraken's charts are equipped to meet your needs.

By effectively utilizing these detailed charting capabilities, you'll be better positioned to time your entries and exits, understand potential price movements, and approach the crypto markets with a higher degree of precision and confidence.

Kraken Mobile App: Trading Crypto on the Go

For traders who prefer to manage their cryptocurrency investments on the move, the Kraken mobile app provides a seamless and functional experience. This app ensures you can access your account and the markets anytime, anywhere, without being tethered to your desktop.

  • The user-friendly interface of the Kraken mobile app mirrors the simplicity and functionality of the desktop platform, offering a familiar trading environment for its users.
  • Through the app, traders can monitor markets, view their portfolio, and execute trades with just a few taps on the screen, ensuring that they never miss a market opportunity.
  • Important account management functions, such as viewing balance, funding your account, and setting up security features like 2FA, are all available within the app.
  • The app includes real-time price notifications, which can be customized to alert you about significant price changes or when a particular price target is hit.

Whether you're commuting, traveling, or simply away from your desk, the Kraken mobile app gives you the power to remain actively involved in trading. With a focus on convenience and security, Kraken ensures that mobile traders are equipped with everything they need to be successful in the fast-paced world of crypto trading.

Customer Support and Resources for Kraken Traders

Effective customer support and comprehensive resources are essential for a positive trading experience. Kraken recognizes this and offers robust support and educational materials to assist traders in navigating the platform and the broader cryptocurrency market.

  • Kraken's customer service team is accessible 24/7 through live chat and email, providing timely and helpful assistance for any issues or inquiries you might encounter.
  • The Help Center is a vast repository of articles, guides, and FAQs that cover every aspect of using Kraken, from setting up your account to executing complex trading strategies.
  • With a commitment to trader education, Kraken provides a suite of educational resources, including webinars, tutorials, and blogs, aimed at enhancing your understanding of crypto trading and market analysis.
  • For community interaction and support, Kraken maintains a presence on various social media platforms where traders can engage with one another and with the Kraken team.

Whether you're a beginner seeking basic knowledge or an experienced trader looking for in-depth information, Kraken's customer support and resources stand ready to guide you towards mastering the art of crypto trading.

Diversifying Your Portfolio with Kraken's Cryptocurrency Selection

Portfolio diversification is a key component of investment strategy, particularly in the volatile world of cryptocurrency trading. Kraken provides a broad selection of digital assets, enabling traders to build a diversified portfolio that can potentially reduce risks and capitalize on various market opportunities.

  • Kraken's platform supports a wide range of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as a variety of altcoins and emerging tokens, giving traders numerous investment choices.
  • Beyond spot trading, Kraken users can also diversify through staking, which offers the opportunity to earn rewards on eligible staked assets, adding a different dimension to their portfolio strategy.
  • By offering access to innovative investment options like cryptocurrency futures, Kraken enables further portfolio expansion and diversification possibilities.

A well-diversified cryptocurrency portfolio may mitigate the risks associated with the volatility of a single asset and help balance potential losses with other gains. Kraken's wide selection of cryptocurrencies makes it simpler for traders to allocate their investments across different asset classes according to their risk appetite and investment goals.

Kraken Staking: Earning Rewards on Your Crypto Assets

Kraken offers a staking service that allows users to earn rewards on certain cryptocurrencies. Staking can be an effective way to accrue additional coins from your existing holdings and benefit from the growth of the crypto assets you support.

  • Staking on Kraken is easy to set up. Simply choose the supported cryptocurrency you wish to stake and follow the prompts to start earning staking rewards.
  • The platform offers competitive staking yields, providing an attractive rate of return on various cryptocurrencies, including both proof-of-stake coins and select fiat currencies.
  • Staked assets remain in your Kraken account, and the staking rewards are typically distributed weekly or fortnightly, allowing you to compound your holdings regularly.
  • Kraken also enables users to unstake their assets with ease, providing flexibility in case you decide to trade your staked assets or need to liquidate your holdings.

By offering staking services, Kraken provides users a chance to participate in network security and consensus mechanisms while earning passive income on their crypto investments. This feature adds to the overall appeal of Kraken as a comprehensive platform for managing and growing your cryptocurrency portfolio.

Kraken Futures: Exploring Advanced Trading Opportunities

Kraken Futures is a feature that provides seasoned traders with the tools to explore more sophisticated trading strategies through futures contracts on various cryptocurrencies. This platform offers advanced trading opportunities that align with the expectations of experienced market participants.

  • With Kraken Futures, you can trade long or short, allowing you to potentially profit from both rising and falling market prices.
  • Trading futures contracts can be done with leverage, giving you the possibility to increase exposure to the market with a smaller upfront capital requirement.
  • Kraken provides a seamless transfer of funds between the spot and futures markets, making it easy to manage your positions and capital.
  • The platform also offers enhanced reporting that helps traders in tracking their performance and managing risks effectively.

Participating in futures trading on Kraken allows for a high level of flexibility and can be a powerful component of a diversified trading approach. However, it's important to approach futures with a thorough understanding of the associated risks and a sound risk management plan in place.

Community and Educational Resources at Kraken

Kraken doesn't just offer a trading platform; it also fosters a community and provides educational resources to support its users in developing their trading knowledge and skills. This includes a variety of channels and materials suited for different levels of experience and learning styles.

  • The Kraken Blog is regularly updated with market insights, product updates, and tutorials that can enhance your understanding of cryptocurrency trading.
  • Webinars and live streams are available for interactive learning, allowing traders to ask questions and get real-time answers from Kraken experts.
  • Through social media channels and online forums, traders can connect with each other, share strategies, and discuss market developments in a supportive environment.
  • Kraken guides and FAQs provide detailed information on how to use the platform and explain key concepts in cryptocurrency trading.

Whether you're starting out or seeking deeper understanding, the array of community engagement opportunities and educational content available at Kraken empowers traders to continue learning and evolving in their trading journey.

Withdrawals and Deposits: Managing Your Funds on Kraken

Effective management of your funds is crucial for a seamless trading experience on Kraken. The platform provides straightforward processes for both deposits and withdrawals, ensuring you have complete control over your investments.

  • Depositing funds into your Kraken account is a simple process: choose between fiat or cryptocurrency options, follow the guided steps, and your account will be funded once the transaction is verified.
  • For withdrawals, confirm the destination address or account details carefully to ensure the safety of your funds. Kraken’s security protocols may require additional verification for withdrawals to proceed.
  • Kraken emphasizes transaction transparency, providing you with status updates and a history log so you can track your funds at every step.
  • The platform also allows for the setup of multiple withdrawal addresses for added convenience and streamlined withdrawal processes in the future.

Whether topping up your account or cashing out your earnings, the deposit and withdrawal functionalities of Kraken are designed with user ease and security in mind, giving you peace of mind as you manage your cryptocurrency transactions.

Conclusion: Why Kraken Stands Out in Crypto Trading

In the competitive landscape of cryptocurrency exchanges, Kraken distinguishes itself with a combination of user-centric features, robust security, and an expansive suite of trading opportunities. It is these attributes that contribute to its reputation as a trusted and leading platform in the crypto trading community.

  • The platform's user-friendly interface makes it accessible for traders of all levels, while its advanced trading options cater to the needs of more sophisticated market participants.
  • Security remains a top priority for Kraken, with measures like two-factor authentication and cold storage of assets instilling confidence in its user base.
  • A transparent and competitive fee structure ensures that traders can maximize their potential earnings without facing excessive costs.
  • Complementing its trading services, Kraken's educational resources and active community offer ongoing support and learning opportunities to traders.

Overall, Kraken's commitment to providing a seamless trading experience, coupled with its dedication to safety and user empowerment, underscores why the platform is esteemed by traders worldwide. Whether beginning your trading journey or looking to enhance your existing strategy, Kraken serves as a robust partner in the exploration of the dynamic world of cryptocurrency.

Key Insights for Crypto Trading on Kraken Platform

What security features does Kraken offer to protect my investments?

Kraken provides robust security measures including two-factor authentication, encrypted personal information, majority of deposits in cold storage, regular audits, continuous surveillance systems, and account-ledger lockdowns.

Which cryptocurrencies can I trade on Kraken?

Kraken offers a wide variety of cryptocurrencies for trading, including but not limited to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and numerous altcoins and emerging tokens.

Can I trade on leverage on the Kraken platform?

Yes, Kraken permits margin trading, which allows you to trade with leverage and potentially increase your buying power and profits while understanding the increased risks involved.

How does Kraken's fee structure work?

Kraken's fees are tier-based and vary depending on whether you are a maker or taker. Higher trading volumes can lead to reduced fees. Deposit and withdrawal fees vary by method and currency.

Can I earn rewards on my cryptocurrencies with Kraken's staking services?

Yes, Kraken provides staking services where you can earn rewards on eligible cryptocurrencies. The staking rewards are usually distributed weekly or fortnightly.

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Article Summary

Kraken is a secure and user-friendly cryptocurrency trading platform suitable for both beginners and experienced traders, offering robust security measures, compliance with regulations, and a wide selection of digital currencies. The article guides new users through the basics of crypto trading on Kraken, account setup for success, navigating its intuitive interface, and highlights the advantages of using Kraken to trade cryptocurrencies.

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Useful tips on the subject:

  1. Understand the platform's security measures: Familiarize yourself with Kraken's security protocols, such as two-factor authentication and cold storage practices, to ensure the safety of your investments.
  2. Start with a clear strategy: Before trading on Kraken, develop a comprehensive trading plan, including entry and exit points, and familiarize yourself with the platform's tools and features that can support your strategy.
  3. Take advantage of educational resources: Utilize the educational materials provided by Kraken, such as webinars, tutorials, and guides, to enhance your trading knowledge and skills.
  4. Explore advanced trading options: As you gain confidence, consider exploring Kraken's advanced trading features like margin and futures trading, while being mindful of the associated risks.
  5. Monitor fees and manage costs: Keep an eye on Kraken's fee structure for trading, deposits, and withdrawals to understand how costs will impact your overall trading profitability.