The Basics of Successful Crypto Trading

Trading profitably isn‘t rocket science. You don‘t have to be one of the rare genuises out of millions. Anybody could do it, from an intellectual point of view.

However, there are 2 major problems which hold people back from making money with trading cryptocurrencies, and those are fairly simple:

Major Problems of Crypto Traders

  1. Not having a clear plan for their trade and/or not sticking to their plan. Therefore they get emotional while watching price action.
  2. Not taking profit when it‘s there.

Knowing What Trading Is:

Trading is when you first make a plan about your trade. So you answer all of these questions in advance:

  1. What’s your goal (get more Bitcoin, more Ethereum, more USD?)
  2. Why do you want to enter a trade – Which signals tell you that this price is going to go up (or down)?
  3. How far do you expect price to move at least?
  4. In which time frame do you expect price to move up (or down)?
  5. Where would be your entry price?
  6. Where would be your stop loss?
  7. What’s your hedging strategy?
  8. Where do you take profit?

With these parameters you are able to execute a trade, from the beginning to the end. Otherwise you don’t know what you are doing and probably end up with no profit or even a loss.

Answer those 8 questions before you trade.

Knowing What Trading Is Not:

Just buying somewhere, where price looks relatively low, without precise entry plan would be investing and not trading.

Investments should be done based on fundamentals: You should know exactly why you expect a cryptocurrency to gain value over time and why it shouldn‘t just disappear at some point.

Keep in mind that there is a big competition between those hundreds of altcoins which are just slightly adjusted clones of each other in many cases, or at least very similar concepts.

Most likely few of them will survive in the longrun. So investing without an idea IF, WHY and WHEN this thing is going to pump, is not a smart investment strategy.

Don’t confuse investing with trading.

If you want to know the strategies of successful crypto trading, start with learning the first high probability trading strategy you should know:

Beginner? Learn Your First Trading Strategy To Trade Like A Pro:

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