6 ways to succeed in crypto trading business

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Here are seven strategies that crypto traders are using right now to find that most elusive and coveted term — Edge.

1. When there’s confirmed price breakout

The tip here is in buying when there’s a confirmed price breakout. You also need to keep a tight stop loss (the max he can lose for each trade) and let the winners run.

2. Moonbag strategy

That’s when a trader starts taking profits and then recoups the initial investment.  You can plunk that moonbag on a staking platform, so you can earn passive income while waiting for it to moon.

3. Trades that go the same way up

Here, for example, Tesla goes in the same direction as NASDAQ. You can then draw two price curves — one for Tesla and one for NASDAQ. If the spread between them is growing, we can make money on the spread. You don’t wanna care if it’s going up or down.

4. Understanding Cycles

Understanding these trades in cycles will give signals on when to buy and sell. They’re still used by traders and are known as the Wyckoff market cycle. These cycles occur on both the longer horizons (weeks and months) and even on the shorter time-frames (minutes). All you need do is trade in the direction of the trend.

5. Trade more than just crypto

Another best practice is to trade like other crypto traders who are also stock traders and forex traders, hunting for the best setups wherever they may appear.Make money somewhere else and break lose from unnecessary limits.

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Some firms frequently shifts capital from crypto to oil to Tesla to gold and back to crypto.

6. Use leverage with caution

Over-leverage is one of the ways that rookie traders get crushed. By all means, then, avoid it. “They do a 1-to-100 leverage and the market moves 1% in the wrong direction and they lose everything,” says a trading expert.

See you at the top!

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