What are the tricks of crypto trading?
Volatile cryptocurrencies have been the assets that have appreciated the most over the past decade, mostly Bitcoin. Can we use their movements? Here I present some interesting tricks of crypto trading.
Trick 1: Don’t think about money
That doesn’t seem to make much sense, but it does. Think of crypto trading as unlimited activity, where the growth of your capital is exponential if you do things right.
And you have to worry about that. Concentrate fully on adhering to the rules set out in a plan.
Respect the parameters, accept the risk and remain open to the possibility that your profits are always higher than your losses.
Cryptocurrencies have shown that they can increase their price by more than 1,000%. So you can multiply your investment by 10 if you benefit from an increase of this magnitude.
If we think like this, we understand that the losses are tiny if we manage the risk and let the profits flow.
Trick 2: Make sure your crypto trading strategy is effective
Never think about getting yourself into the market with real money without first checking that the strategy you have learned leads to positive results. This was done after analyzing a sample of several operations using this strategy.
Use a demo account to check your methodology, applies a fixed period of time, observing the rules for the letter.
As a result, if you walk along the signals and take advantage of all the opportunities offered by the market, you are not afraid of trading. This way, you can get rid of the feeling of neglecting operations that could bring great benefits.
Trick 3: accept the risk Crypto trading
Trading in general is an activity in which your capital is at high risk. If you don’t accept that the losses are part of the game, they’ll make sure you get out of the game quickly.
Accept that these are probabilities and you will never be 100% right.
Take advantage of endless possibilities and manage funds to check whether your analysis is correct. Otherwise, you have enough margin to continue testing and to end a series with a profit margin.
Trick 4: Don’t buy if the price is high!
Benefit from discount prices, not the other way around! This is one of the easiest crypto trading tricks, but believe me, it is one of the most effective.
This is a mistake that many beginners often fall for. They try to get on the wave when it has already peaked, and that’s where the big cryptocurrency holders emerge who take advantage of the surprising surge that so much news has caused.
And that repeats itself over and over again. Sure, sometimes it’s noticeable, like 2017, when BTC hit $ 20,000.
Everyone thought it was the golden opportunity to get rich.
But can you imagine how many did it by buying Bitcoin for $ 5,000, $ 1,000, $ 100? Lots! They used these crypto market highs to make thundering profits.
What makes you think you’re going to make money shopping on the news?
Enter when the price is for sale and take advantage when the news makes a profit.
Trick 5: Stop if necessary
If something goes wrong, stop immediately. Analyze your strategy for mistakes and perfect what worked for you.
It is highly recommended to record all decisions you make when trading crypto.
In this way, you can understand whether you were the cause of the losses and restart operations as soon as possible.
Don’t be afraid of missed opportunities. These are endless in the markets. So worry that you are in the best shape to win the next one.
Where can I implement these crypto trading tricks?
The tips don’t help if you don’t use them. Get to work and use this wonderful market.
Hundreds of brokers currently offer cryptocurrency-based products such as CFDs and futures.
Some brokers with better qualities than others who try to adapt to the different needs of their customers.
Each of them has excellent financial products for operating cryptocurrencies and a good reputation within the ecosystem.