Bitcoin trading or Cryptocurrency trading is a main source of earnings in the Cryptocurrency market. But rarely people know about important things which are totally beyond our understanding.
There are many things which are associated with the perfect trading strategy that will not only help you to make tons of money but also will help to save your money from any big crash incident.
In this article we explained how to do trading with perfect strategy so that the probability of making profit remains high for you.
Always Follow Basic Rule Of Trading
If you are a Cryptocurrency trader then surely you should never violate the basic rules of trading.
Basic rules means don’t buy any coin in a pump situation and don’t sell your coin in a dump.
And never follow the hype or news blindly because that can be a trap.
Always do a better level analysis and then decide whether that hype or news really makes sense or not. And then decide how you will handle your trade.
Don’t follow financial advice by any Experts/Noob
This field of Cryptocurrency has lots of Cryptocurrency experts and also newbies.
Every person has his own idea and talent to handle the situation of the market according to his potential.
A situation can be good for others but maynot for you. Because a person will buy any coin and then he will suggest you to buy then there are two chances.
On one side you can make a profit but on the other side that coin’s price can drop badly.
Now understand this situation, maybe you are a small trader or don’t have money in your pocket to buy more coins. But the person who suggested that you should buy that coin, may have lots of money to invest more and more to recover his loss in a short time.
So always do analysis from negative and positive points and be ready with the Plan B for negative situations specially.
Be ready for crash
Crash in any market whether it is crypto or stock, both of them have almost the same situation and have the same opportunity to gain profit.
Pump and dump both are usual events of the Cryptocurrency market, so we should always keep in mind, dump will surely take place.
If the market is stable and not facing any dump then don’t be quick. Wait for a perfect dump of the whole market atleast by 10% and then invest your money in Crypto.
So we can say, to be a good trader, don’t be quick & wait for the perfect opportunity of investment.
Be updated with market
A talented trader always remains updated with the Cryptocurrency market. Every trader should keep their attention in the activities about Cryptocurrency whether it is about new projects or regulation or ban of crypto.
All types of news have their different types of impact on the market.
For example crypto legalisation is indication of Market up and ban news is indication of Market dump.
So take your action before the news gets viral in the whole community.
Use of stop loss concept
If you know in advance whether what will happen soon in the next hour or days innthe Cryptocurrency market then don’t be stupid.
Always sell your Cryptocurrency assets for a stable coin like USDT, USDC, BUSD, known as stop loss concept.
So analysis and understanding is not enough to have. We should use our knowledge in a perfect manner.
If a noob trader will remain updated with Cryptocurrency market news then he can get 99% idea whether market will dump or not.
And after the dump, buy your sold assets again. This will not only help you to save from the market crash but also will help you to make profit in a small time interval.
Don’t be greedy trader
If you are in the Cryptocurrency market then surely you want tons of money with less effort. But you should always keep your mind away from any type of greediness.
If you made profit in a coin then you should not reinvest all of your money in Cryptocurrency. You should keep some fraction of earning at another place as a passive income saving.
To be a good trader and want to make tons of money in trading, then you should follow basic rules of trading instead of going with a high profile signals channel. You just need to be careful that you are not following any news blindly and always doing analysis before investing in any coin.
And also remain updated with the cryptocurrency market so that you can get an idea of market uptrend & downtrend.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.