Almost everyone is on the lookout for extra sources of income besides a regular job due to increasing standards of living which require more money. In today’s world, several luxuries have become a necessity due to changing patterns of lifestyle. After a full-time job, you look for some part-time work which can make you a handsome earning with limited working.
Crypto trading is such an option that can be initiated with a nominal investment and can earn you handsome profits in a short span of time. According to the latest research report, crypto industry has shown positive growth in the first half of 2019. Some people take it as a full time business and invest their money and time to get massive profits. However, it is imperative that you should start trading in crypto currencies with sound knowledge and proper strategies. For your ease, we are revealing hereunder six smart strategies to trade in crypto like a pro and grab good returns on your investment.
- Sail with the Wind
You are new to the crypto world and not fully aware of how to trade and where to start from. Let’s sail with the wind and invest in the best and well-known crypto currencies where most of the people are placing their investment bids. This may be one of the best strategies for new investors who don’t have time for learning and want to make quick profits. However, you should keep yourself updated from time-to-time with the top crypto currencies.
- Wait for Prices to Go South
This is also one of the smart strategies to wait for the prices to go down. Keep checking the highs and lows of the crypto currencies and when you see the crypto is going down and touching the lowest of the levels; it’s time for you to make an entry. Usually, investors panic in such situations and start selling their cryptos which further push the prices down. It’s the best time for you to jump in and accumulate at the lowest levels.
- Make the Most of Breakouts
Breakout strategy works for the investors most of the time. Even beginners can learn this strategy quickly where you have to look for Resistance and Support areas of the crypto movement. Once there is breakout in any direction whether upward or downward, it is time for you to enter the market. If learned correctly, this strategy can make you quick profits but you also have to be aware of the fake breakouts.
- Short-Term Trading
This one is more suitable for small traders who want to make quick but small profits. In short-term trading, either you do scalping or intraday trading. You just follow the day chart and try to make small profits during the fluctuations of the market. This strategy is also a smart one where you don’t risk your investment for a longer period of time and exit the market promptly.
- Set TP and SL
You are not going to stare the trading screen whole day and night. Use the Take Profit (TP) and Stop Loss (SL) limits to book your profit and loss. Calculate the profit you want to make and is realistic at the same time; set TP limit so when the price reaches there, your trade ends and profit comes in your account. Similarly, calculate the loss you may bear and set the TP limit if market goes against your trade.
- Keep Patience
You have learned everything in the trading of cryptocurrencies but you have not learned to hold your nerves and be patient, then you may be in the wrong business. Do not panic, the market is meant to move constantly and sometimes, it favors you and sometimes, it goes against you. When it’s against you, you have to have patience and wait for the market to turn around.
We are confident that these six smart strategies will help you in crypto trading and you will be able to make money in the cryptocurrency industry like a pro.