If you really want to make money in the crypto market, you have to prepare your trading plan and then trade your plan that’s how you survive in the markets. Remember failing to plan is planning to fail so you have to make sure you really know what you are going to do on your trading day and don’t just do things you are not sure of.
Crypto and Forex trading is like a war its either you win or you lose, so when you make a loss some is making profit on your losses. Some people trade expecting not to lose but instead they are supposed to trade with intention of winning. Everyone want to make profits but not everyone knows how to do that. I am going to share a few tips with you on how to make money.
What to know first You should clearly understand what you are venturing into so that you don’t make premature and poor decisions.
After you are done with selecting your crypto exchange trading platform this is a list of things you should do first:
Identify assets to trade
Check demand and supply
Know trading levels and then execute trades
Identify assets to trade
Identifying your assets is the first thing to do, the crypto market is made up of stable coins, volatile coins and less volatile coins so first identify the type of coins to trade. Don’t make a mistake of selecting stable coins expecting to make money, they don’t move. After selecting your coins then check how many points/pips they move per day so you will be able to know which moves to trade and for how long.
Check demand and supply
The law of demand and supply really works when trading the crypto market. You should identify the demand levels and this is where the price goes up and identify the supply levels as well, these are level where orders are being offloaded.
Know trading levels and execute trades
After you have identified the supply and demand levels, those are your trading level. First go at the demand zone level and buy your crypto, because of demand the price will go up and wen the price hits the supply zone then dispose your position and take profit and look for another entry opportunity.
Conclusion
Always check volumes first before placing orders and avoid buying crypto currency that have low volumes because they are not liquid therefore you will not make any money. I used to struggle at first and when I mastered this strategy my trading lifestyle changed and I am now a better trade and lastly make sure you use well regulated exchanger so that you won’t lose your money.