First things first, you need to:
Pick a trusted crypto exchange: A crypto exchange is a place where you will purchase, sell and trade cryptocurrencies.
Binance is an excellent example since it offers quite a lot of coins to trade with and they allow third-party crypto trading tools to assist with your trades.
Do your own research (#DYOR): This goes with any type of investing, but even more so for cryptocurrency. Do some research on the currencies and the companies that handle them to check if they meet your investment goals.
Keep in mind that this process can take hours if you’re not familiar with how the market works!
Only spend money you can afford to lose: Cryptocurrencies can be influenced by a lot of factors causing unexpected shifts in its value. So play it smart and don’t spend your entire life savings on trading crypto.
5 tips to become profitable with crypto trading
1# Keep in mind that the market is volatile
It's not unheard of to see coin prices swing 20-30% in a few hours. So don’t be surprised if your coin’s value goes up or down by $200+ or more in a very short period.
2# Avoid the Fear of Missing Out (FOMO)
There's a great deal of hype around cryptocurrencies. This can prompt inexperienced investors to start purchasing popular coins at a high price... only to lose money once its value drops.
Word of advice; avoid investing in a coin just because it suddenly spiked in price.
3# Take profits at intervals
In case you're doing short-term trading and see a huge increase in value, you might be tempted to put your take profit in a higher bracket.
However, nothing can escape the pull of gravity and sometimes a bullish coin won’t reach your target price. In some cases, it’ll come crashing down and you will lose money.
You can offset this by taking profits at regular intervals, improving the probability that you'll see consistent returns.
4# Use stop-loss for day trading
If a trade isn’t going the way you expected it to and leads to loss, a stop-loss can cushion the blow.
So instead of losing all of your money on a trade, you’ll be able to make the most out of it and trade another day.
5# Use the right trading strategy
Some traders prefer long-term, while others are partial to short term gains. With crypto, it’s not quite so clear cut as the market often makes dramatic moves.
That means to be truly profitable, you should apply the right strategy to the right trade at the right time.
Trading experts with years of experience can spot these opportunities by looking at different charts and price trends. But for beginners, this process can take more than a few hours.
All these sounding too complicated? Well, it shouldn’t have to be!
Finding the right opportunities and using the right trading strategy are skills that take years to master.
ProfitFarmers, our favourite cryptocurrency copy-trading software, lets you skip all of the years required to spot profitable trades!
How is this possible? Well, they’ll give you a cheat code through their cryptocurrency trading signals.
High-quality crypto trading signals
In a nutshell, a trading signal shows you which coin to trade with (the trading pair), the ideal prices to buy (entry zone) and sell (targets) for maximum profit!
ProfitFarmers emphasizes on the quality of their signals rather than the quantity. Once their system algorithm picks up on a good opportunity, it is then vetted by their crypto trading experts.
This might result in times when signals aren’t always coming in every hour but it does ensure quality.
In fact, they even have a money-back guarantee that says they’ll give you a full refund if their signals didn’t produce a 60% win-rate!
But, ProfitFarmers takes it one step further and features semi-auto trading.
Semi-automated trading system
Their system presents us with a one-of-a-kind semi-auto trading feature where you just pick a signal, enter how much you wish to trade with and then the system will execute the trades on your behalf through Binance!
Thanks to this, you are able to spend less time trying to catch up to the price and more time with your loved ones!
Learn while you earn
Another aspect that sets ProfitFarmers apart from others is that they regularly put out content that can help you grow as a trader.
In fact, the ProfitFarmers Academy has videos that teach you how to use their platform, the basics of trading, and how to level up your profitability.
Pick, click, and grow with ProfitFarmers
Skip the years of stress that comes with trading and become a bit more profitable by using ProfitFarmers. Give it a try today!