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This means they do a lot of technical analysis to determine when they should buy and sell their cryptocurrencies. These are individuals who know how to time the markets, so to speak. Doing this will require a lot of technical know-how.
Otherwise, if you jump into trading cryptocurrency blindly, then you could literally be throwing money down the drain. If you don’t know what you’re doing, you could lose everything.
With investing, you don’t worry about timing the market. You look towards the future and don’t bother looking at the daily or weekly charts. Seeing near-term price dips don’t bother you because you’re not planning on cashing out your investment soon.
While there is a possibility that in the future when you’re ready to sell your cryptocurrency and trade it for cash, the price might not be as high compared to if you liquidate your investment at the ‘right time.’ That’s just one of the risks you’d have to take. But think about how many mini-heart attacks you’re saving yourself from simply because you don’t let yourself think about daily or weekly price dips!
Now that you know the pros and cons of trading and investing in cryptocurrency, let’s proceed to the seven strategies for successful crypto trading:
Technique 1 – Buy Low and Sell High
Trading is all about making a quick buck. It is only natural that you buy crypto at low prices and then sell when the price goes up. In fact, this is why this is the top tip in this short report. Plain and simple, buying low and selling high is, for all purposes, common sense. The difference between your buying and selling price is your profit.
Now, imagine if you do the opposite. If you buy low, and you sell it at an even lower price. Think you’re making a profit? Obviously, not. You’ll be getting the short end of the stick. Rinsing and repeating this strategy can very quickly get you from zero to hero in a matter of days or weeks!
On the surface, this strategy might seem very simple. But executing it is actually much more difficult. Because of the volatile nature of cryptocurrencies, we don’t really know if the price we’re buying at is low enough.
Neither do we know if the price we’re selling at is high enough. As they say, hindsight is 20/20. But if you follow the other techniques in this report, then you should be able to at least have an idea of whether the price is going to go up or down.
Technique 2 – Pay Attention To The News
Listening to what’s happening in the cryptocurrency world is easier said than done, especially if you only have a passing interest in the technical details of how cryptocurrency works. You just want to profit – that’s why you’re trading. You don’t need to know the news, you tell yourself. Having this kind of mentality is not the right way to succeed in crypto trading. You know why?
Because cryptocurrency is not the most stable currency or commodity in the world, it’s not even centralized. With no government, banks or any other central figure backing cryptocurrencies, their value is at the mercy of people who own and have access to them.
Remember that cryptocurrencies are all digital in nature, they don’t have physical properties, and as such, have no intrinsic value. So its value is pretty much subject to how much the crypto community thinks it is worth.
So if something good happens in the crypto world, the price would appreciate because more people would be buying crypto. But if something bad happens, people tend to get scared easily and would sell off their digital coins in a hurry. With cryptocurrency being so new, people are skittish about putting too much faith in their digital coins.
To succeed as a crypto trader, you need to put your ear to the ground and listen close. Have a feel for what’s going to happen. Is there breaking news? Is it good or bad? How do you think it’s going to affect the price? When you know the answer to these questions, then you’re one step closer to succeeding in trading cryptocurrencies.
Technique 3 – Learn To Read Charts
We’re not going to go into the technical details here, don’t worry. It’s going to take much more than a short report to cover even the basics of technical analysis. But to give you an idea, you’ll need to read up, and master, popular technical analysis methods such as Japanese Candlesticks, Elliott Wave Analysis, Fibonacci Levels, Stochastics and Relative Strength Index (RSI), MACD or Moving Average Convergence / Divergence, and Ichimoku Clouds.
If you want to be a trader, you have to think like a trader. Professional traders technically live on charts because that’s how they figure out whether the price is going to go up or down. Of course, they’re also aware of the other techniques on this list, but most of these other methods don’t really deal with math. When logic and math are applied together, you can be infinitely successful in crypto trading!Other Details
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