Why do you need a crypto trading strategy? Of course in order to make a profit, why else? You buy coins and then sell them at the right time when the prices go up. Whatever strategy you use, the only result should be an increasing profit. If your profitability is low, this is a clear sign that your strategy is not working and you need to change it.
There are different strategies to make profits and different applications that make your trading simpler. But there are some basic apps that everyone needs. One of these basic apps is bitcoin-buyer.io. It is an app that allows you to buy bitcoins so that you can trade them afterward.
All you have to do is to create an account. Once you have your account at bitcoin buyer, you will connect your credit card to transfer money. This is one of the easiest ways of buying bitcoins and other cryptocurrencies.
Another advantage of using this application is that you will spend a lot of your time on other platforms. For example, if you are using traditional trading methods, you will spend a lot of your time. However, with this advanced app, you don’t have to prepare anything. You will have all the statistical parameters that will help you analyze your trade. Thus, you can gain profits but following your strategic planning.
But if you are not earning any profits, there must be something wrong with your strategy. Here are some of the signs that will let you know if you are on the right track or not.
1. You are not making any profits
You are doing crypto trading to make money. So the biggest sign for you is to see whether you are making money or losing it? If you have spent a lot of your money on buying bitcoins but you have not gained anything yet, think. Think about why you are a step behind and what do you lack. A complete analysis of your strategy will let you have a better evaluation of your trade.
Furthermore, you will know what else you need to do. Or if there is a need to change your strategy completely. Cryptocurrencies have a volatile market and therefore, it is not possible to make an early prediction about anything.
Although crypto trading is just like the stock market but there is still a difference between them. The stock market has variable factors that affect the stock prices. However, that is not the case with the crypto market. It is highly likely that an unexpected situation might turn the tables and you lose. However, if you hold onto your coins and do not sell them at a low rate, you might eventually make a profit. Even if not a breakthrough, you will not lose your money. So it is always better to at least get your money out of it.
2. You don’t know where you are wrong
If you are just starting crypto trading, you might not know a lot about it. Furthermore, it is also highly possible that you are not well aware of different strategies. Thus, you will end up playing it like the stock market because not many people know the difference. The Crypto world works in a different way. Therefore, the first thing that you need to do is to learn about crypto trading.
There is a whole network of blockchain that works in order to create coins. The value of cryptocurrencies is increasing because of the limited number of coins available in the market. Furthermore, the mining of crypto coins is also a time taking and expensive process. All these factors combine to increase the value of these coins. Therefore, if you have little knowledge about cryptocurrencies, you should first learn about them. Learn about different strategies and meet people who have been doing successful trade. This will help you out in determining the right strategy for you.
3. You are losing your coins
You might be shocked at the number of crypto wallets available in the market. With this huge number, it is highly likely that you might get an unreliable wallet and lose your coins. One of the common mistakes that beginners make is to opt for a cheap wallet. Although there is not a serious issue with the type of wallet itself, the issue is their security.
If you are going for a cheaper wallet, you must know that you won’t have much security. Therefore, it is highly likely that someone will hack your wallet. Thus, you will end up losing your money eventually. That is why you should ask and learn about different coin wallets and choose carefully. This will help you to keep your coins safe.
4. You are investing only in a single currency
Another common mistake that beginners do is to focus only on a single currency. Although cryptocurrency was introduced a decade ago, why did it became known only now? Because of the increasing value. A few years ago one of the cryptocurrencies “Bitcoin”, started increasing its value. A lot of people suddenly got interested and this was the breakthrough in this volatile market.
Initially, only entrepreneurs and the business community were interested in cryptocurrencies. However, with the increasing value of Bitcoin, the common public got interested here. Thus, the popularity of cryptocurrencies increased.
But this was only limited to bitcoin. It is only recently that other cryptocurrencies came forward and gained some popularity. Therefore, currently, only Bitcoin, Ethereum and some other cryptocurrencies have gained value.
This is the reason that beginners only know about these few currencies and start with only a single one. This is a mistake that you might also make. Therefore, you need to pay attention to trendy cryptocurrencies. Because bitcoin is already at a high point and that is why the chance of gaining too much is too low. Instead, you should focus on other currencies. But do not completely ignore other currencies.