Elite traders know something you might not. They know what they want. And how to get it. I’ll give you an example of what I mean by that.
- Nobody knows for sure which coin or token he wants to invest in next, but he doesn’t rush into anything.
- He patiently waits until he finds something promising enough for him to invest in.
- When he sees something, he buys as many coins or tokens as he can afford without making a loss.
That’s what you should do too if you want to become an elite trader: find good coins and invest in them before they blow up.
Why? Because it’s all about your ROI (return on investment) – the more money you make from every dollar you spend, the better. Right now, there are too many scams out there, so watch out for those! Many people don’t care, though, because they only look at the short-term profits – not at how much is invested – but elite traders know what is going to happen once a coin starts going up, which means everybody else will know too, and that’s when the price will skyrocket. Elite traders know this and want to take advantage of it to make the most profit possible.
Strategy 1: Use the news
Market manipulation has existed for a long time. People use rumours, false information or even factual information (but old) to buy low and sell high. That’s how they manipulate markets—but what can we do about it? We can use the information we get from the news and turn it into profit. By reading news articles carefully, we can determine which coins are going up or down because of some rumours surrounding them! It is why you should follow sites like Cointelegraph and know what’s going on in the cryptocurrency world because otherwise, you won’t be able to spot a potential opportunity.
Strategy 2: Invest smartly
Don’t invest all your money because if something goes wrong – for example – a bitcoin price crash – you’ll end up losing everything! Invest as much as you can afford to lose. Otherwise, trade with only part of your savings. Trade what’s leftover. Use those profits from those trades to buy more coins or tokens that you now believe have the power to skyrocket in value. This way, you will slowly build up a more extensive portfolio of successful investments, which will make it easier for you to make even bigger profits.
Strategy 3: Don’t rush
The biggest mistake many crypto traders make is rushing to buy a coin or token, as no one did with his recent investment in Litecoin. This way, you can easily miss out on opportunities that appear because if you don’t act fast enough, other people will, and they’ll take those opportunities from you! So watch the market as much as possible and always look for new coins/tokens whose prices haven’t skyrocketed yet but which have the potential to do so. Some could be NEO, EOS or Monero – all of them are relatively cheap now, but once their value starts going up, everyone will jump on board.
Strategy 4: Know when to sell
Don’t be greedy! If a coin or token isn’t going up as much as you need it to, it’s time to sell and make some money from your investment instead of losing everything by holding on to something that is just steadily going down. Never hold cryptocurrencies unless you are planning to use them – that’s the only reason you should keep your coins.
Strategy 5: Don’t panic sell
Panic selling can also cost you big time if you ignore the market and the price evolution of your investments. Remember this: never invest because someone else told you to. Invest only if you believe in a coin or token and want to use it for yourself. If you panic sells, the only thing you’ll achieve is losing more money than you gained from your investment because cryptocurrencies are a volatile class of assets – their value goes up and down all the time.