10 Crypto Day Trading Plans For Beginners

 Discover Ten Crypto Day Trading Plans For Beginners 

 

Are you not keen about waiting to see profits rolling? Trade that rewards you in a snap - is that where you want to invest your money? If yes, crypto day trading is your best option. 

Choose an exchange to trade. Keep an eye on the price movements. Sell your coins and collect your winnings. 

 

It sounds like a no-brainer, right? It is simple to know what day trading is all about and the strategies you need to apply. 

The gains are significant, but only when you trade and perform like a pro because if you don't know what you're doing, it's going to hurt your pockets quickly and easily enough. Furthermore, it will be difficult for any beginner who doesn't know the market or how cryptocurrency trading works in general.

Fear not, that's why this blog post is here, and you reading it tells me you're already working on sharpening your trading skills.

 

Crypto day trading is more like a regular job. The more focused and strategic you are, the better your profits will be. Here are some essential hacks and tips to help you set the ball rolling in the business of day trading cryptocurrency. 

 

Winning strategies for crypto day trading - tips for newbies 

 

1. Your knowledge plays a crucial role: Get up-to-date information about the crypto trading industry. Remember, the window of trading opportunities lasts for a concise amount of time on a day-to-day basis. 

Be aware of what's new in the crypto space, what's good, what's wrong, any shift on a particular coin based on price or popularity, and the economy in general. 

Crypto traders are on the front lines of investing in a market that is constantly changing. With this new breed of investor, there's an opportunity to make some serious bank if you can stay ahead of what's happening and react quickly enough as it unfolds.

 

If you are focused on trading specific coins and do not want to worry about ending up "holding a bag," be 100% sure that you know the ins and outs of the altcoins you will be trading. Always stick to the best possible trading-related websites in the market for knowledge. Zero-knowledge is equal to a recipe for disaster. 

 

2. Create your strategy: Of course, that comes with practice. The trick to remaining at the top of your game in crypto day trading is to apply methods that guarantee a win. You can either work using the tried-and-tested tricks or cook up a master strategy. 

 

As a rookie, always try your hands on proven strategies. Learn and master the method you are most comfortable working. Then, once you are a pro, put your spin and fine-tune it to make it work even better, more specifically, "To work according to your trading style and risk appetite."

Don't worry; soon enough, you'll be able to fine-tune whatever strategy works best for you, so it becomes even more profitable than ever! 

 

3. Hunt for the right entry points: The cryptocurrency market can be a little tricky to navigate if you're just getting started. Get a clear picture of how the cryptocurrency market works before you jump. 

The best way to succeed is by understanding the fundamentals of supply and demand.

A helpful tip - when the scales of demand and supply are way out of proportion, it makes room for the best entry points. 

When the supply scale is dwindling and buyers' count increases, be assured that the price is about to moon. 

 

Keep a check on such entry points (always keep your eyes peeled for potential buy opportunities) and trade using your smarts, but keep it consistent. 

 

4. Set your goals: How much profit are you aiming to make for the day? 

Set a realistic price target and stick with it. Setting goals for your day is a great way to set yourself up with some realistic expectations.

When you're starting, I recommend setting profit and price targets that are easy to meet while still yielding positive results in the long run- this will keep you motivated! Once these have been met or exceeded, it's time to reevaluate what sorts of numbers would make sense as new milestones. 

And remember, not only profits but where to stop when you are incurring loss and the trade is not moving in your favor. 

 

5. Do not kick-start trading big: Reckon this as a learning phase. Isn't it advisable not to put all eggs in a single basket? Well, it is no different in the world of crypto day trade. So don't make the mistake of risking your whole portfolio in one transaction.

 

Don't trade a big chunk of your money in one go. Instead, use a small percentage of your total capital "per trade" and build up gradually. Luckily, most exchanges allow you to start trading with small amounts of money.

This gradual approach will buy you time to learn how to read market patterns and understand the altcoin's behavior before investing significant sums into a single coin or new token offering that could turn out badly. 

Learn how everything works before risking too much cash on one move.

 

6. Margin and Futures trading are a big NO: At least for now, when you're still learning, stay away from using leverage. But, on the other hand, there's no doubt that "playing with somebody else money" has an enormous appeal. 

However, playing with leverage is pretty risky as it can get you liquidated before you even realize it has happened.

Understanding how to protect your capital is critical. A sound risk management strategy is the difference between winning a few trades out of luck and a consistently successful trader.

 

7. Learn about a risk-reward ratio: A risk-reward ratio is a way to compare the potential reward of an investment with its associated probability and cost.

There are pros and cons of trading. However, if you have worked out a suitable risk-reward ratio, it will help you at the time of trading. 

A 1:2 ratio is ideal; by risking 1 to make 2, you're setting some cushion for when you hit a few losing trades in a row. 

As a trader, you must continuously weigh the risks against your projected returns when deciding whether or not you want your funds tied up for any given trade, and if so, how much money you're willing (or need) to put into it before pulling out again.

 

8. Your Patience matters: Crypto Day Trading is not as simple as you imagine it to be. Keeping restlessness and greed at bay is a must. 

The markets can be volatile and could be a hard nut to crack. So stay patient and wait for the right time to call your shots. 

The ups and downs of this market can be challenging once you first start, but if done correctly, it could make your crypto investments skyrocket in value in no time.

 

9. Make use of the technology: Technology can be a bit overwhelming sometimes, but leading-edge technology gives you immediate access to a world of apps and crypto trading tools that do most of your work. 

Put the technology you have available into good use to make informed and well-thought decisions. 

 

10. Trust in the plan and stay by it: Creating a project is more like inventing a formula. It takes time and experience, but once tested and proved can and will work wonders for you. 

 

Trust in the process of planning your move on trade-based marketplaces to get those fantastic rewards. Always make sure that you have planned out every step before taking action so that everything goes as smoothly as possible.

The ten tips provided in this blog post should help you understand how to trade cryptocurrency. Although there are many steps to successful trading, we've just gone over some of the most important ones, so you don't get overwhelmed, and I hope you found them helpful.

These are not all-inclusive, but they are a good start for beginners. The key is patience and trust in your plan. We can't stress that enough!

If you would like assistance with any of the steps outlined here or want more in-depth information on trading cryptocurrency, don't hesitate to contact me directly on telegram @CryptoDROI or please visit https://cryptodroi.com/blog/ for more details on how we can help your business grow through crypto trading opportunities. 

Thank you so much for reading this blog post, and stay tuned for our next one coming soon!