3 Legit ways to improve your crypto trade profits

3 Legit ways to improve your crypto trade profits

The crypto markets have created immense wealth for those who understand how it works. In 2017 alone, some cryptos shot up by over 4000%, creating overnight millionaires. Unfortunately, 2018 looks a little different. The market has matured and the old buy-and-hold strategy can’t give you returns that mirror those of 2017. That’s why you need to develop a more sophisticated strategy, by learning the basics of finance.  To help you make the most of your crypto trading endeavors, here are 3 legit ways to help you improve your crypto trade profits.

1. Use a trading robot

The finance industry, crypto included, is now mostly run by robots. Even some of the biggest players in the financial markets such as Goldman Sachs have invested heavily in artificial intelligence to automate their trading activities. Trying to compete with bots, will only leave you frustrated.  That’s why you need to get yourself a good trading robot, if you want to improve your profitability. One of the best trading robots in the market right now is the Ethereum code.

The Ethereum code could improve your trading immensely when trading Ethereum because, it allows you to switch between autopilot trading, and customized manual trading.  In essence, you can use to it to trade profitably irrespective of your level of experience in the financial markets. Besides, you don’t even need to download it. This means you can use it to access your trading account and make money trading from anywhere, and on any platform. You just need to log into your trading account, activate the robot, and you are good to go.

2. Trade the longer timeframes

In the financial markets, crypto or otherwise, it is always easier to craft a strategy based on the longer time frame charts.  That’s because those charts contain a higher amount of data, data that holds water no matter the changes happening in the market, in the short run. On top of that, the longer time frames also give you a clearer picture of the prevailing trend in the market. This way, you can always enter your trades in line with the prevailing market direction. As they say in finance, the trend is your friend.

3. Be in touch with the latest market news

The crypto market like the rest of the market is always impacted by the news. Any time there is some good news coming up, the market always responds in a positive way, and vice versa. To improve your chances of making profitable trades, you need to learn how to combine your charting strategies with the news.  Use the news to gauge market sentiment, and the charts to give you an entry point.

For instance, if the price is hovering over a key support level on the charts, and some good news come up, that would be a good indicator to go long, on the affected crypto. However, not all news have an impact on the price. You need to gain some experience in the market to differentiate between news that have an impact and those that don’t. Like every other craft, crypto trading takes time to develop some level of perfection.