When you decide on investing in cryptocurrencies, it needs to be done after some homework, as once you invest it is going to stay as an asset for you till you decide on selling. And, when you are putting your money on any crypto asset, apart from Stable coins, there is a certain amount of risk associated with it. In order to make sure you are investing right, you need to follow some simple cryptocurrency trading strategy, which can lead you to successful bitcoin trading.
#1 Analyse the Coin You’re Planning to Invest
Ask yourself these four questions before finally giving into:
- Which market is the coin disrupting, for eg, virtual payments, cloud storage, etc.?
- What is the technology behind the currency? Is it easy to use, accessible and scalable)
- Research about the minds behind the creation of the coin, know its market potential, read about it more and more from sources like CoinMarketCap.
- Last but not least, what is the acceptance ratio of that coin. What is it that distinguishes this coin from its peers, i.e., what is the USP?
Tip: Beware of the FOMO factor. Do not invest because you feel like you are missing the opportunity. This is the top bitcoin strategy for beginners.
#2 Install a Price Ticker
A price ticker will alert you whenever the price fluctuates. So, it’s better to install it on your phone. Depending on the price, you can make wise investment decisions. In this way, you can keep a tab on the particular cryptocurrency you are planning on investing in. This is one of the common daily cryptocurrency trading tips. This is important if you are trading crypto for a living and
#3 Watch Out For Scams
You need to always watch out for any kind of misleading information or fraudulent activity. Always try to go with the coin with high credibilities, like the community and developers behind the creation of the coin. Question yourself is Bitcoin trading profitable and the obvious answer is yes if you do a good research.
#4 Follow the Market Leaders and Listen to Their Podcasts
There are creators, developers, crypto experts, and investors who are active on social media, stating their recommendations and investment strategies. Those people have been trading for a while now, so it’s wise to follow their recommendations, as mostly they are doing it right. But there can’t be any guarantee when it comes to cryptocurrency investment as the market is pretty volatile.
#5 Day Trading Bitcoin Strategy
If you are a day trader, you tend to hold the Bitcoin for a short period of time, unlike long term investors. As Bitcoin is pretty volatile, it might prove profitable if you trade every day. Follow the technical indicators, which might help you to track the price increase. Other important factors important for day trading are- volume, moving averages, relative strength, etc. You can convert INR to Bitcoin at the best rate at CoinSwitch. (Daily cryptocurrency strategy)
#6 Secure Your Crypto
Investment is not the critical part, but securing is. You need to figure out where you are going to store your crypto even before investing in it. This means you have to select a secure crypto wallet for storing your crypto tokens, which will prevent your funds from any kind of hacks or attacks. This is one of the most important crypto trading strategies.
FAQs on Bitcoin Trading Strategies in India
- Can we trade bitcoin in India?
Yes, you can trade or buy Bitcoin in India.
- How do you successfully trade bitcoin in India?
You can successfully trade bitcoin in India by going here.
- What is the best strategy for day trading?
Having a price ticker can be considered one of the best strategies for day trading.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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