If the time has taught us anything, it’s that nobody can anticipate where the stock market is going or what the stock market is going to do. There are so many human factors that the comedy of errors that is the global financial system can’t ever be tracked or accurately predicted. Because of this kind of volatility, more and more people are moving out of the fiat currency and going into a mode of trade that makes sense to the digital world: cryptocurrency. For sure, you’ve heard of all the people who seemingly turn into millionaires overnight on cryptocurrency. As much as that is few and far between, there are kernels of truth in the system. If you’re looking to trade crypto, for whatever reason, here are the top ways that you can secure profits, no matter what the global stock market is doing.
If you’re going to trade, you need to get into either an exchange or a forex trader. The former is preferable to the latter in a lot of circles. A forex trader is going to measure you and your assets up against the global currency rates and trade around like it’s a Sterling Pound or a Thai Baht. An exchange deals exclusively with cryptocurrency. If you refer to tradingonlineguide.com, the definitive authority on the subject, you can trade crypto however you want. The options and the opportunity present themselves as time goes on. If it’s more advantageous to trade it like forex, then do so. It’s as lucrative as any fiat currency, and it’s valued as digital money adds that extra flair.
Buy and Hold
Buying and holding cryptocurrencies for long periods of time technically counts as an investment rather than a trade. It’s the preferred strategy for a lot of passive individuals looking for the future. Their strategy is not unfounded. The more one looks at the long term debt cycle and the implications that it has in our current financial environment, then it makes sense to pull a good percent out of a given currency. Here’s a rule of thumb: keep three different kinds of tradable assets. Keep stocks and bonds. That should be a comfortable half of your expendable income. Take the other half and split it between precious metals and cryptocurrencies. Yes, the comparison between metals and cryptos puts either side into a fit. But the truth is, the only thing you should be thinking is: “it’s a tradable asset”.
One of the better ways to keep your cryptos growing is to trade between cryptocurrencies. Whether you have an automated system, you pay too much for minimal profits, or you manage your own account, going between cryptos stays true to the philosophy of digital currency, while still riding trends and laws in the market. There’s a common misconception that everything follows Bitcoin. That’s not true. That’s not true at all. Do your research on the different trajectories of various cryptos. Litecoin, Dogecoin, and Ethereum all have completely different applications. Weave between and cut yourself a piece of the action.
Everyone should have a percentage of their money in cryptocurrency. Everyone should be learning how it works. It should be common knowledge. Why? Because it’s the future. Even the bears and the doubters rode the bitcoin wave while denouncing it. It’s undeniable. Get on board. You won’t regret it.