In this choppy market, the strong survive!
Bitcoin price crashes to $30k. Then breaks $45k. Back to the $30k range. Wait, did it just hit $60k? This back and forth choppy market movement can make anyone go crazy. And the swings are even more wild for small cap altcoins. As a crypto trader or investor, how do you survive this volatility?
Adjust your horizons
If you are in crypto for the long haul, but daily price swings are scaring you — don’t look at them. Keep in mind that the long-term trend for Bitcoin, Ethereum, DeXe and a number of other leading projects is up. If, on the other hand, day trading is more your style, look at that short time span to spot your opportunities, whichever way the market is swinging.
Act not React
How many times have you said to yourself “urghh, I knew I should’ve made that trade!”? This happens to every trader. Not every trade you make will be profitable. But if you are a trader, you do need to trade at some point. Perhaps the worst way is to trade based on what just happened without having a clear strategy. Prepare in advance. Form a strategy and some rules. What will you do if an asset you like drops in price? By what % does it need to drop for you to buy more? How much more? What will you do if it keeps falling? Choppy markets provide plenty of opportunity for swing, momentum, and other trade strategies. Just make sure that you are ready to act from a well-informed, planned out position.
Have cash on hand
You can’t acquire an asset if you have nothing to acquire it with. Whether it’s stablecoins, Ethereum, or even your local fiat currency — make sure you have liquidity available to make a trade. If you’re in DeFi, make sure you have enough ETH for gas or enough assets on a Layer 2 solution. You’d absolutely hate to miss out on a lucrative trade because you couldn’t afford the gas fee (which, as you know, can spike from 30 gwei to 300 in minutes).
The strong survive — copy them
It feels easy to make money during a long bull run. But when the markets are volatile, it’s all too easy to lose it all betting on the wrong direction or asset. Some traders seem to always make the right move? Find the strongest projects? Be the first one in? No point in trying to figure out how they do it. It’s much easier to copy them, especially when you have our Wallet Info and W2W Copying tool to help you.
In conclusion
At the end of the day, it’s all about your perspective and goals. You can wait out the choppy markets or jump into them headfirst. You can try to figure it out on your own or copy those who seem to have it figured out. Panic gets the best of you, but the strong survive.
About DeXe
Dexe.Network is a decentralized social trading ecosystem that operates via autonomous smart contracts and includes tools for virtual currency allocation and automatic rebalancing. It eliminates the risks of transferring digital wallet details such as private keys and API or any virtual currency data to a third party. Most importantly, the DeXe Network connects successful traders and followers in a transparent, verifiable way for the benefit of both groups.
Stay tuned for more with us!
Website: https://dexe.network
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