How I made 3000$ in a year by trading in cryptocurrency

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Step by step guide to trade with cryptocurrency and make 3000$ in a year

If you are new to the cryptocurrency market then there’s a chance that most of the time you come out of your trade in loss. Everybody wants to become a good trader and make profit but what makes them a bad trader and stop them from making profit ? Well there are various factors involved like :-

  • lack of proper strategy
  • lack of research
  • hungry for more profit (greedy)

But if you want to make money then you have to be smart and trade with a plan. I am trading in Bitcoin and Cryptocurrency since 2017 and from my short span of experience in the cryptocurrency world I have realized that these points help in making good profit in long term.

So if you also want to make profit then here is the Step by step guide to trade with cryptocurrency and make 3000$ in a year

How I made 3000$ in a year by trading in cryptocurrency

How I made 3000$ in a year by trading in cryptocurrency
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1.Don’t Trade Daily

There is no need to trade daily unless you are a day-trader because your goal is to make money in long term but if you will enter multiple trades everyday then there is a chance that you will get into loss due to your greed.

2.Wait For Big Dip

Instead of trading daily for a little profit, wait for big dip of 8-10% or even more. By doing this you can easily make profit when the price bounce back and recover the original price point.

3.Select A Coin

Research about coins and decide which coin you want to trade in. You can research about coins on Twitter, Reddit, Google News and check upcoming events.
There are a lot of coins in market that are shitcoins so you have to be very careful while selecting a coin to trade.

4.Create Alerts

After selecting the coin, create alerts on Binance or CoinMarketCap so that when the coins price dips then you get notification about it.

5.Enter Trade

When the coin dips and hits your desired price point then enter the trade by buying that coin. Also use stoploss in case thing’s go south and the coin price decreases even more.

6.Add Take Profit Position

This is the part where most of the traders fail and turn their profit into loss. For example if the trade you entered in made you a profit of 15% then you should exit the trade by selling the coins but people become greedy and they think that the price will increase more but when the opposite happens, they are struck in the trade and suffer from loss in long term.

So it is better if you decide early that at what point you have to take profit and exit from the trade, that is why you should always add take profit position for your trade.

7.Analyze & Research

If you want to make profit in the cryptocurrency and bitcoin trading and want to become a good trader then you have to analyze and research about the coins you trade in. If you don’t research then you’ll not know when to enter and when to exit a trade.

You can also improve your trading skills by learning how to read charts and patterns.

8.Always Trade With A Plan

A trading plan is a roadmap for how to trade, and no trades should be placed without a well-researched plan. You should always calculate your risk ratio and decide at which price you have to enter and exit the trade and if things go south, at how much price you will exit the trade.

Conclusion

In trading/investing, it’s not about how much you make but rather how much you don’t lose.” – Bernard Baruch

So that’s How I made 3000$ in a year by trading in cryptocurrency. You should also follow these steps to make profit and return to this article after 6 months and comment if all this worked for you or not. All the best for your trading journey.

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