As crypto Traders we are after a better return than most would consider fair with any other investment and yet many trading plans have the trader in a position all the time.

The thinking being that the market is either going up or it’s going down.

Perhaps you’ve been trading crypto this way and maybe even making 60 correct calls and yet you’re still struggling to grow your portfolio.

Often, trying to guess every market move just encourages over trading second guessing and it results in a string of small losses.

Without the strategy that we cover today you’ll find that trading is not even a 50 50 game

Hey there, folks! Doug here, your go-to guy for all things crypto trading. You know, trading crypto is a bit like playing hockey—you’re always on the edge, and the game can change in a split second.

But what if I told you that even if you’re making 60% correct calls, you might still be skating on thin ice? Intriguing, eh?

Why Traditional Trading Strategies Fall Short

So, you’ve been trading crypto, and you’re making correct calls about 60% of the time. That’s better than flipping a coin, right? Well, not so fast. The problem is, many trading plans have you in a position all the time. It’s like always being on the ice without ever taking a breather. You’re either betting the market will go up or down. But let me tell you, folks, that’s a surefire way to get yourself into the penalty box.

The Pitfalls of Overtrading

You see, constantly trying to guess every market move is like trying to catch a falling puck—it just encourages overtrading. And what does overtrading lead to? You guessed it—second-guessing and a string of small losses. It’s like taking shot after shot but never actually scoring a goal. Frustrating, isn’t it?

The Game-Changing Strategy You’ve Been Waiting For

So, what’s the secret sauce? How do you break free from this cycle? Well, it’s all about risk control, my friends. To paraphrase what Jessie Livermore said in Reminiscences of a Stock Operator: “The most important job of any trader is risk control.” It’s like wearing your helmet on the ice—you’ve got to protect yourself.

Risk Control: The Phantom of The Pits Way

The Phantom of The Pits taught us some golden rules about risk control. It’s not about predicting the future; it’s about managing what you can control. Think of it as being the goalie of your own trading game. You can’t control where the puck comes from, but you can control how you defend your net.

1. Set Stop Losses: This is your first line of defense. It’s like having a solid defenseman who clears the puck away from your net.
2. Diversify: Don’t put all your eggs in one basket, eh? Spread your risk like you’d spread maple syrup on pancakes—smoothly and evenly.
3. Position Sizing: Know how much you’re willing to risk. It’s like knowing when to pass the puck and when to take the shot yourself.

Time to Take Control, Eh?

So, are you ready to take control of your trading game? Are you ready to stop chasing the puck and start playing strategically? Remember, the markets have humbled me more times than I’d like to admit. But each time, I got back up, dusted off the snow, and learned from it.

Final Thoughts: You Can Do It!

Look, if a guy like me can go from humble beginnings to a full-time crypto trading career, so can you. It’s all about daily habits, risk control, and never giving up. So, what are you waiting for? Lace up those skates, hit the ice, and let’s make some winning plays!

Alright, that’s it for today, folks. If you found this helpful, don’t forget to check out my Crypto Trading Course and subscribe to my email newsletter for more tips and strategies. Until next time, keep your stick on the ice!

The post Why 60% Correct Won’t Help You in Crypto Trading appeared first on Altcoin Opportunities.

1. Follow the news: Keep an eye on the latest developments in the cryptocurrency industry, including news about new altcoins, regulatory changes, and trends in the market. This can help you get a sense of which altcoins are gaining traction and which ones might be worth exploring further.

How can I stay informed about the best cryptocurrency opportunities? Subscribe to a few of the well known daily email news sources like CryptoCompare and Coindesk.

2. Research the altcoin’s technology and use case: Before investing in an altcoin, it’s important to understand what it does and how it plans to solve real-world problems. Look for altcoins that have a clear and compelling use case, as well as a solid technology platform to support it.

How do I research a cryptocurrency’s technology and use case? Take your time and read through the resources listed in CoinMarketCap. You’ll find links to the project ‘white paper’ and their website. Sign up for newsletters and follow them on social media.

3. Consider the team behind the altcoin: The people behind an altcoin can have a big impact on its success. Look for altcoins with a strong and experienced team that has a track record of delivering results.

How can I assess the strength of a cryptocurrency’s team? Follow through from the project website and find the team members business profiles on LinkedIn. See if you can follow the social media profiles for the team members. A transparent project that is real and valid will ensure they are showboating the quality of the people they have put together.

4. Look at the altcoin’s market cap and liquidity: Market capitalization is a measure of an altcoin’s market value, and it can give you an idea of how well the altcoin is doing relative to other cryptocurrencies. Similarly, liquidity refers to how easily you can buy and sell an altcoin, and it can be an important factor to consider when choosing an altcoin to invest in.

How do I evaluate a cryptocurrency’s market capitalization and liquidity? Websites like CoinGecko and CoinMarketCap will provide the base data, yet it is important to know the best altcoin opportunities in the small cap coins require a different trading strategy. Larger cap coins may trend well over time while the explosive moves in shitcoins are better traded with the popcorn strategy used by Digital Currency Traders.

5. Diversify your portfolio: It’s generally a good idea to diversify your portfolio by investing in a variety of different altcoins, rather than putting all your eggs in one basket. This can help mitigate risk and increase the chances that at least some of your investments will be successful.

What are some strategies for diversifying my cryptocurrency investments? One way is to watch for the same trend trading signal to flash in a group of projects that you have read up on. Simply pick up your well-researched coins when they are passing the threshold to enter, and release them as they pass the exit signal. Check out the Crypto SmartWatch trend following model portfolios for examples.

6. Be cautious: The cryptocurrency market is highly volatile and can be risky, so it’s important to be cautious when investing in altcoins. Make sure to do your due diligence and only invest what you can afford to lose.

Managing risk is the first skill to learn before you consider as you seek out the best altcoin opportunities in 2023. A proven approach for reducing risk in crypto investments should improve your returns and effectively protect your capital at the same time.

A short term life goal should include a specific plan to become a millionaire and crypto is a great place to begin learning about investing and growing your money.

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