Best Strategy for Trading Cryptocurrencies in 2024
One strategy that works well, especially with a $10,000+ account, is buying coins that have experienced a rapid decline in value. The idea is to buy low and set a LIMIT sell order at 6-7% above the buy price. This allows you to earn a solid 4-5% profit after accounting for exchange fees.
Hereâs an example:
Buy $1,000 worth of a coin that has dropped in value.
After fees, youâll have approximately $980.
Set a LIMIT sell order for 7% above the purchase price, aiming for $1,046.
After the platformâs 2% fee on the sale, youâll have about $1,025.
Subtracting your initial investment, youâll end up with a $45 profit, a 4.5% gain.
Repeat this process with larger amounts, and you can consistently earn solid returns. The key to success is patienceâdonât panic if the coin doesnât rebound immediately. The market often fluctuates, and itâs just a matter of time before your sell order is fulfilled.
