Vorsprung Online – 7 Suggestions for Improving Your Crypto Strategy [Expertentipps]

It is therefore important that you continue to educate yourself and look for improvements to your strategy even after you start trading.

Leading industry experts provide some important suggestions for improvement. About a crisis-proof mindset, clear conditions and that which determined something.

7 Ways to Improve Your Crypto Strategy [Expertentipps]

Learn the basics

Keep learning from experts

Play to your strengths

Don’t stress

Stay updated

Set yourself limits

Get an overview

1. Learn the basics

It may be the same old story you’ve read about in other articles, but this suggested improvement often solves many problems.

Learn the basics of trading and the world of cryptocurrencies. Often your strategy can go wrong because you have fundamentally misunderstood a cryptocurrency and therefore have false hopes for it. Or it could be that you are making mistakes in the market analysis.

In any case, it’s a good idea to familiarize yourself with the basics. And really! Cryptocurrencies and their trading cannot be fully understood in a few days or weeks. If anything, you have to deal with the case for months, so that you can see through it to a certain extent.

2. Keep learning from experts

Well, it’s obvious. Finally, you have clicked on this article because you want expert tips for your crypto strategy.

But this tip, which at first glance seems redundant, comes from one of the leading experts in the industry. Sam Bankman-Fried strongly advises new traders to learn from the experts, Business Insider told.

Bankman-Fried became a billionaire himself for trading cryptocurrencies and now runs the crypto exchange FTX.

He himself drew his expertise from his time at the Jane Street trading firm. In retrospect, he realizes how much he was able to build on the experts’ knowledge in his career as a trader and can only recommend it to those new to the market.

Basic knowledge is essential, but accumulated experience is second to none.

3. Play to your strengths

Likewise, the crypto billionaire, who is now increasingly focused on advising retail investors, advises Tarder to find and play to your strengths.

This may sound very abstract, but as your trading career progresses, it should become easier for you. According to Bankman-Fried, the crypto market offers more chances than other markets for everyone to really leverage their strengths profitably.

In the end, it could mean anything. Good analytical skills, an extraordinary intuition or particularly good timing are just some of the skills you could focus on.

4. Don’t stress yourself out

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There are many situations where this principle would help you. Don’t stress yourself out. Whether you want to find the right time to enter a currency or the right time to sell it, you will never find the perfect time.

The small advantages and disadvantages that you hope to achieve as a result are nevertheless put into perspective in the long run. Therefore, you can often just sit back and carry out your transactions in peace. Just remember that you are already winning by participating in the market at all.

5. Stay updated

In a constantly changing market, it is important to stay up to date. If you aren’t already, use this suggestion as a warning shot for your future strategy.

Without up-to-date knowledge, you run into the open blade in case of unusual market movements without being able to react properly to the situation.

You can get information from reputable crypto news sites like BTC-Echo or services like TheNewsSp, which you can easily apply to trading platforms like Bitcoin Profit App or Kucoin.

6. Set yourself limits

Another crypto expert named Ray Tong strongly recommends that you set clear boundaries as a trader. He experienced the early days of bitcoin himself and bought his first coin when BTC was still at $10.

A lot of time has passed, but Tong still believes that as a trader you should always focus on your financial situation first and then your chances of winning. The crypto market is already very risky. Too high a financial risk for private investors can have serious consequences.

In addition, Tong advises Coinbase to also divide the crypto investment itself into categories. He himself depends on three equal parts: BTC, ETH and others.

7. Get an overview

But Tong doesn’t stop there. In addition to clear boundaries, clear accounting is equally important for survival.

If you currently keep your crypto assets spread across different wallets and accounts, you are unlikely to have an accurate overview of your entire portfolio.

But it’s exactly what you need to make informed decisions about your trading moves and strategies as you look ahead. A simple Excel spreadsheet is enough to fundamentally improve your crypto strategy.

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