The Leading Crypto Trading Strategies for Rookies in 2024

Crypto Trading strategies , Immediate Bitmasteres

Essential 2024 crypto trading strategies for rookies. Get tips, expert advice, and start your successful portfolio now!

One of the fastest ways to say goodbye to your hard-earned money is to go into crypto investing without a proper plan. You should at least follow some basic tips and guidelines when you start out. Depending on the type of investor you are, some crypto trading strategies will fit you better than others.

For instance, some traders are risk-averse and prefer to keep to long-term investment tactics. Others don’t mind the risk and focus on making money in the short term, adopting dicey strategies for their trades. Today, we aim to introduce you to four strategies perfect for beginner traders that you can employ today. Moreover, we’ll include some valuable tips on how to build your crypto portfolio.

What Is a Crypto Trading Strategy?

A crypto trading strategy is a planned and structured way that individuals use to buy, sell, and trade their crypto holdings. They help traders manage their crypto assets to fulfil particular financial objectives. These tactics are intended to assist traders in navigating the erratic and frequently unpredictable cryptocurrency market.

How To Choose the Right Strategy for You

There are several ways to determine which of the various crypto trading strategies will work best for you. So, try to answer the following questions to understand what type of trader you are:

  • Are you comfortable taking risks? Would you be okay with potentially losing your entire investment?
  • What are your goals? Are you planning to save up money for a loan, mortgage, or holiday?
  • Are you looking for a fast way to earn some cash?
  • Do you have time to dedicate to trading? How much? Will you be comfortable with constant monitoring, or do you prefer to pay less attention to your assets?

Take out a sheet of paper and note down your answers. That way, you can create your own investment profile and begin to understand which strategy will suit you best.

The Top 4 Beginner Crypto Trading Strategies To Try

We compiled a list of our favourite crypto trading strategies for novice investors. As you are stepping into the crypto sector for the first time, we recommend that you experiment with less risky strategies. The first two are perfect for long-term investments, whereas the third can work for short-term and long-term trades. And, of course, for those with a bigger risk appetite, we have prepared a special suggestion.

  1. HODL-ing: A Beginner’s Best Friend
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The idea to “HODL” to your crypto came along after a crypto investor sold all his assets just before a Bitcoin price boom. It started as the misspelling of the word hold (in reference to holding onto assets), but since then, it has developed into a strategy of its own. For many, HODL stands for “hold on for dear life” and encourages investors to keep their assets even during dry bear markets.

That way, when the price of your crypto eventually peaks again, you can benefit from the price difference. You can try to HODL with one or multiple asset classes. Remember to check your portfolio often to see what’s going on with the prices.

  1. Staking: Enjoy Some Passive Crypto Rewards

If you are planning on HODL-ing anyway, you might be interested in staking. Staking involves investing in a specific crypto project by submitting your investment as a stake. It’s a way of showing support for a coin or project you believe in, and in return, you can earn passive rewards for your investment. Keep in mind that, unlike HODL-ing, with staking, you can’t back out and sell your investment whenever you feel like it.

You’ll be locking your crypto for a predetermined period. This means that if the project you believe in goes bankrupt, you won’t be able to back out of your investment and sell before prices plummet. In a sense, staking can be a risky trading strategy. On the other hand, you could earn a portion of your investment back for supporting a project and even participate in the network’s operations.

  1. Dollar-Cost Averaging (DCA): Invest Mindfully

Most people think that dollar-cost averaging is a complex cryptocurrency trading strategy. But it’s actually pretty simple. It’s all about how you invest. Let’s say your budget for trading cryptocurrency is €500. Instead of investing the entire sum all at once, dollar-cost averaging encourages you to divide it into equal amounts. 

For example, you can split it into €50 and make ten investments periodically at set times. The idea is that DCA helps you mitigate market volatility and lessens its effect on your overall investment.

  1. ICO Investing: Trust in the Future

If you are looking for an especially risky strategy to quench your thirst, then consider investing in ICOs. ICO is short for “initial coin offering,” and it’s a way for a crypto project to raise money. You can invest by buying the crypto token associated with the ICO. 

So, how does this strategy help you profit? Well, a number of ICOs have yielded great returns for investors. But there is also a big number that has done the opposite, either performing poorly or turning out to be fraudulent.

Although there is a good deal of written material available online on the potential risks of investing in initial coin offerings, some traders may find it to be a profitable strategy. As long as you are careful and know how to spot the risks, ICO investment may pay off in the future.

Our Top Advice for Newbie Investors

Now that you are familiar with some great cryptocurrency trading strategies, consider the below advice to further kickstart your journey into the crypto market.

Don’t Build Your Investment Portfolio Alone

It’s always best to have someone assist you with your crypto portfolio. Cryptocurrency trading is complex enough, and you might want to speak to someone who can help and answer questions. 

That’s why we recommend that you sign up for a broker-matching site like Immediate Bitmasters and work alongside a broker who can help you learn the ropes. Work together on creating the perfect crypto strategy for you, and explore various trading tools along the way. It’s the best way to ensure your investment is in good hands.

Keep Your FOMO in Check

FOMO refers to the “fear of missing out.” Many investors disrupt their Bitcoin trading strategies when they impulsively sell their investments to buy crypto assets that are currently trending. Instead of following their strategy, they give it all up for a potentially lucrative opportunity out of fear of missing out. When trading, ensure that you keep your emotions in check, and don’t let them dictate your decision-making.

Learn From Successful Traders

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Before you jump into trying other trading tactics like swing trading, trend trading, or range trading, check how professional investors do it. There is plenty to learn from existing traders, and numerous professionals share their successful trades online. Join a crypto community and learn from the best! You can also attempt to copy trading strategies and mimic the moves of professionals in the field.

Keep Some Crypto on the Side

Another good advice to follow is to set aside some spare crypto. That way, you won’t be putting all your eggs in one basket, and if something happens with your investment, you always have a little in reserve. Keep a spreadsheet, and make sure to check in on your investment every couple of weeks at least. If something goes wrong and you’re not successful in your first trades, you’ll have some spare crypto savings and can try again!

Diversify Your Portfolio

Diversifying your investment portfolio can help you manage risk and boost your performance. It’s all about buying different coins and tokens instead of focusing your entire investment on a single asset. That way, should something happen to one of the coins (let’s say its price drops), only a part of your portfolio will be affected.

There are many ways to diversify. Some traders like to dedicate a big portion of their portfolio to established assets like Bitcoin and Ethereum and devote the rest to smaller coins with potential for growth. Others who prefer riskier coin combinations might only leave 30% for established coins and fill the rest with smaller, newer, and more niche cryptocurrencies.

If you are wondering what an example of a diversified portfolio looks like, consider this one:

  • Bitcoin (BTC) – 30%
  • Ethereum (ETH) – 20%
  • Cardano (ADA) – 10%
  • Chainlink (LINK) – 10%
  • Polkadot (DOT) – 10%
  • Solana (SOL) – 10%
  • Stablecoin (e.g. USDC or USDT) – 10%

Here, you have a mix of established coins, third-generation blockchain projects, an oracle solution, and a stablecoin for improved volatility tolerance. Of course, this is just one example. You can do this in many different ways. Make sure to check the current market cap for information on the most popular coins and readjust your portfolio accordingly.

Pro Tip

Don’t be afraid to mix and match! Many of these crypto trading strategies can work together wonderfully, providing you with increased opportunities to earn a profit. For example, HODL-ing, staking, dollar-cost averaging, and diversifying can all work at the same time and to your benefit. Remember to trust your instincts, and don’t be afraid to experiment!

Final Thoughts

We hope you enjoyed our list of crypto trading strategies and you feel inspired to try one or all of them today! Remember that you can always seek the help of skilled brokers to support you on your crypto journey. You don’t have to face the volatile market alone.

Moreover, don’t forget that it will take a few tries to discover the strategy that truly fits your goals. We recommend that you give demo trading a try and work with dummy funds to start with. Once you gain some confidence, you can employ your successful crypto trading strategies in your real portfolio.

We hope our little beginner’s guide will get you going into the world of crypto. Keep the above points in mind, and you’ll stand a better chance of creating a successful crypto portfolio.

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