Cryptocurrency trading is not easy, especially to beginners, not only security risks but also the volatility of the crypto market: the prices may soar or dropdown at ANY time! So, what makes a successful crypto trader?
First, always be in mind that there is a relationship between risk and reward. The greater the risk you take, the greater your reward will be if you come out on top.
Secondly, keep track of community discussion and news events since industry news and rumors has powerful effects price of cryptocurrencies. Being a crypto trader means to have active social accounts (such as Facebook, Twitter or Telegram ) in the Blockchain community in order to take advantage of the power of information.
Last but not at least, rely on technology! As mentioned at the beginning, crypto trading is much relating to the variety and volatility of the prices. Each crypto exchange has its value for specific cryptocurrencies, and this may be due to multiple reasons. The successful crypto trader is the one who takes advantage of the price difference by buying cheap cryptocurrency from one exchange and selling it with higher price on another IMMEDIATELY. A cryptocurrency arbitrage tool is exactly what you need. Thanks to the development of technology, there are so many Crypto Arbitrage tools that help investors profit from pricing discrepancies. Below is a list of the best Crypto Arbitrage tools that I have ever tried:
1. Cfolo (FREE)
• Totally free
• Various integrated exchanges
• Easy to use
• Easily find the best exchange for your chosen token pairs
• Easy profit calculator for calculating profit if you don’t want to transfer coin too many times
• No suggestions for the best pair. Traders must look based on the token they know
• Only English supported
• There are other products to choose from besides Arbitrage
• Be able to be traded directly to the exchanges
• Expensive monthly fees
• Limited number of exchanges and trading pairs
Hopefully, 3 things above have given you a foundation for success as a cryptocurrency trader. Though, the most important thing, in my opinion, is to keep your self -control: to understand your feeling, especially your fear and greed. Remember that: bad trades are parts of the game; success simply means you win more than you lose.