How to trade profitably with my "degen trading strategy"

How to trade profitably with my "degen trading strategy"

By CryptoSorted | CryptoSorted | 14 Apr 2021


Trading is arguably the fastest way to grow your money in crypto. And I must add that it's equally the quickest way to lose it.

The key to a successful trading career is simple -buy low, sell high.

But the hard part is determining what the real low is to buy and what the real high is to sell. And you wouldn't find that answer in any textbook or secret trading formula.

Some popular ways to make educated guesses on when to buy and when to sell is by:

  • Reading charts

  • Analysing fundamentals

  • Following your instinct

All of which requires you staying almost glued to your PC, scouring the internet and looking for a good trade setup.

What if you can spare yourself all that pressure and drama and then maybe even help your eyes live much longer by using my "degen trading strategy".

This strategy I am about to share with you is somewhat similar to the one I covered in this: This Crypto Trading Strategy Will Help You Remain Profitable At All TImes which is my standard trading formula for predictable success.

Without much ado, let's take a look at my newly found degen trading strategy that any trader can leverage to make some profit.

And this strategy refers to buying the biggest loser of the day. Or to be fancier, let's call it trading the dip.

 

Buy the biggest loser of the day

Before we continue this discussion you must know that it's called "degen" because it doesn't require you to do any kind of analysis to determine what coin and when to buy.

You simply buy the biggest loser over the past 24 hours, preferably as close to the close of the day as possible.

And you should only use this strategy on Bityard Exchange.

If you have never heard of Bityard before or don't know much about them, then I invite you to read my Bityard review article for a dossier on the exchange.

It's basically a cryptocurrency exchange that offers both crypto spot and futures trading, forex, and traditional stock trading.

And we chose Bityard for implementing this strategy because of the assortment of coins and tokens listed on the exchange.

Remember this trading is "safe" but totally "degen" at the same time.

Safe because the coins you will be trading are coins with good fundamentals. These are solid projects that a 10% to 25% price drop within any 24 hours period is a good buying opportunity.

And the degen part is because it requires zero analysis and therefore, risky. You're kind of taking a blind risk by buying a coin simply because it's the biggest or among the biggest losers of the day.

However, this risk seems to be worth it because the coins in question have good staying power.

PS: Check the screenshot above for the prices when I first took it, and their prices now and you'll notice the strategy would have worked for you if you used it.

 

Coins available on Bityard

As of the time of writing this post (April 7, 2021), there are about 74 different cryptocurrencies available on Bityard.

And all of them are coins with solid fundamentals or "respected shitcoins" at worst.

Coins that you would be confident that a double-digit price drop in any 24 hours in a normal market is a good buying signal.

You would want to buy any of the top losers of the day, add your preferred profit margin and place your sell order. Then wait for the market to move in your favour.

Personally, I would set my sell order at a price that is 10% to 25% above my buy price. So that it can sell quickly and I can take my profit and move onto the next trade.

PS: If the market continues going down after you bought the dip, then you will have to HODL longer. Just relax and wait it out until you get into profit.

 

Conclusion

I discovered Bityard when they ran a writing competition on Publish0x late last year, 2020.

The exchange is relatively new or let's say less known and I think they got a lot of potentials.

Some of the features I admire on Bityard include

  1. Only quality cryptocurrencies are listed there (at least for now).

  2. Extremely low trading fees like Binance. So you can keep more of your profit (or at least limit your expenses).

  3. Multiple markets. If you're tired of trading crypto you can switch to Forex or stocks all on the same exchange. You can also trade spot and futures from the same account as well.

  4. Daily (mining) free airdrop of the BYD token. I got 13 of those right now but it seems to be of little use at the moment. Let's see what the future holds for the token.

  5. And the last one, their copy trading feature where you basically subscribe to professional traders and your account automatically places every trade they place for themselves. I already wrote a post on copy trading for you to learn how it works What is copy trading and how does it work? Check it out.

So you can see why Bityard is a perfect place to execute this degen trading strategy without risking being wrecked.

PS: Trade only coins you're willing to HODL longer if the market moves against you or you did not hit your sell target fast enough.

So why can't I apply this "degen trading strategy" on other exchanges?

Because you'll almost always end up buying a shitcoin. There're no shitcoins on Bityard.

 

What's been your trading experience on Bityard? Share with us in the comments section below.


CryptoSorted
CryptoSorted

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