What are the top cryptocurrency trading strategies recommended for 2017?

7 answers

• Dec 25, 2021 · 3 years ago
  In 2017, one of the top cryptocurrency trading strategies was trend following. This strategy involves analyzing the price trends of different cryptocurrencies and making trades based on the direction of the trend. Traders would typically buy when the price is trending upwards and sell when the price is trending downwards. This strategy was popular because it allowed traders to take advantage of the momentum in the market and potentially make significant profits. However, it's important to note that trend following strategies may not always work in all market conditions and require careful analysis and risk management.
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• Dec 25, 2021 · 3 years ago
  Another recommended trading strategy for 2017 was swing trading. This strategy involves taking advantage of short-term price fluctuations in the cryptocurrency market. Traders would typically buy when the price is low and sell when the price is high, aiming to capture the profits from these price swings. Swing trading requires a good understanding of technical analysis and the ability to identify potential entry and exit points. It can be a profitable strategy if executed correctly, but it also carries risks as the market can be unpredictable.
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• Dec 25, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommended a diversified portfolio strategy for 2017. This strategy involves spreading investments across different cryptocurrencies to reduce risk and maximize potential returns. By diversifying the portfolio, traders can benefit from the growth of multiple cryptocurrencies while minimizing the impact of any individual cryptocurrency's price volatility. It's important to conduct thorough research and analysis before selecting the cryptocurrencies to include in the portfolio, as well as regularly monitor and rebalance the portfolio to ensure it aligns with the market conditions.
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• Dec 25, 2021 · 3 years ago
  When it comes to cryptocurrency trading strategies in 2017, it's essential to mention the importance of risk management. Regardless of the specific strategy used, traders should always have a clear risk management plan in place. This includes setting stop-loss orders to limit potential losses, diversifying investments, and not investing more than one can afford to lose. Additionally, staying updated with the latest news and developments in the cryptocurrency market can help traders make informed decisions and adjust their strategies accordingly.
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• Dec 25, 2021 · 3 years ago
  In 2017, some traders also found success with arbitrage trading. This strategy involves taking advantage of price differences between different cryptocurrency exchanges. Traders would buy a cryptocurrency at a lower price on one exchange and sell it at a higher price on another exchange, profiting from the price discrepancy. However, it's important to note that arbitrage opportunities may be limited and require quick execution to capitalize on the price differences.
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• Dec 25, 2021 · 3 years ago
  Another strategy that gained popularity in 2017 was ICO trading. Initial Coin Offerings (ICOs) were a hot trend during that time, and traders would invest in newly launched cryptocurrencies with the hope of selling them at a higher price once they gained popularity. However, it's important to approach ICO trading with caution, as not all projects are successful and there is a risk of scams. Thorough research and due diligence are crucial before investing in any ICO.
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• Dec 25, 2021 · 3 years ago
  In addition to the mentioned strategies, it's important to note that each trader has their own unique trading style and preferences. What works for one trader may not work for another. It's essential to experiment with different strategies, analyze their performance, and adapt them to suit individual trading goals and risk tolerance. Continuous learning and staying updated with the latest market trends and strategies are key to success in cryptocurrency trading.
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