Introduction:

When it comes to trading on a cryptocurrency exchange, one crucial decision to make is how much time you can dedicate to trading. While the ideal scenario would be to spend 5-6 hours a day actively monitoring and closing positions, most people find themselves short on time. As a result, they opt for a once-a-week trading approach. In this blog post, we'll explore two popular trading strategies - day trading and long-term position trading - and provide some valuable tips to help you navigate the cryptocurrency market efficiently.

I. Choosing Your Trading Schedule:

1. Determine a Specific Trading Day:

• Consistency is key in trading, so designate a specific day each week for your trading activities.
• This allows you to consolidate your efforts, focusing on analyzing news, charts, and managing your portfolio effectively.

II. Weekly Trading Approach:

1. Review Your Portfolio:

• On your designated trading day, carefully assess the performance of your portfolio.
• Identify which currencies have shown growth and which ones have experienced a decline in value.

2. Stay Updated with News:

• Stay on top of the latest news and developments in the cryptocurrency market.
• Analyze how these news events might impact your portfolio and the overall market sentiment.

3. Make Informed Decisions:

• Based on the news and the composition of your portfolio, make informed decisions about opening or closing positions.
• If an asset has not performed well or is declining in value, consider closing the position.
• Conversely, if you identify a promising opportunity or a potentially undervalued asset, consider purchasing it.

4. Consistency is Key:

• Repeat these operations on your designated trading day every week.
• Regular monitoring and decision-making help you stay engaged with the market and make timely adjustments to your portfolio.

III. Leveraging Tracking Tools:

1. Utilize Blockfolio:

• To streamline your position tracking, consider using tools like Blockfolio.
• Blockfolio allows you to conveniently monitor your positions, track market prices, and receive alerts.

IV. Daily Monitoring with Limit Sell Orders:

1. An Alternative Approach:

• For those who can dedicate more time to trading, daily monitoring with limit sell orders can be an effective strategy.
• This approach involves setting predefined sell orders at specific price levels to automate the selling process.

2. Benefits of Limit Sell Orders:

• Limit sell orders help you take advantage of price fluctuations and capture profits.
• By setting predetermined sell levels, you can avoid emotional decision-making and capitalize on favorable market movements.

V. Exploring OTC Trading:

1. Understanding OTC Trading:

• Some cryptocurrency exchanges, such as Bitfinex, offer Over The Counter (OTC) trading.
• OTC trading is a decentralized market where participants trade assets through a dealer network.

2. OTC as a Time-Saving Option:

• If you lack the time to actively follow the market and place orders, you can leverage OTC trading services.
• OTC trading allows you to communicate with dealers via mobile phone or email, specifying your buying or selling requirements.
• The dealer will assess the market and provide you with the pricing details for your desired transaction, albeit with associated fees.

Conclusion:

Finding the right trading rhythm is crucial in the fast-paced world of cryptocurrency trading. Whether you choose the once-a-week approach or daily monitoring with limit sell orders, it's essential to align your strategy with the time you can commit. Additionally, OTC trading offers a convenient alternative for individuals seeking assistance from professional dealers. Remember to stay informed, keep track of market trends, and regularly review and adjust your portfolio to make the most of your trading endeavors. Ultimately