Many people have knowledge on how to trade cryptocurrencies. Also, many people trade cryptocurrencies to earn profit. Sadly, more than 80% of crypto traders lose much money despite sticking to great trading strategies. I have been one person who used to lose many trades in the past before I discovered many tips I will share with you now and in the future. From now on, I will post helpful material to enable crypto investors, especially traders, to succeed in their investments.

Today’s tips

Even when you have a great strategy you may fail to win some trades. This is not because your strategies are wrong. No! It is because you may not understand a few key things.

Daily bias: Each day you should start by establishing the crypto market daily bias. By daily bias we simply mean the general direction the prices of the cryptocurrencies are going during that day. We have two main daily biases, a bullish daily bias and bearish daily bias.

Bullish daily bias: This is when prices of most cryptocurrencies are rising. There are different ways to establish the daily bias. For example, look at the price direction of bitcoin, the crypto king. If bitcoin has gained by a significant percentage during the past 24 hours, then the daily bias is bullish. As a trader look for bullish positions. If you short some cryptocurrencies during such a day you may lose some trades. This is because most savvy crypto traders start by looking at the daily market bias. You cannot oppose the entire market and win, even if your strategy is very good.

. As a result, there is a high chance that those who take long trades may have winning positions. Also, even if some assets have great sell set ups their price direction may easily turn bullish leading to losses. So, the daily bias is also very important for futures contract traders.

Another way to tell the market’s daily bias is to check the 24 hour change in the total crypto market cap. One can use platforms like CoinGecko or CoinMarketCap to do so. If the 24 hour change in total market cap is bullish, then the daily bias is bullish as well.