A Newbie’s Roadmap to Success in Cryptocurrency Trading

Learn about essential factors to consider before investing, top strategies for navigating the 2024 bull market, and valuable insights for success.

The ever-growing popularity of crypto is best illustrated in facts and figures. According to statistics, 580 million people own crypto. The same source mentions that 0.015% of crypto traders are millionaires (88,200). 

The estimation is that about 50% made their fortune by investing in BTC. It’s easy to buy Bitcoin with debit card or other payment options nowadays. But that’s not your only option in the crypto market. Before you start your investment adventure, we suggest reading our newbie’s roadmap. It will reveal the basics to consider before entering the crypto trading world and discuss top strategies to apply in the current market!

Navigating Cryptocurrency Investment: Factors to Consider Before Starting Your Journey

Planning and preparation is the key to success. While acting quickly matters for a single trade, you shouldn’t rush when entering the crypto market. Here are some questions to answer first:

  • What is your financial capacity? The age-old story that you should only invest the money you can afford to lose is true. Setting aside money for this will ensure you can comfortably invest and make stress-free decisions. If you are still studying and have limited resources, check the crypto investing for college students guide to learn more about the best approach for those on budget.
  • What are your goals? Your objective might be a moderate passive income. You may be looking for funds to finance a project you always wanted to start. Or the reason may be simply to maintain your wealth. Whichever the cause, it’s important to set it properly and adjust your strategy accordingly.
  • Do you understand the research investment options available? You can pick a single cryptocurrency and hold on to it for a long time. That usually carries a smaller risk. On the other side, there’s active trading — but it requires more time and effort.
  • How will you build your portfolio? Experts underline the importance of diversification. That means it’s necessary to invest in multiple cryptocurrencies. It ensures that a single wrong assessment won’t cost you all your investment funds.
  • What can you adjust in your strategy? Once you start, review the strategy and analyze the market conditions regularly. If necessary, make some adjustments along the way and try different approaches. Don’t forget that there’s no guaranteed success and a universal formula – it’s all about finding a tactic that works for you.

Top 3 Crypto Investment Strategies for the 2024 Bull Market

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The market is bullish at this point, indicating that the prices rise. The experts agree that the BTC and the crypto industry will likely have a good year, although some underline the importance of understanding why this bullish market is different. In the sections below, we suggest some strategies that could work in the 2024 bull conditions!

  1. Scalping

Scalping is an active trading strategy focusing on making fast moves and profiting from minor price differences. Scalpers make multiple trades in less than ten minutes and sometimes act in seconds.

Let’s say that you buy some ADA at $0.459. After acquiring the coins, you keep following their value. In three minutes, it rises to $0.489. That’s where you swoop in and sell ADA tokens for profit. The actual earnings from a single move will likely be minor. Therefore, scalpers are active and make many moves in several hours. Once they call it a day, they count the total earnings from all transactions.

You can use tech analysis tools and 5-minute price charts to see when to acquire or sell a currency.  A reliable exchange with low fees is vital to ensure you can execute trades quickly and maximize potential profit. Keep track of all trades made to know your current performance and analyze any potential mistakes.

  1. Range Trading

A trading range is a pricing area where a cryptocurrency usually moves. For example, if you analyze price movements, you might notice that an asset goes down to $0.2 and then increases to $0.5. That could happen within an hour, a single day, or even a week. 

You can profit from range trading if you properly identify the price movement trend of an asset. The idea is to acquire the crypto at its low range and then sell it once it gets closer to the highest value identified. It could be a good strategy for newbies. However, ensure you have identified an actual pricing pattern with regularities.

  1. Arbitrage Trading

Arbitrage is a bit more complex since it takes time and effort to invest. The idea is to perform two simultaneous trades. You’d buy the asset at a lower price in one market and sell it for a higher price in another. 

Let’s say that the exchange X offers Ethereum at $1,650. The exchange Y allows selling ETH for $1,660 per coin. You’d purchase ETH at exchange X and sell it at exchange Y, profiting from different prices on those platforms.

Crypto is a highly volatile market, so it helps to use providers that lock the price for a certain time. Don’t neglect the execution risk – what happens if something goes wrong with the trade? Despite these downsides, many believe that arbitrage is a low-risk trading strategy. Although it takes effort to identify different prices, and it’s necessary to act in time, this approach could be suitable for crypto newbies.


The final tip is to take things slow with the crypto investments. If you are a newbie, take the time to understand the crypto market and how trading works. Start by investing smaller sums and diversifying your portfolio. 

Testing different strategies and currencies will give you a better idea of what best suits your style. Some traders are in it for the fun and don’t mind being active. Others prefer holding on to a single currency for a longer time and potentially profiting from that. The crypto market offers many investment opportunities, so don’t hesitate to explore them!