When prices are going up and down, you have to have some way to profit. The strategies are called momentum trading and contrarian.
Surf's Up Dude
Going with the flow is momentum trading. If the price is going up then you will be long. If the price is going down then you are going to be short. What characterizes this startegy is that you don't pick tops and bottoms. If a trend has started you are in until, the price counter-trends. You will probably lose some unrealized profits, but you will get the meat of trend. The number one weakness for this strategy is the whipsaw of being stopped out, until you catch the wave (trend).
No I say No
A counter-trend or contrarian strategy is characterized by it's mean-reverting characteristic. If the price is up, then you will go short, expecting the price to revert to some lower price. Extremely hard to identify when the trend is reversing. Expect to have drawdowns until you are right.
Reference - Inside The Black Box
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