Secrets of A Successful Crypto Trader - Best Advise for Crypto Trading by BuyUcoin BuyUcoin (electronic reader txt) 📖

Summary

The recent rise of digital currencies has attracted a new wave of fresh-faced investors and traders looking to cash in on the hot asset of our time. However, just as with any investment activity, trading cryptocurrencies comes with its own unique set of risks and challenges. That’s why it’s so vital that you properly prepare yourself before entering the market, so as to avoid any unwanted surprises and maximize your profitability.When you’re just starting, it can sometimes be hard to know where all the potential pitfalls lie, which is why we have compiled this handy list of tips and tricks to help crypto newcomers put their best foot forward:

Expect the unexpected

 

 Cryptocurrencies aren’t for the faint-hearted. The endless ups and downs are enough to turn even the most seasoned of investors into a ball of nerves. But it’s absolutely vital that you stick to your plan and do your best to block out the fear and anxiety. Easier said than done, I know. The truth is that some obscure altcoins can indeed skyrocket by 1000% or more, but they can just as easily disappear entirely, along with any money you invested. Huge volatility and price fluctuations are just a fact of life in this market.

 

 

Consolidate your portfolio

 

Hot, cold or mobile? If you have no idea what I’m talking about, you should probably do some more research before investing. These are of course the three different options you have for storing your crypto coins after purchasing. The term “cold wallet” refers to offline media storage such as hardware ledgers, paper keys, and certain offline software solutions. These types are generally considered the safest as they are virtually impervious to hacker attacks. However, on the other hand, they make it more difficult to access and use your crypto and – if lost or destroyed – your coins will be gone forever. When we talk about “hot” wallets, we usually mean storing coins on an online exchange or on a piece of software that is connected to the internet in some way.

 

 

Always have a game plan

 

It’s too easy to say you have a plan, most of us have one loosely defined before we enter a trade or purchase a coin. But there’s a world of difference between having a plan and sticking to it.I know you’ve probably made the same mistake before too. You decide to change the plan on the last minute and as a result you sell too soon or too late.You need to set a criteria. Clearly defined rules you will abide by when the market goes one way or another. Every professional has a trading plan — and they follow it religiously.So it’s time for us to think like the professionals. It’s time to make a game plan. To help you get started I’ve attached the template our team uses when making trades. It hits on all the key points the professional traders taught. Having your strategy written down and in front of you makes it much harder to ignore.

Don’t listen to all the armchair experts

 

Nowadays, everybody seems to think that they’re a crypto guru and you’re sure to hear hundreds of voices telling you that “now is the time to buy” a given coin (and just as many saying that it’s as dead as a dodo). Even in mainstream media, articles are constantly being written about how digital currencies are nothing but a fad at best or a pyramid scheme at worst. Once you have made the decision to enter the

market, you have to learn to ignore all this “noise”. Do your due diligence, develop a clear trading plan and be sure to use stop loss/take profit orders. If you can do all that, you shouldn’t worry about what other people are saying. Have faith in yourself and your own critical thinking abilities

journey

We hope that you find these tips helpful as you begin your journey into the world of cryptocurrency trading. Be sure to heed all our warnings –  and take our advice on board – and you should be able to boost your success while reducing your risk significantly. Happy trading!

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Publication Date: 12-23-2020

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