Crypto Trading Tips
Trade in the right mindset and a clear strategy, it’s a zero-sum game, meaning everyone who benefits, someone else gets dumped on – determining that not everybody gets Lambo with crypto. The crypto market is driven by large investors (whales) and they eagerly await to pounce on new investor mistakes.
2. Stay Current with Crypto News
Whatever your source of information may be, it’s very important you follow the recent Crypto-market news. Sometimes, it will allow you predict smart moves. For example, China bans BTC for the one hundred thousandth time.
Analyze critical date of a Crypto that can affect the price such as the number of wallets, number of active wallets, transactions per day, trading volume, number of supported exchanges, etc.
4. Technical Analysis
TA means studying chart patterns to predict the future price of a Crypto. This is purely based on the past price and volume pattern and trends of the coin. In short, TA uses mathematical formulae by studying past charts patterns and trends of a coin to forecast future price movement.
5. Minimal Investment
Beginners should trade with funds they can afford to lose, and if you’re new to trading Crypto, the chances of you getting smacked are HIGH. With practice, time and money lost, you’ll eventually make profit in the future. Practice, practice, practice and do not concede!
Quit acting like a cry-baby wanker and focus on your clear target level for taking profit and stop loss level for cutting losses. Don’t assume any situation will turn around in your favor in the volatile world of Crypto.
7. Main Source of Income
Avoid trading Crypto as your primary source of income. The emotional burden is easier to control and maintain if your survival doesn’t depend on the market. This can lead to desperate and impulsive decisions, and you can get boned.