6 Golden Rules of a Cryptotrader

Margo

Margo

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The buying and selling of cryptocurrency are often associated with strong emotional stress. Firstly, the bidding is conducted fast, and secondly, you can easily get lost in many different types of deals and orders. Some people try to capitalize on short-term price volatility by opening and closing positions during the day. Others prefer to keep long-term investments and hope that the cryptocurrencies bought by them will go up.

All of this makes cryptotrading a potentially profitable business. But there is also the risk of becoming a victim to FOMO (Fear of missing out) and FUD (Fear, uncertainty and doubt) and starting to make decisions based on emotions, but not facts. To reduce risk and not lose money, it is important to keep emotions under control. This guide will help you limit the impact of emotions on your decisions.
  1. Make a plan

Before entering upon a trade, it is important to have a clear idea of the objectives. Before buying any cryptocurrency, ask yourself the following questions:

How does a cryptocurrency purchase fit in to the overall financial plan?

Are there other savings?

If there is nothing, is cryptocurrency really the best way for you to start investing?

Is it worth investing in a safer asset?

Can you afford to lose all the money invested in cryptocurrency? How are you going to act: buy cryptocurrency for a long term, or trade them?

cryptotrading1-jpg.2267


  1. Conduct research

It is extremely important to study additionally the cryptocurrency chosen for purchase (and the technologies underlying it). It is necessary to read the White Paper project. Prefer cryptocurrency with promising technologies and an active community. Although these two factors don’t guarantee success, they will help to better understand what you are buying.

  1. Select a suitable trading platform

Try to determine which trading platform will help you achieve the goals of the plan. Some offer dozens of different coins for trading, others support only a few. Some allow you to sell/buy cryptocurrencies for Dollars and Euros, others work only with digital assets. It is very important to understand what is right for you. Here are some aspects to consider.

  • Location

Working with the exchange located in your country helps to resolve all legal issues. In addition, it is possible to replenish and withdraw funds from an account in local currency with the help of a bank.

  • Available cryptocurrency and trading pairs

What coins and trading pairs are available on the exchange? Can I buy digital currencies for ordinary money or only for other cryptocurrencies, such as Bitcoin? For long-term investments, a stock exchange with a small number of pairs is best suited. On the other hand, for speculations and intraday trading, you may need a platform with extended trading functionality.

The post 6 GOLDEN RULES OF A CRYPTOTRADER appeared first on HYIP.com - Online Investment Watch Blog.


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Cedric James

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