7 tips to know about crypto trading
7 tips to know about crypto trading
Most things newbies don’t know about crypto;
_ crypto trading is not a get rich quick scheme, it’s a process and to be a profitable trader you must follow the process.
_ Never borrow money to start crypto trading, because it’s very wrong to be trading under pressure.
_ Never give your coin to someone to trade for you, there is a high probability of you getting scammed.
_It is inevitable to hit losses at some point in the crypto market, it’s just normal and it happens in any other kind of business.
What makes you a profitable trader is the ability to make more profit than losses.
_ The more money you put into crypto trading the more money you get and also there is a high risk losses without proper risk management in place.
_ Determination, consistency and practice makes you a better trader.
Don’t despise your little beginning.
_ Learn to master your emotions.
That’s a nice advice, experience almost always trumps theory, not most of the time though (i.e. theoretical physics), but I do agree with the analogy. Only difference is that trading is much more painful than riding a bike when it comes to mistakes, some people will experience loss in trading and that’s it for them, they won’t try again.
This advices you’ve got OP, are pretty basic in my opinion, most of them are common sense in trading in my opinion. I don’t truly believe in the advice about giving your crypto to other people to trade them for you, copytrading is a profitable way to make money when trading without trading yourself. Also, it’s a stockbrokers job to trade for you so it’s not that solid of an advice.
The tips that people provide are the result of their experience, but as a beginner, when I want to trade, I understand them. I read tips that I will not understand until I make personal mistakes.
The most important thing is to start trading in the demo, where you can trade without losing your money, and from that, all advice will be realistic instead of just words.
The only downside is that your feelings will not be under pressure since you are not trading with your own money, so sometimes experimenting with trading with small amounts may be the best.
It’s like riding a bike, it’s true that you will fall and get scratched, but 3 minutes of riding a bike equals hundreds of hours of trying to read books to learn to ride.