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Trading Cryptocurrency, on paper, seems pretty simple and straightforward. However, that’s not true at all. Apart from the usual shenanigans of the market, you’ll need to focus on a few other rules as well. Keep reading this article till the end to know more about it.
How To Ace Crypto Trading?
When it comes to trading Cryptocurrency, you should always do it from a proper trading app, like Bitcoin Motion platform. Or else, you might get hacked and lose all of your savings.
Rule – 1: Don’t Invest Too Much
Most people, when trading Cryptocurrency, tend to end up investing too much at the start due to their uncontrollable excitement. However, it’s not how you should begin your journey.
The Crypto market is highly volatile. Therefore, alongside winning, you’ll always follow the risk of losing it all as well. I’m pretty sure that’s not what you want, right?
So, if this is your first time investing in Crypto, only put in the 10% of the overall amount of money. If you see any improvement in your earnings, you can fund a little more again.
Rule – 2: Try Diversifying Your Investment
After a phase of disappointment, the price of Bitcoin has started rising again. Hence, it might seem like a decent point of investment right now. But, wait.
Although the state of Bitcoin is getting better at this point, the market is likely to stay volatile for quite some time. Therefore, it might not be the right option to put all your money into.
Instead, if you’re investing 10% of your money in Bitcoin, put the 90% separately in Ether or any of the stablecoins. The more you diversify, the higher your overall gain will be.
Rule – 3: Do Technical Analysis. ALWAYS!
When investing in Crypto trading, the first thing you should always do is follow the trends in the market closely. And, don’t forget to do a technical analysis of them properly.
For example, you can try using –
- A chart to check how much the price of a coin has increased or decreased.
- Different trading interfaces to highlight the price increases and decreases better.
Additionally, you can also make trend lines to know more about Crypto trading and so on. Be sure to use all the current as well as the older statistics to ensure better clarity.
Rule – 4: Don’t Succumb To The Fear Of Missing Out
Most people, while trading Cryptocurrency, tend to experience the issue of the fear of missing out. Before I get into a detailed suggestion of why you shouldn’t do it, let me explain it first.
So, when the price of a specific Cryptocurrency begins increasing, many people tend to think that they should buy it. Or else, they might end up missing out on the profit.
However, the problem is that the price of the same might go down suddenly. And, if you’ve invested a lot of money in the market, you may end up losing it all.
Thus, when operating in the Crypto market, you should never panic buy or sell anything. It’ll affect your investment strategy and experience as a whole.
Rule – 5: Don’t Get Emotional
Price volatility is an essential part of the Cryptocurrency market. Hence, even if you feel like you’re losing out on your money, try your best not to get too emotional.
Instead, keep your patience and hold onto the money you have right now. I’m pretty sure that the market will rise again after some point. And, when it does, you’ll get back all your cash.
So, don’t worry too much about it. Instead, focus on creating another strategy to increase the income even more. Hopefully, watching a video or reading a blog on it might help you out.
Earning Crypto Like A Pro!
Although it might seem so at the beginning, successful Crypto trading isn’t a gamble at all. It is more of a strategic game where you must calculate your every move before executing it.
So, before you do anything, always start your journey by making a plan and a roadmap. Or, it might be better to talk to a Crypto expert as well. They can offer the right suggestion for you and help you keep your chins up, even when you’re losing your money.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
