Crypto trading has been a vast business in the world. It has become an earning source for alots of people. But trading is very risky while it is giving easy ways of making handsome earning it also giving heart breaking losses. To avoid such losses follow the guide.
First of all look into your financial condition and on your investment and then decide which type of trading will be beneficial for you, like long term holder, short term holder, mid term holder and scalper or day trader.
Long term Holder:
If you will ask any professional trader they all will recommend you this trading strategy because a long term holder never sell in loss they keep dca (Dollar Cost Averging) there position and always sells there assets in huge profit. Simple rule of patience makes man win.
Short term holder:
I love this strategy, in this kind of trading the trader wait for buying opportunity the wait for the market to get dip and makes the lower lows and sell when the market pump when the market making new higher highs. This kind of traders sets there goal and achieve it in short time.
For example: the price $BNB 350$ they will wait for target price to come like 300$ to buyand they will set a stoploss here like 280$, and set there target like 450$ they will sell there full bag at this price no matter how higher it will pump. they book at there targeted price because there goal has already been achieved. often here targets hit in one month or often in weeks
Scalpers or Day trader:
If you're a scalper or day trader you must understand all the fundamentals and tricks of trading, other it will simple ruin your life, because if you don't understand all these tricks you cant make decision where to buy and where to sell, and also you must have knowledge and information about the economical and social trends. because these event brings huge impact on market.
After this you must know how to invest your money. I'm talkimg about risk mangement if you will invest all the money at once or on coin you may loss all or may be suffer from huge losses, how must know how to utilize your capital. If you'll ask trader about crypto trading as a newbie they all will tell you only invest the amount you bear to loss. but i always recommend my followers never to go for full amount always keep back up, coz if you made loss one you'll have more chance to cover your loss.
Most of the Crypto Trader are between the age of 20-30 years old. This age of people has almost same thoughts they always set there goal ultra higher that most often are unachievable and they only bring themself disoppointment. And if you look at stock market all traders you will find they all will be above 30 years. and you'll find them trader on pennys.
Traders in the age of 20-30yrs rules: Risk high Earn High.
Trader above 30 years old rule: Risk less and earn high.
you may think that these all im writing here is a waste of time but believe me this all is my personal experience and my crypto thats is still going on very good. The best trading is short term or smart trading set your goal set your trader mark stoploss and take profit and leave the trade. the results will come to you automatically don't get made for earning money. checking chart every minutes won't make any candle in your favor.