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3 Ways to Keep Your Emotions Under Control When Trading Cryptocurrencies
1. Make a plan
The most important thing before starting to trade is to have a clear idea of what your goal is when investing in cryptocurrencies. Before buying any cryptocurrency ask yourself these questions:
How does buying crypto fit with your finances in general? Do you have other savings? If not, is crypto the best way to start investing? Would a safe vehicle make more sense to start?
Can you afford to lose the money your thinking of using to buy crypto?
Do you know about the risks and the volatility of cryptocurrency markets?
How will you use your cryptocurrencies: buy and hold, or trade?
2. Do Your Research
Itâs critical to do background research into the cryptocurrencies you might buy and their underlying technology. Be sure to read the projectâs whitepaper. Look for cryptocurrencies backed by good technology and an active community. Though these two things are no guarantee of success, they will help you better understand what youâre buying.
3. Know your limits
You have to know how much you can spend and stay within that limit. How much you want to spend depends on your plan (see point 1 above). Investing in cryptocurrencies carries significant risk so you should only spend what you can afford to lose. Once you set your limit, stick to it. Do not decide to spend more on a whim or because of FOMO. This can lead to disaster.
yourself these questions:
How does buying crypto fit with your finances in general? Do you have other savings? If not, is crypto the best way to start investing? Would a safe vehicle make more sense to start?
Can you afford to lose the money your thinking of using to buy crypto?
Do you know about the risks and the volatility of cryptocurrency markets?
How will you use your cryptocurrencies: buy and hold, or trade?
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