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What preparations do ordinary people need to make for cryptocurrency trading

Li Xiaolai invested in Bitcoin in the early days. In 2011, when the price of Bitcoin was low, he bought a large amount. As the price of Bitcoin soared, he accumulated huge wealth. But his behavior has also been controversial

- Understand blockchain technology: For example, Bitcoin is a distributed ledger technology based on blockchain. Mastering its principles can better understand the operating mechanism of virtual currency.

- Master trading rules: Be familiar with the trading process, trading time, transaction fees and other related rules of the cryptocurrency trading platform.

Risk assessment

- Clear risk tolerance: Assess the maximum loss you can bear to ensure that your basic life and financial stability will not be affected by cryptocurrency trading. For example, if you have less personal savings, you may not be able to bear the risk of greater price fluctuations.

- Be mentally prepared: The sharp price fluctuations in the virtual currency market may bring huge psychological pressure, and you must be mentally prepared to face a significant reduction in assets.

Fund planning

- Control investment funds: only use idle funds for cryptocurrency trading, and resolutely avoid borrowing to trade cryptocurrencies. For example, take out 10%-20% of personal disposable assets, even if there is a loss, it will not cause a devastating blow to life.

- Plan fund allocation: You can diversify funds into different virtual currencies to reduce the risk of price fluctuations of a single currency.

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