6 Rules of Crypto Trading That Helped Me to make $1k to $46k in Less Than month.
#six Rules of Crypto Trading.Which makes you perfect crypto trader.
#1.Only invest what you can lose. During the crash in January 2018, hobby-investors got burned. Reports of frustration and losses came at the cost of broken monitors, smashed laptops, and heavy monetary losses. While the rules are in more particular order of importance, its safe to assume that this is the most important rule, the rule to rule the rules. As soon as your money is converted into cryptocurrency, consider it lost forever. There is absolutely no guarantee you can get it back. Losses dont simply come from dips in the market; extraordinary factors such as hacks, bugs, and government regulation can mean youll never see any of your money again. If you are investing money you cant afford to lose, you need to take a step back and re-evaluate your current financial situation, because what youre about to do is an act of desperation. This includes: using credit cards, taking out mortgages, applying for loans, or selling everything and traveling the world (as glamorous as that sounds).
#2.Always pay attention to Bitcoin. Most altcoins (every cryptocurrency except Bitcoin) are pegged more closely to Bitcoin than Asian currencies were to the USD during the Asian Financial Crisis. If Bitcoin price pump drastically, altcoins price can go down as people try to exit altcoins to ride the BTC profits; inversely, if Bitcoin prices dump drastically, altcoin prices can go down, too, as people exit altcoins to exchange back into fiat. The best times for altcoin growth appear when Bitcoin shows organic growth or decline, or remains stagnant in price.
#3.Never put all your eggs in one basket. Diversify. While the potential to earn more is increased with the amount of money you invest into a coin, the potential to lose more is also magnified. Another way to think about it is to look at the cryptocurrency market as a whole; if you believe that this is just the beginning, then more than likely the entire market cap of cryptocurrencies will increase. What are the chances that this market cap increase will be entirely driven by one coin vs. being driven by many coins? The best way to safely capture the overall growth of cryptocurrency is to diversify and reap the benefits of growth from multiple coins. Also, fun fact?-?Between January 2016 and January 2018, Corgicoin has increased by 60,000x, and Verge has increased by 13,000x. During the same period, Bitcoin has increased by 34x. While you would have gotten impressive gains from Bitcoin, expanding into other coins could have landed you potentially larger ones.
#4.Dont be greedy. No one ever lost money taking a profit. As a coin begins to grow, the greed inside us grows along with it. If a coin increases by 30%, why not consider taking profit? Even if goals are set to 40% or 50%, you should at least pull out some of the profit on the way up in case a coin doesnt reach the goal. If you wait too long or try to get out at a higher point, you risk losing profit you already earned or even turning that profit into a loss. Get into the habit of taking profits and scouting for re-entry if you want to continue reaping potential profits.
#5.Dont invest blindy. There are people in this world who would sell a blind person a pair of glasses if they could make money. Those same people play in the cryptocurrency markets and use every opportunity to exploit less-informed investors. Theyll tell you what to buy or claim certain coins will moon, just to increase the prices so they can exit. Due to the highly speculative nature of the cryptocurrency markets today, a good investor will always do his or her own research in order to take full responsibility for the potential investment outcome. Information coming from even the best investor is, at best, great information, but never a promise, so you can still get burned.
#6.Always learn from your mistakes. Never accept a total loss. Always evaluate the situation and try to figure out why it happened. Take that experience as an asset for your next move, which will be better because you are know more now than you knew before. We all start off as amateurs, and we have all lost money throughout out trading experience. In his first month of trading, Miles went from $1,000 to $300. Ive lost a lot by selling at losses inspired by fear. No one is perfect, no one wins every single trade. Dont let the losses discourage you, because the reality is theyre making you better trader if you choose to learn from them.
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