#1.Do not buy when the price is in a downtrend. Because the price is likely to get lower and lower. It is better to wait until the price has stabilized, then place a buy order.
#2.Focus on the long term. Long-term means anything from a year to 5 years, or even more. Let’s look at Bitcoin which has the largest market cap at the moment. It just crashed more than 50% in the past week; tens of thousands of traders got their positions liquidated during a short period of time. However, if you zoom out to look at the long-term price development, you will see that anyone who held Bitcoin for more than 4 years is in profit.
#3.Do not leverage trade. Lots of platforms provide high leverage trading, which makes the gains look very attractive. But unless you have a lot of experience in leverage trading, chances are your position will get liquidated.
#4.Keep your private keys and seed phrased safe. Never save your private keys and seed phrases in your laptop or your smartphone, because they might get hacked as well. You can write them down on a piece of paper and put it in a place only you can find.
#5.Never go all-in. After you have decided the total amount, you want to invest, for your first-time investment only spend part of it to buy whichever cryptocurrency you have researched and think is promising. Always have some cash at the side to buy the dip. This also reduces your risk of losing all the money when your expectation does not work out.
#6. Do not invest more than you can afford to lose. Do not use your emergency money because crypto prices are very volatile and you might not get your money back when you need it urgently. Invest an amount that will not put you in a difficult situation if you lose it.
I hope this article is helpful.This article is written for motivational and awareness purpose ❤️🩹.
