The first advice is to choose a reliable trading platform with good liquidity and high credibility, which provides some of the most important necessities, most importantly security and safety, to avoid any hacking or piracy, and here you will not find anything better than the platform #Binance and Bitget, which have not been exposed. For any hacking or piracy since its inception, choosing a good platform, with Arab support and great liquidity, would contribute greatly to the success of the entire trading process, and achieving good profits.
Secondly, invest a little in yourself and learn new skills from trading experts. Even if you pay some money to learn, it will return to you with trading skills and strategies that are useful to you. You will learn that there is no benefit in chasing green candles. Green candles are selling areas and red candles are buying areas. Know that buying It occurs at the bottoms and sells at the peaks. It is good to enter after the correction and at a support point, and if there is a clear assembly, it is better and I guarantee that you will learn by investing in yourself many things that will help you devise a trading strategy that suits your capital and the duration of your investment.
Do not put all your eggs in one basket. Your emotions and enthusiasm for a cryptocurrency should in no way lead you to bet on one currency. It is always better to invest in several digital currencies. Distributing assets across several places protects against a major loss in the event of a decline in one of the markets. Currencies are considered a rule that does not put all eggs in one basket, among the most important main points for risk management, and what is meant by these are two things. The first is to invest in more than one digital currency, but the choice here should be thoughtful and not enter into any currency that appears to be promising, and its team promises that it will achieve Consecutive successes in the financial world and other bright promises that fail in the face of reality many times, especially if they do not have a project on the ground. If you are an investor in one currency, it may collapse and all your money may go to waste, as happened during the year 2022 when it collapsed. Luna currency was among the strongest digital currencies. This also happened with the FTT currency, followed by the collapse of the FTX platform.
Rely on fundamental analysis in your analyses, as it is the primary driver of the market, while technical analysis is subordinate to fundamental analysis. If the example makes the article clear, I will tell you that fundamental analysis is the horse, and technical analysis is the cart. Fundamental analysis is tracking currency news, the extent of its credibility, and the statements of countries and bank managers. The centralization of digital currencies, while technical analysis is the analysis of Japanese candlesticks, support and resistance areas, and cases of overbought or oversold, with the help of specific indicators, most of which are affiliated with price or volume. However, the field of digital currencies remains the most difficult of all to understand its movements, because the responsible or irresponsible statements of some actors in this field and major whales greatly affect the general direction of the digital currency market.
Do you have a strategy for trading cryptocurrencies? If you do not have a specific strategy for trading digital currencies, you will continue to flounder. Before sailing into the world of cryptocurrencies, the investor must pay careful attention to the fact that this type of investment is preceded by studies at the individual level and at the platform level, and on Market level, so that you find a strategy for yourself and stick to it. Do not enter against the general direction of the trend. Do not enter against the current, whatever the temptations, and do not go against the general trend. If the price is in a falling channel, it does not make sense to enter by buying. We look at the price channel on today's chart and then four hours. Taking into account corrections.
The strategy will teach you to stay away from greed, so do not be greedy. Sometimes you achieve a profit rate of up to 20% and say that the currency is still rising, but the opposite happens and the loss becomes 20% and perhaps more, so you must be content and not greedy.
The strategy will teach you to trade with amounts that you can afford to lose. You should not risk more than you can afford to lose, as it is unreasonable to trade and trade in the digital currency market, which is known for its major collapses and fluctuations that wreak havoc on large capitals, as it is a high-risk market with high fluctuations.
The strategy will teach you to always keep a portion of your funds in the wallet frozen in fixed currencies such as
USDT, firstly to seize unexpected opportunities and secondly to consolidate your trades in the event of a market decline and a large third-degree correction on the Fionacci scale.
The strategy will teach you not to enter deals in random currencies or trade in bad platforms. Your financial management may have been correct and your analysis of the currency was good, but the failure of the currency due to the lack of any project for it or the lack of sufficient volume will lead you to a loss as a result of the death of the currency and its deletion from trading platforms.
