If you have some money and you want to invest it to protect yourself against inflation and you have your eye on the cryptocurrency or traditional markets, there are some things you need to know before you step into these markets. I will try to explain in bullet points.
Letâs get started :)
1- KNOW YOURSELF: This article is very important not only for this field but also for knowing what you want and setting your goals no matter what you do. No wind can help those who do not know where to go.
2- Basic finance education: You should KNOW the dynamics of the market where you will invest your hard-earned money.
3- Technical-Basic Analysis: After knowing yourself, you should choose the most suitable method for your character and develop yourself in this direction. For example, if you want to gain your financial freedom while working in a very busy job, fundamental analysis is the most suitable for you. Because the project you will buy at a reasonable level with a solid research is likely to earn you in the long run.
4- Risk management: No matter what market you are in, no matter what knowledge you have, at the end of the day, if you cannot manage your risk, you are doomed to lose. Strong will = the road to financial freedom
These steps will serve as a lighthouse to help you navigate the market. The most important thing you need to do after these steps is to find a reliable crypto exchange/broker you can trade with. It does not mean that you are ready after following the steps mentioned above.
5- Using a demo account and backtesting with the right methods: After taking certain trainings and improving yourself, you should definitely test this knowledge on your own. Why alone? Because whether the money you put in is 1 million dollars or 1 dollar, you are alone in all the decisions you make. For this reason, you should learn how to make the right decision, the temperament of the parity by trading with a demo account via backtest.
6- Do not buy a share/coin just because the price is low. There is a BOTTOM BOTTOM.
7- Do not average downwards. There is a BOTTOM LOW
8- Trend is your companion, your confidant, your guide. Do not neglect to follow it. Only the trend can tell you the direction of your money.
In the next articles, I plan to write more detailed articles about the topics I mentioned here. Your support is valuable to me. Friends can support me by sharing this article on Twitter or other social platforms
Thank you for reading.
