This article is for beginners, war hamsters, like me, who want to start trading on the cryptocurrency and bitcoin exchange with bitcoin signals, but don’t know where to start or are just afraid (and do it right).
- Let’s start with the main thing. If you want to easily make a lot of money and immediately exit the market, give up this idea. The easy money phase has passed and it is hardly worth expecting it to recur in the near future. The market has almost found equilibrium and to double-triple its starting capital is possible only in the long term.
According to statistics, only 5% of traders increase their assets from year to year, the remaining 95% close their positions to zero or with losses. Do you need it? Live in constant tension and startle from any news that can bring down the value of your investments.
I hope this tub of cold water has cooled your fervor, and you will continue to read, aware of all future risks.
Having started the activity of a trader, it is necessary to learn that they are not afraid of market collapses, price adjustment, as well as the possible loss of their investment. Fear, greed and doubt are the three companions of any trader. Learn to get along with them- there will be a chance to become successful.
- Do not trust anyone. Neither to experts who offer “real” quick money schemes, nor “pros” who talk about their all- time earnings last week.
- Do not follow blindly the tips from chat room an exchange, forums and various instant messengers. Including these recommendations. Divide everything in two! Question everything. Each decision must be made by you without outside influence. Thinking alone is an important step towards success.
- Trading is a kind of game. No wonder the market participates are sometimes called players. Therefore, you can play, just like in a casino, only with the money that you don’t mind losing. Do Not take loans, mortgage a house, or sell things. In general, anything that jeopardizes the well- being of you and your family should be strictly taboo. There is one more nuance: investing the last money deprives you of composure and inevitably leads to poor decision and losses.
- Do not regret the lost profit. Consider what you have earned. The exchange rate on both the stock and cryptocurrency markets can be controlled by so- called manipulators, which is twenty minutes can turn the trend in the direction they need. Do not try to reply them. Dead number. Determine an acceptable value for yourself and record your profit on it.
- A better universal strategy does not exist. It’s all about the nuance and signals of the market. One trader cannot the entire market. His area of responsibility is entry, exit and trading volume.
- The rule of any market is early investing. If, in your opinion, the projects has potential, you need to invest! Remember that we invest only the amount that is not a pity to lose.
- Distribute investment. You cannot bet on only one horse. Choose 3- 4 coins from the first ten, 2-3 from the second and 2-3 from the third. In this case, if there is no general collapse of the market, possible losses will be covered by profit on other positions.
- Record everything. Do not rely on memory. Especially with active trading. Use special services or the old fashioned way, put a special notebook in the box. Follow the news and evaluate their impact on quotes. Some news can cause a short-term rollback or take-off, and you can climb it well. Do not trade on the eve of important and global news – market reaction is unpredictable.
- Trade on different exchanges. This will reduce the risks of a possible hack or technical stoppage of trading on one exchange. In addition, you can take advantage of the difference in rates on different exchanges for additional income.Rapid growth is always followed by a collapse. This must be remembered in order not to harbor extra illusions and not to go on about greed.
- Do not be afraid to make mistakes. This is normal. Consider them an experience for future deals. Sometimes, the best strategy is in action. Difficult, but periodically necessary. Entering the cryptocurrency market, one must be aware that 90% of them will eventually disappear.
- Always evaluate market conditions. Sometimes the right decision would be to suspend trading and take profits. Do not instruct another to trade for you. Lead the process yourself or not participate at all.
Do not expect that every day will be closed with a plus. There will be negative periods. And this is also in the order of things. Patience and patience again.
You can grab a big jackpot on one transaction, or you can achieve a similar result for the year. It is unrealistic to squeeze the maximum out of each transaction.
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