Cryptocurrency trading is a challenging task. It requires very serious knowledge, technical analysis, and patience. The following is the advice I have given myself when trading cryptocurrency. These are not professional advices, they are just summarizing my journey. DYOR before investing in any crypto project.
1-Everyone is genius in the bull market. True traders can survive in bear markets or in highly volatile markets and even improve themselves.
2- Don’t be afraid of falls. This is where you can make the most money. Open your eyes! ALL markets are periodical.
If you have a periodic rise in the chart, don’t be afraid to not catch the drop.
3- Before you pull the trigger at the entrance, plan your trading thoroughly.
Which coin is your choice? You should research and focus.
4- Stay away from experts who advise you to be rich quickly.
Any expert cant gives 100% investment advice. If anybody says this probably he invested the Ponzi.
5- You cant assuming that easily make money in other financial markets as you earn a lot of money in the crypto money market. More than 95% of stock market investors lose money. This is not an easy game.
6- Best practice for cryptocurrency buy-sell; not to do daily buy-sell.
7- You cannot control the market. The only thing you can control is your entries, trade size, and outputs.
Cryptocurrency trading has so many whales. So you need to know himself.
8- All financial network marketing projects are Ponzi schemes, two times two-four.
9- Do not do anything for at least 30 days if you are earning money that will change your life
10- Trade is not about picking up the top and bottom in a market, but about catching a moment of action.
11- Learn to survive first, then grow up.
When you start the trade in the stock market, you should use 15-25% of your money. Because that is a risky game
12- Don’t wait to try to choose the top in a stock market. Wait for the market to say when the trend is over.
Actually, the risky method is waiting for the top on the stock market. Because the stock market never sleep. So if you earned enough to be happy, you can pass to cash.
13- Don’t trade when big news. It is impossible to predict how the markets will react.
14- You have to stay away from pump and dump groups.
15- You will make every mistake in the book. When you make a mistake, do not distress yourself, try not to do the same mistake twice, and learn.
16- You don’t have to invest any crypto money if you don’t understand the instruction.
17- You can make money with momentum trading and shitcoins (garbage coin), but don’t make long-term investments.
And don’t deposit big buck.
18- Stay away from coins with low trade volume and low market size. They can be easily manipulated and stuck in one position.
Don’t make a transaction in low volume stock markets.
19- Don’t Trade with the daily life money. There has a reason why it is called ‘’ venture capital “.
20- Trade and investment highlight the following feelings: fear, greed, hesitation.
21- Bitcoin spent half a dozen large balloons, and after each one, the price increased even more. You can look at the charts. This is not a first.
22-The shorter the graphical timeline, the less reliable the graphs. Likewise, the longer the timeline, the more variables affect the price and the more difficult the price estimate is.
23- The top three issues for traders are overbought, hesitations at entry and closing positions before profit targets.
24- Don’t trust someone or anyone else to trade for you. Manage your own high-risk investments by yourself.
25- The last one so important for me. Believe your inner voice. If any coin go to moon it will fall absolutely. Don’t forget to sell.
These are my idea. Cryptocurrency is a very variable stock exchange. Make healthy decisions, enter with money that won’t hurt you.
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