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Eternal Poster
TIPS
OF
TRADING
CRYPTOCURRENCY
While it is impossible to give you a winning formula when it comes to trading in cryptocurrencies, we can give you a few tips to help you on your way!
1. HAVE A GAME PLAN
Having a reason why you want to start trading is an important place to start. Make sure you know why you are getting involved and ensure you have a clear strategy laid out for afterwards. Not everyone is going to in from trading, and it is worth remembering that for every person that wins, there is someone that is losing on the other side.
Even if you plan to trade daily, sometimes it is better just to sit and watch the markets and wait for the right time to join in, rather than rushing ahead and losing it all on a whim.
2. SET CLEAR BOUNDARIES
When trading it is essential to know what markets to target, and when to stop. Set yourself an evident target level for taking your profit, and most importantly, a stop-loss target, so you know when to cut your losses.
Don’t let your ego take control and remember that crypto trades are hazardous – sometimes it is better to either quit while you are ahead or cut your losses and leave.
3. GET OVER FOMO
(FEAR OF MISSING OUT)
While it is exhilarating watching others win and lose, you need to force yourself not to give in to temptation. Don’t become obsessed with the thought that you might be missing out on something, as tomorrow is a new day with new opportunities. Sometimes it is better to sit back and watch how things perform, without putting yourself at risk in the meantime.
4. LOOK FOR THE SMALL FRY
Putting all of your eggs in one basket, or looking for significant market movements is not the way that people make profits. You need to keep your eye out for the small gains that will all add up and accumulate into a big one. To be a profitable trader you need to remember this and be sure to manage your risk carefully across your portfolio.
For example, you should never invest more than a bit of your pot into a very high-risk market. Instead, place smaller bets that will yield a better return should your gamble pay off.
5. REMEMBER VOLATILE MARKET CONDITIONS
It is worth noting that most cryptocurrencies are traded according to the value of Bitcoin. As a highly volatile asset, this is something that you must take into consideration, especially when the value of Bitcoin is dancing around unpredictably.
The relationship between Bitcoin and altcoin is inverse – meaning that when Bitcoin value goes up, other currencies tend to go down, and vice versa.
When Bitcoin is feeling extra volatile, the conditions for trading can be a little difficult, and it is hard to see much ahead. At times like this, some say it is better not to trade at all.
6. WISE UP TO DEPRECIATION
Most cryptocurrencies will lose their value over time, and this is something that you should take into account when holding your currencies for the medium to long-term.
If you are looking to keep your coins for a long time, you should do your research to ascertain which ones are suitable for such a purpose, and which ones are not. Currencies such as Ethereum, Monero, IOTA, and Dash are all considered leading coins and experience the most trade volume on a daily basis.
You should be sure to follow each coins chart to identify low periods or times of stability and instability.
7. BE WARE OF ICO's
(INITIAL COIN OFFERINGS)
Lots of fledgeling coins and projects start off with a crowd-sale where they invite investors an early opportunity to buy a share of the project either in tokens or coins at an often, lower price.
The idea behind this is that trading the new coin from day one on the exchanges will result in a tidy profit for the ICO participants, and over the last few years, there have been many successful ICO projects, particularly when it comes to the yield for investors. Lots of currencies doubled or tripled in value, and some such as Augur provided a 1000% return on the ICO participants investors.
But it is not always this way – some ICOs turned out to be total scams, and people have found themselves deserted by the organisers of the ICO, taking their money with them. Keep your wits about you, do your research, and if it seems too good to be true – chances are it is.
8. KEEP YOUR EYE OUT FOR FEES
Some exchanges charge some rather extortionate fees when you buy from the order book or the maker. These costs can be as high as 0.1% which when you are trading in large amounts of currency, can really add up. Don’t forget to shop around and find the right exchange for you.
♡ THANK YOU MGA KA PHC ♡
OF
TRADING
CRYPTOCURRENCY
Code:
ETO NANAMAN ANG KAUNTING KAALAMAN MGA KA PHCWhile it is impossible to give you a winning formula when it comes to trading in cryptocurrencies, we can give you a few tips to help you on your way!
1. HAVE A GAME PLAN
Having a reason why you want to start trading is an important place to start. Make sure you know why you are getting involved and ensure you have a clear strategy laid out for afterwards. Not everyone is going to in from trading, and it is worth remembering that for every person that wins, there is someone that is losing on the other side.
Even if you plan to trade daily, sometimes it is better just to sit and watch the markets and wait for the right time to join in, rather than rushing ahead and losing it all on a whim.
2. SET CLEAR BOUNDARIES
When trading it is essential to know what markets to target, and when to stop. Set yourself an evident target level for taking your profit, and most importantly, a stop-loss target, so you know when to cut your losses.
Don’t let your ego take control and remember that crypto trades are hazardous – sometimes it is better to either quit while you are ahead or cut your losses and leave.
3. GET OVER FOMO
(FEAR OF MISSING OUT)
While it is exhilarating watching others win and lose, you need to force yourself not to give in to temptation. Don’t become obsessed with the thought that you might be missing out on something, as tomorrow is a new day with new opportunities. Sometimes it is better to sit back and watch how things perform, without putting yourself at risk in the meantime.
4. LOOK FOR THE SMALL FRY
Putting all of your eggs in one basket, or looking for significant market movements is not the way that people make profits. You need to keep your eye out for the small gains that will all add up and accumulate into a big one. To be a profitable trader you need to remember this and be sure to manage your risk carefully across your portfolio.
For example, you should never invest more than a bit of your pot into a very high-risk market. Instead, place smaller bets that will yield a better return should your gamble pay off.
5. REMEMBER VOLATILE MARKET CONDITIONS
It is worth noting that most cryptocurrencies are traded according to the value of Bitcoin. As a highly volatile asset, this is something that you must take into consideration, especially when the value of Bitcoin is dancing around unpredictably.
The relationship between Bitcoin and altcoin is inverse – meaning that when Bitcoin value goes up, other currencies tend to go down, and vice versa.
When Bitcoin is feeling extra volatile, the conditions for trading can be a little difficult, and it is hard to see much ahead. At times like this, some say it is better not to trade at all.
6. WISE UP TO DEPRECIATION
Most cryptocurrencies will lose their value over time, and this is something that you should take into account when holding your currencies for the medium to long-term.
If you are looking to keep your coins for a long time, you should do your research to ascertain which ones are suitable for such a purpose, and which ones are not. Currencies such as Ethereum, Monero, IOTA, and Dash are all considered leading coins and experience the most trade volume on a daily basis.
You should be sure to follow each coins chart to identify low periods or times of stability and instability.
7. BE WARE OF ICO's
(INITIAL COIN OFFERINGS)
Lots of fledgeling coins and projects start off with a crowd-sale where they invite investors an early opportunity to buy a share of the project either in tokens or coins at an often, lower price.
The idea behind this is that trading the new coin from day one on the exchanges will result in a tidy profit for the ICO participants, and over the last few years, there have been many successful ICO projects, particularly when it comes to the yield for investors. Lots of currencies doubled or tripled in value, and some such as Augur provided a 1000% return on the ICO participants investors.
But it is not always this way – some ICOs turned out to be total scams, and people have found themselves deserted by the organisers of the ICO, taking their money with them. Keep your wits about you, do your research, and if it seems too good to be true – chances are it is.
8. KEEP YOUR EYE OUT FOR FEES
Some exchanges charge some rather extortionate fees when you buy from the order book or the maker. These costs can be as high as 0.1% which when you are trading in large amounts of currency, can really add up. Don’t forget to shop around and find the right exchange for you.
♡ THANK YOU MGA KA PHC ♡
