Trading cryptocurrencies and bitcoin, can be very inconvenient, ie. with a loss if we do not follow certain rules.
Then losses are inevitable and who likes to be at a loss with anything , even in trading the invisible currencies?
The basic question arises. Is it possible to trade cryptocurrencies and stay at zero or make some money?
Turn off the lottery factor. This type of trade is not of the lottery type. Whoever traded on the stock exchange knows what we are talking about.
As such, it requires understanding and at least 100% focus. And to understand each other- cryptocurrencies are not for everyone.
For those who recognize themselves in this and who have not hesitated, we will present some suggestions, experiences, name tips that may pave the way for them as a gain.
In this game, the amount remains unchanged
The profit of one trader is the loss of another trader. Or, not all traders are profitable. Follow the tips and experiences of the best cryptocurrency traders!
Like other spheres, there are those more experienced traders who wait for the mistakes of others and make a profit on it.
Don’t rush, don’t rush. There will be days when you will make money without doing anything.
Make goals, plan
If you want to succeed, you must understand this game and look a little further than others. And keep in mind that many people often do not make rational decisions.
If you can’t escape the loss already, clearly specify the loss after you simply close the position and don’t go any further.
This is an unusually important part in which a distinction is made between those who know and succeed from those who trade chaotically and emotionally.
Examples from practice indicate that not a small number of traders do not stop in time due to their current position and the state of money.
Usually, their ego does not allow them to stop, even though they have exceeded all risk limits.
Caution is never enough
Because, I don’t know if we invented it, but “beware and God bless you” makes a lot of sense in this trading.
Caution, the FOMO effect lurks!
If a currency suddenly goes up or down with a value, you still don’t have to have it.
Flexibility and instant frenzy still don’t mean you’re not up to date and just waiting for you to get involved.
Because it’s simple. The ascent cannot go on indefinitely, and the big players are waiting for those who can’t stop.
What are those curves and graphs for?
If you ran away from math classes this is not the area for you. Curves, trends, tracking ups and downs are something that is taken for granted in this area.
Those who can read what is happening with currencies will recognize both their chances and business gains. With more or less risk or a dose of uncertainty.
One of the very important rules is:
Never put all your eggs in one basket. If your basket falls out, you will experience a debacle.
It is similar with cryptocurrencies. Avoid investing in one project in a wide arc, no matter how make-up and marketing irresistible it is.
Many successful traders consider such investments a high risk.
And what should I do?
Some unwritten rules indicate that when major news outlets publish news, it may be the right time to say goodbye to the parts of the currencies that the news deals with.
Drive the ego away from you and do not return it until you have finished selling.
Track your results. Track your profits. Don’t let previous success lead you, choose your next purchases or sales carefully.
Learn technical analysis
Technical analyzes performed by IT experts, researchers, traders and financial analysts are a useful tool for planning investment strategies, searching for new ideas and examining exciting topics.
Technical analysis will give you the most detailed and objective view of recent events, supported by mathematical derivation and graphical representations.
Some of the most used technical indicators: