Last updated on November 11th, 2020 at 06:02 pm
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Welcome Back. It’s been long we had the last tutorial. So what we are going to talk about now is Crypto Trading Tips.
We are going to give you up to Five Cryptocurrency Trading Tips in this tutorial.
- Have a Cryptocurrency Trading Plan: Just like the way you plan your business. Same way you plan on how to do your trading. This involves taking down the rules and regulations you must abide with. And consistent update of these rules and regulations. You have to specify how you intend to invest. How you intend to make profit from this. What triggered you to hook up with Cryptocurrency Trading. Any mentor who surprises you. Draw up a step to follow. It helps to keep you on track and avoid missing your lane or acting out of emotion. You act according to your rules. This is very important in Cryptocurrency Trading. Don’t let people decide your trading for you. If you must do. Make sure your rules required you to do so when you must have done due research to go by it. Write the plan properly well. To avoid missing any treasure on the road.
- Always Do Your Own Research: As a Cryptocurrency Trader you must always be ready to read news and do researches. Avoid been distracted by airdrops but more so don’t forget to bounce on good airdrop because definitely they will benefit you. You can subscribe to a daily news mail update here and get things on track for yourself. So you don’t miss any tangible news that puts you on track. Warren Buffet would always say; Buy The Rumour Sell The News.
- Consider Fundamental Analysis Over Technical Analysis: The Market is too volatile. You can only perch on Technical Analysis which isn’t a better option over Fundamental Analysis if you are a Professional Trader. Always base your trading on Mid-Term and Long-Term Trading to avoid losing your funds to the market votality. Technical Analysts are more of Day Traders. It profits but it’s very risky. You can only perch on TA, if you know what you are doing, which at times fails. To be on a safer side always base on Fundamental Analysis as a beginner. Always read charts from previous years and months, it will help you to stick to your trading rules and regulations.
- Trade Against Fiat Not Always Bitcoin: Many people always trade against bitcoin forgetting that its also a Cryptocurrency, and it’s also volatile. Don’t forget to trade against fiat and save your funds from the bearish market. Many beginning traders don’t have this on their minds. They always jump in on Bitcoin during bearish market while bitcoin also it’s volatile. Always pack in on fiat. Binance Exchange offers fiat pair for a variety of cryptocurrencies.
- Let the Stop Loss Be Your Friend: Be smart. Always place the order where you want it to be. Also sell where you want your sell order to be. Be Patient enough to allow it to fill. The votality of the market will always pull back. Don’t fall prey to consistent bullish trend. This is why we stressed on allowing your emotions to control your trading. Have a good crypto trading plan. Follow it up. Use the stop loss and don’t forget to place sell and buy order tab. This helps you not to fall off and also minimize your loss and maximize your profits.
- Bonus Tip: Buy Deep Red, Sell Green! I mean Deep Red.
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