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10 Most Important things you need to know before Crypto Trading
It’s no more about the trading you used to watch in Hollywood, or experience down in Wall Street, where stock analysts and foreign exchange experts feed their opinion for their respective markets. Times have changed, cryptocurrency trading is the future, and even the financial pundits have come to realize this.
Don’t fret if you are a newbie and have no idea what cryptocurrency is or what to know before trading, the following guide keeps it simple.
Cryptocurrency can be defined as a digital currency which works in a medium of exchange that uses cryptography to ensure the security of financial transactions, control the creation of additional units, and to verify the transactions of assets.
- Learn — Knowledge is power, so first try to absorb as much information as possible from the internet. You can check out various cryptocurrency websites through Google, or you could join the number of Signal Groups in the famous messenger, Telegram. As you learn, you will understand that things are not as tough as imagined. If you are a visual learner, YouTube is your best option, and if you have a long journey to the office, listen to some interesting podcasts that will teach you the A to Z of cryptocurrencies.
A few critical questions to learn from –
• What is Blockchain technology?
• The future of the technology?
Be Different — It’s not always idealistic to follow the herd. When people sell, do try to avoid the unnecessary banters going on and HODL (Crypto slang for — holding your cryptocurrency/hold on for dear life!) as panicking does not help in the cryptocurrency market. When people buy, that’s the time to sell! Go against the market, but keep an eye on the price and the market cap of the cryptocurrency you are trading.
Invest what you can lose — When you are starting out, it is best to invest only what you are ready lose. Psychologically speaking, use money that you don’t mind being burned and converted to cryptocurrencies that will help you feel and make a few practical decisions in the cryptocurrency market when you’re starting off. There have been cases of severe losses leading to anger, but this is usually only the case when you invest more than you’re ready to lose. Don’t believe the stories about selling everything, putting it on cryptocurrency and living the lifestyle of a millionaire, this my friends, is very unlikely!
Positivity — The power of positivity is very important in the game of cryptocurrency trading. Fear, Uncertainty and Doubt (FUD) should be ignored. You will read loads of cryptocurrency articles every day; some of which were published only to scare the market. Keep your head held high, and keep reading positive stories!
Top-ranked Cryptocurrencies are the best — It is always best to invest in a cryptocurrency that is ranked in the first 50 in Coinmarketcap.com. Before investing in a coin, read reviews on other people holding the coin, ask questions about the coin in their respective telegram group and analyze the graphs on tradingview.com.
When Trading — When trading, choose a more prominent and more popular exchange like Binance, Poloniex, Bitfinex etc. as these have high trading volumes. Don’t forget to add in a stop-loss for safer returns, which is a much safer way to invest your hard earned dollars.
Spread your eggs — Follow the saying ‘never put all your eggs in one basket’. Diversify your portfolio from the more popular cryptocurrencies such as Bitcoin, Litecoin, Ripple and Ethereum and don’t forget to invest in the new upcoming cryptocurrencies too which have considerable potential to grow. For example, Bitcoin had a 34x gain from January 2016 to January 2018, while Verge went on to increase by 13,000x.
Applications to download — Download a price ticker on your mobile phone that alerts you every time a particular cryptocurrency is low, so you can buy, and every time it is high enough to sell. It makes life much easier than sitting down in front of your laptop the whole day waiting for the right time. These applications tend to have notifications too, so once you hear the notification, you can either buy or sell.
Patience — You will be heavily tested on your patience while you are trading. So it is much better to be mentally prepared and learn the art of patience. Profits usually take place in the longer term, and so looking at short terms gain will only play with your mind and have you a bit too excited, which is a financial risk.
Keep an eye on Bitcoin — Bitcoin, the first and most popular cryptocurrency is almost always pegged to most altcoins. You will notice an inverse relationship between Bitcoin and altcoins when Bitcoin goes up. If Bitcoin goes up, altcoin prices usually fall, which are owed to people selling their altcoins and investing into Bitcoin. If Bitcoin falls, it can lead to an overall market negativity leading to altcoins also dropping as people tend to convert to fiat (Dollars etc.). If Bitcoin is stable or has a constant growth, expect rises in altcoins.
Overall, Cryptocurrency trading will be a fun adventure that will make you experience a wide range of emotions along with a community that is open-minded and interesting. Don’t expect to become a cryptocurrency millionaire in a week or two like the stories you’ve read, but instead work towards becoming a smart investor. The 10 points above, if followed like a prayer, could lead you to parking a Lamborghini in your garage.
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