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RE: Musing Posts

in #musing-threads6 years ago (edited)

There are several things that you learn during your time in the crypto market. Although the basics of the trading remains the same but each person develops their own style to keep up with the markets. So I think it would be more helpful to cover the basic rules that can be universally applied. 

Please keep in mind that you asked the question about trading crypto and not about generally investing in crypto, because there are differences between the two. So I am going to treat the question as I see it. Here are a few rules to keep in mind before you start trading crypto:

1. Invest only what you are willing to loose. This mantra doesn't really means that you don't trust the market. The idea behind this is to invest that amount of money, over which you can take cool, calm and objective decisions. People loose money over emotions and gain money by being objective and logical.

2. Research, research and more research. Take a careful look at the projects that you want to start investing in. You don't have to be a technical wiz to listen to videos and read reviews, so don't worry about your lack of knowledge of the crypto world. You'll learn as you go along.

3. Look up on the technical analysis of the price movement of the coins. TA is something that is absolutely essential if you want to become a good trader. From the biggest to the smallest traders, all use TA to get a future projection of markets.

4. Have a strategy - Day trading, weekly trading, monthly trading, etc. Stick to it and don't get greedy because it will cloud your judgement. Greed will make even a logical mind stupid. 

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Thanks for the tips.

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