7 tips for trading currency and cryptocurrency

For many years now, online brokers through their trading platforms have been providing access to the foreign exchange market allowing retail investors to trade currencies. Now, some online brokers also offer cryptocurrency trading. Discover in this article 7 tips for successful trading of real and virtual currencies.

1-Get trained and informed.
Be aware that trading currencies and crypto currencies requires solid knowledge of general financial and economic culture, but also knowing and practicing many techniques related to trading, such as technical analysis and its mathematical indicators , chart analysis and its various figures and to be familiar with the order book and stock market orders.
2-Don't go against the trend, she's your friend.
So in a bull market buy the dips and in a bear market sell the rebounds.

It is unconscious in currency trading to think that the market is wrong.

As for cryptocurrencies, if you think you are anticipating a trend before a cryptocurrency is put on the market, you can participate in its ICO or Initial Coin Offering which will allow you to invest in cryptocurrency at a preferential price. you believe in before its launch.
3-Let the profits run and quickly cut the losses.
While it's wise not to take your gains too quickly on a winning trade, don't delay too long either. It's the best way to lose everything! Use take profit orders and to limit losses use stop orders. Better, use trailing stop orders to protect your profits or reduce a potential loss.
4-Obey strict money management rules.
It is essential to set profit and loss targets. And respect them!

Keep a certain distance from your trading and especially from your earnings. Don't think you are gifted because the market is always right.
5-Always keep one foot in reality.
Even if testing your strategy with a virtual account is recommended, you should not consider that your performance on this account will necessarily be representative of your performance with a real account.

Don't lose the sense of value for money either. Do not get caught up in the game, to the detriment of your private or professional life. Don't spend 12 hours with your eyes riveted on your screen following the courses by chaining orders.

And be careful, keeping one foot in reality is not necessarily easy if the currency you are trading is virtual! But it is possible. Rely on tangible elements and concrete information to know which cryptocurrency to invest in: keep yourself informed on cryptocurrency websites, examine the training and skills of developers, etc.
6-Prepare a strategy before entering the market and do not trade impulsively
They will prevent you from getting lost and giving in to euphoria or panic. This is all the more true in the cryptocurrency market where the volatility is such that without a well-defined trading plan, you are sure to run into your loss.
Also, only invest money you are prepared to lose and never your precautionary savings.
7-Keep your strategy simple.
Whether it's currency or cryptocurrency trading, an effective strategy remains a simple strategy, which you can explain in a few sentences, which is based on concrete, precise and factual elements and not on beliefs or fanciful anticipations. .