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.
1) 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?
2) 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.
3) 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!
4) 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!
5) 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.
6) 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.
7) 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.
8) 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.
9) 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.
10) 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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