For some time now, I have been closely monitoring the performance of cryptocurrencies to get an idea of where the market is heading. My elementary school teacher taught me where you wake up, pray, brush your teeth, have breakfast, changed a little to wake up, pray, and then hit the net (starting with coinmarketcap) to find out which cryptocurrencies are red.
The beginning of 2018 was not pleasant for altcoins և assets for sale. Their performance was distorted by the frequent opinion of bankers that the cryptocurrency was about to burst. However, the passionate followers of cryptocurrency are still on HODLing, the truth must be told, they are reaping a great harvest.
Recently, Bitcoin took back almost $ 5000; Bitcoin Cash was approaching $ 500, while Ethereum found peace at $ 300. In fact, every coin struck except for newcomers who were still in a state of excitement. As of this writing, Bitcoin is back on track with $ 8900 in sales. Many other cryptocurrencies have doubled since the start of the uptrend, with a market value of $ 400 billion, up from a recent $ 250 billion peak.
If you are slowly warming up with cryptocurrencies and want to become a successful trader, the tips below will help you.
Practical tips on trading cryptocurrencies
• Start modestly
You have already heard that cryptocurrency prices are rising. You have probably received the news that this upward trend may not last long. Some naysayers, mostly reputable bankers և economists, usually promote them as quick enrichment schemes without solid foundations.
Such news may force you to make urgent investments և not to exercise moderation. Market trends մի A little analysis of currencies worthy of investing in them can guarantee good returns. Whatever you do, do not invest all your earnings in these assets.
• Understand how exchanges work
I recently saw a friend of mine post a Facebook post about one of her friends going through a trading exchange who had zero idea how it worked. This is a dangerous step. Always review the site you plan to use before you sign up or at least before you start shopping. If they provide a fake account to play with, use this feature to learn how the control panel works.
• Do not insist on trading everything
There are more than 1,400 cryptocurrencies for trading, but it is impossible to deal with all of them. Spreading your portfolio on a huge number of cryptocurrencies beyond your control can be minimized. Just pick a few of them, read more about them և how to get their trading signals.
• Stay sober
Pt currencies are volatile. This is their shock, their good. As a trader, you need to understand that wild price fluctuations are inevitable. Uncertainty about when to move becomes an inefficient salesperson. Use solid data այլ other research methods to make sure you are trading.
Successful traders belong to various online forums that discuss cryptocurrency market trends և signals. Of course, your knowledge may be sufficient, but for more relevant data you need to rely on other vendors.
• Diversify meaningfully
Virtually everyone will tell you to expand your portfolio, but no one will remind you to deal with real-use currencies. There are some crazy coins you can deal with for quick money, but the best business secrets are the ones that solve the existing problems. Real use coins tend to be less volatile.
Do not diversify too soon or too late. And before you start buying crypto assets, make sure you know the market peak, price changes, daily trading volume. Maintaining a healthy portfolio is one way to make the most of these digital assets.