Here are powerful Tips for the Cryptocurrency investors
1. Don’t FOMO (Fear of missing out)
Traders are always afraid of missing out on a trade especially a new coin or an Initial Coin Offering (ICO) in the market to the extent that they forget making the necessary research before jumping in with their hard-earned cash.
There will always be another trade, so relax and get your cards straight before being a victim of a pump and dump crypto. If you jump on a Trade after most people’s entry point, you’re putting yourself at risk.
2. Don’t Panic Sell
Price volatility is a vocabulary every cryptocurrency trader understands and that is why you don’t venture if you cannot afford the risk.
The market cycle goes up and down! It’s great when it’s up but up days aren’t possible without down days. During the down days, everything is ON SALE!!!
That’s when we take advantage and buy! This is why I always say to keep at least 40% of your portfolio in BTC or a strong and heavily valued coin like ETH. Take a look at the history Bitcoin (BTC) which is now referred to as the 21st century “Gold” and see how it’s price has fluctuated over the years, I’m sure the “iron-stomached” who held on when it was moving from $26 to $10 are now grateful to God for giving them such a strong heart.
Don’t go into a crypto market with your heart because you might lose it.
3. Keep a STOP LOSS on ALL TRADES!!!
On every single trade, ALWAYS set a STOP LOSS!!!
Stop loss are features on trading platforms that you can use especially if you can’t always check to see how the market is faring. Stop loss orders are designed to limit an investor’s loss on a position in a security or stock. In case you’re afraid of losing your money, you can activate this function so your cryptocurrency can be sold out automatically as you’re not around as at the time that particular crypto is taking a nosedive in price.
4. Always readjust your Stop Loss
So the stop loss on trades will stop us out on trades that don’t go our way. But how about the ones that do? We readjust our stop losses every 10% gain!
Every time we gain over 10% readjust your stop loss by 10%! So that even if it drops before reaching all targets, it stops you out with profit!!
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Diversity is the name of the game when trading to minimize losses and maximize wins. This is a starting point to suggest how you should be trading. The best risk for every kind of business person is to diversify.
Don’t be caught up by the “Dutch disease”, try to look for more Cryptos and upcoming promising ICOs and invest but in investing your money don’t put all your life savings because like I said earlier; there is no space for weak hearts in the crypto market. But also remember the more the risk, the more the returns on investment (ROI)
6. Have Fun!!
Most importantly guys, have fun trading! This shouldn’t make or break you. Investment is a risk! If not it wouldn’t be called investing.
So don’t invest anything you cannot afford to lose, it’s a rollercoaster ride out there so just have a good time riding the waves. On down days don’t even look at your portfolio, only look for coins to buy because that is really the time to get cheap deals for the future.
About the current state of the Cryptocurrency Market.
I know for past weeks the cryptocurrency market has experienced some geopolitics and rumours as a result has been affected massively. The issue of South Korea alone has done a great harm to the industry which is more than a $100 billion USD. As it is now almost all the coins are in Red Alert; depreciating astronomically. People are doing panic sales and others can’t have a good night sleep. Well,…that’s the Cryptocurrency Market for you; a bull market today, a Bear market tomorrow.
If you are feeling emotional put your feelings on here and somebody will help you see the logic. Unless you NEED the money, Don’t sell!
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