A good friend of mine confessed recently that his greatest regret so far is that he did not buy bitcoin years ago. While there has been several predictions on how cryptocurrency will fall, digital currency continuous to be grow. If you have finally outgrown your fear and want to start trading in cryptocurrency, here are some tips that can help.
Set achievable goals
Digital currency can be highly rewarding, but remember it isn’t a get rich quick world. The platforms that promise huge and quick returns are usually scams. Set achievable goals and work towards them carefully.
Invest within your means
While you hope for the best and expect the worst, it is not ideal to delve into cryptocurrency with your life savings. Trade with what you can lose but trade not to lose it. It is not advisable to borrow to invest in cryptocurrency or dip into important funds.
Be careful with ICO
Initial Coin Offerings of some companies is where you can make a kill, but it is also an avenue for loss so how do you deal with it? Well, the rule is to do a proper research of the company and ascertain the seriousness or otherwise of its sponsors.
Trade without pressure as it is the only way to avoid messy loses. Even when things seems to be on the downside, plan your getting out logically without panic.
Buy the rumour, sell the news
Look for information and make decisions based on fresh market intelligence but do not go into buying when major news sites have published articles about some coin; this is usually the right time to sell.
There you have it! Above are a couple of essential tips for trading in the cryptocurrency market. By following the above tips, you will be a better crypto-trader.