Topic: 5 things you need to know before trading crypto - page 4. (Read 758 times)

There's always risk following behind you. People should remember that one. Since the market is very unpredictable. You never know what might happen.
Keep your expectations low and you will never be disappointed. At least that's what I always do, eventho sometimes it's kinda hard to pull myself together.

Nice advise from op but I will say that hodling for too long isn't very nice. Sometimes when you would have let go and make a new start, you hodl longer and eventually losses the trade.

Do Your Own Research (DYOR)

DYOR or Do Your Own Research is a super common term within the crypto community. DYOR is pretty self-explanatory, but serves a reminder to always investigate coins before you buy them or start trading with them.

In reality all the peoples are expecting the quick profit so once they invest they never waiting for longterm. I always suggest to participate low level trading for beginners because one or two times they loose the money and they will understand how market will grow and dump. Once they understand how to tackle all the situation they will earn further investment.

before trading in crypto i guess the first one a new trader should remember is that there is no sure strategy that he is going to win at every position made. as a newbie he will lose money and its discourage not to get into trading unless you have DYOR and the best way to do it is just to INVEST only the extra amount they got and  HOLD on to it for long term investment.

You're right . All coins are easily affected by the news so there is a need to be extra careful in investing. Any news can affect the coin you are holding and it's easy to change the value in the short term. We are just ordinary investors so we usually do not do much research, but now it is certain that the research should always be the top priority because the current market is more risky and more unpredictable this year.

I usually have a backup plan if the coin drops suddenly because if the market goes down it will be very difficult to invest and it can completely cost you huge losses. The best advice to focus on monitoring this market every day and only trust in yourself.

Absolutely OP was right and all he stated is correct! That's a great point. In that way, you can be able to earn a massive profit in trading. It is very important for you to be able to gain more knowledge. Not like trading without knowing, it might lead you to nothing. Do your own research is very important in trading to avoid possible loses. Probably also tools can help just like automated trading bot but don't rely upon this. And also avoid the HYIP group.

Absolutely OP was right and all he stated is correct! That's a great point. In that way, you can be able to earn a massive profit in trading. It is very important for you to be able to gain more knowledge. Not like trading without knowing, it might lead you to nothing. Do your own research is very important in trading to avoid possible loses. Probably also tools can help just like automated trading bot but don't rely upon this. And also avoid the HYIP group.

One more thing, always care with the news because crypto price is always move when the coin have a bad or good news. Always be up to date and be the first person to know the news about crypro will make us safe in crypto currency trading. Beside that, we also have to know the technical analysis to do a day trading or if we want to pay our living from trading we have to really understand technical analysis

The world of cryptoassets can seem incredibly confusing to new traders. We get it – we’ve all been there. Even experienced crypto traders make mistakes from time to time. Successful crypto trading is all about being prepared before you do anything – that’s where we come in. We’ve compiled a guide of all the things you need to know before trading crypto.

https://www.youtube.com/watch?v=RQtvpNYtLfw


Do Your Own Research (DYOR)

DYOR or Do Your Own Research is a super common term within the crypto community. DYOR is pretty self-explanatory, but serves a reminder to always investigate coins before you buy them or start trading with them.

There are tons of resources online for you to start with. From cryptocurrency subreddits to Youtube, Quora, Twitter and BitcoinTalk forums, you’ll honestly never run out of new things to learn. Starting to trade crypto is a personal decision, but you can make sure that you’re guided well and you have a wealth of knowledge at your side.

Invest what you’re willing to lose

This point is utterly crucial. Never invest more money than you are willing to lose. That’s just a bad idea. Taking loans, maxing out credit cards, or even just trading outside of what you’re comfortable with and can afford, is a recipe for disaster.

Only ever invest what you’re willing to lose. There is always a risk to crypto trading, no matter how well you’ve researched a coin, so always be prepared for a negative outcome.

HODL

We’d say that 99% of successful crypto investors and traders are massive proponents of HODLing. To HODL is to hold on to your coins, even when the market dips rather than sell up and cash out. HODLing generally sees you achieve a much better result in the long run!

Just think of those poor sods who sold their Bitcoin just before the price soared to their highest heights in December 2017 – ouch.. HODLing is almost always the way to go – rather wait out bear markets and make an informed decision when it comes to ridding yourself of a digital asset.

Diversify your portfolio

Ever heard the old saying, “Don’t put all your eggs in one basket.”? Yeah, the same applies here. When you first start out, it’s important that you research more than one coin that you’d want to trade with. Don’t spread yourself out too thin, but ultimately you’re likely to have more success trading with two or three coins instead of one. Of course Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) are all fantastic choices, but also do some research and find out about other altcoins that may work really well for you.

Putting all of your money into one trade, could ultimately result in you losing all of it. If that coin dips you’re in trouble, so rather diversify your trades across a few coins to mitigate your losses!

Overcome Fear, Uncertainty and Doubt (FUD)

One of the most crucial things you need to know before trading crypto, is how to overcome FUD. FUD stands for “Fear, Uncertainty and Doubt” and is a crucial factor in determining whether a crypto trader will be successful or not.

Unfortunately, this one is up to you – overcoming FUD is your own journey. However, what we can say is that you should always listen to your gut and your knowledge, over others. Don’t give into fear-mongering and always do your own research (DYOR) before acting.


https://www.youtube.com/watch?v=ALTY72Qsgzo

Tools for trading

Having read this guide, we hope you now feel comfortable with all of the things you need to know before trading crypto. The 5 key things to remember are: FUD, HODL, Diversification, DYOR, and Investing only what you can lose. Other than that, always remember to stick with your gut and make informed decisions in every aspect of your crypto trading.

eToro is the world’s top social trading platform. Want to find out more? Click here.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

https://www.etoro.com/blog/market-insights/5-things-you-need-to-know-before-trading-crypto/

You didn't mention the most important quality you need to have
Patience: don't rush into any trades and you have to have lots of patience to sometimes know when to continue a trade and when to abandon it and move on, many people has lost funds because of impatience and I happen to be one of them, I rushed to sell too early because I didn't have the patience to wait for the trade to mature, sometimes it could be that you bought a token and it dips immediately and you know that it's almost certain that it would rise back but impatience could make you sell low and move to another trade.