Many want to become involved in trading on the cryptocurrency exchanges. It is for a reason, since thus your income level can be increased considerably. But for the safe trading, you need to know some rules.
- You shouldn’t use all money in one direction - for selling or buying. Cryptocurrencies are a high risk asset, their price changes very quickly. You may go wrong and lose everything.
- You should split assets, in other words, choose several cryptocurrencies in which you are going to trade and keep the money. Cryptocurrencies often unexpectedly fall in price. Both must be taken into consideration.
- To trade on a crypto exchange, you should keep a cool head - without yielding to fervour. Whereas the amount invested in cryptocurrency must be small enough that in the the case of irreversible loss it would not be critically detrimental to your purse.
- If there is a general chat room on the exchange, it is better to disable it and not pay attention to it. Skilled traders often manipulate newbies in a chat room: create panic by causing sell outs or, on the contrary, provoke buying cryptocurrencies at a high price.
- Read the exchange trading rules very carefully, there might be some surprises. The same applied to the registration and verification - which should be treated with the utmost seriousness.
Before you start trading, practice carrying out basic exchange operations using minimal amounts. Go through the whole trading process: from putting the money in the exchange to withdrawing it from the exchange.
The practice is needed to “get the hang of it”, while adapting to an interface won’t hurt too. Then if necessary, for instance, in the case of the dramatic price change, your actions will be fast, careful and infallible.