Topic: Things to know before trading. - page 2. (Read 294 times)

I do advise people not to invest on what they can afford to loose, having this clear understanding, make a progress to research about it, make consultation both in person and online, resist any iota of fear and verify the authenticity and genuity, put down your wallet keys written in a book and make it confidential, know your tax billing schedule and choose a considered reasonable trading platform that best suite your choice.

What do you mean by this? Can you give me some concrete example how to apply stop-loss after buying a cryptocurrency?

When trading make research and study the market very well. One have to think big of achieving a good results, though sometimes their are losses in trading. One shouldn't be to quick to make earning.

This is why I stopped doing my day trading back in 2019. Well it was not only technically due to how easy it is, but to how no choice I had with my job and that.
I only have to hodl after all. It was a fun experience though, still. Hodling still sometimes stresses ones out when s/he keeps refreshing the price over and over.

However, I give a piece of advice to those who want to make a profit in a short time. First of all, no token can be bought at a higher speed in the market. If it is equal to or below the ICO price, then buy it. Sell ​​if 5% increases.For example, if your token purchase increases by 5% in 100, then 5% profit.When it goes down a little, buy again. Sell again according to the previous one.perday 5% to manth 150% profit.
 You can trade in the method.

The profit and loss decision is yours

And if someone can't trade, there's always the choice of just holding alone. All of those that have been said is true except the last one. Holding is also affecting mental health if you're too anxious with the price especially if there are corrections and just as the traders, you are also affectionate to the market. So if someone understands trading and is aware that it's not for them, there's always the other way around and that is through holding.

Others I agree but this one is subjective. Yes it could be easier cause you only need to wait but the word "better" might be different from others perspective. From those trading with huge high rate of profiting and can easily understand the market movement then they may not agree with this.

I am both holder and a trader and I can say that there are pros and cons to both that everyone can justify with.

Also...

- Do not trade with all of your assets, HODL bitcoin (perhaps 50%) and then trade the rest with altcoins.
- Do not believe what you read, just look at what these 'analysts' have predicted in the past, and you will see that they are right less than half the time
- Check the Fear and Greed index. When it's extreme fear, buy everything with everything you have, then just wait, be patient and enjoy life, it's easier and less stressful than trading!

First things must know before trading.

- Hodling is better than Trading.
- Hodling is easier than Trading.
- Hodling gives you more time to be free from computers.
- Hodling brings better health for you: physically and mentally.

I have been in Cryptocurrency for few years now and I've been meeting different people that are new in trading most of them have been complaining that they are losing their money, then i asked them how they do trade and from my observation I noticed most of them are making thesame mistake i made when I started trading. In trading I believe if you can follow the following rules it will definitely guide you in trading.
1: Do not FOMO, one of the main things to avoid when trading is trying to enter the market when a coin is already pumping, Always buy and hold a coin before it starts pumping.
2. Always do your research before buying a coin and don't depend on what people are saying about a coin. Do your own personal research first before buying any coin.
3. Do not depend on any trading signal from any site or anywhere, trading signals do fail. people giving you the signal are just like you.
4. You don't have to invest all your funds in Cryptocurrency. I believe you should invest the little amount you can afford to lose. Make sure you are having extral money which you can be spending to avoid selling coin at loss sometimes due to emergency.
5. You don't have to be in rush the make profit, you can't just buy a coin today and expect in few hours you will be in good profits. Sometimes it takes days, weeks, or months.
6. After buying a coin always make sure you set your stop loss to avoid losing their money. Sometimes stop loss is important because you can still buy back the coin when the price is down.
I believe this will help people to know things to avoid when trading.