When you start your cryptocurrency trading path there’re many questions and pitfalls emerge on your way. But even if you’ve already been driving this road for some time there are some crucial tips every cryptocurrency trader better have in mind and implement on a day to day basis.
Let’s consider some essential cryptocurrency trading tips for beginners & pros to make your trading path safe and profitable.
Learn the basics
First of all, dive deep into research about cryptocurrencies and all sorts of knowledge related to it. There’s no need digging in complex technical aspects but you still have to understand basic definitions, concepts and even slang such as hodl, pump, signal etc. It will definitely help you interpret recent news and announcements correctly to predict future price movements.
On the whole, learn as much as you can because it’s the essential first step on your way of successful cryptocurrency trading.
Follow crypto influencers
As soon as you feel that you’ve got a hang of it proceed to the next level of market analysis by discovering crypto leaders, their views and crypto news in common. You can find most of these people in social media by checking the number of their followers and what their main topics are. And don’t forget to pay attention to the main crypto news mass media who are always the first to provide you with relevant news in the world of crypto industry.
The main reason you need to check all these sources to stay on top of cryptocurrency trading is that market ups and downs often depend on this information.
Though the most sensitive to it are brand new coins. Some significant news like changes in government regulations or major companies introducing cryptocurrencies into their payment system can create a significant leap in price. If you’re aware of the news and can react rapidly, you’ll have an advantage over the rest of the market.
Research about coins
The third tip is that you better analyze information about coins before buying them. There’re many factors having an impact on the price, liability and the future of the coin. For start, learn about the scope of application of the coin, the technology behind it and the ease of access. It’s also crucial to check the project behind the coin, the team and their background, especially if it’s pretty new on the market.
Also, good question is if this coin has something special about it and can help people in some areas to make their lives better. In other words, try to understand and estimate the usefulness and the value of the project behind the coin.
Take care of the safety of your assets
As soon as you decide you’re ready to start investing and cryptocurrency trading your next move has to be related to the safety of the storage of your assets. While choosing an exchange to make sure it has all main features and precautions necessary for secure trading. If your account is hacked and your digital currency transferred out, it’ll be gone forever. That’s why creating the GetEx exchange our team followed the highest worldwide standards to protect the assets of our users.
Start analyzing the price charts
There’s no need to master the skills of technical analysis to identify some patterns in pricing leaps. We all know that history has a habit of repeating itself. So, all you need is to identify these patterns which will help you to predict future price movements and to give you the edge you need to turn it into a profitable cryptocurrency trading strategy.
Install a cryptocurrency price ticker
Set it up on your phone or a laptop. The main feature you’re getting from it is that every time the price of your coins changes you get notification of it and have an opportunity to make a timely decision according to your cryptocurrency trading strategy.
After you customize it for your own needs it could be a very good help. Also, you can check many other data in these apps and widgets such as lists of altcoins and market capitalisation which are eminent factors for decision making as well.
Diversify your assets
There’re more than 1600 cryptocurrencies in the world now. Some of them are just short-term players but the other ones have already proven themselves as worthy market assets.
If you analyze some of this coins you’ll see there were many precedents of a thousandfold growth and even more.
It’s obvious that the chances that this market cap increase will be entirely driven by one coin are much smaller than being driven by many coins. So, as you would have gotten impressive gains from Bitcoin, expanding into other coins could have landed you potentially even larger ones.
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