Rules you should follow before investing in Cryptocurrency trading
If you are looking to invest in cryptocurrency trading you must go through the rules given below for safe and secure trading.
1. Think big and Begin with Small Amount:
The first rule in any traders book is to minimize risk and for a beginner, it simply means to understand the market before investing anything big. You can easily lose out the majority of your investment on one bad day. Start trading with small amounts like 1% of your total amount which you are completely comfortable in not getting back. I would suggest you not to invest in a single coin at a time but to invest in different virtual currency. So that if one is in the loss you have other to balance your profit.
2. If You Can’t Afford To Lose Money Don’t Invest:
You are not buying any contract that gives you a guarantee to get profited by it. The cryptocurrency market is liable to change rapidly and unpredictably, especially for the worse and it contains a lot of risks. If you have to give a loan to your house and you are thinking to invest in cryptocurrency in order to make some money, DON’T DO IT!
3. Think Carefully Before Investing or Buying The Coins:
I see so many peoples wasting their money around because they think it is invincible or undefeatable trading platforms. The insane thing about the cryptocurrency industry is that it is full of computer scientists out there. That means it is full of hackers who can steal your money. So be sure to buy your coins through a good reputable exchange who safely create cryptocurrency wallet.
4. Understand What You Are Buying:
Do not buy a coin that you do not understand. You should never put your money into something that you do not understand. Some ICO’s do not even give you a coin after you pay. You were basically donating your money to the tech company. Just be smart and do your research. As I wrote in my last article about ICO services. If you are searching for best ICO services you should definitely go with BitWoolly. It is one of the best platforms to create your own ICO.
5. Best Time To Sell Or Buy Cryptocurrency:
Once you start becoming a more advanced trader, you are going to learn more about this. You are going to end up losing money. Let me give you a secret, you should be buying when everybody is saying to sell and you should be selling when everyone is saying to buy. Because hype causes major crashes. Either buy before the hype even starts, or wait until after the hype to buy at a low point.
Above Are The Cryptocurrency Trading Strategy To Help You To Understand & To Pick The Best Cryptocurrency Application for Investment.
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