Steps to Consider Before Trading Cryptocurrency - A Brief Guide
Learning about trading with cryptocurrency is good and also everyone is interested to learn about it. You can get started this process without money, but once you get more than one wins under your belt it is very easy to dump money into the investments recklessly. Of course, making more money with crypto trading is easy and also it is very important to be careful. If you are new to crypto trading, this article will give tips before starting your trading.
1. Secure Email
Crypto trading needs to be your custodian. This means that your accounts are safe. First, you should keep your email address secure. This is one of the most important factors for your accounts. If you don't keep your email address safe, then scammers will be able to access your exchange you have an account at any time. Use an unpredictable password, don't use that one anywhere before, and also enable 2FA authentication for your email address.
2. Choose the Best Exchange
Not all the crypto exchanges in this platform are equal. Before choosing the best exchange platform, ask any of the crypto experts, and they will try to clarify this. As a crypto enthusiast, I would suggest Koin Bazar, because this platform is a very well established one to perform your crypto trading with more secure, and trustworthy. If you want to know more about these platforms, just look out for active communities on forms who are all speaking of the exchanges. This will help you to choose the best one of it for your purpose of cryptocurrency trading.
3. Learn Wallet Safety Process
Most of the peoples who are losing their coins will say that exchange is the main reason for it. When trading cryptocurrencies, you should need to keep only what you need to trade with it, and also transfer your assets to the safer cold wallet or at least in a private wallet. You should need to know how to keep your wallet safe and also make sure that keep your private key secure. From my suggestions, a hardware wallet is good if you have more number of crypto. Keeping everything in an exchange is not safe instead of a mobile or desktop wallet is better.
4. Learn about TA & FA
You don't want to be an expert on trading your cryptocurrencies before that at least you should learn about the basics of technical and fundamental analysis. Invest your time in learning those prospects, learn how the market works and what kind of asset you want to make a trade. While you should learn TA and FA, it is important to implement it with your ideas. Start with the basics and don't use complicated methods that you won't understand yet. And you can get a lot of tutorials about these topics on Youtube or blogs that can help you to get a better knowledge of how trading works.
5. Don’t Make Investment More
While you may be proud of getting a few wins by yourself, but don't let it go to your head. It may be by your luck, and also you must be very careful with how much you are investing in it. Many of them have invested their rent money or took loans during the crypto boom and it leads to failures. So, if you can afford your lose then don't invest more. Getting into this can be very cheap but don't put yourself into a poor financial status. If you have low funds, don't worry, start investing a small amount for trading and grow your portfolio slowly.
6. Take an Experts Advice
There are lots of peoples who are ready to provide advice on this, but you should be ready to take their words in your minds. And also many of them are blindly showcase their love for a particular project or they are acting in their self-interest. So, do your research and judge yourself whether investing is worth it or not. It doesn't mean that you must ignore all other opinions, you should verify them before proceed it.
7. Don’t Catch up in the Scams
Cryptocurrency is mostly unregulated, and also it leaves a lot of space for scammers to find their marks. Avoid Telegram or Twitter groups that promise you are instant rich or otherwise regret it all later. Learn your trading and analysis skills by yourself which is the best for it. Some sources may be real, as a novice trader, it will be extremely difficult for you to identify or even make use of real ones.
8. Don’t Get Covetous
The downfall for most of the traders is not that they didn't pick the profitable trades, it is that they don't know when to make it. Set your goals and stick with them. You have to spend some time on it to make your profit or otherwise, you don't make any profit on it, and there is nothing worse than you realizing this later.
The above-mentioned points describe that there are a lot of factors available to learn as a new cryptocurrency trader. Follow these tips and practice it with yourself as an experience and you should do better in the future.