The cryptocurrency market again shows positive dynamics. The best analyst and crypto guru for you is yourself. Below are some generalized and obvious tips that many people like to forget about, absorbed by the unprecedented rise in cryptocurrency prices and their fantasies on this subject, especially if you are a beginner.
1. Invest your funds
Only invest your funds that you can afford to lose. Never invest borrowed funds or intended for other purposes, such as college fees, utilities, etc. Set aside money specifically for investment.
2. Set realistic goals
Set yourself a realistic goal and a specific plan. Beginner traders are susceptible to greed and excessive competition, so stop the minimum limit for growth and the maximum loss limit. This will help you decide when to close the order and when to invest again.
3. Do not trust anyone and be critical of any information
Some many websites and influencers offer market analysis. It is important to always conduct your research and verify information from various sources. Some “analysts” are biased and in their interests.
4. Learn and get your own experience
You can never learn all about trading, but knowledge is necessary so as not to become the one on whom others earn. Some knowledge you can get from reading, others — only from personal practical experience. Making mistakes is normal, the main thing is not to forget to learn from them.
5. Stick to your trading strategy
Before you make any deal, make sure you have a plan. Will you be trading? Will you hold the asset for a long time? Will you mix both of these species? What are your entry points and exit points? These are important questions that you must answer first.
Source: Lukki Team