9 tips for successful trading, the end

 

Ignore the market noise, do your market research. Trading cryptocurrencies on the advice of others who are not professionals is not the best way to invest. Even professionals are wrong. You alone are responsible for your own trading and investments!

Do not share your private key or password with anyone. If you can avoid connecting to the network while entering your private key and password, use this.

Solution #7. Invest must be able to let go to lose.

Don't think you are investing more than you can afford to lose. Betting that you won't have to work again if you put all your savings into bitcoins is like playing the lottery.

Today, Bitcoin is king and queen. But this may not always be the case, and it is likely that BTC could eventually be replaced by another altcoin. Yahoo used to be a search giant too. It's Google now.

Solution #8. Start with a small investment

According to statistics, the larger the size of your investment, the greater the potential risk/reward for the position. The rewards are good, but in order to receive them, it is important to limit risk in the short term. The reality is that the risk at large bet sizes (relative to your investment portfolio) outweighs the potential rewards.

Of course, with such small bets it will take more time to earn $225, but you will have more chances to profit and avoid losses. Plus, you'll gain skills that will help you rely less on luck alone.

Solution #9. Diversify your investment portfolio

If you bet on only one bitcoin (or only on one altcoin), then if you fail, you could lose everything. Let's say you use a different strategy, which to some extent protects you from this. But this is not accurate, because if you are a beginner and are just starting to try yourself in trading, then you will not have enough experience to react quickly to the "mood" of the market.

There is nothing more offensive than being disappointed with bitcoin, switching to ether or some other alternative, as long as past the bitcoin price spike, getting back to it and missing the ether price spike. If you invest in several coins at once, you won't miss their giant price spike in no time.

While not the most profitable tactic, diversification helps investors cope with turbulence in the market. Read more about it here.