Are you new to the world of bit coins? We provide you with the latest information on crypto trading with a guide on how to really make money on cryptocurrency if you are a beginner crypto trader. In this article, we have five tips to help you feel better in this new world. For more information on how to professionally take part in crypto trading, visit to https://libra-method.com.
Cryptocurrency – electronic money, the issue of which is carried out by the blockchain algorithm. This is a giant chain consisting of special blocks, pieces of code. Network members can store this circuit on their computers. Cryptocurrencies are just one of the many possibilities for using blockchain technology. And bit coin is the most common crypto currency.
Risk management is your friend in Crypto Trading
When trading, remember that “a little pig eats a lot, but a big pig is eaten.” A successful trader does not look for peak situations, but collects small profits, which over time will accumulate in large ones. Do not invest more than a small percentage of the portfolio in the illiquid market due to high risk. Transactions that require the greatest care are those where the stop loss and target level are very different from the level of purchase. Any transaction needs a reason, but rather a few. Find her, or don’t open a deal at all.
How clear is your goal in crypto trading?
To make a profit, you need to determine the goals and ranges where you will leave the transaction at a stop loss, which limits the level of losses. No need to search for your favorite coins – it often happens that a trader fails when he begins to love a coin. It must be understood that love is not mutual. Trading just because you like this coin is not right. Choosing a coin by name only is incorrect. It is important to delve deeply into the study of the project, starting from the team and ending with the product itself and competitors.
Avoid FOMO, the Lost Profit Syndrome
FOMO is not your friend. It’s hard to be calm when an unknown coin jumps like a crazy tens of percent per minute. But keep yourself in control – try breathing one nostril, and then the next, this should help. FOMO begins when a stunning green candle screams – “Hey man! You are the only one who misses a chance! ” But the whales are simply waiting for an influx of small buyers to sell coins that they bought on the cheap. At the time of pumping, the coin is expensive, but those who buy it at this moment are not comparable in volume with the whales.
Advice from a lot of practical tips for starting
A number of sites take a lower commission when working with limit orders. If you work as markets, then the commission will be higher. Do not trade on emotions – do not start trading if you have any pressure. Any emotion is almost always created by losing trades. It’s like third-party interference in a video signal, noise that you can never recognize in realistic terms. It’s better to calm down and only then trade. Once again – never enter a position on emotions. As long as you have a profit, everything is OK with you.
Draw your plan in the world of bitcoins
Everyone has their favorite tokens, and they want to sell them to you like the new Apple or the new Google. Pay attention to speculators or killers who want to park everything without additional help. Develop your own plans and create your own vision of the future market. Also pay attention to the Ponzi plan, as well as the soaring and sinking groups. This usually looks very optimistic, but if you see something like a “guaranteed profit”, you should immediately start to suspect. Do you choose long-term investments or switch from token to token in order to get quick profit? Have you decided to act on the basis of basic or technical analysis? Are you looking for hype or choosing a project under construction?Think about how you want to deal with your tokens.