It’s easy to stay focused in this dynamic market, but for that you need to keep a good self-awareness and respect predefined principles. I have some cryptocurrency lessons that are very useful for everyone. More principles should be made only by you, since everyone has its own trading strategy. You can try different approaches and see what better works for you.
I have six cryptocurrency lessons for beginners, for those that are new in the crypto world.
Funny, some of these are so basic that are even forgotten by the experienced traders, so they lose money because of that.
- Don’t invest when prices are at all-time highs – simple and effective rule. Doing so, in case of a price correction, you won’t be losing money instantly.
- Instead, buy after a price correction. Markets always have pull backs and knowing when to profit on them is key.
- Set you own rules. Time to buy, what to buy, when to sell, all of these based on deep analysis, technical and fundamental, of each coin.
- Do not over trade. Trading too much will get you money chunked up into exchange commissions, transfer fees, etc. and on the long term you will be losing money.
- Do not chase waves. If suddenly there is a hot topic regarding a coin, don’t throw yourself into it and buy before doing your own research. It’s important to believe in the project so you can put money in it. If you listen to others and just buy stuff, on the long term you will be losing money.
- Never be sorry for your past decisions, but try and learn from them. It’s hard to stay focused on the future if we forget the past easily. Write a list of lessons learned from past actions and see exactly what were the outcomes from respective decisions.
This is it, it’s pretty simple and it should help you to stay alive on the long term. Remember to do your own research before investing in anything.