In today’s article I will discuss 4 SECRETS TO BE A GOOD CRYPTO TRADER OR INVESTOR
CRYPTOCURRENCY is a game of right information at the right time, if you’re not informed you keep losing money to the market.
These 4 SECRETS TO BE A GOOD CRYPTO TRADER OR INVESTOR has been proven by top TEN crypto experts, What this means is that there’s no way you can still lose your asset in the crypto space once you apply these secrets effectively.
4 SECRETS TO BE A GOOD CRYPTO TRADER OR INVESTOR
- BELONG TO A CRYPTO COMMUNITY
- SET TARGETS/GOALS
- DON’T FOMO
- DYOR
BELONG TO A CRYPTO COMMUNITY
This is one of the most essential idea every fellows should adopt by all cost. The best fundamental or technical analyst is still prone to high loses if he or she is not up to date with the crypto news.
Of course, it’s the news that gives insight on coins to keep eye on. A news that break out in a second can render your 1-3 hours analysis unless.
First we need to understand that a good community has an influencing power because it is made up of rich traders and investors who buy and sell a particular coin at a set price.
Take note that the admins of these communities shares profitable signals with the members (up to 90% accuracy) and i am in the community of over 2k rich trader and i am sometimes tempted to enter a trade with my entire portfolio because over time, the admins signals has never hit stop lost, this is not hyping.
SET TARGETS/GOALS
This shouldn’t be underrated, most traders and investors follow the market without targets. When you enter a trade, you should have a certain profit percentage you’re hoping for and basically shouldn’t be backed by greed meaning shouldn’t have to be very huge.
Once your target is hit, take profit and wait for next trade. This is very vital for newbies that follow untrusted signals. Remember rich in crypto space are those who take profit and vice versa.
DON’T FOMO
It is very dangerous in trading and mostly time trader loose their fund to enter it.
This is common among newbies in this space. They follow up the trends blindly and usually served as ESCAPE GOAT by the rich traders.
FOMO means Fear Of Missing Out. When following trends, you should ensure never to buy when price is higher, if you catch the news late it’s advisable to wait next market than buying when others are selling.
If you’re trading someone signal, never buy above the given entry. Always ensure to buy while others are buying and sell when selling, that’s how to stay profitable in this space.
Fear of Missing Out is the anxiety that someone will miss out on an opportunity or event because they aren’t informed enough.
FOMO can also lead to compulsive behavior. For example, if you’re always trying to keep up with the latest trends, you may spend too much money or time on things that don’t matter.
DYOR
It is one of the most important part in 4 SECRETS TO BE A GOOD CRYPTO TRADER OR INVESTOR.
DYOR means Do Your Own Research. It is generally used when advising people to look further into a particular project to check if it is a good investment.
It is play the major role to find best project to invest if you are not doing research on any project before investment then you can loose your money because here are scam project also .
It is the advice for all new investors to understand before investing in a project or crypto currency.
Some points for DYOR
- Research about team of that project that they have experience or not and how much experience , it helps to know about the project potential and build trust in the mind of investors.
- Check the partners of that project , if they did partnership with well know projects and it define that the project is genuine .
- Utility of the project decide how long term for that project because if project have not any utility means no use case and are not solving any issue then they can’t run for long term.
- Tokenomics decide the price and value of the project if they have huge amount of supply and no locking then sure price will not sustain.
Also Read: Ethereum Could See A 15% Down Drop This Week
