Where and how to start dealing with cryptocurrency
After you have mastered the basics, you can move on to trading on a real account and follow the following recommendations.
The first recommendation is not to sell the currency below the purchase price. Whatever happens in the market, it is important to remember that 95% of market participants experience the same emotions as you. You need to be patient, cool, and go against the crowd to do the opposite. And it is always important to remember that until the currency is sold for less, nothing is lost. It can go up sharply, and the trader will rush and sell it on a fall or small correction.
How to start trading cryptocurrency on the rise and fall of prices
It is important for a trader to accustom himself not to buy a coin at the peak of the price growth, and even more so not to buy it on the rise. It is better to wait for a correction, which will definitely come as soon as the coin reaches a strong support level. It is important to remember that the faster and sharper the rate goes up, the stronger the downward fall will be. Anyone who understands how to get started with cryptocurrency and assimilates the basic principles of trading will be able to stay cool in any situation, and not follow the majority.
Another recommendation is that when a correction occurs, buying a coin on the first recession is not as profitable as on the second. It is noticed that after the second long drawdown, the rate will rise up and the currency can be sold at a higher price.
How to start trading cryptocurrency and distribute your deposit
The next tip is to lock in your profit in BTC and look at growth as a percentage. It is important to train yourself to withdraw only a part of the fixed profit, and accumulate bitcoins. The ideal option is to divide your budget 100% into the 10 most promising cryptocurrencies from your point of view and invest 10% in each. This way you can reduce your risks: if some 4 cryptocurrencies fall in price, but there are 2 coins that will give you 500% profit, due to which you can cover the waste.
An experienced trader will not invest all his funds in different altcoins, but only 10% of the deposit. It is better to keep the bulk of assets in bitcoin. The fact is that there is little demand for many altcoins, and after the pump it may not grow for a long time. If you invest in a large amount, the deposit will be frozen for a long time and the trader will not be able to trade.