4+ Tips to Have Perfect Cryptocurrency Experience
Today everyone is talking about Bitcoin. The Internet is full of memes about Doge and Shiba. Some people prefer to stay aside from online trading, but most of them decide to get more experience and trade cryptocurrencies or invest in them.
According to the cryptocasinos360.com research, 47% of the Bitcoin casinos players decide to expand their knowledge in cryptocurrency and make it more than just a payment method.
Trading and Investing – What to Choose?
Here we are not going to tell you which kind of activity is more profitable – there are many factors that influence your results. But, we will talk about two types of cryptocurrency management, discussing their main differences.
Cryptocurrency trading means you trade cryptocurrencies based on your own or someone else’s market predictions. For example, you may see that MANA/USDT forms a bullish pennant; the RSI indicator shows that the asset is oversold. Thus, you decide to open a long deal because you expect the price to increase. Also, you can open short deals when you see that the price will decrease.
Cryptocurrency investing is an activity where you just put your money in a coin for a certain period. You can choose from short (1-2 months), medium (2-6 months), and long (6 months+) investments. You may just leave your money for a couple of years or manage your portfolio regularly, selling or buying more assets.
Tips for a Perfect Cryptocurrency Experience
Your trading or investing results depend not only on your capital or strategy but on your habits, discipline, and knowledge. We will tell you what will help you control your assets and develop cryptocurrency knowledge in general.
Tip 1 – Read crypto news.
Reading crypto news is a part of fundamental analysis. Many examples of big news influenced Bitcoin and made its price decline or increase. For instance, after the information about El Salvador making BTC a legal tender, Bitcoin increased by 10%+.
Tip 2 – Don’t listen to everyone.
Unfortunately, many crypto “experts” now make predictions every day. Of course, as a newcomer, you need someone to listen to and learn from. But you should choose the source of information carefully – don’t follow the Internet ads or unknown channels you were invited to. You may check TradingView for experienced traders to follow, and you can find many crypto guides on Binance or Coinbase.
Tip 3 – Use trusted services.
You should adequately check literally every service – crypto exchange, wallets, news source, or group. Bitcoin is a hot topic today, and scammers use this opportunity to steal money. We recommend using popular, reviewed, and trusted platforms for any crypto activity you perform.
Tip 4 – Don’t start trading/investing when you don’t feel like doing it.
All of us can be tired, sick, or just not in a mood. When entering a crypto exchange to perform a trade, you should be attentive and organized. The same goes for buying subscriptions – don’t do it when you are excited about your future profits – check everything, think about your decision, and only then make a final choice.
Tip 5 – Record all your moves.
Many experts advise traders & investors of all levels to have a notebook where they mention each trade and investment they made. And this is not just for fun – a notebook helps you monitor your deals quickly, analyze some figures, and learn. For example, when you had an unsuccessful trade, there can be two options:
- You don’t have a notebook – you close the trade, see your losses;
- You have a notebook – you close the trade, write down the closing price, write the reason why the deal was closed (stop loss or your fear – why not?), calculate your losses.
In the first situation, you’ll simply forget about this trade in a couple of days, but in the second one, you’ll be able to come back to this deal in a couple of days and see if you could do something else to avoid the losses. This helps you learn.
Successful Cryptocurrency Experience – Final Thoughts
Every person who enters a crypto market wants to avoid mistakes and become a professional. The first wish is just a dream – it is impossible. But the second will become quite realistic if you do something to gain enough knowledge.
Our five tips are not the end – they won’t make you a perfect trader or investor, but they are going to give you a great start. The rest depends on you.