Practical tips on how to trade cryptocurrencies

For some time now, I've been closely watching the performance of cryptocurrencies to get an idea of ​​where the market is headed. The routine my elementary school teacher taught me: where you wake up, pray, brush your teeth, and eat breakfast has changed a bit to waking up, praying, and then going to the web (starting with coinmarketcap) just to find out which crypto assets they are red.

The beginning of 2018 was not a pleasant one for altcoins and related assets. Its performance was paralyzed by frequent bankers' opinions that the crypto bubble was about to burst. However, the ardent fans of the cryptocurrency are still "HODLing" and, truth be told, they are reaping big.

Bitcoin recently fell back to almost $ 5000; Bitcoin Cash approached $ 500, while Ethereum found peace at $ 300. Virtually every coin parted ways with newcomers who were still in the thrill stage. As of this writing, Bitcoin is back on track and selling for $ 8,900. Many other cryptos have doubled since the uptrend began, and the market cap has rested at $ 400 billion since the recent $ 250 peak. billion.

If you are slowly warming up to cryptocurrencies and want to become a successful trader, the following tips will help you.

Practical tips on how to trade cryptocurrencies

• Start modestly

You've already heard that cryptocurrency prices are skyrocketing. You have probably also received the news that this upward trend may not last long. Some detractors, mostly esteemed bankers and economists, generally label them as schemes to get rich quickly without a stable base.

Such news may prompt you to invest quickly and avoid moderation. A little analysis of market trends and worthy currencies to invest in can guarantee you good returns. Whatever you do, don't put all your hard-earned money into these assets.

• Understand how exchanges work

Recently, I saw a friend of mine post a Facebook feed about one of his friends who happened to be trading on an exchange who had no ideas on how it works. This is a dangerous move. Always check the site you plan to use before registering, or at least before starting to operate. If they provide a dummy account to play, take the opportunity to learn what the board looks like.

• Don't insist on trading everything

There are over 1,400 Cryptocurrency freelance to trade, but it is impossible to deal with all of them. Extending your portfolio to a large number of crypto that you can manage effectively will minimize your profits. Just select some of them, read more about them and how to get your trading signals.

• Staying sober

Cryptocurrencies are volatile. This is both his downfall and his blessing. As a trader, you must understand that sudden price changes are inevitable. Uncertainty about when to make a move makes one an ineffective trader. Take advantage of hard data and other research methods to ensure when to execute an operation.

Successful traders belong to various online forums where discussions of cryptocurrencies regarding market trends and signals are discussed. Sure, your knowledge may be enough, but you should trust other merchants to get more relevant data.