Top Tips to start trading in cryptocurrency
Don’t start big
Even though it can be an exciting market to invest in with a reputation for making some gain large profits in a small amount of time, that doesn’t mean it’s easy to trade, and there is still a large risk factor. Start off small so you can manage easily while you find your footing.
Do your homework.
It is vital that you do as much research and prep beforehand so that you can go into the cryptocurrency and trading world with some information to fall back on, particularly with the ever changing nature of the market.
Devise your plan of attack.
Ensure you have a strategy when approaching trading, going in blind and trading randomly won’t get you far. Are you more of a day trader (entering and exiting the market within a period of 24 hours) or scalper (multiple small trades for smaller profits)? Passive trading or Swing trading? These are all concepts to familiarise yourself with beforehand.
Diversify to reduce risk.
An alarming number of newer traders make the mistake of focusing on just one or few types of cryptocurrencies, primarily bitcoin due to it’s popularity and potential, however by investing into other types of e-coins you can hedge your investments, and better recover if the value of another asset falls.
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