In recent days, Cryptocurrency is taking the financial market by storm by continuously reaching a new price edge. As a reason, the crypto industry is capturing all the spotlight to itself (at least for now).
Wondering what really triggered such even that made crypto the sensation in the online trading industry? Well, the possible reason is this market GIANTS.
- Microstrategy: Microstrategy (MSTR) has almost 108,992 bitcoins upon its sleeve which consists of a net worth of $26,769 (each).
- Tesla: After Microstrategy, Tesla (TSLA) holds second place on the list with almost 42,902 bitcoins that cost an initial investment of $1.5 billion.
- Voyager Digital: The crypto trading app AKA Voyager Digital (VYGVF) is also racing through the "who owns the most BTC" completion with almost 12,660 BTC ( that are valued at over $590 million).
Needless to say, these events caused a lot of havoc and as a result, people are SUPER interested in trading crypto more than ever. So, are you ready to become the BEST crypto trader?
Here are 7 effective tips and tricks that'll help you along the way. Let's dive right in!
Start With A Clear Purpose
Whether you want to be a crypto scalper or a daytrader, having a clear vision in mind will add more value and dedication to your trading career.
Besides, before entering the market keep a SOLID mindset that in trading there are always gains and losses as the market stays volatile most of the time. If you can' bear losing your capitals then trading isn't your cup of tea.
Keep A "Profit & loss" Target
Before entering into a trade always set a stop loss though it might sound that you're holding back but trust us, it'll be of your HUGE help when the market reverses back.
And, as for-profits, don't take unnecessary risks even it means when you're making profits. Greed can cost you BIG time when it comes to online trading.
Take Precautions Against FOMO
FOMO aka fear of missing out is probably the primary cause behind the failures of most of the crypto market traders.
Despite the fact, crypto has high price edges doesn't mean you can make profits from them that easily.
Haven't you heard," Looks can be deceiving?"
So, don't try to miss out on things especially with crypto instead be realistic and get a hold of the digital crypto market.
Keep Your Risks In Check
Staying away from risks is undoubtedly an even BETTER strategy for gaining consistent profits. So, be wise when you're making profits. Beacuse that can trigger you to invest more in the market.
And... that's a BAD idea!
Therefore, instead of running behind profits, forge an efficient strategy for making rather small but consistent profits because that counts more than losing your capital.
Use A Proper Risk Management
The crypto market is quite volatile and at the same time causes a lot of chain reactions. An example to help you understand is," In the cryptocurrency market the price of different coins depends on one another.
Such as, when the price of BTC rises, altcoins fall ad when alt rises, the reaction is vice versa. Therefore, if you don't use a proper risk management
the system you won't be able to survive the HEAT of the crypto market.
Market Cap Is A Priority
Well, to be completely honest a lot of traders nowadays go for affordability rather than the actual market cap. It's a common misconception that should be eradicated.
Don't just go buying the coins because their prices are getting low instead focus on investing in the coins that are having a major price outbreak in their market cap.
So, you get the idea, right?
Go For The Proven Crypto Hack "Diversification "
When it comes to cryptocurrencies, one thing is CRYSTAL clear that the market is UTTERLY unpredictable. Keeping that in essence, prioritizing to diversify might help get past the uncertainty of the crypto market.
As we all know, the crypto market works vice versa meaning if one of the coins gets a price BOOST the other ones will go down immediately. Judging by the circumstances, "Diversification" can help you cut losses greatly.
To Wrap Things Up
Stay calm under any circumstances and don't lose your cool. Follow the trend and you'll come to the top of the crypto sphere within a very short amount of time.