Making mistakes in Cryptocurrency trading should not be seen as set back or terrible thing rather, it should be seen as learning opportunities and indeed they are! In my first year of trading, the mistake I made was trading every pump and getting reckt when the pump dump! I think newbies should focus on how Cryptocurrency works and from their experience!
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The insinuation that holding is for the rich is false! Those who millionaires today in Cryptocurrency held bitcoin when it was nothing and they were not rich then. The first to help you to hold is your believes and convictions about the coin you are invested! Do you think long term outcome is more important than immediate 1-2% gain? These questions are what will help in holding!
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In addition to what has been suggested, I will add not to trade against a trend! Watch out for trending sub-section of Cryptocurrency and position yourself, the market is usually favourable to Cryptocurrency trend and provide support towards it. Things change quickly in Cryptocurrency so, we should change according to trend and not waste precious time on trade that is not going anywhere!
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There nothing impossible, however, trading Cryptocurrency is not a structure for daily or monthly earnings, To earn a living, you must get a job, start a business or provide service that guarantees daily, weekly or monthly income! The volatility of Cryptocurrency market is not a good condition for stable income!
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Speculations comes with great risk to your finances. There is broad improbability that you may never make profit! I am of opinion that money should never be borrowed for speculating purposes. Bitcoin however, is solid and if you are willing to wait for your investment in bitcoin to turn to profit, I guess bitcoin is a good gamble!
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Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers. what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? If government restrict or ban bitcoin and other Cryptocurrency entirely, I think bitcoin will still be useful and serve as store of value. I think your worried that you will not be able to spend your bitcoin if we have situation you described as most people turn bitcoin to fiat before spending. As it is, there are many services and vendors who accepts bitcoin as form of payment, and there will still be more in the future! So, nothing to worry about!
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Coin burning does not always results in price appreciation if the fundermental factors that influence and assure the viability and longevity of such coin is not taking care of! There must be value creation, problem solving, and adoption (utility) before burning effect could be felt!
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If I get your situation correctly, you bought bnb so you could use it to buy other altcoin like eth, ltc etc. First, you need to know that many altcoin do not share the same blockchain, and to buy different altcoin, you will need a different wallet for those coin and you can buy some of them only on centralized exchange. The reason you see ltc bep2 Eth bep2 or btcb is because of binance solutions to trading these coin in real time without having to trade them on their respective chain, so they wrap them in binance chain!
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Staking is when you lock up your coin in return for interest. It is recommended for hodler to stake their coin if they believe in the future of the coin. Annual percentage rate is used to calculate what should acrue to your staking after you must have held for a certain period of time, and this rate is different from coin to coin. Staking earn you money in the long run and it is definitely a good idea!
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I think anyone can trade Cryptocurrency, you just need to be literate, follow patterns and pay attention to market dynamics as it changes from time to time! I have put lots people through basic trading technically, both online and offline! We need more traders, more inflow and more profits!
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My first daughter is 9 years old and I believe it will be to early to introduce trading at her age. I will like her to mature a little bit more. When she is 15 years old, I will definitely introduce her to Cryptocurrency market and Idea behind Cryptocurrency and I she could make financial decision that will increase are wealth in the future!
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Trading can be time consuming, you must first decide how much time you are willing to spend on trading! The next step is to decide what kind of trader you want to be, do you want to trade daily or three days in a week, monthly etc. Developing your own trading strategy is the next step to take, learning trade as you trade and forming your own skill and style of trade.
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All the trading format mentioned is welcome and many times as a traders, you perform one or more of these trade format. There is no best format for trading, you just trade what could favour you at any giving period! Arbitage is a trade where you take advantage of two or more different prices on exchange, swing trade, could happen without expecting and the trading possibilities are endless!
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Game mentality could help in becoming a better trader. I understand that knowledge is the key to trading profitable and mitigating losses. Creating a game mindset could give insight into the broader perspective of market performance, indices and fundermental change that may affect trade both positively and negatively! The bottom line here is to be sure of one's move, in or out of the market!
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Targeting 1-2 percents daily is not the problem as these can be achieved very easily. The concern here is missing the huge potential movement in price on your traded coin. Cryptocurrency gains could be astronomical and the losses could be devastating as well! The important thing however is to create a strategy that will make you richer instead of getting bye on your daily trade!
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Investment definitely does not equate speculations! The due diligence must be performed on the investment you which to make on Cryptocurrency! Investigate! Investigate! Investigation can not be over emphasize in Cryptocurrency, things are not the way they seem! And after you have done your dyor, you must confirmed from different sources claims been put forward as a reason for investment in Cryptocurrency!
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May 2019 Binance hack was initially devastating for me as I was holding huge amount of bitcoin on the exchange. Now for the first time ever in Cryptocurrency, Binance was able to refund everyone with the campaign, Funds are 'Safu' I would have been part of the statistics, but Binance safe the day!
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Stop-loss is a very important trading tool that helped traders to safeguard against losing further! Stop loss is very useful and it is a double edged sword as it could take you out of position when the loss perhaps was meant to temporary before positive price action upward! Stop loss should be used sparingly if you know what you are doing!
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It's over exaggeration or probably we aren't been told about every details of the story, they can't make 1000$ from an old gaming pc every month, that's impossible not even a rtx3090 can give you that much in a month since it only do 120MH max, there is more to this story lol
When I saw the story, I was a bit skeptical, mining is not that lucrative except you were mining ether when it was still below $200, then we could say you are making such money now. The exposure of ethereum is however a good thing and I hope they are aware that there might be zero mining operation for ethereum network in the very nearest future!
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Shiba inu and Safemoon coin are new compare to other altcoin like ethereum, dash. These two coin were popular during bullish market sentiments early this year and it was all about prices for these coin. I do not agree that these coin are cheap considering the fact that they have more than 10x in value even at these prices! The future of these two Memecoin is not really sure as trend may change in the future Cryptocurrency market!
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