JessicaVL (OP)
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November 04, 2019, 02:38:05 PM |
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The world of cryptoassets can seem incredibly confusing to new traders. We get it – we’ve all been there. Even experienced crypto traders make mistakes from time to time. Successful crypto trading is all about being prepared before you do anything – that’s where we come in. We’ve compiled a guide of all the things you need to know before trading crypto. https://www.youtube.com/watch?v=RQtvpNYtLfwDo Your Own Research (DYOR)DYOR or Do Your Own Research is a super common term within the crypto community. DYOR is pretty self-explanatory, but serves a reminder to always investigate coins before you buy them or start trading with them. There are tons of resources online for you to start with. From cryptocurrency subreddits to Youtube, Quora, Twitter and BitcoinTalk forums, you’ll honestly never run out of new things to learn. Starting to trade crypto is a personal decision, but you can make sure that you’re guided well and you have a wealth of knowledge at your side. Invest what you’re willing to loseThis point is utterly crucial. Never invest more money than you are willing to lose. That’s just a bad idea. Taking loans, maxing out credit cards, or even just trading outside of what you’re comfortable with and can afford, is a recipe for disaster. Only ever invest what you’re willing to lose. There is always a risk to crypto trading, no matter how well you’ve researched a coin, so always be prepared for a negative outcome. HODLWe’d say that 99% of successful crypto investors and traders are massive proponents of HODLing. To HODL is to hold on to your coins, even when the market dips rather than sell up and cash out. HODLing generally sees you achieve a much better result in the long run! Just think of those poor sods who sold their Bitcoin just before the price soared to their highest heights in December 2017 – ouch.. HODLing is almost always the way to go – rather wait out bear markets and make an informed decision when it comes to ridding yourself of a digital asset. Diversify your portfolioEver heard the old saying, “Don’t put all your eggs in one basket.”? Yeah, the same applies here. When you first start out, it’s important that you research more than one coin that you’d want to trade with. Don’t spread yourself out too thin, but ultimately you’re likely to have more success trading with two or three coins instead of one. Of course Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) are all fantastic choices, but also do some research and find out about other altcoins that may work really well for you. Putting all of your money into one trade, could ultimately result in you losing all of it. If that coin dips you’re in trouble, so rather diversify your trades across a few coins to mitigate your losses! Overcome Fear, Uncertainty and Doubt (FUD)One of the most crucial things you need to know before trading crypto, is how to overcome FUD. FUD stands for “Fear, Uncertainty and Doubt” and is a crucial factor in determining whether a crypto trader will be successful or not. Unfortunately, this one is up to you – overcoming FUD is your own journey. However, what we can say is that you should always listen to your gut and your knowledge, over others. Don’t give into fear-mongering and always do your own research (DYOR) before acting. https://www.youtube.com/watch?v=ALTY72QsgzoTools for trading Having read this guide, we hope you now feel comfortable with all of the things you need to know before trading crypto. The 5 key things to remember are: FUD, HODL, Diversification, DYOR, and Investing only what you can lose. Other than that, always remember to stick with your gut and make informed decisions in every aspect of your crypto trading. eToro is the world’s top social trading platform. Want to find out more? Click here.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.https://www.etoro.com/blog/market-insights/5-things-you-need-to-know-before-trading-crypto/
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milewilda
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November 04, 2019, 02:49:42 PM Merited by nelson4lov (1) |
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Agree to those points above but these are the things i do want to add up.
1. Read and understand on what you are getting into. Cryptocurrency is quite a broad space. 2. Learn trading basics and coins would be traded. 3. Be keen on reacting either FOMO or FUD.
The best one is that only invest on the amount you can afford to lose as always.
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Wexnident
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November 04, 2019, 02:55:32 PM |
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Hmmm nice list. I honestly though at first HODLing was a joke and well, the joke punched me back in the face. DYOR and investing what you can lose are the top 2 for me though, especially DYOR. Without it, its like fighting a war without a gun. I'd also advise brushing up on your trading skills though since it is before trading crypto, id guess thats already a given.
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bassbity
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November 04, 2019, 03:26:40 PM |
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Invest what you’re willing to lose
This point is utterly crucial. Never invest more money than you are willing to lose. That’s just a bad idea. Taking loans, maxing out credit cards, or even just trading outside of what you’re comfortable with and can afford, is a recipe for disaster.
Only ever invest what you’re willing to lose. There is always a risk to crypto trading, no matter how well you’ve researched a coin, so always be prepared for a negative outcome.
This point is important to me, I will invest when there is cold money or the results of a bounty and Airdrop campaign, I know that investing is risky so I have to be willing to lose whatever I experience, when I experience losses I will not be angry or stressed because my money invests money from bounties. it's cold money, so there's no need to force borrowing or anything that makes you complacent by investing.
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rijaljun
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November 04, 2019, 03:48:25 PM |
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Just think of those poor sods who sold their Bitcoin just before the price soared to their highest heights in December 2017 – ouch.. HODLing is almost always the way to go – rather wait out bear markets and make an informed decision when it comes to ridding yourself of a digital asset.
Also poor for those who bought at highest price and keep holding until today to just find their asset has down more than 50%. Holding is good but holding it is useless IF you don't know when to buy and when to sell.
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DoublerHunter
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November 04, 2019, 04:03:20 PM |
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~snip~ Tools for trading Having read this guide, we hope you now feel comfortable with all of the things you need to know before trading crypto. The 5 key things to remember are: FUD, HODL, Diversification, DYOR, and Investing only what you can lose. Other than that, always remember to stick with your gut and make informed decisions in every aspect of your crypto trading. eToro is the world’s top social trading platform. Want to find out more? Click here.
^ Definitely right and I am also using these trading tools to make my trading activity easier or less hassle-free. Just like using Gunbot for Autobot trading, you can set when the buying point and selling point no need to monitor the market. And next is the portfolio tracker like blockfolio, which is you can track the bitcoin price and other coins that you had while in travel. On the other hand, I don't like etoro trading platform because it seems like they are feeding their traders either into a trap or potential benefits by allowing a user to copy the works to their professional traders.
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Meowth05
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November 04, 2019, 04:07:10 PM |
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I just want to add for the list is learn first the fundamentals of trading. Before engaging in trading you must have gain an experience first so that you can realize what is the do's and don't also it wouldn't hard for you to deal with problems. Always remember that set aside our emotion because this will be only a hindrances in our trade. I like the idea of diversifying our trade to avoid losing all of our funds, just like what other said "don't put all the eggs in one basket". Remember as well that invest only the money that you can afford to lose.
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CarnagexD
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November 04, 2019, 04:22:57 PM |
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I agree with all the things that you have provided. It is totally good to make own research about a certain investment or cryptocurrency and take note having enough knowledge will help you to avoid big losses. Make sure you will only invest the amount that you are not afraid to lose. I am also a holder but most of my holding is top rank cryptocurrencies just like bitcoin, ethereum, and ripple. it is totally good to hold if we experience bear market and do not do panic selling if you see rapid falling down of the price. I always remember that quote "Don’t put all your eggs in one basket" and actually my money is separate in different cryptocurrencies but the 50% of that is in bitcoin. Using any kind of trading tool will totally help you to become a better trader and lastly, keep on learning until you become a professional trader.
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target
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November 04, 2019, 04:41:14 PM |
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FOMO and FUD is the hardest. You may not even engage in trading but just investing crypto for holding coins but you will always think of losing money when prices drops and bear market continues for years. A friend, a holder who had kept his coins for years since 2015 tried to update his wallet and took profit because of FUD. You may find yourself in such situation during bear market. If the price of BTC rise so high, you wouldn't really think of the riches to lose after that.
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Shasha80
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November 04, 2019, 11:28:19 PM |
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All of the things mentioned in the OP are true, and I also have a similar opinion. Trading is not just buying coins at low prices and selling coins at high prices, but there are some rules that are must be run like investing money that we can afford to lose, do not be fanatical about one coin, do technical analysis and fundamental analysis to see the movement of coins in the market, and most importantly do not become panic traders. Those are some basic rules that need to be known before starting trading, I suggest not to break the rules, This is in order to gain profit in trading and avoid losses.
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ice098
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November 05, 2019, 05:22:08 AM |
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I agree with all the things that you have provided. It is totally good to make own research about a certain investment or cryptocurrency and take note having enough knowledge will help you to avoid big losses. Make sure you will only invest the amount that you are not afraid to lose. I am also a holder but most of my holding is top rank cryptocurrencies just like bitcoin, ethereum, and ripple. it is totally good to hold if we experience bear market and do not do panic selling if you see rapid falling down of the price. I always remember that quote "Don’t put all your eggs in one basket" and actually my money is separate in different cryptocurrencies but the 50% of that is in bitcoin. Using any kind of trading tool will totally help you to become a better trader and lastly, keep on learning until you become a professional trader.
Yeah, dyor ( do your research) is such a big thing that a startup trader must know and do , choosing a wrong coin in trading must be the most wrong thing to do, dont be fooled by their whitepaper , sometimes reading their whitepaper is not enough. After researching try to trade a little bit to gain experience step by step.
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Strongkored
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November 05, 2019, 07:31:53 AM |
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For HODL only suitable for coins that are stable enough or can be said for coins that are in 1-50 coinmarketcap rankings, the rest if you choose to HODL will lead to more destruction, I prefer to sell if it has decreased 10-20% because it's the limit I can bear, also don't put all the fund in one coin better to seperately.
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pgbit
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November 05, 2019, 08:36:15 AM |
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You didn't mention the most important quality you need to have Patience: don't rush into any trades and you have to have lots of patience to sometimes know when to continue a trade and when to abandon it and move on, many people has lost funds because of impatience and I happen to be one of them, I rushed to sell too early because I didn't have the patience to wait for the trade to mature, sometimes it could be that you bought a token and it dips immediately and you know that it's almost certain that it would rise back but impatience could make you sell low and move to another trade.
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wajik-tempe
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November 05, 2019, 08:41:38 AM |
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One more thing, always care with the news because crypto price is always move when the coin have a bad or good news. Always be up to date and be the first person to know the news about crypro will make us safe in crypto currency trading. Beside that, we also have to know the technical analysis to do a day trading or if we want to pay our living from trading we have to really understand technical analysis
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k@suy
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November 05, 2019, 10:03:07 AM |
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You didn't mention the most important quality you need to have Patience: don't rush into any trades and you have to have lots of patience to sometimes know when to continue a trade and when to abandon it and move on, many people has lost funds because of impatience and I happen to be one of them, I rushed to sell too early because I didn't have the patience to wait for the trade to mature, sometimes it could be that you bought a token and it dips immediately and you know that it's almost certain that it would rise back but impatience could make you sell low and move to another trade.
Yeah, patience is the key. In trading you need a lot of it, trading doesnt require a short span of time to gain, but rather it needed a plenty of time , it is not in a blink your coin will pump just like what you want , you need to be patient and wait for that moment that you may sell your coins in a fair value.
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agentx44
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November 05, 2019, 03:34:50 PM |
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The world of cryptoassets can seem incredibly confusing to new traders. We get it – we’ve all been there. Even experienced crypto traders make mistakes from time to time. Successful crypto trading is all about being prepared before you do anything – that’s where we come in. We’ve compiled a guide of all the things you need to know before trading crypto. https://www.youtube.com/watch?v=RQtvpNYtLfwDo Your Own Research (DYOR)DYOR or Do Your Own Research is a super common term within the crypto community. DYOR is pretty self-explanatory, but serves a reminder to always investigate coins before you buy them or start trading with them. There are tons of resources online for you to start with. From cryptocurrency subreddits to Youtube, Quora, Twitter and BitcoinTalk forums, you’ll honestly never run out of new things to learn. Starting to trade crypto is a personal decision, but you can make sure that you’re guided well and you have a wealth of knowledge at your side. Invest what you’re willing to loseThis point is utterly crucial. Never invest more money than you are willing to lose. That’s just a bad idea. Taking loans, maxing out credit cards, or even just trading outside of what you’re comfortable with and can afford, is a recipe for disaster. Only ever invest what you’re willing to lose. There is always a risk to crypto trading, no matter how well you’ve researched a coin, so always be prepared for a negative outcome. HODLWe’d say that 99% of successful crypto investors and traders are massive proponents of HODLing. To HODL is to hold on to your coins, even when the market dips rather than sell up and cash out. HODLing generally sees you achieve a much better result in the long run! Just think of those poor sods who sold their Bitcoin just before the price soared to their highest heights in December 2017 – ouch.. HODLing is almost always the way to go – rather wait out bear markets and make an informed decision when it comes to ridding yourself of a digital asset. Diversify your portfolioEver heard the old saying, “Don’t put all your eggs in one basket.”? Yeah, the same applies here. When you first start out, it’s important that you research more than one coin that you’d want to trade with. Don’t spread yourself out too thin, but ultimately you’re likely to have more success trading with two or three coins instead of one. Of course Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) are all fantastic choices, but also do some research and find out about other altcoins that may work really well for you. Putting all of your money into one trade, could ultimately result in you losing all of it. If that coin dips you’re in trouble, so rather diversify your trades across a few coins to mitigate your losses! Overcome Fear, Uncertainty and Doubt (FUD)One of the most crucial things you need to know before trading crypto, is how to overcome FUD. FUD stands for “Fear, Uncertainty and Doubt” and is a crucial factor in determining whether a crypto trader will be successful or not. Unfortunately, this one is up to you – overcoming FUD is your own journey. However, what we can say is that you should always listen to your gut and your knowledge, over others. Don’t give into fear-mongering and always do your own research (DYOR) before acting. https://www.youtube.com/watch?v=ALTY72QsgzoTools for trading Having read this guide, we hope you now feel comfortable with all of the things you need to know before trading crypto. The 5 key things to remember are: FUD, HODL, Diversification, DYOR, and Investing only what you can lose. Other than that, always remember to stick with your gut and make informed decisions in every aspect of your crypto trading. eToro is the world’s top social trading platform. Want to find out more? Click here.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.https://www.etoro.com/blog/market-insights/5-things-you-need-to-know-before-trading-crypto/All of this are recommended to be observed whenever you are trading in crypto most specially if you are a new one. Hodl is optional for me. If you are just a new one here, you are not really required to hodl. Overcoming fear is a really important one, if you are going to be scared of taking a risk, crypto is not a good place for you. It's all about risks and removing doubts inside your mind because the price of the coins are very volatile so expect always that there will be changes.
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jrrsparkles
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Eloncoin.org - Mars, here we come!
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November 05, 2019, 05:39:38 PM |
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If you are going to be a trader then learn HODL only if you are going to stop trading at the risky market situation but its the reality of market condition always so you can't simply skip trading practice and make money in short term so you should try to understand the conditions better and make strategies based on it.
And tools which may not be essential for a beginner and short term trader when you know the risk of doing it and willing to lose your money,you just have to be strong with the fundamental of buy low and sell high.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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josephdd1
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November 05, 2019, 08:59:23 PM |
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I also think a lot of traders need to learn not to necessarily follow the crowd.
Unfortunately in this industry there are a huge number of so-called signals and 'pump and dump' groups that are out there trying to take advantage of inexperienced traders.
These traders likely don't understand or know about your first five rules, and so are sucked in quickly.
This ties in slightly with DYOR, but I think a lot of traders use crowd momentum as one of their indicators—for newbies this can be dangerous.
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ReiMomo
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Duelbits - $100k Bonus/week
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November 05, 2019, 09:03:48 PM |
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Absolutely OP was right and all he stated is correct! That's a great point. In that way, you can be able to earn a massive profit in trading. It is very important for you to be able to gain more knowledge. Not like trading without knowing, it might lead you to nothing. Do your own research is very important in trading to avoid possible loses. Probably also tools can help just like automated trading bot but don't rely upon this. And also avoid the HYIP group.
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cryptothreads
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November 06, 2019, 01:33:37 AM |
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One more thing, always care with the news because crypto price is always move when the coin have a bad or good news. Always be up to date and be the first person to know the news about crypro will make us safe in crypto currency trading. Beside that, we also have to know the technical analysis to do a day trading or if we want to pay our living from trading we have to really understand technical analysis
You're right . All coins are easily affected by the news so there is a need to be extra careful in investing. Any news can affect the coin you are holding and it's easy to change the value in the short term. We are just ordinary investors so we usually do not do much research, but now it is certain that the research should always be the top priority because the current market is more risky and more unpredictable this year. I usually have a backup plan if the coin drops suddenly because if the market goes down it will be very difficult to invest and it can completely cost you huge losses. The best advice to focus on monitoring this market every day and only trust in yourself.
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