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What you need to know before trading crypto


Sincerem
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WHAT DO YOU NEED TO CONSIDER BEFORE TRADING?

When it comes to trading digital coins we shouldn't just delve into it like that, we should consider the following not to repeat same mistake some users took that didn't work for them. 

 

The rules or guidelines we need to consider before venturing into crypto trading full-time is as follows;

 

* We should seek first experience first; we shouldn't have the mindset to earn money via crypto trading over night without basic knowledge or experience. Experience will guide us to trade better and avoid losses that touches the heart.  

 

* Trade with caution; when trading crypto, we shouldn't panic too much cos we've made loss at the moment and start trading without control, No. We should exercise caution, trade with signal, wisely and not all the time to avoid series of losses. 

 

* Don't trade when you are facing emotional trauma; those who suffered relationship heartbreaks, lost their love ones, and other unconditional emotional traumas shouldn't get in touch trading at the time, cos the mind isn't settled. Which will make us not to think deep, make researches, and apply wisdom towards trading. In turn it leads us to accrue losses when we insist of trading when our minds/feelings are set ablaze. 

 

* Trade what you can afford; This one is the most common tips which experts do give to beginners, when starting with trading. We should only trade with what we can afford to risk and not risk all we have earned for life into am investment scheme we aren't sure of. 

* Trade with a legit exchanger; This days lots of scam project is developed, cloning the legit site details, trying to deceive new comers into trading via their platform to loss funds acrimoniously. We should be watchful, and make proper research, ask questions about the best exchange site to start with before choosing the one we saw online, which is deceitful. 


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BrolySSJ
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These are very important points that you have raised when it comes to cryptocurrency trading because this industry is very risky and you can lose a lot of money if you're not careful with how you are trading. From my personal experience I think that the best way that you can gain the necessary knowledge and skills is to look at it from a technical perspective and therefore gain the technical knowledge that is needed to analyse the market. Once you have those knowledge you can then test out some of the trading strategies using a small amount of money and investing in small coins as well and see what sort of profit you are able to gain from this. I find that trading with a demo account can also be quite useful in these sort of scenarios.


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ahmedo24
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These are wonderful points that the thread creator has mentioned, they are very important to have a successful trading. It is very important that if you want to enter Into trading after you have checked the signal to know the market situation for a period of time it is advisable you buy and sell at different orders, like if you want to invest $100 to trade doge coin, you could first  buy $20 worth if the price is @ $0.23 for instance , place order at $0.2 for $40 like that .


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Sincerem
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@brolyssj 

 

When it comes to investing into crypto via trading you should go for the pair with better chances of bringing you profit long or short term period. You need to have an analytical skill in order to analyse the market critical to fetch out those coins that got the potential to reward you via trading. 


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Sincerem
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Posted by: @ahmedo24

These are wonderful points that the thread creator has mentioned, they are very important to have a successful trading. It is very important that if you want to enter Into trading after you have checked the signal to know the market situation for a period of time it is advisable you buy and sell at different orders, like if you want to invest $100 to trade doge coin, you could first  buy $20 worth if the price is @ $0.23 for instance , place order at $0.2 for $40 like that .

What you analysed its ideal but that's not for trading future or on-spot. If you're talking about buying and holding the coin, then it is better to buy during the dip, and watch it grow gradually to the point of bringing you profit with time. At this point in time, the coins are making progress it is still okay to buy now, it is not still late, their is every possibility for profit in the next 2-4 months. 

This post was modified 2 months ago by Sincerem

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ahmedo24
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Posted by: @sincerem
Posted by: @ahmedo24

These are wonderful points that the thread creator has mentioned, they are very important to have a successful trading. It is very important that if you want to enter Into trading after you have checked the signal to know the market situation for a period of time it is advisable you buy and sell at different orders, like if you want to invest $100 to trade doge coin, you could first  buy $20 worth if the price is @ $0.23 for instance , place order at $0.2 for $40 like that .

What you analysed its ideal but that's not for trading future or on-spot. If you're talking about buying and holding the coin, then it is better to buy during the dip, and watch it grow gradually to the point of bringing you profit with time. At this point in time, the coins are making progress it is still okay to buy now, it is not still late, their is every possibility for profit in the next 2-4 months. 

The strategies are mentioned very possible with binance spot trading because all you just have to do used to set your limit but buying and selling limits and you are sure you have enough USDT available on your wallet. This process of trading can be repeated several times daily and if you set a very low tide yet you're likely going to make more profit and losses in a day and agrees with $100 you could be making like $5 profit or more daily.


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Suba
 Suba
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An excellent guide for novice traders if they don't want to lose, and I just wanted to add a few points, which might be useful, namely
1. Do Research and Set a Plan
2. Learn the basics of trading and master analytical techniques
3. Only use idle money to trade and start trading with small capital
4. Learn from your mistakes
5. Use a trusted and secure crypto exchange.


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Sincerem
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Posted by: @suba

An excellent guide for novice traders if they don't want to lose, and I just wanted to add a few points, which might be useful, namely
1. Do Research and Set a Plan
2. Learn the basics of trading and master analytical techniques
3. Only use idle money to trade and start trading with small capital
4. Learn from your mistakes
5. Use a trusted and secure crypto exchange.

Yes dear, we should learn from our mistake, trade with idle money, develop strategies to become successful via trading. We shouldn't trade all the time because we need money, rather we should trade when we have the right signal to trade in order to come up with success. Those who rush in to trading without learning the basics of crypto trading, rush out to trading without profit from it. 


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BrolySSJ
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@sincerem I completely agree with you. Pairing that have been known to have a profit is the best way to go and i think that if you have a pairing with a very expensive coin and a cheaper one then the difference and fluctuations in price become much more evident and this will allow you to make the most of the various changes that may exist in the pricing of this coin. For example using Litecoin or even dogecoin as your base pair could be a good thing in relation to coins like ethereum and bitcoin. 


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Great-Boy
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I definitely agree with almost each and every thing stated in this thread. It is always a great idea to gain some experience prior to becoming a full-time trader. I am planning to become a full-time crypto trader and one of the best ways to learn crypto trading is to practice it by trying to predict the price accurately. I am currently practicing how to trade cryptocurrencies by predicting the price of crypto, and I do this by analyzing the crypto charts properly.


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