Currently, trading in digital currencies is associated with enormous risks, due to which market players experience strong and contradictory emotions. Analysts consider crypto trading a potentially profitable business. However, in order not to fall victim to FOMO (fear of missing an opportunity) and FUD (fear, uncertainty and doubt), experts advise to keep emotions under control. Specialists call for a reasonable approach and endurance offering several options for self-control. They will help traders navigate the crypto space and make informed decisions.
Make a plan
The most important thing before starting to trade on the digital asset market is to have a clear idea of what your goal is. Experts advise to make a plan of action. Ask yourself these questions: How does buying crypto fit with your finances in general? Do you have other savings? Can you afford to lose the money your thinking of using to buy crypto? How will you use your cryptocurrencies: buy and hold, or trade?
Do your research
It is necessary to conduct market research for successful work in the field of cryptocurrency. In this case, you should additionally study the cryptocurrencies you might buy and their underlying technology. Analysts recommend giving preference to cryptocurrencies backed by good technology and an active community.
Choose the right trading platform
A novice crypto investor will have to figure out which trading platform will help him reach his goals based on the plan. Here are some factors to consider when choosing a platform: a) the location of the platform (using an exchange in your country helps with meeting legal requirements); b) coins and trading pairs available; c) platform security is critical. Make sure the platform does everything possible to protect investors' funds from hacks.
Know your limits
Experts recommend deciding in advance on how much you can spend and stay within that limit. The size of investments depends on the chosen plan; therefore it is necessary to only spend what you can afford to lose. “Do not decide to spend more on a whim or because of FOMO,” experts urge.
Take advantage of limit orders
Limit orders can protect you from losses if cryptocurrency prices drop quickly, analysts say. It lets you set the lowest limit to which you will allow your cryptocurrency price to fall to before selling and take profits. Most exchanges allow you to place limit orders and stop losses. Before you start to trade, you should learn how to work with different types of orders, experts remind.
Don’t obsess over market charts
Right now, it’s the nature of the cryptocurrency sector for prices fluctuate dramatically. Asset prices can change in seconds providing excellent profit opportunities. Charts are very helpful in trading, but you should not constantly refer to them, experts say. Watching market charts can cause your blood pressure to rise and trigger emotional responses, leading either to panicked selling or to buying high as a result of FOMO. In this situation, the main thing is to keep emotions under control, experts remind.
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