Trading: 5 Secrets of Success
Every trader is daydreaming about success. The only question is how to make it? Here are 5 tips that will help you succeed in the art of trading. With that said, let's get started!
Trading on Signals Is a Loss of Money
There are a lot of services that give cryptocurrency signals today. They share information about the planned pump and dump in the market. Such services assure that trading signals have high accuracy, and also promise large profits in a short amount of time. In fact, all this has nothing to do with reality. It is more to be seen as a marketing gag for newbies. So, don't buy it.
For example, admins buy virtual coins in advance, create a legend, float a rumor, that it is time to buy. Newbie traders that suffer from crippling panic attacks, hear and obey. As soon as the price goes up, the signal organizers sell the coins. Only the whales (the biggest players of the crypto market, organizers of signals) win.
While waiting for the price to skyrocket, newcomers lose their opportunity to sell the currency. Of course, the dream of any trader is to buy low and sell high. What could be easier, right? Nevertheless, everything is much more complex. That is why it is so important to learn to ignore your emotions and choose the right moment to buy and sell coins.
According to experienced players, you need to rely on the uptrends. When the trend line connects two important peaks or troughs in the price action and there is a third one, this is it. This is the optimal time to purchase coins.
When it comes to the downtrend, there is a very similar situation. The only difference is that you can sell coins when the third phase begins
Use Fork Coins
One of the popular ways to earn money with crypto is based on forks. For those of you who haven't heard: a fork is a change in protocol or a situation that occurs when two or more blocks have the same block height. Trading plus the active use of forks is one of the strategies that anyone who wants to make money on virtual currency should use.
Right before a new fork comes, you buy a certain amount of the coin, withdraw it to your wallet and wait for the fork to come. Thus, you additionally get a free cryptocurrency, which you can sell and get some profits.
Analyze and Think a Few Steps Ahead
Unfortunately, the majority of players run with the crowd, even if they think the crowd is running in the wrong direction. The market makes people an easy prey to manipulation. Every now and then there is news that will negatively affect the price of a particular coin. As a result, hamsters start selling coins and lose money.
A smart trader should compare risks and make effective decisions. He needs to look beyond today. Market analysis is also crucial for a trader.
Whatever happens in the market, a successful trader stays calm under pressure. If you don't know how to relax, cope with difficult situations and not take negative events personally, you are going to have a serious nervous breakdown.
And it will have a negative impact on the work. This job, your best asset's calmness. When you see dramatic price swings, the key is to keep cool and control your emotions.
You also have to choose reliable platforms. Equite is one of them.