The past few days have been some of the craziest in the Cryptocurrency world


Yesterday, a statement posted on the Chinese Banking Association's website saw the prices of Cryptocurrencies nosedive hard, even though it was not the first news that has hit the Crypto world recently - from Elon Musk tweet about Tesla no longer accepting bitcoin payment, to Binance being under investigation - the speculative fear usually accompanying these kinds of events have hit the Crypto market hard in the past few days


Most cryptocurrencies lost between 7 per cent and 40 per cent of their value on the average, however, as usual, lots of Crypto enthusiast including newbies would start looking for opportunities to get back into the Crypto market


This article is to guide you on what you need to do first before investing/trading Cryptocurrency again


This is what you have to know; it is very easy to make money from crypto but easier to lose money in crypto if you make some silly mistakes


Helping you avoid these silly mistakes is the reason I have put together a free pdf that introduces you to Profitable Crypto Trading. Get it here >> https:///cryptin <<


However, if you already know how to trade and plan on investing in Crypto, here are a few things you should know;


1. Set profit targets and make use of stop losses:

Every trade you get into requires you to know when to get out, whether you’re making tons of profit or not. Establishing a clear stop loss level can help you cut your losses; a skill that’s very rare amongst traders

Choosing a stop loss is perhaps the most important thing to note – don’t be carried away by your emotions when trading, it will cost you a lot

A great point to set your stop loss is at the cost you bought your coin. If, for instance, you bought a coin at $500, set that as the minimum point you’re willing to trade your coin. This will ensure that if the worst comes to pass, you can walk away with what you invested in the first place

It is very necessary for you to have a target if you are trading


2. Don’t fomo (fear of missing out):

So, for example, you heard about a coin few weeks ago and you ignored the coin, you didn't buy the coin and now you discovered that the coin is pumping to the moon, then you are tempted to buy, in order not to miss out

Most times, once a coin starts pumping, the whales (those who have large amounts of the coin and bought at a low price) may decide to sell off, and then voila, the red candles start popping up due to an oversupply and losses start trickling in. It is worse if there is a major news like we have seen these past few days

If you must buy a coin, buy low and sell high… Preferably, get proper training in order to avoid losses.

Cryptocurrency is actually based on demand and supply, usage, as well as hyping and marketing. So, understand that if you are trading or investing into cryptocurrency, always be sure that you are not buying a coin that is pumped already

When deciding the potential of a crypto trade, there are many factors to consider, including technical and fundamental analysis


3. Diversify!

Investments are unpredictable; even those that appear to offer infinite positive returns. Cryptocurrencies are even more unpredictable

Although you can reap profits in thousands of dollars in a day or less from Crypto, the opposite is also true. You can lose everything you invest in digital assets in a flash of a second. So, one of the best ways to get past such uncertainties is through diversification.

The value of all other coins is affected by the value of Bitcoin against the USD. When BTC loses value against the dollar, all other coins lose value and vice versa – just like we have seen recently. From this, you can clearly see that diversifying your portfolio among various coins may not be enough to save you against bullish markets.

Recently, Bitcoin was at its all-time high. Between 2016 and now, Bitcoin has made a lot of people rich in the shortest time than in the history of any known investment. The truth is, billionaires have been made; and what most people never seem to understand is that a lot of people have also lost money

You need to diversify from the same type of asset to different areas so as to spread your risk

There are other equally viable investments that are not as risky as compared to cryptos; these include real estate, mutual funds, stocks


4. Learn to trade, spot alt coins (with great potential) yourself and stop relying on signal providers:


The best traders are those who have mastered the art of maintaining their cool even when things seem to be out of hand. Yeah, I know how insane that sounds but you’ve got to develop the skill of not trading emotionally, but objectively.

My two cents? Don’t start trading until you’re sure you can be decisive in terms of getting in and out of a trade. Knowing when to get out, minimizing loses and maintaining sanity during a lose are some of the advantages traders with knowledge have, against novice traders or newbies who know close to nothing about trading

Don’t be an emotional trader! Emotional traders have been known to be losing trades; they rush in and out of the market when their emotions tell them to. These set of crypto investors often rely on signal providers to decide when to enter the market

Without the right knowledge, even if you get a ‘reliable’ signal, you may still lose money due to poor knowledge

Why depend on signal providers who charge bank-breaking fees when you can spot high potential coins, master trading and secure your massive profit spot(s) on new cryptos before they go fully public


You can get started on your journey to Profitable Cryptocurrency trading if you are serious about making lots of money and changing your life by starting with this free Profitable Crypto trading pdf here >> https:///cryptin <<





Disclaimer: The above write up is for educational purposes and none of the links in the post are affiliate links.