The immense love of people for Bitcoin is growing day by day. People are investing in huge amount in Bitcoin. One of the biggest reason behind the popularity of Bitcoin according to me is it’s volatile nature. Yes, you heard it right! There are so many stories on internet of how Bitcoin is making people millionaire overnight.
Some may agree to me, but others may not. But, let me tell you that earning huge amount of profit in Bitcoin is not just a sheer luck, but you need to know about certain facts about crypto-trading. You need to have immense knowledge of market trends, waviness in the value of Bitcoin and algorithms, which will help you in making the accurate forecast about Bitcoin.
Well, if you lack all the skills, then hold on, this article is for you. Let me guide you in making some smart moves while crypto-trading.
- Learn to store cryptocurrency first
It is important that you learn everything about crypto-trading before investing in it so that least you can commit any mistake while in the middle of the game. First of all start by researching about the best crypto-exchange software. You can ask your friends and read the reviews. The best according to me is coinbase. It is one of safest and best crypto-exchange software for beginners.
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With the help of coinbase who can purchase and trade multiple cryptocurrencies like Ethereum, Bitcoin Cash and Litcoin among others.
You need to learn to protect your assets from cyber attacks and hackers as being a cryptocurrency; it is going to be more vulnerable to cyber crime. It is best that you get such a wallet that has high security feature. A cold wallet such as Ledger Nano S is the most secure wallet. It is an offline wallet that keeps your private keys super secure.
- Keep hawk’s eye on market cap
One of the silliest mistakes done by the newbie in crypto-trading is trading and investing in any crypto-currency based on the market price. You should not blindly invest taking the current price of any cryptocurrency in consideration. Infact, you should keep a close eye on the flow of cryptocurrency in the entire market or in other words, the demand of the cryptocurrency in the market.
If the demand of a certain cryptocurrency is very high in market, then it will surely see a huge hike in price in coming future.
- Invest in multiple cryptocurrencies
The crypto-traders become very easily infatuated and obsessed with a particular crypto-currency. It can be anyone like Ripple, Litcoin, Altcoin but most of them are crazy about Bitcoin, whereas the truth is that Bitcoin is also one of the thousand cryptocurrency. It is not a good idea to get obsessed with a single cryptocurrency, no matter how much it’s value hikes. It is never a wise idea to put all your eggs in one basket.
Infact it is better to invest in multi-cryptocurrencies in small amount, so that you can enjoy small and regular profits, instead of facing huge loss.
- FOMO
FOMO or fear of missing out is one of the most common fears faced by the crypto-trader. They try to make profit in every situation, every time the price of Cryptocurrency hikes. If they do not take any action, they think that they are losing as all the other people are winning away. Whereas, it is not a wise decision to trade just out of FOMO. You may end up losing a lot of money.
Keeping some of these smart moves in mind and you can make the most of crypto-trading.