Recently, cryptocurrency especially Bitcoin has been receiving a lot of attention again. It’s price has been reaching almost 50,000 dollar and experts predicted that it might surpass 100,000 by next year. But if you’re a beginner, here are some things you need to do and not to do to avoid loss.
Read the first four points here!
Nine bitcoin trading tips for beginner
5. Let’s not buy after.
When you hear that cryptocurrency prices are soaring, chances are high that it’s already a step behind time. You may be able to buy cryptocurrency by following that price, but you should be careful that you are more likely to fail.
6. Let’s buy in installments.
Even if you could afford to see a rise in cryptocurrency prices, it’s better to buy only a small portion of the money you’ll invest rather than invest all of your money. After that, you need to keep track of market trends and decide whether to buy or sell more.
7. Let’s set a range of breaks and invest.
Unlike stocks, cryptocurrency transactions are highly volatile, making it difficult for anyone to accurately predict when and how they will rise and fall. It is even more difficult for beginner, so it’s hard to judge accurately. Therefore, it is recommended to set limits and invest whether you are profitable or losing.
8. Let’s prepare an investment log and establish investment principles.
Because you’re still inexperienced, you have to write down your investment log every minute of every day to see why you’ve lost money and see if you’ve made any mistakes. It is also in line with setting a range of losses, but you can prevent excessive investment only when you personally set a time to buy and a goal for a day or a month by establishing an investment principle.
9. Let’s take a look at Bitcoin when it’s hard to understand market trends.
In the case of stocks, the price of the rest of the stocks will move depending on the leader of the relevant sector. Likewise in the cryptocurrency market, the movement of Bitcoin, the key currency, determines the direction of the rest of the cryptocurrency, so please look at Bitcoin when it is difficult to understand the exact market trend.
