10 Crypto currencies investing practices that will make you a better trader

 🧵 10 Crypto currencies investing practices that will make you better a trader 🧵



1. Before you buy any token or coin, consider why the asset or entire project ecosystem will be worth more in 6 months.

If you can't find answers to this or you're answers are based on mere hopes, then you most definitely shouldn't buy.

2. Learn from every failure

If you can, Keep a notebook to record your trading activities. Jot down your trades and why you made the decision to buy or sell.

Avoid making the same mistake twice.

3. You don’t neccessary have to trade to stay informed about what is going on in the market

Other Ways to stay Informed

- Keep an eye on top trends
- Read on Twitter or Discord
- Join Twitter Spaces
- Create crypto content

4. Aways have some USDT in your wallet. You never can tell when a good buy opportunity will come.

Never be completely invested. Always keep stable coins in your wallet. That way th market wouldn't affect you too much.

5. Take your profits earlier than you’d initially like to

Don't wait till you have as much profit as you've predicted. Other traders are most likely watching the market too and you know it's battle of trading psychology.

Once you have an opportunity to get away with some profit, do it. Don't wait to have a big bag.

6. If the market ever makes you emotional for a trade decision you took or did not take, kindly shut down your computer and log off.

Emotions are likely to becloud your judgement and you might make stupid decisions.

He who is not trading has nothing to lose.

Only trade when you're emotionally stable.

7. Never buy a Crypto currency just because one random person told you to buy.

You most likely won’t know their market entry and exit strategy.

Always make your trading decision yourself. Use your own head. Make your own research.

8. If you meet the coin when it's pumped, then you’re most likely already too late into the market.

Just like every other financial instrument, Cryptos rise, pump and retrace. So be patient. Allow the market come to you.

Don't buy green candles, you'll lose Money. Only buy on a low volume condition.

9. Don't put your money in Cryptos only. Diversify your portfolio. Buy stocks, Land, Businesses, NFTs, etc. Don't put all your eggs in one basket.

10. Never copy trade crypto influencers

The market has gone wild and there are currently too many desperate people in the space.

Money corrupts everything, no matter how good it used to be.

Comments

Popular posts from this blog

How my brain became a product that makes money

Getting your dream tech job is as simple as reading all the way to the end of this short article.

Why being a Jack of all Trades is important

World Bank Group Africa Fellowship Program 2022/2023

16 Signs that You're an Alpha Male

I could have so much money, but I didn't make upto $100 from my first blog. Here's why - Mr Awesome